Danaher Corporation vs Waters Corporation, two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Neither balance sheet raises an eyebrow, Danaher at 0.37 of debt to equity and Waters at 0.32, which matters because it isolates the real difference: the income statements. Danaher earns a 22.6% operating margin the way it usually does; Waters is printing a negative 3.7% operating line against an 11.9% net margin, the fingerprint of one-time charges passing through a franchise that still works underneath. The market prices the repair above the machine, 47.4 times Waters' depressed earnings against 37.8 times Danaher's ordinary ones. Danaher's 3.8% free-cash yield more than triples Waters' 1.1%. Paying more per dollar of profit for the company currently earning less of it is a bet on normalization, stated plainly.
Comparison updated 2026-07-10.
| Metric | DHR | WAT |
|---|---|---|
| Price | $195.71 | $374.11 |
| Market cap | $139.2B | $30.7B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Mature | Growth |
| Implied growth (priced in) | +24.3% | — |
| P/E | 37.8 | 47.4 |
| P/B | 2.63 | 2.01 |
| P/S | 5.62 | 8.09 |
| EV/EBITDA | 28.7 | 54.6 |
| Revenue growth | +4.0% | +28.6% |
| Gross margin | 60.3% | — |
| Operating margin | 22.6% | -3.7% |
| Net margin | 14.9% | 11.9% |
| Return on equity | 7.0% | 3.0% |
| Return on assets | 4.4% | 1.8% |
| Return on invested capital | 5.5% | 2.4% |
| FCF yield | 3.8% | 1.1% |
| Debt / equity | 0.37 | 0.32 |
| Current ratio | 1.87 | 1.79 |
| Altman Z (solvency) | 7.24 | 2.82 |
| Piotroski F (quality) | 6 / 9 | 3 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.