TERADYNE, INC. vs Waters Corporation, two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Teradyne sells the machines that test chips, and its income statement is what a boom looks like: 36.9% operating margins, a 27.2% return on equity, no debt. Waters sells chromatography and mass-spec systems, and its income statement is what an accident looks like: a negative 3.7% operating margin under an 11.9% net margin, one-time damage moving through an otherwise steady franchise. The market prices the boom at 80.9 times earnings and the repair at 47.4, both far above the sector's resting rates. Free cash is thin at both, 0.8% and 1.1%. A buyer here picks between a cycle priced as if permanent and a stumble priced as if brief, with history offering uncomfortable precedents on both.
Comparison updated 2026-07-10.
| Metric | TER | WAT |
|---|---|---|
| Price | $435.82 | $374.11 |
| Market cap | $68.7B | $30.7B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Growth | Growth |
| P/E | 80.9 | 47.4 |
| P/B | 21.85 | 2.01 |
| P/S | 18.14 | 8.09 |
| EV/EBITDA | 60.4 | 54.6 |
| Revenue growth | +31.1% | +28.6% |
| Gross margin | 60.9% | — |
| Operating margin | 36.9% | -3.7% |
| Net margin | 22.6% | 11.9% |
| Return on equity | 27.2% | 3.0% |
| Return on assets | 19.3% | 1.8% |
| Return on invested capital | 27.6% | 2.4% |
| FCF yield | 0.8% | 1.1% |
| Dividend yield | 0.1% | — |
| Debt / equity | 0.00 | 0.32 |
| Current ratio | 2.15 | 1.79 |
| Altman Z (solvency) | 7.87 | 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.