Waters Corporation
At today's price, Waters Corporation (WAT) is priced for today's economics sustained for ~11.0 years. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high. Built from SEC EDGAR filings.
• Waters just transformed itself, closing the roughly $18.8 billion combination with BD's Biosciences and Diagnostic Solutions businesses in February 2026, more than doubling its revenue base and reorganizing into four segments. • The defining feature is the recurring-revenue razor-and-blade model: Waters sells chromatography and mass-spectrometry systems, then earns for years on ⟦"chromatography columns, other consumable products"⟧ and service on the installed base. • The biggest risk is the pr
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1,136 institutional managers reported holding WAT in 13F filings for the quarter ended 2026-03-31. Together they hold about 46% of the company; the top 10 hold 23%. 434 opened new positions that quarter. Held by Vanguard Group, BlackRock, MFS Investment Management, among others. On the short side, 4.5M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (5.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
WAT has cut its share count 3.1% over the past five years, spending $1.04B on repurchases. It pays no dividend. Cash returned over the past three years: $40.74M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at WAT over the trailing three years: 2024: 1 buy totaling $333k; 2026: 2 buys totaling $451k. 14 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
WAT's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2022-11-04 | -1.1% | +5.6% |
| 2023-02-28 | -3.5% | -4.1% |
| 2023-05-10 | -8.1% | -1.3% |
| 2023-08-03 | +6.2% | -8.7% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
WAT's latest 8-K filings: 2026-05-22 (items 5.07); 2026-05-05 (items 2.02, 9.01); 2026-03-23 (items 1.01, 2.03, 8.01, 9.01); 2026-03-16 (items 8.01, 9.01); 2026-02-09 (items 1.01, 2.01, 2.03, 5.02, 7.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Last analyzed: June 28, 2026
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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.