Waters Corporation
In the published model solve dated 2026-Q2, anchored at $414.69, Waters Corporation (WAT) is priced for today's economics sustained for ~7.0 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 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: 2026-08-21 (items 5.02, 8.01); 2026-08-04 (items 2.02, 9.01); 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).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: 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.