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Waters Corp WAT Stock Quote

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Morningstar‘s Stock Analysis WAT

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Is it the right time to buy or sell?

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Waters Delivers Strong Q3 While Foreign Exchange Headwinds Cut Into 2022 Outlook; Raising FVE

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Wide-moat Waters reported strong underlying third-quarter results, but management trimmed its full-year adjusted EPS guidance on foreign currency exchange headwinds. Considering recently generated cash flows and the strong underlying demand, we are boosting our fair value estimate by the midsingle digits on a percentage basis. After being significantly overvalued during most of the pandemic, Waters' shares are now only slightly above fair value, in our opinion.

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Key Statistics WAT

Company Profile WAT

Business Description

Water sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users. As a percentage of sales in 2021, Waters generated 60% from pharmaceutical customers, 30% from industrial clients, and 10% from academic/government institutions.

34 Maple Street
Milford, MA, 01757
T +1 508 478-2000
Industry Diagnostics & Research
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 7,800

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