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Waters Corp WAT Stock Quote

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Morningstar‘s Stock Analysis WAT

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Waters Turns in Solid Q2, Faces Foreign-Exchange Headwinds in Remainder of 2022; Shares Still Rich

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

Wide-moat Waters reported solid second-quarter results that slightly outpaced management's expectations, despite headwinds including the China lockdown. However, Waters did not materially change its 2022 bottom-line outlook, which is being constrained by foreign-currency headwinds. At first glance, we do not anticipate changing our fair value estimate and continue to view shares as overvalued, recently trading at about 30 times forward earnings with a long-term earnings growth goal in the high-single to low-double digits.

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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 Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Classic Growth
Employees 7,800

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