Waters Corporation

WAT · Healthcare · $22.0B mkt cap · FY2025 filings · Wide moat

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Wide moat

The four filters

Pricing power98

Median gross margin 58.9% over 10y, very stable.

Returns on capital100

Median ROIC 28.5%, above the 9% hurdle in 100% of years.

Balance-sheet safety73

Net debt/EBITDA 0.4x, interest coverage 12x.

Capital discipline75

Owner earnings +4.9%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

147% above value

Owner earnings (normalized): $495.4M
Est. intrinsic value / share: $149.73
Recent price: $370.01
Discount to value: 147% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WAT. See the disclaimer.