Flagship explainer

What drives Waters Corporation’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity29%Tax burden85%net income ÷ pretax incomeInterest burden94%pretax ÷ operating incomeOperating margin25%operating income ÷ revenueAsset turnover0.66×revenue ÷ average assetsEquity multiplier2.19×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$643MFY2025
Income before tax$755MFY2025
Operating income$803MFY2025
$3.2BFY2025
Ending assets$5.1BFY2025
Beginning assets$4.6BFY2024
$2.6BFY2025
$1.8BFY2024
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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WAT dupont explainer — Buy Like Buffett · Buy Like Buffett