Question 1

What is Waters Corporation's EV/EBITDA ratio?

Accepted Answer

Waters Corporation (WAT) EV/EBITDA ratio is 38.0× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Waters Corporation?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Waters Corporation specifically, the relevant sector benchmark is the current sector median of 15.0×.

Question 5

Is Waters Corporation's EV/EBITDA ratio high or low?

Accepted Answer

Waters Corporation's EV/EBITDA ratio of 38.0× is above its own 5-year average of 21.6× and above the sector median of 15.0×. That places the current reading at the 99th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Waters Corporation's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Waters Corporation (WAT) EV/EBITDA ratio has ranged from a low of 8.1× in 2008 to a high of 39.6× in 2026. The 5-year average is 21.6× and the 5-year median is 21.5×.

Question 7

What was Waters Corporation's EV/EBITDA ratio in 2025?

Accepted Answer

Waters Corporation (WAT) EV/EBITDA ratio at the end of 2025 was 22.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Waters Corporation's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$22.62B	$1.02B	22.9×	+0.4×	Dec 31, 2025
2024	$22.03B	$1.04B	22.6×	+1.1×	Dec 31, 2024
2023	$19.47B	$1.00B	21.5×	+0.3×	Dec 31, 2023
2022	$20.32B	$1.02B	21.1×	-3.0×	Dec 31, 2022
2021	$22.72B	$982.81M	24.2×	+3.3×	Dec 31, 2021
2020	$15.38B	$785.35M	20.9×	+1.2×	Dec 31, 2020
2019	$14.91B	$832.23M	19.6×	+3.5×	Dec 31, 2019
2018	$14.11B	$839.20M	16.1×	-1.2×	Dec 31, 2018
2017	$15.34B	$803.94M	17.3×	+4.1×	Dec 31, 2017
2016	$10.80B	$741.47M	13.2×	-2.1×	Dec 31, 2016
2015	$10.99B	$668.15M	15.4×	+1.1×	Dec 31, 2015
2014	$9.38B	$615.07M	14.3×	+0.9×	Dec 31, 2014
2013	$8.50B	$599.85M	13.4×	+1.1×	Dec 31, 2013
2012	$7.55B	$584.53M	12.3×	+1.8×	Dec 31, 2012
2011	$6.59B	$597.61M	10.5×	-3.0×	Dec 31, 2011
2010	$7.12B	$514.35M	13.5×	+0.7×	Dec 31, 2010
2009	$5.80B	$454.91M	12.8×	+4.7×	Dec 31, 2009
2008	$3.57B	$455.02M	8.1×	-12.1×	Dec 31, 2008
2007	$7.94B	$402.20M	20.2×	+4.9×	Dec 31, 2007
2006	$4.97B	$349.79M	15.3×	+2.2×	Dec 31, 2006
2005	$3.95B	$326.84M	13.1×	-3.6×	Dec 31, 2005
2004	$5.55B	$326.73M	16.7×	+1.5×	Dec 31, 2004
2003	$3.99B	$253.94M	15.3×	+4.9×	Dec 31, 2003
2002	$2.75B	$241.01M	10.4×	-16.1×	Dec 31, 2002
2001	$5.08B	$183.48M	26.4×	—	Dec 31, 2001


Gilead Sciences (GILD)	13.9×
Labcorp Holdings (LH)	13.6×
Amgen (AMGN)	13.6×
Charles River (CRL)	13.2×
Regeneron Pharmaceuticals (REGN)	12.9×
GE HealthCare (GEHC)	12.9×
UnitedHealth Group (UNH)	12.7×
Pfizer (PFE)	12.4×
Henry Schein (HSIC)	12.0×
Medtronic (MDT)	11.7×
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Bristol-Myers Squibb (BMY)	11.5×
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Biogen (BIIB)	10.5×
HCA Healthcare (HCA)	10.0×
Molina Healthcare (MOH)	8.8×
DaVita (DVA)	8.5×
IQVIA (IQV)	8.2×
Incyte (INCY)	7.9×
Cigna (CI)	7.8×
Elevance Health (ELV)	6.8×
Novo Nordisk (NVO)	6.5×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for Waters Corporation (WAT)

EV/EBITDA daily chart for Waters Corporation (WAT)

Historical EV/EBITDA for Waters Corporation (WAT) from 2001 to 2025

About EV/EBITDA at Waters Corporation (WAT)

Waters Corporation EV/EBITDA by Year

Waters Corporation EV/EBITDA 2025: 22.9×

Waters Corporation EV/EBITDA 2024: 22.6×

Waters Corporation EV/EBITDA 2023: 21.5×

Waters Corporation EV/EBITDA 2022: 21.1×

Waters Corporation EV/EBITDA 2021: 24.2×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Waters Corporation (WAT) Key Financials

EV/EBITDA daily chart for Waters Corporation (WAT)

Historical EV/EBITDA for Waters Corporation (WAT) from 2001 to 2025

About EV/EBITDA at Waters Corporation (WAT)

Waters Corporation EV/EBITDA by Year

Waters Corporation EV/EBITDA 2025: 22.9×

Waters Corporation EV/EBITDA 2024: 22.6×

Waters Corporation EV/EBITDA 2023: 21.5×

Waters Corporation EV/EBITDA 2022: 21.1×

Waters Corporation EV/EBITDA 2021: 24.2×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Waters Corporation's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Waters Corporation?

+Is Waters Corporation's EV/EBITDA ratio high or low?

+What is Waters Corporation's historical EV/EBITDA ratio range?

+What was Waters Corporation's EV/EBITDA ratio in 2025?

+Why does Waters Corporation's EV/EBITDA ratio change over time?

Waters Corporation (WAT) Key Financials