Question 1

What is Waters Corporation's P/FCF ratio?

Accepted Answer

Waters Corporation (WAT) P/FCF ratio is 115.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Waters Corporation?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Waters Corporation specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is Waters Corporation's P/FCF ratio high or low?

Accepted Answer

Waters Corporation's P/FCF ratio of 115.4× is above its own 5-year average of 40.3× and above the sector median of 19.1×. That places the current reading at the 98th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Waters Corporation (WAT) P/FCF ratio has ranged from a low of 10.2× in 2008 to a high of 119.3× in 2026. The 5-year average is 40.3× and the 5-year median is 37.4×.

Question 7

What was Waters Corporation's P/FCF ratio in 2025?

Accepted Answer

Waters Corporation (WAT) P/FCF ratio at the end of 2025 was 41.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Waters Corporation's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$22.6B	$540M	41.9×	+6.3×	Dec 31, 2025
2024	$22B	$620M	35.6×	-8.5×	Dec 31, 2024
2023	$19.5B	$442M	44.0×	-2.6×	Dec 31, 2023
2022	$20.3B	$436M	46.6×	+7.4×	Dec 31, 2022
2021	$22.7B	$579M	39.2×	+14.4×	Dec 31, 2021
2020	$15.4B	$618M	24.9×	-6.2×	Dec 31, 2020
2019	$14.9B	$479M	31.1×	+1.5×	Dec 31, 2019
2018	$14.1B	$477M	29.6×	+4.3×	Dec 31, 2018
2017	$15.3B	$607M	25.3×	+5.1×	Dec 31, 2017
2016	$10.8B	$534M	20.2×	-3.8×	Dec 31, 2016
2015	$11B	$457M	24.0×	+0.9×	Dec 31, 2015
2014	$9.38B	$405M	23.1×	-0.1×	Dec 31, 2014
2013	$8.5B	$366M	23.2×	+1.3×	Dec 31, 2013
2012	$7.55B	$345M	21.9×	+5.9×	Dec 31, 2012
2011	$6.59B	$412M	16.0×	-2.0×	Dec 31, 2011
2010	$7.12B	$395M	18.0×	+0.1×	Dec 31, 2010
2009	$5.8B	$324M	17.9×	+7.7×	Dec 31, 2009
2008	$3.57B	$349M	10.2×	-15.4×	Dec 31, 2008
2007	$7.94B	$310M	25.6×	+2.2×	Dec 31, 2007
2006	$4.97B	$212M	23.4×	+7.4×	Dec 31, 2006
2005	$3.95B	$247M	16.0×	-12.7×	Dec 31, 2005
2004	$5.55B	$193M	28.7×	-3.8×	Dec 31, 2004
2003	$3.99B	$122M	32.6×	+17.4×	Dec 31, 2003
2002	$2.75B	$182M	15.1×	—	Dec 31, 2002


McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
UnitedHealth Group (UNH)	15.9×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
Incyte (INCY)	12.9×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for Waters Corporation (WAT) 2002-2026

P/FCF Ratio daily chart for Waters Corporation (WAT)

Historical P/FCF Ratio for Waters Corporation (WAT) from 2002 to 2025

About P/FCF Ratio at Waters Corporation (WAT)

Waters Corporation P/FCF Ratio by Year

Waters Corporation P/FCF Ratio 2025: 41.9×

Waters Corporation P/FCF Ratio 2024: 35.6×

Waters Corporation P/FCF Ratio 2023: 44.0×

Waters Corporation P/FCF Ratio 2022: 46.6×

Waters Corporation P/FCF Ratio 2021: 39.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Waters Corporation (WAT) Key Financials