Question 1

What is Waters Corporation's P/B ratio?

Accepted Answer

Waters Corporation (WAT) P/B ratio is 2.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Waters Corporation specifically, the relevant sector benchmark is the current sector median of 3.2×.

Question 5

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

Accepted Answer

Waters Corporation's P/B ratio of 2.0× is below its own 5-year average of 29.0× and below the sector median of 3.2×. That places the current reading at the 2th 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/B ratio range?

Accepted Answer

In the available daily series, Waters Corporation (WAT) P/B ratio has ranged from a low of 1.6× in 2026 to a high of 127.6× in 2019. The 5-year average is 29.0× and the 5-year median is 17.4×.

Question 7

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

Accepted Answer

Waters Corporation (WAT) P/B ratio at the end of 2025 was 8.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$2.56B	8.8×	-3.2×	Dec 31, 2025
2024	$22B	$1.83B	12.0×	-4.9×	Dec 31, 2024
2023	$19.5B	$1.15B	16.9×	-23.4×	Dec 31, 2023
2022	$20.3B	$504M	40.3×	-21.5×	Dec 31, 2022
2021	$22.7B	$368M	61.8×	-4.4×	Dec 31, 2021
2020	$15.4B	$232M	66.3×	—	Dec 31, 2020
2019	$14.9B	-$216M	—	—	Dec 31, 2019
2018	$14.1B	$1.57B	9.0×	+2.1×	Dec 31, 2018
2017	$15.3B	$2.23B	6.9×	+2.2×	Dec 31, 2017
2016	$10.8B	$2.3B	4.7×	-0.6×	Dec 31, 2016
2015	$11B	$2.06B	5.3×	+0.4×	Dec 31, 2015
2014	$9.38B	$1.89B	5.0×	+0.1×	Dec 31, 2014
2013	$8.5B	$1.76B	4.8×	-0.3×	Dec 31, 2013
2012	$7.55B	$1.47B	5.1×	-0.2×	Dec 31, 2012
2011	$6.59B	$1.23B	5.4×	-1.3×	Dec 31, 2011
2010	$7.12B	$1.07B	6.7×	-0.2×	Dec 31, 2010
2009	$5.8B	$849M	6.8×	+1.4×	Dec 31, 2009
2008	$3.57B	$661M	5.4×	-8.2×	Dec 31, 2008
2007	$7.94B	$586M	13.5×	-0.2×	Dec 31, 2007
2006	$4.97B	$362M	13.7×	-0.2×	Dec 31, 2006
2005	$3.95B	$284M	13.9×	+5.8×	Dec 31, 2005
2004	$5.55B	$679M	8.2×	+1.4×	Dec 31, 2004
2003	$3.99B	$590M	6.7×	+2.6×	Dec 31, 2003
2002	$2.75B	$665M	4.1×	—	Dec 31, 2002


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

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

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

About P/B Ratio at Waters Corporation (WAT)

Waters Corporation P/B Ratio by Year

Waters Corporation P/B Ratio 2025: 8.8×

Waters Corporation P/B Ratio 2024: 12.0×

Waters Corporation P/B Ratio 2023: 16.9×

Waters Corporation P/B Ratio 2022: 40.3×

Waters Corporation P/B Ratio 2021: 61.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Waters Corporation (WAT) Key Financials