Question 1

What is Waters Corporation's P/S ratio?

Accepted Answer

Waters Corporation (WAT) P/S ratio is 8.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

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

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Waters Corporation specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

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

Accepted Answer

Waters Corporation's P/S ratio of 8.1× is above its own 5-year average of 6.7× and above the sector median of 3.4×. That places the current reading at the 91th 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/S ratio range?

Accepted Answer

In the available daily series, Waters Corporation (WAT) P/S ratio has ranged from a low of 2.3× in 2008 to a high of 9.9× in 2021. The 5-year average is 6.7× and the 5-year median is 6.9×.

Question 7

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

Accepted Answer

Waters Corporation (WAT) P/S ratio at the end of 2025 was 7.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$3.17B	7.1×	-0.3×	Dec 31, 2025
2024	$22B	$2.96B	7.4×	+0.9×	Dec 31, 2024
2023	$19.5B	$2.96B	6.6×	-0.3×	Dec 31, 2023
2022	$20.3B	$2.97B	6.8×	-1.3×	Dec 31, 2022
2021	$22.7B	$2.79B	8.2×	+1.7×	Dec 31, 2021
2020	$15.4B	$2.37B	6.5×	+0.3×	Dec 31, 2020
2019	$14.9B	$2.41B	6.2×	+0.4×	Dec 31, 2019
2018	$14.1B	$2.42B	5.8×	-0.8×	Dec 31, 2018
2017	$15.3B	$2.31B	6.6×	+1.7×	Dec 31, 2017
2016	$10.8B	$2.17B	5.0×	-0.4×	Dec 31, 2016
2015	$11B	$2.04B	5.4×	+0.7×	Dec 31, 2015
2014	$9.38B	$1.99B	4.7×	+0.3×	Dec 31, 2014
2013	$8.5B	$1.9B	4.5×	+0.4×	Dec 31, 2013
2012	$7.55B	$1.84B	4.1×	+0.5×	Dec 31, 2012
2011	$6.59B	$1.85B	3.6×	-0.8×	Dec 31, 2011
2010	$7.12B	$1.64B	4.3×	+0.5×	Dec 31, 2010
2009	$5.8B	$1.5B	3.9×	+1.6×	Dec 31, 2009
2008	$3.57B	$1.58B	2.3×	-3.1×	Dec 31, 2008
2007	$7.94B	$1.47B	5.4×	+1.5×	Dec 31, 2007
2006	$4.97B	$1.28B	3.9×	+0.5×	Dec 31, 2006
2005	$3.95B	$1.16B	3.4×	-1.6×	Dec 31, 2005
2004	$5.55B	$1.1B	5.0×	+0.9×	Dec 31, 2004
2003	$3.99B	$958M	4.2×	+1.1×	Dec 31, 2003
2002	$2.75B	$890M	3.1×	—	Dec 31, 2002


Zimmer Biomet Holdings (ZBH)	2.1×
AptarGroup (ATR)	2.1×
Becton, Dickinson and (BDX)	2.1×
Charles River (CRL)	1.9×
Quest Diagnostics (DGX)	1.9×
IQVIA (IQV)	1.7×
GE HealthCare (GEHC)	1.6×
Labcorp Holdings (LH)	1.6×
HCA Healthcare (HCA)	1.4×
Solventum (SOLV)	1.4×
Viatris (VTRS)	1.1×
UnitedHealth Group (UNH)	0.8×
Baxter International (BAX)	0.8×
DaVita (DVA)	0.7×
Henry Schein (HSIC)	0.6×
Universal Health Services (UHS)	0.6×
Elevance Health (ELV)	0.4×
Teladoc Health (TDOC)	0.4×
McKesson (MCK)	0.3×
Cigna (CI)	0.3×
CVS Health (CVS)	0.2×
Cardinal Health (CAH)	0.2×
Cencora (COR)	0.2×
Humana (HUM)	0.2×
Centene (CNC)	0.1×

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

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

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

About P/S Ratio at Waters Corporation (WAT)

Waters Corporation P/S Ratio by Year

Waters Corporation P/S Ratio 2025: 7.1×

Waters Corporation P/S Ratio 2024: 7.4×

Waters Corporation P/S Ratio 2023: 6.6×

Waters Corporation P/S Ratio 2022: 6.8×

Waters Corporation P/S Ratio 2021: 8.2×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Waters Corporation (WAT) Key Financials