# WAT · Waters Corp

Snapshot 2026-10-26 · CIK 0001000697 · NYSE · Laboratory Analytical Instruments

Price 453.67 (2026-10-23, Alpaca Market Data (consolidated SIP daily bar)) · Market cap 44.57 B

Machine-readable: https://theclaudetrader.com/s/WAT.json · index: https://theclaudetrader.com/llms.txt

## Scores

### Graham Defensive: 43.3 (ok) · complete: True · missing tests: none · current inputs as of 2025-12-31 · stale inputs: Revenue · history 2014–2025 · price 2026-10-23 · verification {'verified': 0, 'mismatch': 0, 'unverified': 22, 'not_cross_checked': 2} · computed 2026-10-26 · rules https://theclaudetrader.com/p/graham
- 1 Adequate size: 3.17 revenue $B · threshold >= 1 · points 5.0/5
- 2a Current ratio: 1.86  · threshold >= 2.0 · points 12.9/15
- 2b Long-term debt vs working capital: 2.36 LTD / WC · threshold <= 1.0 · points 0.0/15
- 3 Positive earnings each of 10 years: 10 of 10  · threshold 10 of 10 · points 15.0/15
- 4 Dividends every year for 20 years: 0 of 20  · threshold 20 of 20 · points 0.0/15
- 5 EPS growth, 3-yr avg now vs 10 yrs ago: 5.71 -> 10.77 (+89%)  · threshold >= +33% · points 10.0/10
- 6 P/E on 3-year average EPS: 42.1  · threshold <= 15 · points 0.0/15
- 7 P/B <= 1.5, or P/E x P/B <= 22.5: P/B 2.93, product 123.6  · threshold <= 1.5 or <= 22.5 · points 0.4/10

Inputs:
  - Price (close, per traded unit): 453.67 · 2026-10-23 · Alpaca Market Data (consolidated SIP daily bar) · https://docs.alpaca.markets/docs/historical-stock-data-1
  - Revenue: 3165286000.0 · 2025-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - current_assets: 4465000000.0 · 2026-07-04 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - current_liabilities: 2399000000.0 · 2026-07-04 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - lt_debt: 4886000000.0 · 2026-07-04 · SEC XBRL LongTermDebtNoncurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - equity: 15195000000.0 · 2026-07-04 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - Net income FY2016: 521503000.0 · 2016-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312519060858/ · unverified
  - Net income FY2017: 20311000.0 · 2017-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312520048303/ · unverified
  - Net income FY2018: 593794000.0 · 2018-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312521054385/ · unverified
  - Net income FY2019: 592198000.0 · 2019-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312522051509/ · unverified
  - Net income FY2020: 521571000.0 · 2020-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312523050827/ · unverified
  - Net income FY2021: 692843000.0 · 2021-12-31 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526149657/ · unverified
  - Net income FY2022: 707755000.0 · 2022-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312525034579/ · unverified
  - Net income FY2023: 642234000.0 · 2023-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Net income FY2024: 637834000.0 · 2024-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Net income FY2025: 642629000.0 · 2025-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Dividend years (Yahoo): [] ·  · Yahoo Finance dividend history · https://finance.yahoo.com/quote/WAT/history?filter=div · unverified
  - EPS diluted FY2014: 5.07 · 2014-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312517056239/ · unverified
  - EPS diluted FY2015: 5.65 · 2015-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312518060830/ · unverified
  - EPS diluted FY2016: 6.41 · 2016-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312519060858/ · unverified
  - EPS diluted FY2023: 10.84 · 2023-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - EPS diluted FY2024: 10.71 · 2024-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - EPS diluted FY2025: 10.76 · 2025-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Shares outstanding: 98248111.0 · 2026-08-07 · SEC cover page 10-Q 0001193125-26-344691 (98,248,111 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/d170082d10q.htm · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/R1.htm

### Magic Formula: 6.5 (ok) · complete: True · missing tests: none · current inputs as of 2025-12-31 · stale inputs: operating_income_q, debt_incl_current · history None–None · price 2026-10-23 · verification None · computed 2026-10-26 · rules https://theclaudetrader.com/p/magic_formula
-  Earnings yield (EBIT/EV): 0.73 % · threshold  · points /
-  Return on capital (EBIT/(NWC+PPE)): 9.27 % · threshold  · points /
-  Combined rank: 369  · threshold  · points /

Inputs:
  - operating_income: 802588000.0 · 2025-12-31 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/
  - operating_income_q: -47000000.0 · 2026-04-04 · SEC XBRL OperatingIncomeLoss (quarter CY2026Q1) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526219487/
  - operating_income_q: 151745000.0 · 2025-03-31 · SEC XBRL OperatingIncomeLoss (quarter CY2025Q1) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/
  - operating_income_q: -86000000.0 · 2026-07-04 · SEC XBRL OperatingIncomeLoss (quarter CY2026Q2) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/
  - operating_income_q: 188213000.0 · 2025-06-30 · SEC XBRL OperatingIncomeLoss (quarter CY2025Q2) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/
  - current_assets: 4465000000.0 · 2026-07-04 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/
  - current_liabilities: 2399000000.0 · 2026-07-04 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/
  - cash: 539000000.0 · 2026-07-04 · SEC XBRL CashAndCashEquivalentsAtCarryingValue · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/
  - ppe_net: 1489000000.0 · 2026-07-04 · SEC XBRL PropertyPlantAndEquipmentNet · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/
  - debt_incl_current: 1410000000.0 · 2025-12-31 · SEC XBRL LongTermDebt · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/
  - shares_out: 98248111.0 · 2026-08-07 · SEC cover page 10-Q 0001193125-26-344691 (98,248,111 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/d170082d10q.htm · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/R1.htm
  - Price (close): 453.67 · 2026-10-23 · Yahoo Finance / Alpaca Market Data · 
  - note: debt = LongTermDebt (incl. current maturities) ·  ·  · 

### Momentum: 74.8 (ok) · complete: True · missing tests: none · current inputs as of 2026-10-23 · stale inputs: none · history None–None · price 2026-10-23 · verification None · computed 2026-10-26 · rules https://theclaudetrader.com/p/momentum
-  12-1 month return: 18.2 % · threshold  · points 32.6/50
-  6 month return: 45.8 % · threshold  · points 18.7/20
-  Price / 52-week high: 0.992  · threshold  · points 14.9/15
-  Volatility penalty (60d annualised): 25.9 % · threshold  · points 8.6/15

Inputs:
  - Adjusted close series (14 months): 453.67 · 2026-10-23 · Yahoo Finance / Alpaca Market Data daily history · 

### Insider: 0.0 (ok) · complete: True · missing tests: none · current inputs as of 2026-10-23 · stale inputs: none · history None–None · price None · verification None · computed 2026-10-26 · rules https://theclaudetrader.com/p/insider
-  Open-market buy value / market cap (percentile among buyers): 0.0 bp · threshold  · points 0.0/35
-  Distinct buyers: 0  · threshold  · points 0.0/25
-  Buyer seniority: 0.0  · threshold  · points 0.0/20
-  Recency (half-life 30d): 0.0  · threshold  · points 0.0/10
-  Sales penalty (excludes 10b5-1 plan sales): 0.32 bp · threshold  · points -5.0/0

Inputs:
  - Form 4 S KUEBLER CHRISTOPHER A 2026-08-06: 1442930.44 · 2026-08-06 · SEC Form 4 (insider transactions data set) · https://www.sec.gov/Archives/edgar/data/1000697/000100069726000127/

### Buffett Quality: 72.8 (partial: 6) · complete: False · missing tests: 6 · current inputs as of 2025-12-31 · stale inputs: debt_incl_current · history 2016–2025 · price 2026-10-23 · verification {'verified': 0, 'mismatch': 0, 'unverified': 35, 'not_cross_checked': 2} · computed 2026-10-26 · rules https://theclaudetrader.com/p/buffett
- 1 Average return on equity (net income / year-end equity): 101.0% over 7 yrs  · threshold >= 15% · points 25.0/25
- 2 Profitable every year: 10 of 10  · threshold all years · points 15.0/15
- 3 Net income growth, 3-yr average now vs start of window: +7.8% a year  · threshold >= +10% · points 7.8/10
- 4 Borrowings / 3-yr average earnings (years to repay): 2.2 years · threshold <= 4 · points 15.0/15
- 5 Operating margin, 5-yr average: 28.0%  · threshold >= 20% · points 10.0/10
- 6 Free cash flow / net income, 5-yr (operating cash flow minus capex): 3 years  · threshold >= 1.0 · points None/10
- 7 Owner-earnings yield (3-yr avg free cash flow / market cap): 1.2%  · threshold >= 7% · points 0.0/15

Inputs:
  - Price (close, per traded unit): 453.67 · 2026-10-23 · Alpaca Market Data (consolidated SIP daily bar) · https://docs.alpaca.markets/docs/historical-stock-data-1
  - Net income FY2018: 593794000.0 · 2018-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312521054385/ · unverified
  - Equity at FY2018 end: 1567258000.0 · 2018-12-31 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312522051509/ · unverified
  - Net income FY2020: 521571000.0 · 2020-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312523050827/ · unverified
  - Equity at FY2020 end: 232144000.0 · 2020-12-31 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312524047491/ · unverified
  - Net income FY2021: 692843000.0 · 2021-12-31 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526149657/ · unverified
  - Equity at FY2021 end: 367554000.0 · 2021-12-31 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312525034579/ · unverified
  - Net income FY2022: 707755000.0 · 2022-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312525034579/ · unverified
  - Equity at FY2022 end: 504488000.0 · 2022-12-31 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Net income FY2023: 642234000.0 · 2023-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Equity at FY2023 end: 1150341000.0 · 2023-12-31 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Net income FY2024: 637834000.0 · 2024-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Equity at FY2024 end: 1829000000.0 · 2024-12-31 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - Net income FY2025: 642629000.0 · 2025-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Equity at FY2025 end: 2562000000.0 · 2025-12-31 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - Net income FY2016: 521503000.0 · 2016-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312519060858/ · unverified
  - Net income FY2017: 20311000.0 · 2017-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312520048303/ · unverified
  - Net income FY2018: 593794000.0 · 2018-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312521054385/ · unverified
  - Net income FY2019: 592198000.0 · 2019-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312522051509/ · unverified
  - Net income FY2020: 521571000.0 · 2020-12-31 · SEC XBRL ProfitLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312523050827/ · unverified
  - Net income FY2021: 692843000.0 · 2021-12-31 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526149657/ · unverified
  - Net income FY2022: 707755000.0 · 2022-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312525034579/ · unverified
  - Net income FY2023: 642234000.0 · 2023-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Net income FY2024: 637834000.0 · 2024-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Net income FY2025: 642629000.0 · 2025-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - debt_incl_current: 1410000000.0 · 2025-12-31 · SEC XBRL LongTermDebt · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Operating income FY2021: 821707000.0 · 2021-12-31 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312524047491/ · unverified
  - Revenue FY2021: 2785874000.0 · 2021-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312524047491/ · unverified
  - Operating income FY2022: 873395000.0 · 2022-12-31 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312525034579/ · unverified
  - Revenue FY2022: 2971956000.0 · 2022-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312525034579/ · unverified
  - Operating income FY2023: 817676000.0 · 2023-12-31 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Revenue FY2023: 2956416000.0 · 2023-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Operating income FY2024: 826353000.0 · 2024-12-31 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Revenue FY2024: 2958387000.0 · 2024-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Operating income FY2025: 802588000.0 · 2025-12-31 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Revenue FY2025: 3165286000.0 · 2025-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Shares outstanding: 98248111.0 · 2026-08-07 · SEC cover page 10-Q 0001193125-26-344691 (98,248,111 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/d170082d10q.htm · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/R1.htm

### Lynch GARP: 39.2 (ok) · complete: True · missing tests: none · current inputs as of 2025-12-31 · stale inputs: debt_incl_current · history 2020–2025 · price 2026-10-23 · verification {'verified': 0, 'mismatch': 0, 'unverified': 5, 'not_cross_checked': 1} · computed 2026-10-26 · rules https://theclaudetrader.com/p/lynch
- 1 PEG: P/E divided by 5-yr EPS growth (in % points): 8.14  · threshold <= 1.0 · points 0.0/30
- 2 EPS growth, 5-yr compound rate: +5.2% a year  · threshold 12% to 35% a year · points 8.6/20
- 3 P/E on latest annual EPS: 42.2  · threshold <= 25 · points 0.0/10
- 4 Borrowings / equity: 0.09  · threshold <= 0.5 · points 15.0/15
- 5 Years of the last 5 in which EPS rose: 3 of 5  · threshold 5 of 5 · points 9.0/15
- 6 Net cash (cash minus borrowings) / market cap: -2.0%  · threshold >= +10% · points 6.6/10

Inputs:
  - Price (close, per traded unit): 453.67 · 2026-10-23 · Alpaca Market Data (consolidated SIP daily bar) · https://docs.alpaca.markets/docs/historical-stock-data-1
  - EPS diluted FY2025: 10.76 · 2025-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - EPS diluted FY2020: 8.36 · 2020-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312523050827/ · unverified
  - debt_incl_current: 1410000000.0 · 2025-12-31 · SEC XBRL LongTermDebt · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - equity: 15195000000.0 · 2026-07-04 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - cash: 539000000.0 · 2026-07-04 · SEC XBRL CashAndCashEquivalentsAtCarryingValue · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified

### Graham Enterprising: 55.0 (ok) · complete: True · missing tests: none · current inputs as of 2025-12-31 · stale inputs: debt_incl_current · history 2020–2025 · price 2026-10-23 · verification {'verified': 0, 'mismatch': 0, 'unverified': 11, 'not_cross_checked': 3} · computed 2026-10-26 · rules https://theclaudetrader.com/p/graham_enterprising
- 1 Current ratio: 1.86  · threshold >= 1.5 · points 15.0/15
- 2 Borrowings vs working capital: 0.68 x · threshold <= 1.1x · points 15.0/15
- 3 No earnings deficit in the last 5 years: 5 of 5 profitable  · threshold 5 of 5 · points 15.0/15
- 4 Pays a current dividend: no  · threshold yes · points 0.0/10
- 5 EPS higher than five years earlier: 8.36 -> 10.76  · threshold higher · points 10.0/10
- 6 Price / book value per share: 2.93  · threshold <= 1.2 · points 0.0/20
- 7 Price / net current asset value per share (current assets minus all liabilities): None  · threshold <= 0.67 · points 0.0/15

Inputs:
  - Price (close, per traded unit): 453.67 · 2026-10-23 · Alpaca Market Data (consolidated SIP daily bar) · https://docs.alpaca.markets/docs/historical-stock-data-1
  - current_assets: 4465000000.0 · 2026-07-04 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - current_liabilities: 2399000000.0 · 2026-07-04 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - debt_incl_current: 1410000000.0 · 2025-12-31 · SEC XBRL LongTermDebt · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Net income FY2021: 692843000.0 · 2021-12-31 · SEC XBRL NetIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526149657/ · unverified
  - Net income FY2022: 707755000.0 · 2022-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312525034579/ · unverified
  - Net income FY2023: 642234000.0 · 2023-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Net income FY2024: 637834000.0 · 2024-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Net income FY2025: 642629000.0 · 2025-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - Dividend years (Yahoo): [] ·  · Yahoo Finance dividend history · https://finance.yahoo.com/quote/WAT/history?filter=div
  - EPS diluted FY2025: 10.76 · 2025-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - EPS diluted FY2020: 8.36 · 2020-12-31 · SEC XBRL EarningsPerShareDiluted · https://www.sec.gov/Archives/edgar/data/1000697/000119312523050827/ · unverified
  - equity: 15195000000.0 · 2026-07-04 · SEC XBRL StockholdersEquity · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - Shares outstanding: 98248111.0 · 2026-08-07 · SEC cover page 10-Q 0001193125-26-344691 (98,248,111 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/d170082d10q.htm · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/R1.htm

### Piotroski F-Score: 44.4 (ok) · complete: True · missing tests: none · current inputs as of None · stale inputs: none · history 2024–2026 · price None · verification {'verified': 0, 'mismatch': 0, 'unverified': 27, 'not_cross_checked': 0} · computed 2026-10-26 · rules https://theclaudetrader.com/p/piotroski
- 1 Return on assets is positive: 12.7%  · threshold pass = 1 · points 11.11111111111111/11.11111111111111
- 2 Operating cash flow is positive: 653M  · threshold pass = 1 · points 11.11111111111111/11.11111111111111
- 3 Return on assets improved on the prior year: 14.0% -> 12.7%  · threshold pass = 1 · points 0.0/11.11111111111111
- 4 Operating cash flow exceeds net income (accruals): 653M vs 643M  · threshold pass = 1 · points 11.11111111111111/11.11111111111111
- 5 Long-term debt / assets fell: 35.7% -> 18.7%  · threshold pass = 1 · points 11.11111111111111/11.11111111111111
- 6 Current ratio improved: 2.11 -> 1.73  · threshold pass = 1 · points 0.0/11.11111111111111
- 7 No new shares issued (share count did not rise): 60M -> 98M  · threshold pass = 1 · points 0.0/11.11111111111111
- 8 Operating margin improved (stand-in for gross margin, which the dataset does not carry): 27.9% -> 25.4%  · threshold pass = 1 · points 0.0/11.11111111111111
- 9 Asset turnover (revenue / assets) improved: 0.65 -> 0.62  · threshold pass = 1 · points 0.0/11.11111111111111

Inputs:
  - net_income 2025-12-31: 642629000.0 · 2025-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - total_assets 2025-12-31: 5077000000.0 · 2025-12-31 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - cfo 2025-12-31: 652555000.0 · 2025-12-31 · SEC XBRL NetCashProvidedByUsedInOperatingActivities · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - net_income 2025-12-31: 642629000.0 · 2025-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - net_income 2024-12-31: 637834000.0 · 2024-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - total_assets 2025-12-31: 5077000000.0 · 2025-12-31 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - total_assets 2024-12-31: 4553795000.0 · 2024-12-31 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - cfo 2025-12-31: 652555000.0 · 2025-12-31 · SEC XBRL NetCashProvidedByUsedInOperatingActivities · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - net_income 2025-12-31: 642629000.0 · 2025-12-31 · SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001193125-26-149657) · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - lt_debt 2025-12-31: 947000000.0 · 2025-12-31 · SEC XBRL LongTermDebtNoncurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - lt_debt 2024-12-31: 1626488000.0 · 2024-12-31 · SEC XBRL LongTermDebtNoncurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - total_assets 2025-12-31: 5077000000.0 · 2025-12-31 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - total_assets 2024-12-31: 4553795000.0 · 2024-12-31 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - current_assets 2025-12-31: 2148000000.0 · 2025-12-31 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - current_assets 2024-12-31: 1669111000.0 · 2024-12-31 · SEC XBRL AssetsCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - current_liabilities 2025-12-31: 1239000000.0 · 2025-12-31 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - current_liabilities 2024-12-31: 789758000.0 · 2024-12-31 · SEC XBRL LiabilitiesCurrent · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - shares_out 2026-08-07: 98248111.0 · 2026-08-07 · SEC XBRL EntityCommonStockSharesOutstanding · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - shares_out 2025-08-01: 59524130.0 · 2025-08-01 · SEC XBRL EntityCommonStockSharesOutstanding · https://www.sec.gov/Archives/edgar/data/1000697/000119312525172087/ · unverified
  - operating_income 2025-12-31: 802588000.0 · 2025-12-31 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - operating_income 2024-12-31: 826353000.0 · 2024-12-31 · SEC XBRL OperatingIncomeLoss · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - revenue 2025-12-31: 3165286000.0 · 2025-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - revenue 2024-12-31: 2958387000.0 · 2024-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - revenue 2025-12-31: 3165286000.0 · 2025-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - revenue 2024-12-31: 2958387000.0 · 2024-12-31 · SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified
  - total_assets 2025-12-31: 5077000000.0 · 2025-12-31 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/ · unverified
  - total_assets 2024-12-31: 4553795000.0 · 2024-12-31 · SEC XBRL Assets · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/ · unverified

## Market value, source trail

- Formula: market_value = traded_price (price date) / depositary_ratio x latest point-in-time SEC shares outstanding (share-count date shown; from the filing cover page, summed across share classes only where the issuer filing verifies the classes are economically equivalent (rule + evidence URL in the source text), else withheld; priced at the primary listed class, so where other classes trade at a different price the value is an approximation; restated only for issuer-verified splits after the count date); weighted-average share counts are never used
- Traded price: 453.67 on 2026-10-23 (USD per traded unit (share or ADS)) · https://docs.alpaca.markets/docs/historical-stock-data-1
- SEC shares outstanding: 98,248,111 underlying shares, period 2026-08-07, SEC cover page 10-Q 0001193125-26-344691 (98,248,111 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/d170082d10q.htm, accession 0001193125-26-344691 · https://www.sec.gov/Archives/edgar/data/1000697/000119312526344691/R1.htm
- Depositary ratio: 1.0 (domestic; 10-K filer; SEC shares are the traded units) · None
- Market value (price date x latest reported shares): 44,572,220,517 USD; 453.67 (price 2026-10-23) / 1 x 98,248,111 (shares at 2026-08-07) = 44,572,220,517

## Revenue by fiscal year (SEC XBRL; FY = calendar year in which the fiscal year ends)

- FY2013 (ended 2013-12-31): 1904218000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312516480594/
- FY2014 (ended 2014-12-31): 1989344000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312517056239/
- FY2015 (ended 2015-12-31): 2042332000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312518060830/
- FY2016 (ended 2016-12-31): 2167423000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312519060858/
- FY2017 (ended 2017-12-31): 2309078000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312520048303/
- FY2018 (ended 2018-12-31): 2419929000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312521054385/
- FY2019 (ended 2019-12-31): 2406596000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312522051509/
- FY2020 (ended 2020-12-31): 2365365000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312523050827/
- FY2021 (ended 2021-12-31): 2785874000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312524047491/
- FY2022 (ended 2022-12-31): 2971956000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312525034579/
- FY2023 (ended 2023-12-31): 2956416000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/
- FY2024 (ended 2024-12-31): 2958387000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/
- FY2025 (ended 2025-12-31): 3165286000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/

## Net income by fiscal year (SEC XBRL)

- FY2016 (ended 2016-12-31): 521503000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312519060858/
- FY2017 (ended 2017-12-31): 20311000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312520048303/
- FY2018 (ended 2018-12-31): 593794000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312521054385/
- FY2019 (ended 2019-12-31): 592198000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312522051509/
- FY2020 (ended 2020-12-31): 521571000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312523050827/
- FY2021 (ended 2021-12-31): 692843000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312526149657/
- FY2022 (ended 2022-12-31): 707755000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312525034579/
- FY2023 (ended 2023-12-31): 642234000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/
- FY2024 (ended 2024-12-31): 637834000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/
- FY2025 (ended 2025-12-31): 642629000.0 · https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/

## EPS diluted by fiscal year (split-adjusted to today's share basis; as filed in brackets)

- FY2013 (ended 2013-12-31): 5.2 [filed 5.2, split factor 1.0]
- FY2014 (ended 2014-12-31): 5.07 [filed 5.07, split factor 1.0]
- FY2015 (ended 2015-12-31): 5.65 [filed 5.65, split factor 1.0]
- FY2016 (ended 2016-12-31): 6.41 [filed 6.41, split factor 1.0]
- FY2017 (ended 2017-12-31): 0.25 [filed 0.25, split factor 1.0]
- FY2018 (ended 2018-12-31): 7.65 [filed 7.65, split factor 1.0]
- FY2019 (ended 2019-12-31): 8.69 [filed 8.69, split factor 1.0]
- FY2020 (ended 2020-12-31): 8.36 [filed 8.36, split factor 1.0]
- FY2021 (ended 2021-12-31): 11.17 [filed 11.17, split factor 1.0]
- FY2022 (ended 2022-12-31): 11.73 [filed 11.73, split factor 1.0]
- FY2023 (ended 2023-12-31): 10.84 [filed 10.84, split factor 1.0]
- FY2024 (ended 2024-12-31): 10.71 [filed 10.71, split factor 1.0]
- FY2025 (ended 2025-12-31): 10.76 [filed 10.76, split factor 1.0]

## Dividend years (Yahoo history)

none

## Insider transactions (SEC Form 4 data set, latest 40)

- 2026-08-06 S KUEBLER CHRISTOPHER A (director) 3626 @ 397.94 = 1442930 · https://www.sec.gov/Archives/edgar/data/1000697/000100069726000127/

## Links

- sec_filings: https://www.sec.gov/edgar/browse/?CIK=0001000697
- sec_xbrl_companyfacts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001000697.json
- sec_form4: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001000697&type=4
- sec_8k: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001000697&type=8-K
- yahoo: https://finance.yahoo.com/quote/WAT
- stooq: https://stooq.com/q/d/?s=wat.us
- morningstar (link only, nothing stored): https://www.morningstar.com/search?query=WAT
- finviz (link only, nothing stored): https://finviz.com/quote.ashx?t=WAT
- stockanalysis (link only, nothing stored): https://stockanalysis.com/stocks/wat/
- seeking_alpha (link only, nothing stored): https://seekingalpha.com/symbol/WAT
- openinsider (link only, nothing stored): http://openinsider.com/search?q=WAT
- google_news (link only, nothing stored): https://news.google.com/rss/search?q=WAT+stock

Cite as: The Claude Trader snapshot 2026-10-26, https://theclaudetrader.com/s/WAT; data from SEC EDGAR XBRL and market prices (Alpaca Market Data, Yahoo Finance) to 2026-10-23.

Scores are deterministic rule outputs from public filings. fair_value_model is a labelled model estimate from the same filings (method at /fair-value), not an opinion or recommendation.