WAT Waters margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 39

Gross margin

49.5%

Operating margin

4.7%

EBITDA margin

20.5%

Net margin

1.8%

Current Waters reports a gross margin of 49.5%, an operating margin of 4.7%, an EBITDA margin of 20.5%, and a net margin of 1.8%. Operating margin headed the decline across the available margins, falling by 21.8 percentage points.

WAT margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Waters's margins averaged 57.53% gross, 22.68% operating, 31.26% EBITDA, and 17.36% net. Each of the four current margins is below its three-year average.

WAT margin expansion

Year-over-year margin changes in percentage points

Operating margin led the decline, falling by 21.8 percentage points, while the other available margins also decreased.

Gross margin expansion

-9.5pp

Operating margin expansion

-21.8pp

EBITDA margin expansion

-13.1pp

Net margin expansion

-19.1pp

WAT Gross margin

Looking back over the last 3 years, Waters recorded an average gross margin of 57.53%. Compared with its three-year average, Waters's current gross margin is 49.5% and is 8 percentage points below its three-year average. The highest gross margin for Waters was 59.7% in Sep 2024, while the lowest was 49.5% in Oct 2026.

WAT Operating margin

Over the last 3 years, the average operating margin for Waters was 22.68%. The latest operating margin for Waters is 4.7%, 18 percentage points below its three-year average. Waters's operating margin ranged from a low of 4.7% in Oct 2026 to a high of 28.3% in Mar 2025.

WAT EBITDA margin

Waters recorded an average EBITDA margin of 31.26% across the last 3 years. Waters currently reports an EBITDA margin of 20.5%, 10.8 percentage points below its three-year average. Over the last 3 years, Waters's EBITDA margin peaked at 35.3% in Mar 2025 and reached a low of 20.5% in Oct 2026.

WAT Net margin

Looking back over the last 3 years, Waters recorded an average net margin of 17.36%. The current net margin stands at 1.8%, 15.6 percentage points below its three-year average. The highest net margin for Waters was 22% in Mar 2025, while the lowest was 1.8% in Oct 2026.

WAT margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 49.5%, WAT ranks lower than the Healthcare sector, the industry and its peers average. In comparison with the Healthcare sector average of 68.3%, Waters's gross margin is 28% lower.

WAT margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Waters's gross margin?

For the period ending Oct 3, 2026, WAT recorded a gross margin of 49.5%.

What is Waters's operating margin?

As of Oct 3, 2026, WAT has an operating margin of 4.7%.

What is Waters's EBITDA margin?

For the period ending Oct 3, 2026, WAT recorded an EBITDA margin of 20.5%.

What is Waters's net margin?

As of Oct 3, 2026, WAT has a net margin of 1.8%.

What are the average margins of WAT?

Waters's average margins over the last 3 years were 57.5% gross, 22.7% operating, 31.3% EBITDA, and 17.4% net.

What are the highest historical margins of WAT?

Across the 5-year period, WAT posted its highest margins at 59.7% gross in Sep 2024, 29.5% operating in Apr 2022, 35.3% EBITDA in Mar 2025, and 24.9% net in Dec 2021.

What are the lowest historical margins of WAT?

Across the 5-year period, WAT posted its lowest margins at 49.5% gross in Oct 2026, 4.7% operating in Oct 2026, 20.5% EBITDA in Oct 2026, and 1.8% net in Oct 2026.