WAT Waters margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 42

Gross margin

50.9%

Operating margin

7.1%

EBITDA margin

20.8%

Net margin

3.6%

Current Waters reports a gross margin of 50.9%, an operating margin of 7.1%, an EBITDA margin of 20.8%, and a net margin of 3.6%. Operating margin headed the decline across the available margins, falling by 20.6 percentage points.

WAT margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Waters's margins averaged 58.25% gross, 24.32% operating, 32.24% EBITDA, and 18.77% 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 20.6 percentage points, while the other available margins also decreased.

Gross margin expansion

-8.1pp

Operating margin expansion

-20.6pp

EBITDA margin expansion

-13.9pp

Net margin expansion

-18.1pp

WAT Gross margin

Looking back over the last 3 years, Waters recorded an average gross margin of 58.25%. Compared with its three-year average, Waters's current gross margin is 50.9% and is 7.4 percentage points below its three-year average. The highest gross margin for Waters was 59.7% in Sep 2024, while the lowest was 50.9% in Jul 2026.

WAT Operating margin

Over the last 3 years, the average operating margin for Waters was 24.32%. The latest operating margin for Waters is 7.1%, 17.2 percentage points below its three-year average. Waters's operating margin ranged from a low of 7.1% in Jul 2026 to a high of 28.3% in Mar 2025.

WAT EBITDA margin

Waters recorded an average EBITDA margin of 32.24% across the last 3 years. Waters currently reports an EBITDA margin of 20.8%, 11.4 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 20.8% in Jul 2026.

WAT Net margin

Looking back over the last 3 years, Waters recorded an average net margin of 18.77%. The current net margin stands at 3.6%, 15.2 percentage points below its three-year average. The highest net margin for Waters was 22% in Mar 2025, while the lowest was 3.6% in Jul 2026.

WAT margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 50.9%, WAT ranks higher than the industry and its peers average but lower than the Healthcare sector average. In comparison with the Healthcare sector average of 68.4%, Waters's gross margin is 26% lower.

WAT margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Waters's gross margin?

For the period ending Jul 4, 2026, WAT recorded a gross margin of 50.9%.

What is Waters's operating margin?

As of Jul 4, 2026, WAT has an operating margin of 7.1%.

What is Waters's EBITDA margin?

For the period ending Jul 4, 2026, WAT recorded an EBITDA margin of 20.8%.

What is Waters's net margin?

As of Jul 4, 2026, WAT has a net margin of 3.6%.

What are the average margins of WAT?

Waters's average margins over the last 3 years were 58.3% gross, 24.3% operating, 32.2% EBITDA, and 18.8% 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 50.9% gross in Jul 2026, 7.1% operating in Jul 2026, 20.8% EBITDA in Jul 2026, and 3.6% net in Jul 2026.