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Arphra AIPlain-English read on Waters Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.79B | $2.97B | $2.96B | $2.96B | $3.17B | $6.44B | $7.1B | $7.51B | $8.01B |
| Cost of revenue | $1.16B | $1.25B | $1.2B | $1.2B | $1.34B | $2.58B | $2.94B | $3.04B | $3.37B |
| Gross profit | $1.63B | $1.72B | $1.76B | $1.76B | $1.83B | $3.69B | $4.22B | $4.45B | $4.75B |
| Gross margin | +58.49% | +58.00% | +59.57% | +59.43% | +57.77% | +57.23% | +59.36% | +59.28% | +59.35% |
| Operating | |||||||||
| Research & development | $168.36M | $176.19M | $174.95M | $183.03M | $195.18M | $388.63M | $430.22M | $447.42M | $481.73M |
| Selling, general & administrative | $626.97M | $658.03M | $736.01M | $690.15M | $740.27M | $1.54B | $1.65B | $1.84B | $1.94B |
| Total operating expenses | $807.63M | $850.38M | $943.52M | $931.83M | $935.45M | $2.05B | $2.23B | $2.3B | $2.41B |
| Operating income | $821.71M | $873.4M | $817.68M | $826.35M | $893.22M | $1.79B | $2.04B | $2.15B | $2.26B |
| Operating margin | +29.50% | +29.39% | +27.66% | +27.93% | +28.22% | +27.79% | +28.69% | +28.68% | +28.17% |
| EBITDA | $982.81M | $1.02B | $1B | $1.04B | $1.01B | $2.19B | $2.42B | $2.52B | $2.65B |
| EBIT | $851.13M | $886.64M | $835.1M | $844.55M | $805.65M | $1.78B | $1.96B | $2.1B | $2.19B |
| Below the line | |||||||||
| Interest expense | $44.94M | $48.8M | $98.86M | $89.68M | $50.77M | $169.87M | $190.61M | $196.4M | $217.04M |
| Interest income | $12.22M | $11.02M | $16.62M | $17.42M | $0 | $24.25M | $26.89M | $28.88M | $30.46M |
| Other income / expense | -$15.51M | -$35.55M | -$81.43M | -$71.49M | -$138.35M | — | — | — | — |
| Pre-tax income | $806.19M | $837.85M | $736.24M | $754.87M | $754.88M | $1.55B | $1.8B | $1.86B | $1.94B |
| Income tax expense | $113.35M | $130.09M | $94.01M | $117.03M | $112.25M | $225.97M | $250M | $264.87M | $281.27M |
| Earnings | |||||||||
| Net income | $692.84M | $707.76M | $642.23M | $637.83M | $642.63M | $1.33B | $1.47B | $1.6B | $1.72B |
| Net income · continuing ops | $692.84M | $707.76M | $642.23M | $637.83M | $642.63M | $1.38B | $1.47B | $1.57B | $1.71B |
| Net margin | +24.87% | +23.81% | +21.72% | +21.56% | +20.30% | +20.62% | +20.76% | +21.35% | +21.45% |
| EPS · basic | $11.25 | $11.80 | $10.87 | $10.75 | $10.80 | $14.49 | $16.53 | $18.38 | $20.16 |
| EPS · diluted | $11.17 | $11.73 | $10.84 | $10.71 | $10.76 | $14.51 | $16.41 | $18.25 | $20.21 |
| EPS · low estimate | — | — | — | — | — | $14.41 | $15.82 | $13.60 | $19.95 |
| EPS · high estimate | — | — | — | — | — | $14.57 | $17.46 | $22.50 | $20.46 |
| Shares · basic | 61.58M | 59.99M | 59.08M | 59.33M | 59.51M | 59.42M | 59.42M | 60M | 59.9M |
| Shares · diluted | 62.03M | 60.33M | 59.27M | 59.55M | 59.71M | 60.02M | 60.28M | 59.53M | 59.7M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 15 | 14 | 9 |
| Analysts (EPS) | — | — | — | — | — | 12 | 13 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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