Waters Corporation stock forecast
Waters Corporation's weighted forecast puts the price at $463.72 in October 2029, with 30% probability to bear, 52% to base and 18% to bull. It hinges on guidance delivery, durable savings, cross-selling and debt reduction.
Where could Waters Corporation's shares be by October 2029?
Waters offers modest expected returns but an unusually wide range of possible outcomes. The probability-weighted price is $401.37 in October 2027, a negative 8% total return. It is $428.91 in October 2028, a negative 2% return. It reaches $463.72 in October 2029, a positive 6% return.
By the final date, the bear and bull cases span $244.80 to $761.71. Today’s share price is $436.95. The distribution therefore matters as much as the central estimate.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 287.69 (-34 %) | 264.39 (-39 %) | 244.80 (-44 %) |
| Base | 52 % | 425.70 (-3 %) | 453.92 (+4 %) | 486.87 (+11 %) |
| Bull | 18 % | 520.57 (+19 %) | 630.88 (+44 %) | 761.71 (+74 %) |
| Weighted | 100 % | 401.37 (-8 %) | 428.91 (-2 %) | 463.72 (+6 %) |
What has to go right, and what could go wrong for Waters Corporation?
Waters offers modest potential through October 2029, but the outcome hinges on guidance delivery, durable savings, cross-selling and debt reduction. Management guides to 2026 reported revenue of $6,415–$6,476 million and adjusted EPS of $14.45–$14.65, while separating acquired revenue from growth in the businesses Waters already owned. It expects $75 million of adjusted operating-profit savings in 2026, including $50 million in the fourth quarter, with a later annualized target of $200 million.
Third-quarter 2026 results, estimated for November 3 but not confirmed by Waters, will test organic constant-currency growth against 8.0%–10.0% guidance. Fourth-quarter savings must arrive and endure without weakening research, sales coverage or customer service. By February 2029, year-three synergies must show up in realized savings, cash generation and falling debt; cross-selling must become repeat revenue, not just placements. Waters works if BD becomes a cash-generating growth engine, not merely a larger balance sheet.
How much cash does Waters Corporation really make?
Waters generates substantial cash, but working capital, stock compensation and acquisition payments reduce what is truly available to shareholders.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 652,555 | 762,123 | 602,809 | 611,661 | 747,274 |
| − Capital spending | 112,745 | 142,481 | 160,632 | 175,921 | 161,266 |
| = Free cash flow | 539,810 | 619,642 | 442,177 | 435,740 | 586,008 |
| − Stock pay | 54,127 | 44,709 | 36,868 | 42,564 | 29,918 |
| = Real free cash flow | 485,683 | 574,933 | 405,309 | 393,176 | 556,090 |
| Real free cash flow, % of revenue | 15.3% | 19.4% | 13.7% | 13.2% | 20.0% |
What this means. The company's free cash flow is higher because it adds back unusual cash payments and other items that our count keeps as money spent.
What does an investor pay for Waters Corporation today?
| Today (Oct 19, 2026) | |
|---|---|
| Share price | 436.95 |
| Market value (calculated) | 42,929.512 |
| Enterprise value (calculated) | 47,476.512 |
| P/E, last 12 months (calculated) | 109.0x |
| P/E, next 12 months (calculated) | 26.5x |
| Free cash flow yield (calculated) | 1.3% |
What this means. The company looks very expensive using last year's profit because it earned only 4.01 dollars per share, while analysts expect 16.48 dollars next year, so the two price-to-profit numbers differ greatly.