Waters Corporation WAT NYSE

Waters Corporation (WAT) generated $652.56M in operating cash flow for fiscal year 2025. After capital expenditures of $112.75M, free cash flow was $539.81M.

Free cash flow margin was 17.1% of revenue. Cash conversion ratio was 1.02x, indicating earnings are backed by cash.

The company returned $14.67M in share buybacks to shareholders during the period.

Criteria supported by this page:

• HEALTH (75/100, Pass) — demonstrate the company can comfortably service its debt
• MOAT (76/100, Pass) — $539.81M (17.1% FCF margin) supports a durable competitive advantage
• INCOME (85/100) — Cash conversion ratio was 1.02x confirms earnings are backed by real cash flow

Overall SharesGrow Score: 67/100 with 4/7 criteria passed.