Reading WAT? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track WAT free→Reading WAT? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track WAT free→NYSEHealth CareDiagnostics & ResearchSnapshot 2026-06-12
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
Recent financial performance is strong, but earnings quality is fragile, indicating that reported profits are not well backed by cash. Management's recent track record has been volatile, and the sector backdrop is a headwind, which may pose challenges. Peer multiples imply a price about 9% above where it trades (it looks cheap on this basis); the read is fair, but weakening. Key factors to watch include guidance changes and sector trends, as these could significantly impact the company's credibility and performance. This read is provisional.
Daily closes. Earnings/event dots are placed inline.
A consensus fair price across 5 valuation methods, at three horizons. Current price $355.53. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
No-growth: today's peer multiple on trailing earnings. The headline read.
Embeds projected growth. Leans optimistic by design. Upside context.
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
At $356 WAT trades at 26× p/e, below its 27× p/e peer median. Our $390 fair value sits above the price; high confidence. Analysts: $350–$435. Not investment advice.
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
The price implies about 9% below a flat-multiple fair value, below our forecast of about 29%. This describes what's priced in, not a forecast of the move.
Only weak execution quality, a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Health Care names rated strong grew net income 59% of the time over the next year (vs 52% for the rest of the cohort, n=2344).
Over the trailing year it converted 0.87x of net income into operating cash flow. Historically, Health Care names rated fragile grew net income 40% of the time over the next year (vs 56% for the rest of the cohort, n=1703).
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity.
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
EPS estimate $3.03 → $3.01 (-0.8% / 30d). 12 raised, 3 cut, 18 covering analysts.
0 upgrades, 0 downgrades / 30d, 3 maintained. 61% of analysts rate Buy.
2 PT revisions / 30d. Avg target 13.5% above current price.
Transition story with positive analyst positioning (often a turnaround setup).
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Met or beat guidance 100% of the last 3 guided quarters · 4.6% avg surprise
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
On a typical day, $10k can swing ±$132.
How much price usually moves either way.
On a bad day, this stock has moved -$295.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $3,132.
Deepest peak-to-trough drop in the last year.
Past results, not a forecast. Not investment advice.
The most important moves since the prior daily snapshot.
No material changes since the prior snapshot.
as of 2026-06-12
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Why it matters: This guidance shows how well the company is managing growth after the acquisition. Strong growth signals confidence in the business.
Confirms:Q2 revenue growth is expected to be 6.0% to 8.0%.
Disproves:Q2 guidance falls below 6.0% for organic constant currency revenue growth.
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for WAT yet.
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
of this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Long-thesis check; widest uncertainty.
$350.00 – $435.00 (median $387.00) · 7 analysts · as of 2026-06-11
Roughly priced in line with peers.
Around its own typical valuation.
Trailing four: 2025-Q1, 2025-Q2, 2025-Q3, 2026-Q1
A side-by-side read on sector standing, valuation, and risk versus Life Sciences Tools & Services.
| Stock | Sector standing | Valuation | Risk |
|---|---|---|---|
WAT Waters Corporation | Above typical Show detailsSector percentile: 89 of 100 | fair | moderate |
TMO Thermo Fisher Scientific | Above typical Show detailsSector percentile: 95 of 100 | fair | moderate |
DHR Danaher Corporation | Above typical Show detailsSector percentile: 98 of 100 | fair | moderate |
A Agilent Technologies | Above typical Show detailsSector percentile: 90 of 100 | fair | moderate |
NTRA Natera Inc | Typical Show detailsSector percentile: 32 of 100 | expensive | moderate |
9 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Health Care names rated volatile grew net income 43% of the time over the next year (vs 57% for the rest of the cohort, n=600).
Not investment advice. As of 2026-06-12.
via XLV
Tailwind = sector leading the S&P 500; headwind = trailing. Both can be constructive. Historically, headwind regimes have averaged stronger forward returns than tailwind.
Context label only: describes the market state (e.g. real bear vs narrative panic, healthy uptrend vs late-stage froth). It is not a per-ticker buy/sell signal and does not predict factor performance.
Not investment advice. As of 2026-06-12.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Raise full-year 2026 organic, constant currency revenue growth guidance to 6.5% to 8.0%.
Raise full-year 2026 adjusted EPS guidance to $14.40 to $14.60.
Finalize the acquisition of Becton, Dickinson's Biosciences and Diagnostic Solutions businesses.
Why it matters: This report will provide insights on performance and guidance. It could influence stock sentiment.
Confirms one read:The earnings report shows revenue and EPS above market expectations.
Confirms the other:The earnings report shows revenue and EPS below market expectations.
Why it matters: Higher EPS guidance shows strong earnings growth. It can raise investor confidence.
Confirms:Adjusted EPS guidance confirmed at $14.40 to $14.60 for the full year.
Disproves:Adjusted EPS guidance lowered below $14.40 for the full year.
Why it matters: Raising EPS guidance would show stronger profit expectations. This could boost investor confidence.
Confirms:Management raises the 2026 EPS guidance. It is now higher than before.
Disproves:Management maintains or lowers the full-year 2026 EPS guidance.
Why it matters: This revenue range shows how well the company is doing after the acquisition.
Confirms one read:Q2 reported revenue confirmed in the range of $1.616 billion to $1.631 billion.
Confirms the other:Q2 reported revenue falls below $1.616 billion.
Why it matters: Raising revenue guidance would indicate stronger sales growth. This can lead to a positive stock reaction.
Confirms:Management raises the revenue forecast for 2026. It is now higher than current estimates.
Disproves:Management keeps or lowers the full-year 2026 revenue guidance.
Entry into a Material Definitive Agreement. On March 23, 2026, Augusta SpinCo Corporation (the “Issuer”), a subsidiary of Waters Corporation (the “Company”), completed the public offering (the “Offering”) of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027 (the “2027 Notes”), (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amoun…
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under
Other Events. In connection with a registration statement on Form S-3 that Waters Corporation, a Delaware corporation (“Waters”), expects to file with the United States Securities and Exchange Commission promptly after the filing of this Current Report on Form 8-K (this “Current Report”), Waters is providing: (i) the unaudited condensed combined financial statements as of December 31, 2025 and September 30, 2025 and for the three months ended December 31, 2025 and 2024 of Becton, Dickinson an…
Completion of Acquisition or Disposition of Assets. The information set forth in the Introductory Note and