Waters debt and dilution83

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$5,086M

Cash & equivalents

USD millions

$539M

Net debt

USD millions

$4,547M

Debt / equity

0.33×

Debt / assets

20.55%

Net debt / EBITDA

× · TTM

4.82×

Debt / FCF

× · TTM

12.74×

Interest coverage

× · TTM

2.21×

Current ratio

1.86×

Diluted shares

Million shares

98,204M shares

Basic shares

Million shares

98,204M shares

Share count growth

164,907.14%

Share repurchases

USD millions

$2M

Quarterly data

Waters capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jul 4, 2026	5,086	539	4,547	0.33×	20.55%	4.82×	12.74×	2.21×	1.86×	98,204	98,204	164,907.14%	2
FY 2026 Q1	Apr 4, 2026	5,215	462	4,753	0.34×	21.26%	4.91×	19.73×	5.85×	1.79×	82,139	82,139	138,090.41%	12
FY 2025 Q4	Dec 31, 2025	1,407.45	587.83	819.61	0.55×	27.72%	0.81×	2.61×	11.54×	1.73×	59.85	59.55	0.27%	0.14
FY 2025 Q3	Sep 27, 2025	1,407.21	459.12	948.09	0.6×	28.94%	0.92×	—	11.1×	1.53×	59.62	59.53	0.27%	0.21
FY 2025 Q2	Jun 28, 2025	1,456.97	367.22	1,089.75	0.67×	30.88%	1.05×	—	12.21×	1.75×	59.66	59.52	0.3%	0.38
FY 2025 Q1	Mar 29, 2025	1,456.73	382.87	1,073.86	0.74×	31.73%	1.03×	—	10.76×	1.81×	59.71	59.44	0.35%	13.93
FY 2024 Q4	Dec 31, 2024	1,626.49	324.42	1,302.07	0.89×	35.72%	1.28×	2.62×	9.21×	2.11×	59.79	59.39	0.42%	0.07
FY 2024 Q3	Sep 28, 2024	1,826.25	330.51	1,495.73	1.14×	40.48%	1.51×	—	7.87×	2.02×	59.5	59.37	0.46%	0.14
FY 2024 Q2	Jun 29, 2024	2,006.01	326.43	1,679.58	1.42×	45.09%	1.75×	—	6.94×	2.1×	59.45	59.34	0.82%	0.25
FY 2024 Q1	Mar 30, 2024	—	337.29	—	—	—	—	—	7.07×	1.94×	59.43	59.23	0.35%	13.09
FY 2023 Q4	Dec 31, 2023	2,355.51	395.08	1,960.44	2.05×	50.91%	1.99×	5.33×	8.27×	2.22×	59.31	59.14	-0.33%	0.16
FY 2023 Q3	Sep 30, 2023	2,505.27	336.41	2,168.85	2.77×	55.71%	2.19×	—	10.23×	2.19×	59.26	59.09	-1.18%	0.69
FY 2023 Q2	Jul 1, 2023	2,630.2	329.69	2,300.51	3.41×	57.83%	2.33×	—	13.31×	2.08×	59.01	58.86	-2.24%	0.24
FY 2023 Q1	Apr 1, 2023	1,480.17	486.07	994.1	2.47×	44.76%	1.01×	—	16.33×	2.21×	59.32	59.02	-2.57%	69.51
FY 2022 Q4	Dec 31, 2022	1,574.88	480.53	1,094.35	3.12×	47.99%	1.09×	—	17.9×	2.24×	59.76	59.34	-2.69%	148.89
FY 2022 Q3	Oct 1, 2022	1,544.63	443.64	1,100.99	4.01×	50.31%	1.12×	—	18.55×	2.15×	60.08	59.8	-2.54%	155.22
FY 2022 Q2	Jul 2, 2022	1,484.37	418.9	1,065.48	3.79×	48.82%	1.08×	—	19.11×	2.1×	60.51	60.21	-2.4%	151.81
FY 2022 Q1	Apr 2, 2022	1,444.12	480.07	964.05	3.85×	47.48%	0.99×	—	18.78×	2.3×	60.95	60.58	-2.7%	170.14
FY 2021 Q4	Dec 31, 2021	1,513.87	501.23	1,012.64	4.12×	48.91%	1.06×	—	18.29×	2.39×	61.37	60.98	-1.96%	156.24
FY 2021 Q3	Oct 2, 2021	1,613.62	524.7	1,088.92	5.47×	51.79%	—	—	18.25×	2.47×	61.89	61.36	-1.04%	151.19
FY 2021 Q2	Jul 3, 2021	1,603.37	460.06	1,143.31	5.98×	51.66%	—	—	17.57×	2.41×	62.16	61.69	-0.42%	168.2
FY 2021 Q1	Apr 3, 2021	1,703.09	683.78	1,019.31	7.37×	53.03%	—	—	16.29×	2.25×	62.63	62.26	0.04%	173.31
FY 2020 Q4	Dec 31, 2020	1,356.52	436.7	919.82	5.84×	47.77%	1.19×	—	13.15×	1.74×	62.53	62.2	-2.52%	0.06
FY 2020 Q3	Sep 26, 2020	1,571.34	374.93	1,196.4	—	58.65%	—	—	11.83×	1.79×	62.3	62	-6.38%	0.06
FY 2020 Q2	Jun 27, 2020	1,696.16	339.04	1,357.12	—	64.05%	—	—	11.99×	1.82×	62.18	61.94	-10.21%	0.07
FY 2020 Q1	Mar 28, 2020	1,895.98	390.06	1,505.92	—	71.1%	—	—	12.8×	2.41×	62.63	62.23	-13.21%	196.23
FY 2019 Q4	Dec 31, 2019	1,681.16	335.72	1,345.45	—	65.75%	—	—	14.55×	2.22×	64.22	63.81	-14.7%	559.56
FY 2019 Q3	Sep 28, 2019	1,355.66	404.65	951.01	11.74×	52.93%	—	—	15.53×	2.25×	66.77	66.23	-13.51%	580.07
FY 2019 Q2	Jun 29, 2019	1,148.69	588	560.69	2.07×	40.69%	—	—	15.5×	2.65×	69.49	68.99	-11.36%	576.53
FY 2019 Q1	Mar 30, 2019	1,148.55	684.97	463.58	1.19×	35.34%	—	—	15.45×	3.44×	72.42	71.7	-9.1%	753.11
FY 2018 Q4	Dec 31, 2018	1,148.35	796.28	352.07	0.73×	30.81%	—	—	15.21×	5.93×	75.35	74.8	-5.86%	498.46
FY 2018 Q3	Sep 29, 2018	1,148.35	689.37	458.97	0.61×	28.4%	—	—	13.88×	6.63×	77.14	76.58	-3.94%	263.51
FY 2018 Q2	Jun 30, 2018	1,148.45	742.2	406.25	0.58×	27.62%	—	—	12.83×	6.58×	78.44	77.83	-2.68%	—
FY 2018 Q1	Mar 31, 2018	1,247.98	716.52	531.46	0.59×	27.8%	—	—	11.86×	6.44×	79.72	78.88	-1.49%	282.37
FY 2017 Q4	Dec 31, 2017	1,997.77	642.32	1,355.46	0.89×	37.52%	—	—	11.64×	7.04×	79.45	79.45	-1.13%	86.8
FY 2017 Q3	Sep 30, 2017	1,957.79	603.81	1,353.98	0.74×	37.92%	—	—	11.93×	6.16×	80.52	79.71	-1.2%	79.91
FY 2017 Q2	Jul 1, 2017	1,912.47	567.26	1,345.21	0.76×	38.27%	—	—	12.5×	6.04×	80.76	79.98	-1.02%	76.66
FY 2017 Q1	Apr 1, 2017	1,867.38	584.44	1,282.94	0.78×	38.82%	—	—	13.27×	5.98×	80.77	80.07	-1.48%	89.17
FY 2016 Q4	Dec 31, 2016	1,827.26	505.63	1,321.63	0.79×	39.19%	—	—	13.9×	6.99×	80.95	80.37	-1.57%	83.84
FY 2016 Q3	Oct 1, 2016	1,782.01	430.21	1,351.8	0.79×	38.94%	—	—	14.22×	6.8×	81.39	80.68	-1.66%	69.53
FY 2016 Q2	Jul 2, 2016	1,756.96	463.38	1,293.58	0.82×	39.5%	—	—	14.79×	6.52×	81.46	80.8	-2.13%	76.9
FY 2016 Q1	Apr 2, 2016	1,718.8	416.39	1,302.41	0.82×	39.35%	—	—	14.98×	6.32×	81.97	81.28	-2.11%	95.49
FY 2015 Q4	Dec 31, 2015	1,668.34	487.67	1,180.67	0.81×	39.08%	—	—	15.66×	5.7×	82.38	81.65	-1.88%	79.59
FY 2015 Q3	Oct 3, 2015	1,630.18	459.52	1,170.66	0.83×	39.56%	—	—	15.21×	5.77×	82.78	82.04	-1.94%	84.15
FY 2015 Q2	Jul 4, 2015	1,560.3	365.88	1,194.42	0.81×	38.73%	—	—	15.27×	5.5×	83.33	82.56	-2.25%	79.93
FY 2015 Q1	Apr 4, 2015	1,485.32	440.8	1,044.52	0.8×	38.35%	—	—	15.39×	5.34×	83.75	83.03	-2.3%	91.03
FY 2014 Q4	Dec 31, 2014	1,465.24	422.18	1,043.07	0.77×	37.78%	1.7×	—	15.15×	4.91×	84.02	83.22	-2.1%	75.87
FY 2014 Q3	Sep 27, 2014	1,430.01	356.97	1,073.04	0.78×	38.12%	1.74×	—	16.09×	4.7×	84.4	83.66	-1.79%	76.4
FY 2014 Q2	Jun 28, 2014	1,393.4	428.69	964.71	0.76×	37.38%	1.64×	—	16.34×	4.51×	85.18	84.46	-1.19%	92.6
FY 2014 Q1	Mar 29, 2014	1,332.1	395.38	936.72	0.73×	36.5%	1.62×	—	16.36×	4.46×	85.87	84.98	-1.25%	92.57
FY 2013 Q4	Dec 31, 2013	1,323.35	440.8	882.55	0.75×	36.94%	1.48×	—	17.22×	5.24×	86.02	85.01	-1.97%	75.38
FY 2013 Q3	Sep 28, 2013	1,293.76	431	862.76	0.8×	37.77%	1.5×	—	16.84×	4.93×	86.36	85.19	-2.55%	55.12
FY 2013 Q2	Jun 29, 2013	1,267.91	455.05	812.86	0.83×	38.59%	1.4×	—	17.08×	4.94×	86.58	85.48	-3.21%	69.71
FY 2013 Q1	Mar 30, 2013	1,233.23	472.05	761.18	0.84×	38.45%	1.31×	—	17.75×	4.8×	87.22	86.05	-3.31%	101.37
FY 2012 Q4	Dec 31, 2012	1,177.78	481.04	696.75	0.8×	37.18%	1.2×	—	18.22×	4.48×	87.85	86.71	-2.92%	60.6
FY 2012 Q3	Sep 29, 2012	1,147.7	356.29	791.41	0.86×	38.29%	1.35×	—	19.04×	2.78×	88.45	87.41	-3.61%	63.96
FY 2012 Q2	Jun 30, 2012	1,101.35	369.43	731.93	0.87×	38.19%	1.25×	—	19.94×	2.86×	89.38	88.32	-3.65%	103.24
FY 2012 Q1	Mar 31, 2012	1,023.62	427.19	596.43	0.8×	36.05%	1.02×	—	21.45×	3.12×	90.27	88.99	-2.9%	68.08
FY 2011 Q4	Dec 31, 2011	990.83	383.99	606.84	0.81×	36.38%	1.02×	—	24.06×	3.23×	90.57	89.32	-2.47%	72.85
FY 2011 Q3	Oct 1, 2011	971.58	423.93	547.65	0.84×	36.81%	0.95×	—	26.7×	3.08×	92.06	90.69	-1.12%	144.17
FY 2011 Q2	Jul 2, 2011	836.18	344.91	491.26	0.68×	32.51%	0.89×	—	29.03×	3.85×	93.27	91.66	-1.03%	80.64
FY 2011 Q1	Apr 2, 2011	790.35	296.86	493.49	0.69×	32.3%	0.92×	—	30.76×	2.35×	93.31	91.65	-2.11%	73.18
FY 2010 Q4	Dec 31, 2010	766.06	308.5	457.56	0.72×	32.91%	0.89×	—	32.31×	4.11×	93.34	91.58	-3.1%	51.4
FY 2010 Q3	Oct 2, 2010	792.24	262.79	529.45	0.86×	35.92%	1.08×	—	59.78×	3.45×	93.29	91.71	-3.7%	65.07
FY 2010 Q2	Jul 3, 2010	756.86	310.88	445.97	0.93×	37.17%	0.93×	—	864.93×	3.62×	94.28	92.61	-3.68%	284.84
FY 2010 Q1	Apr 3, 2010	712.38	297.01	415.37	0.88×	35.96%	0.9×	—	—	4.09×	95.22	93.63	—	105.02
FY 2009 Q4	Dec 31, 2009	631.77	341.11	290.66	0.74×	33.11%	0.64×	—	—	2.97×	96.11	94.52	—	54.17
FY 2009 Q3	Oct 3, 2009	644.65	390.42	254.23	0.83×	34.19%	—	—	—	2.6×	96.51	95.24	—	48.33
FY 2009 Q2	Jul 4, 2009	630.76	358.45	272.31	0.86×	34.99%	—	—	—	2.65×	97	96.15	—	45.04

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · WAT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.