Waters Corporation

Priorities have been organic innovation (R&D 183 million in 2024, ~6% of sales) and disciplined M&A (Wyatt for light scattering in 2023). The 2025 BD RMT is a bold portfolio move that could double TAM and raise recurring mix, but increases complexity and execution risk.

Buybacks: 1.0 billion authorization through January 2028; none executed in 2024 as management prioritized debt reduction. SBC was ~45 million in 2024 (1.5% of sales), reasonable for the sector. Capital intensity is modest (2024 capex and capitalized software ~142 million), enabling structurally strong FCF.

Verdict: thoughtful, returns‑aware stewardship with a larger, riskier swing pending; track synergy realization and balance sheet discipline post‑close.