Waters Corporation

As of Q3 2025, cash was about 459 million and total debt 1.41 billion (net debt ~0.95 billion); equity 2.33 billion. TTM free cash flow is roughly 0.6 billion, supporting rapid deleveraging. Interest expense has been manageable, and the company has investment‑grade style metrics.

The announced BD RMT implies pro‑forma net leverage around 2.3x at close, still reasonable for a recurring‑heavy tools and diagnostics mix but higher than historical. Key watch items: integration costs, potential rating moves, and working capital swings tied to large installed base.