Waters Corporation

Quality of revenue: in 2024, chemistry plus service was 57% of total; service contracts recognized over time create a stable base. Pharma comprises ~58% of revenue, with industrial ~31% and academic/government ~11%, providing end‑market mix. Geographic diversity is broad (68% outside the U.S.).

Cyclicality remains in instrument refresh cycles, but service and chemistry dampen volatility. Regulatory growth drivers such as PFAS drinking water standards and biopharma complexity support steady testing demand, though timelines and scope face political variability.

Overall, Waters’ revenue and free cash flow have been steady over cycles, aided by installed base and compliance requirements, with moderate exposure to China (13% of 2024 sales).