Waters's Days Sales Outstanding for the
three
months ended in Mar. 2026 was 92.97.
Waters's Days Inventory for the
three
months ended in Mar. 2026 was 138.98.
Waters's Days Payable for the
three
months ended in Mar. 2026 was 47.42.
Therefore, Waters's Cash Conversion Cycle (CCC) for the
three
months ended in Mar. 2026 was 184.53.
Generally, the lower this number is, the better for the company. Although it should be combined with other metrics (such as ROE % and ROA %), it can be especially useful for comparing close competitors, because the company with the lowest CCC is often the one with better management.
Be Aware
CCC is most effective with retail-type companies, which have inventories that are sold to customers. Consulting businesses, software companies and insurance companies are all examples of companies for whom this metric is meaningless.
The CCC is one of several tools that can help you evaluate management, especially if it is calculated for several consecutive time periods and for several competitors. Decreasing or steady CCCs are good, while rising ones should motivate you to dig a bit deeper.
Waters Cash Conversion Cycle Related Terms
Waters Cash Conversion Cycle Historical Data
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The historical data trend for Waters's Cash Conversion Cycle can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
WAT vs A, NTRA, IDXX: Cash Conversion Cycle Comparison
For the Diagnostics & Research subindustry, Waters's Cash Conversion Cycle, along with its competitors' market caps and Cash Conversion Cycle data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Waters Cash Conversion Cycle vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Waters's Cash Conversion Cycle distribution charts can be found below:
* The bar in red indicates where Waters's Cash Conversion Cycle falls into.
Cash Conversion Cycle (CCC) measures how fast a company can convert cash on hand into even more cash on hand. This metric looks at the amount of time needed to sell inventory, the amount of time needed to collect receivables and the length of time the company is afforded to pay its bills without incurring penalties.
Cash Conversion Cycle is one of several measures of management effectiveness.
Waters's Cash Conversion Cycle for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Waters (WAT) has a Cash Conversion Cycle of 184.53 as of Mar. 2026. Cash conversion cycle equals sum of days inventory and days sales outstanding less days payable. View historical data on Waters and its competitors.
Is Waters' Cash Conversion Cycle too high?
Waters' current Cash Conversion Cycle is 184.53. The Medical Diagnostics & Research industry median Cash Conversion Cycle is 73.46. Waters' value of 184.53 is 151.2% above this industry median. Overall, Waters has a GF Score™ of 92/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Waters' Cash Conversion Cycle compare to A and NTRA?
Waters' Cash Conversion Cycle of 184.53 can be compared against companies in the Medical Diagnostics & Research industry. The industry median Cash Conversion Cycle is 73.46. Waters' value of 184.53 is 151.2% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cash Conversion Cycle for a Medical Diagnostics & Research company?
The median Cash Conversion Cycle among Medical Diagnostics & Research companies is 73.46, based on 204 companies in the industry. Companies in the top quartile (top 25%) have a Cash Conversion Cycle significantly above this median, while those in the bottom quartile fall well below. However, Cash Conversion Cycle should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Waters's current Cash Conversion Cycle of 184.53 is 151.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cash Conversion Cycle mean?
A high Cash Conversion Cycle can signal that a stock is expensive relative to its fundamentals. Cash conversion cycle equals sum of days inventory and days sales outstanding less days payable. View historical data on Waters and its competitors. For the Medical Diagnostics & Research industry, the median Cash Conversion Cycle is 73.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Waters's current Cash Conversion Cycle is 184.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Waters stock overvalued right now?
Based on GuruFocus' analysis, Waters (WAT) is currently considered Modestly Undervalued. The stock's GF Value™ is $417.45, compared to a current price of $374.41 — trading 10.3% below its estimated fair value. The current Cash Conversion Cycle is 184.53 and 151.2% above the Medical Diagnostics & Research industry median of 73.46. Waters' overall GF Score™ is 92/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cash Conversion Cycle calculated?
Cash Conversion Cycle is calculated from a company's financial statements. For Waters (WAT), the current Cash Conversion Cycle is 184.53 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Waters (WAT) Overvalued in 2026?
Based on GuruFocus' analysis, Waters stock appears to be undervalued.
The current stock price of $374.41 is trading 10.3% below its estimated GF Value™ of $417.45.
GuruFocus considers Waters to be Modestly Undervalued.
Key valuation signals for WAT:
Cash Conversion Cycle: 184.53
GF Value™: $417.45 vs. price of $374.41 (10.3% below fair value)
Industry Position: 151.2% above the Medical Diagnostics & Research median
No single metric tells the full story. See the WAT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Waters sells liquid chromatography, mass spectrometry, and thermal analysis tools. These analytical instruments provide essential information on various products, such as their molecular structures and physical properties, to help clients enhance the health and well-being of end users. In early 2026, Waters merged with BD's life science and diagnostics business, which increased its concentration in diagnostics (versus none now) and discovery-related life science tools.
92GF Score
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