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WatersWAT -0.93%94 Debt-to-Equity is 0.36 as of Mar. 2026, which is 60% below its 10-year median of 0.91. GuruFocus rates WAT with a GF Score™ of 94/100 and a GF Value™ of $433.40 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 182 Medical Diagnostics & Research companies, Waters ranks worse than 51.65% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Waters's Debt-to-Equity or its related term are showing as below:
WAT'
s Debt-to-Equity Range Over the Past 10 Years
Min: -39.94 Med: 0.91 Max: 12.48
Current: 0.36
During the past 13 years, the highest Debt-to-Equity Ratio of Waters was 12.48. The lowest was -39.94. And the median was 0.91.
WAT's Debt-to-Equity is ranked worse than 51.65% of 182
companies
in the Medical Diagnostics & Research industry
Industry Median: 0.325
vs WAT: 0.36
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Waters Debt-to-Equity Related Terms
Waters Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Waters's Debt-to-Equity 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.
For the Diagnostics & Research subindustry, Waters's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity 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 Debt-to-Equity vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Waters's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Waters's Debt-to-Equity falls into.
* 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 Debt-to-Equity of 0.36 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Waters and its competitors. This is 60% below median its historical median of 0.91. According to the industry distribution chart, Waters ranks #94 out of 182 companies in the Medical Diagnostics & Research industry, placing it in the top 51.6%.
Is Waters' Debt-to-Equity too high?
Waters' current Debt-to-Equity of 0.36 is 60% below median its 10-year median of 0.91. The Medical Diagnostics & Research industry median Debt-to-Equity is 0.33. Waters' value of 0.36 is 10.8% above this industry median. Based on the distribution chart, Waters ranks #94 out of 182 companies in the Medical Diagnostics & Research industry, which is below the industry midpoint. Overall, Waters has a GF Score™ of 94/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Waters' Debt-to-Equity compare to NTRA and IQV?
According to the Medical Diagnostics & Research industry distribution chart, Waters ranks #94 out of 182 companies for Debt-to-Equity. This places Waters in the lower half of its industry. The industry median Debt-to-Equity is 0.33. Waters' value of 0.36 is 10.8% above this benchmark. While the company's 10-year median is 0.91 vs. the industry median of 0.33, Waters has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for a Medical Diagnostics & Research company?
The median Debt-to-Equity among Medical Diagnostics & Research companies is 0.33, based on 182 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Waters's current Debt-to-Equity of 0.36 is 10.8% 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 Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Waters and its competitors. For the Medical Diagnostics & Research industry, the median Debt-to-Equity is 0.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Waters's current Debt-to-Equity is 0.36, which is 60% below median its own 10-year median of 0.91. 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 $433.40, compared to a current price of $371.20 — trading 14.4% below its estimated fair value. The current Debt-to-Equity is 0.36, which is 60% below median its 10-year median of 0.91 and 10.8% above the Medical Diagnostics & Research industry median of 0.33. Waters' overall GF Score™ is 94/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Waters (WAT), the current Debt-to-Equity is 0.36 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 $371.20 is trading 14.4% below its estimated GF Value™ of $433.40.
GuruFocus considers Waters to be Modestly Undervalued.
Key valuation signals for WAT:
Debt-to-Equity: 0.36 (60% below median its 10-year median of 0.91)
GF Value™: $433.40 vs. price of $371.20 (14.4% below fair value)
Industry Position: 10.8% above the Medical Diagnostics & Research median (#94 of 182)
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.
94GF Score
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