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WatersWAT -2.02%94 EV-to-EBIT is 66.79 as of Jul. 25, 2026, which is 192% above its 10-year median of 22.86. GuruFocus rates WAT with a GF Score™ of 94/100 and a GF Value™ of $430.40 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 104 Medical Diagnostics & Research companies, Waters ranks worse than 93.27% on this metric.
EV-to-EBIT is calculated as Enterprise Value divided by its EBIT. As of today, Waters's Enterprise Value is $41,896 Mil.
Waters's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 was $627 Mil. Therefore, Waters's EV-to-EBIT for today is 66.79.
The historical rank and industry rank for Waters's EV-to-EBIT or its related term are showing as below:
WAT'
s EV-to-EBIT Range Over the Past 10 Years
Min: 16.04 Med: 22.86 Max: 66.79
Current: 66.79
During the past 13 years, the highest EV-to-EBIT of Waters was 66.79. The lowest was 16.04. And the median was 22.86.
WAT's EV-to-EBIT is ranked worse than 93.27% of 104
companies
in the Medical Diagnostics & Research industry
Industry Median: 22.565
vs WAT: 66.79
This is a more accurate valuation of companies' operation because it considers the debt and cash on its balance sheet, and non-operating items such as interest payment, tax, and one-time items are not included in the Operating Income.
Waters's Enterprise Value for the quarter that ended in Mar. 2026 was $34,342 Mil.
Waters's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $627 Mil.
* 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 EV-to-EBIT Related Terms
Waters EV-to-EBIT Historical Data
* Premium members only.
The historical data trend for Waters's EV-to-EBIT 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 EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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 EV-to-EBIT vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Waters's EV-to-EBIT distribution charts can be found below:
* The bar in red indicates where Waters's EV-to-EBIT falls into.
Waters's current Enterprise Value is $41,896 Mil.
Waters's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $627 Mil.
* 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 EV-to-EBIT of 66.79 as of Jul. 25, 2026. EV to EBIT ratio is the inverse of Joel Greenblatt's earnings yield definition. View historical data on Waters and its competitors. This is 192% above median its historical median of 22.86. Over the past decade, Waters' EV-to-EBIT has ranged from 16.04 to 66.79. According to the industry distribution chart, Waters ranks #97 out of 104 companies in the Medical Diagnostics & Research industry, placing it in the top 93.3%.
Is Waters' EV-to-EBIT too high?
Waters' current EV-to-EBIT of 66.79 is 192% above median its 10-year median of 22.86. Over the past 10 years, this metric has ranged from a low of 16.04 to a high of 66.79. The Medical Diagnostics & Research industry median EV-to-EBIT is 22.57. Waters' value of 66.79 is 196% above this industry median. Based on the distribution chart, Waters ranks #97 out of 104 companies in the Medical Diagnostics & Research industry, which is in the bottom quartile relative to peers. 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' EV-to-EBIT compare to NTRA and A?
According to the Medical Diagnostics & Research industry distribution chart, Waters ranks #97 out of 104 companies for EV-to-EBIT. This places Waters in the lower half of its industry. The industry median EV-to-EBIT is 22.57. Waters' value of 66.79 is 196% above this benchmark. Historically, Waters' own EV-to-EBIT has ranged from 16.04 to 66.79 over the past decade. While the company's 10-year median is 22.86 vs. the industry median of 22.57, 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 EV-to-EBIT for a Medical Diagnostics & Research company?
The median EV-to-EBIT among Medical Diagnostics & Research companies is 22.57, based on 104 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBIT significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Waters's current EV-to-EBIT of 66.79 is 196% 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 EV-to-EBIT mean?
A high EV-to-EBIT can signal that a stock is expensive relative to its fundamentals. EV to EBIT ratio is the inverse of Joel Greenblatt's earnings yield definition. View historical data on Waters and its competitors. For the Medical Diagnostics & Research industry, the median EV-to-EBIT is 22.57 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Waters's current EV-to-EBIT is 66.79, which is 192% above median its own 10-year median of 22.86. 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 $430.40, compared to a current price of $374.68 — trading 12.9% below its estimated fair value. The current EV-to-EBIT is 66.79, which is 192% above median its 10-year median of 22.86 and 196% above the Medical Diagnostics & Research industry median of 22.57. 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 EV-to-EBIT calculated?
EV-to-EBIT is calculated from a company's financial statements. For Waters (WAT), the current EV-to-EBIT is 66.79 as of Jul. 25, 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 $374.68 is trading 12.9% below its estimated GF Value™ of $430.40.
GuruFocus considers Waters to be Modestly Undervalued.
Key valuation signals for WAT:
EV-to-EBIT: 66.79 (192% above median its 10-year median of 22.86)
GF Value™: $430.40 vs. price of $374.68 (12.9% below fair value)
Industry Position: 196% above the Medical Diagnostics & Research median (#97 of 104)
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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