Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
WatersWAT -2.02%94 EV-to-EBITDA is 42.30 as of Jul. 26, 2026, which is 116% above its 10-year median of 19.56. GuruFocus rates WAT with a GF Score™ of 94/100 and a GF Value™ of $432.41 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 117 Medical Diagnostics & Research companies, Waters ranks worse than 86.32% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Waters's enterprise value is $41,896 Mil.
Waters's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 was $991 Mil. Therefore, Waters's EV-to-EBITDA for today is 42.30.
The historical rank and industry rank for Waters's EV-to-EBITDA or its related term are showing as below:
WAT'
s EV-to-EBITDA Range Over the Past 10 Years
Min: 13.95 Med: 19.56 Max: 42.3
Current: 42.3
During the past 13 years, the highest EV-to-EBITDA of Waters was 42.30. The lowest was 13.95. And the median was 19.56.
WAT's EV-to-EBITDA is ranked worse than 86.32% of 117
companies
in the Medical Diagnostics & Research industry
Industry Median: 14.4
vs WAT: 42.30
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
As of today (2026-07-26), Waters's stock price is $374.68.
Waters's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 was $7.870. Therefore, Waters's PE Ratio (TTM) for today is 47.61.
The "classic" EV-to-EBITDA is much better in capturing debt and net cash than the PE Ratio (TTM).
Waters (NYSE:WAT) EV-to-EBITDA Explanation
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Waters's share price for today is $374.68.
Waters's Earnings per Share (Diluted) 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 $7.870.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Waters's EV-to-EBITDA 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-EBITDA, along with its competitors' market caps and EV-to-EBITDA 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-EBITDA vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Waters's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Waters's EV-to-EBITDA falls into.
Waters's current Enterprise Value is $41,896 Mil.
Waters's EBITDA 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 $991 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-EBITDA of 42.30 as of Jul. 26, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Waters. This is 116% above median its historical median of 19.56. Over the past decade, Waters' EV-to-EBITDA has ranged from 13.95 to 42.30. According to the industry distribution chart, Waters ranks #101 out of 117 companies in the Medical Diagnostics & Research industry, placing it in the top 86.3%.
Is Waters' EV-to-EBITDA too high?
Waters' current EV-to-EBITDA of 42.30 is 116% above median its 10-year median of 19.56. Over the past 10 years, this metric has ranged from a low of 13.95 to a high of 42.30. The Medical Diagnostics & Research industry median EV-to-EBITDA is 14.40. Waters' value of 42.30 is 193.8% above this industry median. Based on the distribution chart, Waters ranks #101 out of 117 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-EBITDA compare to NTRA and A?
According to the Medical Diagnostics & Research industry distribution chart, Waters ranks #101 out of 117 companies for EV-to-EBITDA. This places Waters in the lower half of its industry. The industry median EV-to-EBITDA is 14.40. Waters' value of 42.30 is 193.8% above this benchmark. Historically, Waters' own EV-to-EBITDA has ranged from 13.95 to 42.30 over the past decade. While the company's 10-year median is 19.56 vs. the industry median of 14.40, 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-EBITDA for a Medical Diagnostics & Research company?
The median EV-to-EBITDA among Medical Diagnostics & Research companies is 14.40, based on 117 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Waters's current EV-to-EBITDA of 42.30 is 193.8% 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 EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Waters. For the Medical Diagnostics & Research industry, the median EV-to-EBITDA is 14.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Waters's current EV-to-EBITDA is 42.30, which is 116% above median its own 10-year median of 19.56. 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 $432.41, compared to a current price of $374.68 — trading 13.4% below its estimated fair value. The current EV-to-EBITDA is 42.30, which is 116% above median its 10-year median of 19.56 and 193.8% above the Medical Diagnostics & Research industry median of 14.40. 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-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Waters (WAT), the current EV-to-EBITDA is 42.30 as of Jul. 26, 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 13.4% below its estimated GF Value™ of $432.41.
GuruFocus considers Waters to be Modestly Undervalued.
Key valuation signals for WAT:
EV-to-EBITDA: 42.30 (116% above median its 10-year median of 19.56)
GF Value™: $432.41 vs. price of $374.68 (13.4% below fair value)
Industry Position: 193.8% above the Medical Diagnostics & Research median (#101 of 117)
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
Get the complete analysis for WAT
EV-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
WAT has been successfully added to your 
