WatersWAT +3.35%92 PB Ratio is 2.37 as of Jun. 25, 2026, which is 83% below its 10-year median of 13.76. GuruFocus rates WAT with a GF Score™ of 92/100 and a GF Value™ of $415.96 (Modestly Undervalued). The stock has 7 warning signs investors should review. Among 196 Medical Diagnostics & Research companies, Waters ranks worse than 55.61% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-25), Waters's share price is $369.18. Waters's Book Value per Share for the quarter that ended in Mar. 2026 was $155.78. Hence, Waters's PB Ratio of today is 2.37.
The historical rank and industry rank for Waters's PB Ratio or its related term are showing as below:
WAT'
s PB Ratio Range Over the Past 10 Years
Min: 1.95 Med: 13.76 Max: 131.97
Current: 2.37
During the past 13 years, Waters's highest PB Ratio was 131.97. The lowest was 1.95. And the median was 13.76.
WAT's PB Ratio is ranked worse than 55.61% of 196
companies
in the Medical Diagnostics & Research industry
Industry Median: 2.05
vs WAT: 2.37
During the past 12 months, Waters's average Book Value Per Share Growth Rate was 372.30% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 71.40% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 66.90% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Waters was 87.70% per year. The lowest was -49.00% per year. And the median was 22.40% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Waters PB Ratio Related Terms
Waters PB Ratio Historical Data
* Premium members only.
The historical data trend for Waters's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Waters's PB Ratio distribution charts can be found below:
* The bar in red indicates where Waters's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Waters's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Waters (WAT) has a PB Ratio of 2.37 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Waters and its competitors. This is 83% below median its historical median of 13.76. Over the past decade, Waters' PB Ratio has ranged from 1.95 to 131.97. According to the industry distribution chart, Waters ranks #109 out of 196 companies in the Medical Diagnostics & Research industry, placing it in the top 55.6%.
Is Waters' PB Ratio too high?
Waters' current PB Ratio of 2.37 is 83% below median its 10-year median of 13.76. Over the past 10 years, this metric has ranged from a low of 1.95 to a high of 131.97. The Medical Diagnostics & Research industry median PB Ratio is 2.05. Waters' value of 2.37 is 15.6% above this industry median. Based on the distribution chart, Waters ranks #109 out of 196 companies in the Medical Diagnostics & Research industry, which is below the industry midpoint. 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' PB Ratio compare to A and NTRA?
According to the Medical Diagnostics & Research industry distribution chart, Waters ranks #109 out of 196 companies for PB Ratio. This places Waters in the lower half of its industry. The industry median PB Ratio is 2.05. Waters' value of 2.37 is 15.6% above this benchmark. Historically, Waters' own PB Ratio has ranged from 1.95 to 131.97 over the past decade. While the company's 10-year median is 13.76 vs. the industry median of 2.05, 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 PB Ratio for a Medical Diagnostics & Research company?
The median PB Ratio among Medical Diagnostics & Research companies is 2.05, based on 196 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Waters's current PB Ratio of 2.37 is 15.6% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Waters and its competitors. For the Medical Diagnostics & Research industry, the median PB Ratio is 2.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Waters's current PB Ratio is 2.37, which is 83% below median its own 10-year median of 13.76. 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 $415.96, compared to a current price of $369.18 — trading 11.2% below its estimated fair value. The current PB Ratio is 2.37, which is 83% below median its 10-year median of 13.76 and 15.6% above the Medical Diagnostics & Research industry median of 2.05. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Waters (WAT), the current PB Ratio is 2.37 as of Jun. 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 $369.18 is trading 11.2% below its estimated GF Value™ of $415.96.
GuruFocus considers Waters to be Modestly Undervalued.
Key valuation signals for WAT:
PB Ratio: 2.37 (83% below median its 10-year median of 13.76)
GF Value™: $415.96 vs. price of $369.18 (11.2% below fair value)
Industry Position: 15.6% above the Medical Diagnostics & Research median (#109 of 196)
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.
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