Waters Corporation
- 取引所
- 米国株
- 国 / 地域
- USA
- 上場日
- 1995年11月16日
- 従業員数
- 16,000
- 公式サイト
- www.waters.com
総合バリュエーションレンジ · 保守的 $170–$220 / 妥当 $230–$300 / 楽観的 $320–$380。$371.12 時点で 楽観的な本源的価値レンジ内 · 多くの期待を織り込み済み。
レポート公開時 $342.18（2026年5月28日）
データ提供：EODHD、報告通貨で表示。参考情報であり、投資助言ではありません。
Waters Corporation provides analytical workflow solutions in Asia, the Americas, and Europe. The company operates through two segments, Waters and TA. The company designs, manufactures, sells, and services liquid chromatography, as well as mass spectrometry (MS) technology systems and supports products, including chromatography columns, and other consumable products. It also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments for use in predicting the suitability and stability of fine chemicals, pharmaceuticals, water, polymers, metals, and viscous liquids for various industrial, consumer goods, and healthcare products, as well as for life science research; and develops and supplies software-based products that interface with its instruments, as well as other manufacturers' instruments. In addition, the company offers MS technology, which is used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. Its products are used by clinical, pharmaceutical, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. The company was founded in 1958 and is headquartered in Milford, Massachusetts.
沿革
Waters Corporation was founded in 1958 and is headquartered in Milford, Massachusetts. It conducted its IPO on November 16, 1995. The company historically operated through two segments, Waters and TA, building a business in liquid chromatography, mass spectrometry, thermal analysis, and related software, consumables, and services. In 2023 it acquired Wyatt for approximately $1.3 billion, and in February 2026 it completed the acquisition of the BD Biosciences & Diagnostic Solutions business for a total purchase price (including assumed debt) of approximately $16.8 billion. Following that transaction the company was reorganized into four segments: Analytical Sciences, Biosciences, Advanced Diagnostics, and Materials Sciences. Full-year 2025 revenue was $3.165 billion, and first-quarter 2026 revenue (the first quarter consolidating the acquired business) was $1.267 billion. The company employs about 16,000 people, and Udit Batra has served as CEO since 2020.
業界での地位
Waters operates in the analytical instruments and life-science tools industry, supplying liquid chromatography, mass spectrometry, thermal analysis, software, consumables, and after-sales service. In 2025, product revenue was $1.977 billion (Waters instrument systems $1.102 billion, chemistry consumables $631 million, TA instrument systems $244 million) and service revenue was $1.188 billion, for total revenue of $3.165 billion; pharmaceutical customers contributed about $1.873 billion (roughly 59% of revenue), industrial customers about $961 million, and academic and government customers about $331 million, with no single customer exceeding 2% of revenue in 2023, 2024, or 2025. The company describes a serviceable market of about $19 billion (2025 Investor Day) with long-term mid-single-digit-plus growth. It reports an installed base of over 170,000 units, with about 54% of the active installed base carrying service plans and about 45% of chemistry consumables sold through e-commerce; recurring consumables and service revenue was about $1.820 billion in 2025. Sources of customer stickiness include method validation, SOPs, electronic records, audit trails, maintenance contracts, and column-to-instrument fit, and Waters is one of few large makers that handle particle design and production through column packing internally. The company states that its Empower software is the leading chromatography data system and estimates that about 80% of novel drugs submitted to the FDA, EMA, and China's NMPA in 2023 used Empower (a company estimate). Named competitors include Agilent, Shimadzu, Bruker, Danaher, and Thermo Fisher; the TA business competes with PerkinElmer, NETZSCH, Spectris, and Anton Paar; and the acquired BDS business adds competitors such as Revvity, Cytek, and bioMerieux.
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