Waters Corporation (WAT) FY2024 10-K Annual Report
Waters Corporation (WAT) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 25, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Waters Corporation FY2024 10-K Analysis
Business Overview
- • Core business model: design, manufacture, sell, and service integrated liquid chromatography-mass spectrometry (LC-MS) and thermal analysis instruments with consumables and software
- • New products in 2023-2024: Wyatt Technology's DynaPro ZetaStar for nanoparticle analysis; HPLC CONNECT software for digital sync of HPLC/UPLC with Wyatt MALS; Alliance iS HPLC Systems with enhanced error detection and cloud connectivity; Oasis cartridges for PFAS analysis; TA's Rheo-IS rheometer accessory and Rapid Screening-DSC for biopharma
- • Strategic shift: Integration of Wyatt Technology’s portfolio into Waters segment since May 2023; expansion in bioprocess walk-up solutions connecting LC-MS systems with pipetting automation for streamlined bioanalytical workflows
- • Quantitative metrics: approximately 7,600 employees globally; services represent over 35% of Waters sales and over 25% of TA sales in 2024; new MassTrak IVD LC-MS system 45% smaller, reduces nitrogen use by 50%
- • Noteworthy fact: Introduction of industry’s first targeted imaging mass spectrometer combining Xevo TQ Absolute and DESI XS source, achieving 5x sensitivity and speed improvements in drug distribution analysis
Management Discussion & Analysis
- • Revenue flat at $2.96B in 2024 vs $2.96B in 2023; product sales down 3% to $1.84B, service sales up 6% to $1.11B
- • Operating income $826M up 1%, operating margin 27.9% vs 27.7% in 2023; net income $638M down 1%
- • Best segment Waters: $2.60B sales flat YoY; worst TA flat at $354M, no growth in 2024
- • Operating cash flow $762M up from $603M, capex $142M down from $161M; $1B share repurchase authorization remaining
- • Management outlook cautious on China sales due to regulations and macroeconomic risks; new $200M debt facility for flexibility
Risk Factors
- • U.S. Foreign Corrupt Practices Act and U.K. Bribery Act compliance risk from third-party sales intermediaries potentially causing reputational damage
- • China market exposure with 30% sales drop from $565M in 2022 to $397M in 2024 due to trade tensions and regulatory restrictions
- • Supply chain risk from reliance on Singapore contract manufacturers for LC instrument systems, with potential disruptions affecting product delivery
- • Competitive threat from new disruptive technologies by international instrument suppliers, risking loss of market share in HPLC and LC-MS segments
- • Increased leverage from financing $Wyatt acquisition via revolving credit facility, raising debt and amortization expense burden
Waters Corporation FY2024 Key Financial MetricsXBRL
Revenue
$3.0B
▲ +0.1% YoY
Net Income
$638M
▼ -0.7% YoY
Operating Margin
27.9%
▲ +27bp YoY
Net Margin
21.6%
▼ -16bp YoY
ROE
34.9%
▼ -2095bp YoY
Total Assets
$4.6B
▼ -1.6% YoY
EPS (Diluted)
$10.71
▼ -1.2% YoY
Operating Cash Flow
$762M
▲ +26.4% YoY
Source: XBRL data from Waters Corporation FY2024 10-K filing on SEC EDGAR. All figures in USD.
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