Short answer
Waters Corporation (WAT) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $3.0B (+0.1% year over year) and net income of $638M.
- Top risk flagged: U.S. Foreign Corrupt Practices Act and U.K. Bribery Act compliance risk from third-party sales intermediaries potentially causing reputational damage
FY2024 key financial metrics · XBRL
- Revenue
- $3.0B
- +0.1% YoY
- Net income
- $638M
- −0.7% YoY
- Operating margin
- 27.9%
- +0.3 pp YoY
- EPS (diluted)
- $10.71
- −1.2% YoY
- ROE
- 34.9%
- −20.9 pp YoY
- Operating cash flow
- $762M
- +26.4% YoY
Source: XBRL data from the Waters Corporation (WAT) FY2024 10-K on SEC EDGAR. USD.
Waters Corporation FY2024 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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