Analysts at Leerink Partners have released their earnings estimates for Waters Corporation (NYSE:WAT) for the first quarter of 2026. In a report issued on August 4, 2025, analyst P. Souda predicts that the medical instruments supplier will achieve earnings of $2.51 per share during the quarter. This forecast is part of a broader annual consensus estimate, which anticipates Waters will realize total earnings of $12.86 per share for the current fiscal year.
In addition to the Q1 forecast, Leerink Partners has provided estimates for subsequent quarters in 2026. The projections include earnings of $3.38 per share for Q2, $3.58 for Q3, and $4.92 for Q4. The full-year earnings estimate for 2026 stands at $14.40 per share.
In its most recent earnings report, released on August 4, Waters reported earnings of $2.95 per share, exceeding the consensus estimate of $2.93 by $0.02. The company recorded a net margin of 21.71% and a return on equity of 38.60%, with revenues reaching $771.33 million. This figure surpassed analysts’ expectations of $745.96 million. Notably, the company’s revenue reflected an increase of 8.8% compared to the same quarter the previous year.
Analyst Ratings and Stock Performance
Several financial institutions have recently evaluated Waters Corporation’s stock. Bank of America raised its target price from $370.00 to $375.00 while maintaining a “neutral” rating in a note dated June 26, 2025. Conversely, Barclays reduced its target price from $400.00 to $350.00 and assigned an “equal weight” rating on April 10, 2025. Deutsche Bank Aktiengesellschaft has set a target price of $315.00 with a “hold” rating, while Robert W. Baird adjusted its target from $374.00 to $352.00 and maintained an “outperform” rating.
As of now, ten investment analysts have rated Waters with a hold rating, five have issued buy ratings, and one has given a strong buy rating. The consensus rating is categorized as “Hold,” with an average price target of $378.73 according to data from MarketBeat.
On August 4, 2025, Waters opened at $277.75, with a twelve-month low of $276.00 and a high of $423.56. The company’s stock has a market capitalization of $16.53 billion, a price-to-earnings ratio of 25.05, and a P/E/G ratio of 2.59. The stock has a beta of 1.04, indicating its volatility compared to the market.
Institutional Investments in Waters
Institutional investors have shown a keen interest in Waters Corporation recently. Brighton Jones LLC increased its holdings by 112.9% in the fourth quarter, acquiring an additional 673 shares to own 1,269 shares worth approximately $471,000. Wells Fargo & Company MN raised its stake by 6.9%, now holding 72,502 shares valued at $26.9 million.
Envestnet Asset Management Inc. also increased its holdings by 7.3%, bringing its total to 120,167 shares worth about $44.58 million. Russell Investments Group Ltd. raised its stake by 4.3%, now owning 46,552 shares valued at $17.27 million. Additionally, Aster Capital Management DIFC Ltd. acquired a new position worth approximately $28,000.
Institutional investors and hedge funds now hold 94.01% of Waters Corporation’s stock, reflecting strong confidence in the company’s future performance.
Waters Corporation specializes in analytical workflow solutions across Asia, the Americas, and Europe. It operates through two segments: Waters and TA, designing and manufacturing high-performance liquid chromatography and mass spectrometry systems, along with associated consumables and services.
