A Look At Waters (WAT) Valuation After Restructuring, New Guidance And Board Refresh

Waters (WAT) is in focus after closing a transaction that reorganizes the company into four divisions, alongside fresh 2026 guidance, detailed 2025 results, and a new genome scientist joining its board.

See our latest analysis for Waters.

The reorganization, fresh 2026 guidance and board refresh come after a mixed stretch for the stock, with a 1-day share price return of 1.42% and 7-day gain of 3.08% alongside a 30-day share price decline of 15.03%. The 5-year total shareholder return of 20.32% contrasts with a 1-year total shareholder return decline of 12.11%, suggesting long term holders have still seen gains even as shorter term momentum has faded.

If this shift at Waters has you thinking about other science driven opportunities, now could be a good time to scan our 27 healthcare AI stocks for potential ideas.

With the shares down over the past quarter but trading at a discount to both analyst targets and some intrinsic estimates, the key question is whether Waters is temporarily out of favor or if the market already reflects its future growth.

Most Popular Narrative: 15.5% Undervalued

Against Waters' last close of $333.33, the most followed narrative points to a fair value near $395, putting its recent weakness into a different light.

The analysts have a consensus price target of $347.143 for Waters based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of $460.0, and the most bearish reporting a price target of just $300.0.

Read the complete narrative.

Want to see what is sitting behind that fair value gap? The narrative leans on steady revenue expansion, thicker margins, and a future earnings multiple that still steps down from today. Curious which exact growth path and profitability targets are doing the heavy lifting in that model?

Result: Fair Value of $394.68 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this hinges on smooth execution. Setbacks integrating BD’s businesses or weaker demand from academic and government customers could undercut those margin and earnings assumptions.

Find out about the key risks to this Waters narrative.

Another View: High P/E Puts The Brakes On

The fair value story changes when you look at the P/E. At about 50.9x earnings, Waters trades well above the US Life Sciences group at 33.8x and above its own fair ratio of 27x, which points to valuation risk rather than a simple discount. So is the gap a cushion, or a warning sign if expectations slip?

See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

Does this mix of potential and concern match how you see Waters right now, or not quite? Take a moment to review the numbers, weigh both sides, and then check our breakdown of 3 key rewards and 1 important warning sign to firm up your own view.

Ready for more investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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