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Held by 1,118 of 5,944 reporting institutions (99th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 18%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $588M covers the $460M due within a year 1.3× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~7.3% on $947M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $429.72 today, the market must believe free cash flow compounds 19.8%/yr for a decade (off $534M normalized FCF).
The market's 19.8% is more optimistic than its 2-yr track record.
2-stage DCF · 0.06B shares · net debt $359M
mean 13.6% · volatility σ 37% · implied rate exceeded in 1/2 yrs
Central path = implied 19.8%/yr growth; shaded band = ±1σ (37%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Comfortably covers interest; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $15M buybacks = $15M returned on $540M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.17B 100.0% | $2.96B 100.0% | $2.96B 100.0% | $2.97B 100.0% | $2.79B 100.0% | $2.37B 100.0% | $2.41B 100.0% | $2.42B 100.0% | $2.31B 100.0% | $2.17B 100.0% |
| Cost of Revenue | $1.29B 40.7% | $1.20B 40.6% | $1.20B 40.4% | $1.25B 42.0% | $1.16B 41.5% | $1.01B 42.6% | $1.01B 42.0% | $992.6M 41.0% | $947.1M 41.0% | $891.5M 41.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $623.2M 27.0% | $595.8M 27.5% |
| Cost of Services | — | — | — | — | — | — | — | — | $323.9M 14.0% | $295.7M 13.6% |
| Research & Development | $195.7M 6.2% | $183.0M 6.2% | $174.9M 5.9% | $176.2M 5.9% | $168.4M 6.0% | $140.8M 6.0% | $143.0M 5.9% | $143.4M 5.9% | $132.6M 5.7% | $125.2M 5.8% |
| Selling, General & Admin | $830.4M 26.2% | $690.1M 23.3% | $736.0M 24.9% | $658.0M 22.1% | $627.0M 22.5% | $553.7M 23.4% | $534.8M 22.2% | $536.9M 22.2% | $544.4M 23.6% | $512.3M 23.6% |
| Total Operating Expenses | $2.36B 74.6% | $2.13B 72.1% | $2.14B 72.3% | $2.10B 70.6% | $1.96B 70.5% | $1.72B 72.7% | $1.70B 70.6% | $1.68B 69.4% | $1.65B 71.3% | $1.54B 71.2% |
| Operating Income | $802.6M 25.4% | $826.4M 27.9% | $817.7M 27.7% | $873.4M 29.4% | $821.7M 29.5% | $645.5M 27.3% | $708.5M 29.4% | $739.8M 30.6% | $662.2M 28.7% | $625.0M 28.8% |
| Interest Expense | $69.5M 2.2% | $89.7M 3.0% | $98.9M 3.3% | $48.8M 1.6% | $44.9M 1.6% | $49.1M 2.1% | $48.7M 2.0% | $48.6M 2.0% | $56.8M 2.5% | $44.9M 2.1% |
| Interest & Investment Income | $18.8M 0.6% | $17.4M 0.6% | $16.6M 0.6% | $11.0M 0.4% | $12.2M 0.4% | $16.3M 0.7% | $22.1M 0.9% | $38.8M 1.6% | $36.1M 1.6% | $20.7M 1.0% |
| Other Income (Expense), net | $3.1M 0.1% | $776K 0.0% | $807K 0.0% | $2.2M 0.1% | $17.2M 0.6% | -$1.8M -0.1% | -$3.6M -0.1% | -$47.8M -2.0% | -$340K -0.0% | -$700K -0.0% |
| Pretax Income | $754.9M 23.8% | $754.9M 25.5% | $736.2M 24.9% | $837.8M 28.2% | $806.2M 28.9% | $610.9M 25.8% | $678.2M 28.2% | $682.1M 28.2% | $641.1M 27.8% | $600.1M 27.7% |
| Income Tax Expense | $112.2M 3.5% | $117.0M 4.0% | $94.0M 3.2% | $130.1M 4.4% | $113.3M 4.1% | $89.3M 3.8% | $86.0M 3.6% | $88.4M 3.7% | $620.8M 26.9% | $78.6M 3.6% |
| Net Income | $642.6M 20.3% | $637.8M 21.6% | $642.2M 21.7% | $707.8M 23.8% | $692.8M 24.9% | $521.6M 22.1% | $592.2M 24.6% | $593.8M 24.5% | $20.3M 0.9% | $521.5M 24.1% |
| Per Share | ||||||||||
| EPS (Basic) | $10.80 | $10.75 | $10.87 | $11.80 | $11.25 | $8.40 | $8.76 | $7.71 | $0.25 | $6.46 |
| EPS (Diluted) | $10.76 | $10.71 | $10.84 | $11.73 | $11.17 | $8.36 | $8.69 | $7.65 | $0.25 | $6.41 |
| Weighted Avg Shares (Basic) | 59.5M | 59.3M | 59.1M | 60.0M | 61.6M | 62.1M | 67.6M | 77.0M | 79.8M | 80.8M |
| Weighted Avg Shares (Diluted) | 59.7M | 59.6M | 59.3M | 60.3M | 62.0M | 62.4M | 68.2M | 77.6M | 80.6M | 81.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| WAT | $25.6B | 39.9× | 29.1× | 8.1× | 7.0% | 59.3% | 20.3% | 25.1% | 18.3% | 1.1× | 1,118 |
Peers = companies sharing WAT's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 14-yr range · 87th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 41.0 | 42.0 | 42.6 | 41.5 | 42.0 | 40.4 | 40.6 | 40.7 |
| R&D | 5.9 | 5.9 | 6.0 | 6.0 | 5.9 | 5.9 | 6.2 | 6.2 |
| SG&A | 22.2 | 22.2 | 23.4 | 22.5 | 22.1 | 24.9 | 23.3 | 26.2 |
| Operating Income | 30.6 | 29.4 | 27.3 | 29.5 | 29.4 | 27.7 | 27.9 | 25.4 |
| Income Tax | 3.7 | 3.6 | 3.8 | 4.1 | 4.4 | 3.2 | 4.0 | 3.5 |
| Net Income | 24.5 | 24.6 | 22.1 | 24.9 | 23.8 | 21.7 | 21.6 | 20.3 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on WAT: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.