0LTI.L(0LTI.L)

$435.46—Stale · unknown old

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0LTI.L(0LTI.L)

LSE • Last print unknown ago

$435.46—Stale · unknown old

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0LTI.L(0LTI.L)

0LTI.L

9/26/26

Waters (0LTI.L)

Saturday

11:04 PM

ThesisWaters: the story is balanced — Pharmaceutical industry R&D spending trends and biopharma funding environment - drives instrument capital expenditure…

Revenue Outlook

Metric	FY2025	FY2026E	FY2027E
Revenue	$3.2B	$6.5B	$7.1B
Rev. Growth	+7.0%	+104%	+10.4%
EPS	$10.80	$14.57	$16.50
EPS Growth	+0.5%	+34.9%	+13.2%
P/E (fwd)	40.3×	29.9×	26.4×

★ Analysts see FY2026 revenue reaching $6.5B — +104% growth in a single year.

What Moves the Stock

01Pharmaceutical industry R&D spending trends and biopharma funding environment - drives instrument capital expenditure budgets
02Recurring revenue growth rate (consumables + service contracts) - indicates installed base health and utilization rates
03China pharmaceutical market growth and regulatory enforcement - represents 12-15% of revenue with high growth potential
04New product cycle momentum (LC/MS platform refreshes, informatics software adoption) - drives instrument replacement cycles
05Operating margin expansion or contraction relative to 28-30% target range
06Instrument systems (LC, MS, thermal analysis platforms) - approximately 50-55% of revenue
07Recurring revenue (consumables, columns, service contracts, software) - approximately 45-50% of revenue
08Pharmaceutical & life sciences customers represent ~75% of total revenue, with industrial/food safety/environmental testing comprising remainder

FY2025 Snapshot

Revenue: $3.2B
Rev. Growth: +7.0%
Gross Margin: 57.8%
Op. Margin: 28.2%
Net Margin: 20.3%
Net Income: $643M
NI Growth: +0.8%
EPS: $10.80
1Y Return: +40.8%

My Notes

quality growth - Attracts investors seeking durable competitive advantages (high switching costs, installed base economics)…
Rising rates negatively impact biotech funding environment and venture capital availability for early-stage drug developers…
Watch on earnings: Global pharmaceutical R&D spending growth (IMS Health/IQVIA data) - leading indicator for instrument demand, Biotech venture funding and IPO activity (PitchBook data) - drives emerging biopharma customer formation, China pharmaceutical production index and regulatory enforcement trends - impacts 12-15% of revenue.

One Sentence Summary:

Waters: the story is balanced — pharmaceutical industry r&d spending trends and biopharma funding environment - drives instrument capital expenditure budgets.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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Metric

FY2025

FY2026E

FY2027E

P/E (fwd)

40.3×

29.9×

26.4×

What Moves the Stock

01Pharmaceutical industry R&D spending trends and biopharma funding environment - drives instrument capital expenditure budgets

02Recurring revenue growth rate (consumables + service contracts) - indicates installed base health and utilization rates

03China pharmaceutical market growth and regulatory enforcement - represents 12-15% of revenue with high growth potential

04New product cycle momentum (LC/MS platform refreshes, informatics software adoption) - drives instrument replacement cycles

05Operating margin expansion or contraction relative to 28-30% target range

06Instrument systems (LC, MS, thermal analysis platforms) - approximately 50-55% of revenue

07Recurring revenue (consumables, columns, service contracts, software) - approximately 45-50% of revenue

08Pharmaceutical & life sciences customers represent ~75% of total revenue, with industrial/food safety/environmental testing comprising remainder

My Notes

quality growth - Attracts investors seeking durable competitive advantages (high switching costs, installed base economics)…

Rising rates negatively impact biotech funding environment and venture capital availability for early-stage drug developers…

Watch on earnings: Global pharmaceutical R&D spending growth (IMS Health/IQVIA data) - leading indicator for instrument demand, Biotech venture funding and IPO activity (PitchBook data) - drives emerging biopharma customer formation, China pharmaceutical production index and regulatory enforcement trends - impacts 12-15% of revenue.

Waters (0LTI.L)

Revenue Outlook

What Moves the Stock

0LTI.L Chart

My Notes

One Sentence Summary:

Explore More

Waters (0LTI.L)

Revenue Outlook

What Moves the Stock

0LTI.L Chart

My Notes

One Sentence Summary: