Milford, Massachusetts-based Waters Corporation (WAT) provides analytical workflow solutions. With a market cap of $33.6 billion, the company designs, manufactures, sells, and services high and ultra-performance liquid chromatography, as well as mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products, and post-warranty service plans.
Shares of this global analytical instrumentation leader have underperformed the broader market over the past year. WAT has declined 1.8% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 27.9%. In 2026, WAT stock is down 9.9%, compared to the SPX’s 9.2% rise on a YTD basis.