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AI核心结论
Waters Corporation (WAT) delivered 7.0% revenue growth to $3.17B in FY2025, but operating income declined 2.9% due to a sharp 20.3% surge in SG&A expenses, while net income edged up just 0.8% to $642.6M.
营业收入
$3.17B
同比 ++6.99%
每股收益（基本）
$10.80
同比 ++0.47%
营业利润
$802.59M
同比 -2.88%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Waters (WAT) FY2025 营收 $3.17B，同比增长 7.0%。 净利润 $642.63M，同比增长 0.8%，稀释每股收益 $10.76。
WAT grew total revenue by 7.0% year-over-year to $3.17B in FY2025 (vs. $2.96B in FY2024), indicating solid demand for its analytical instruments and consumables despite a challenging macro environment.
来源: Source: 10-K Income Statement
Selling, General & Administrative expenses jumped 20.3% to $830.4M in FY2025 from $690.1M in FY2024, significantly outpacing revenue growth and compressing operating margin by approximately 258 basis points to 25.4%.
来源: Source: 10-K Income Statement
Operating income fell 2.9% to $802.6M from $826.4M, reflecting that cost growth—particularly in SG&A—more than offset the benefit of higher revenues, a key concern for margin-focused investors.
来源: Source: 10-K Income Statement & Key Ratios
Stockholders' equity surged 40.0% to $2.56B and cash & equivalents rose 80.7% to $587.8M, while long-term debt was reduced by 13.5% to $1.41B, indicating meaningful balance sheet deleveraging and improved financial flexibility.
来源: Source: 10-K Balance Sheet
Operating cash flow fell 14.4% to $652.6M from $762.1M in FY2024, suggesting that despite higher net income, working capital dynamics or non-cash adjustments weighed on cash generation during the year.
来源: Source: 10-K Cash Flow Statement
SG&A expenses grew 20.3% in FY2025, far exceeding the 7.0% revenue growth rate, which compressed operating margins by ~258 bps. If this cost trajectory continues without a corresponding acceleration in revenue, profitability could deteriorate further.
来源: Source: 10-K Income Statement
Operating cash flow declined 14.4% to $652.6M despite net income growing 0.8%, suggesting potential working capital headwinds or unfavorable timing of cash receipts and payments. Sustained cash flow weakness could limit capital allocation flexibility.
来源: Source: 10-K Cash Flow Statement
Current liabilities surged 56.9% to $1.24B in FY2025, significantly outpacing the 28.7% growth in current assets. While the current ratio remains above 1.0 at 1.73x, the rapid rise in short-term obligations warrants monitoring.
来源: Source: 10-K Balance Sheet
R&D expenses grew 6.9% to $195.7M in FY2025, roughly in line with revenue growth. For a precision instruments company like WAT, maintaining competitive R&D investment is critical; any slowdown could impair long-term product competitiveness.
来源: Source: 10-K Income Statement
With operating margin declining from 27.9% to 25.4% and net margin at 20.3%, WAT's profitability is under pressure from rising costs. If revenue growth moderates while cost inflation persists, margins could compress further.
来源: Source: 10-K Key Ratios
FY2025 实际 EPS $4.53，分析师一致预期 $4.55，不及预期 -0.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.17B | $2.96B | +6.99% |
营业成本 | $1.29B | $1.2B | +7.38% |
营业利润 | $802.59M | $826.35M | -2.88% |
净利润 | $642.63M | $637.83M | +0.75% |
每股收益（基本） | $10.80 | $10.75 | +0.47% |
每股收益（稀释） | $10.76 | $10.71 | +0.47% |
研发费用 | $195.71M | $183.03M | +6.93% |
销售及管理费用 | $830.37M | $690.15M | +20.32% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $5.08B | $4.55B | +11.48% |
流动资产 | $2.15B | $1.67B | +28.67% |
总负债 | $2.52B | $2.73B | -7.70% |
流动负债 | $1.24B | $789.76M | +56.95% |
股东权益 | $2.56B | $1.83B | +40.04% |
现金及等价物 | $587.83M | $325.36M | +80.67% |
长期债务 | $1.41B | $1.63B | -13.50% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $652.55M | $762.12M | -14.38% |
投资活动现金流 | $-152.25M | $-143.09M | -6.40% |
筹资活动现金流 | $-237.21M | $-696.67M | +65.95% |
股票回购 | $14.67M | $13.54M | +8.32% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 25.4% | 27.9% | -2.58% |
净利率 | 20.3% | — | — |
净资产收益率 | 25.1% | — | — |
总资产收益率 | 12.7% | — | — |
流动比率 | $1.733 | — | — |
资产负债率 | $0.982 | — | — |
Life Sciences Tools & Services 行业其他公司
Waters Corporation grew FY2025 revenue by 7.0% year-over-year to $3.17B, up from $2.96B in FY2024. This growth reflects continued demand for the company's analytical instruments, consumables, and services across its end markets.
WAT's operating income declined 2.9% to $802.6M in FY2025 even as revenue grew 7.0%, primarily because SG&A expenses surged 20.3% to $830.4M—far outpacing revenue growth. This cost escalation compressed the operating margin from 27.9% to 25.4%.
WAT's balance sheet strengthened in FY2025, with stockholders' equity up 40.0% to $2.56B, cash & equivalents up 80.7% to $587.8M, and long-term debt reduced 13.5% to $1.41B. However, current liabilities rose 56.9% and operating cash flow declined 14.4%, which are areas to monitor.
The most notable financial risks in FY2025 include the sharp 20.3% rise in SG&A expenses compressing operating margins, a 14.4% decline in operating cash flow despite net income growth, and a 56.9% surge in current liabilities that tightened the current ratio. These trends suggest potential pressure on future profitability and cash generation if not reversed.
WAT's diluted EPS grew only marginally by 0.5% to $10.76 in FY2025 from $10.71 in FY2024, reflecting near-flat net income growth of 0.8% to $642.6M. The modest EPS gain was largely driven by stable net income rather than meaningful share count reduction, as buybacks totaled just $14.7M.