Waters (WAT)

The company’s instruments are used throughout the drug development and manufacturing process, from discovery and analytical method development to quality assurance and regulatory testing. In liquid chromatography, Waters supplies systems, columns, consumables, and informatics that enable precise separation and analysis of complex samples. Its mass spectrometry platforms add high-sensitivity detection and molecular identification, while its thermal analysis products measure how materials respond to changes in temperature, supporting applications in polymers, batteries, chemicals, and advanced materials.

Waters also generates recurring revenue through service, maintenance, consumables, and software, which are important to customers that rely on instrument uptime and reproducible results. The company competes in the broader life science tools and analytical instrumentation market, where innovation, installed base, regulatory expertise, and customer support are key differentiators.

Following its combination with BD’s life sciences and diagnostics operations in 2026, Waters has a broader presence beyond its traditional analytical chemistry base, with greater exposure to diagnostics and discovery-oriented life science tools. For investors, WAT represents a specialist in high-value laboratory technologies used to produce data that supports scientific research, product safety, and healthcare innovation.