Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.25, read 2026-11-05
Ethical passes the values gate
Price457.60 USD
Fair value417.07
Ethical score80.4/100
Value readFairas of 6 Nov 2026
Our investment reviews on this name
2026-10-02Read Accumulation442.94+3.3% to today ✓Markdown gives way to Accumulation after a 9% rise in 2 weeks
2026-09-16Read Markdown404.81+13.0% to today Markup gives way to Markdown after an 11% rise in 11 weeks
2026-07-02Read Markup365.36+25.2% to today ✓First review on file: Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Waters Corporation holds its Markup at $457.60. The statistical read favours the buyers, held for 21 days.
As held on the ledger · 2026-11-06
Phase
Markup
Quantitative state
The statistical read favours the buyers, held for 21 days
Price at the screen
$457.60
Valuation
117.14 trailing · 27.96 forward price to earnings
Values screen
PASS· score 80.4
Beta
1.15
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
29.37%
Below 33%
Interest-bearing debt is just 29.4% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
27.91%
Below 49%
Money owed to the company is 27.9% of assets, under the 49% limit.
Pass
Revenue purity
0.59%
Below 5%
Only 0.6% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Waters clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 29%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
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Today WAT passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 6 Nov 2026: it trades above our $417.07 fair value estimate, narrow competitive moat, 113.40% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. The price runs 9.7% above the base estimate.
Where our models see it going: fair-value estimate $417.07, with a range of $314.10 to $479.63, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Lab tools firm trades close to fair value
Every pharma lab running chromatography tests to check new medicines depends on reliable hardware that Waters builds and services across Asia, Europe and the Americas. The business is posting 91% revenue growth, carries a narrow moat, clears the ethical screen and sits just 6% below our fair value estimate at a forward P/E of 22.4x, which matches the steady but unspectacular profile.
Profit margins sit at 12% yet return on equity is only 5%, a reminder that scale alone does not guarantee high returns. Twenty-four analysts still carry a buy consensus with a median target of $419, reflecting the defensive demand for its liquid chromatography and mass spectrometry systems.
The narrow moat and modest ROE leave little room for error if growth slows or competition intensifies in the diagnostics niche. Currency swings and capital spending cycles remain the main variables to watch.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
WAT trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-03Accumulation$449.53-2.9%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.9% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Accumulation$462.72+0.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Accumulation$462.72+0.0%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Accumulation$462.72-3.6%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 3.6% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Accumulation$480.07+0.7%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.7% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Accumulation$476.88+7.4%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 7.4% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$444.15+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Accumulation$444.15+0.0%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 23% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Accumulation$444.15+2.4%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.4% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 19% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401.
2026-10-14Accumulation$433.77-2.1%Entry 7
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.1% since our last review. Ethical screening: PASS with strong ethical credentials. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 4%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (21 analysts) rates it buy, with a mean price target of $401.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
