Waters Corporation: Performing Better Than Expected

2026-05-22 11:22:48 ET

At the end of September 2025, I published my last article about Waters Corporation ( WAT ) and this article followed the announcement in July 2025 that Waters Corporation and BD’s Bioscience and Diagnostics Solutions Business will combine. In my last article, I questioned whether the merger was a good decision and wrote in my conclusion:

I don’t want to go so far as to call the merger a bad decision. We will wait and see how the “new” Waters Corporation will perform. However, in my opinion, a great business with a wide economic moat might see its moat getting weaker following the merger, and despite the new business having more market share and maybe dominance, the “old” Waters Corporation might have been more effective.

In my opinion, Waters Corporation still remains a bit too expensive to be a good investment at this point. Additionally, we don’t really know how much free cash flow the new business will generate, we don’t know if the new business will actually be able to grow in the double digits and it is also questionable if the promised synergies will occur. Hence, I will stay on the sidelines at this point.”

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