Mettler Toledo vs Waters
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The short version
- Mettler Toledo is the larger business, with $4.0B of revenue in fiscal 2025 against $3.2B for Waters.
- Waters grew revenue faster (7.0%, against 4.0%).
- Mettler Toledo turned more of its sales into free cash flow (21.1% FCF margin, against 17.1%).
- Mettler Toledo earned a higher return on the capital invested in it (50.5%, against 21.0%).
| Latest fiscal year | MTD · FY25 | WAT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $33.7B | $44.6B |
| Revenue | $4.0B | $3.2B |
| Free cash flow | $849M | $540M |
| Net income | $869M | $643M |
| Growth | ||
| Revenue growth | 4.0% | 7.0% |
| 5-year growth | 5.5% | 6.0% |
| Share count change | −3.0% | 0.3% |
| Profitability | ||
| Gross margin | 59.4% | 59.3% |
| Operating margin | — | 25.4% |
| Net margin | 21.6% | 20.3% |
| FCF margin | 21.1% | 17.1% |
| Return on capital | 50.5% | 21.0% |
| Return on equity | — | 29.3% |
| Balance sheet | ||
| Net debt | $2.0B | $822M |
| Net debt / EBITDA | 1.7x | 0.8x |
| Dividends and buybacks | $800M | $14.7M |
| Valuation & quality | ||
| P/E | 37.6x | — |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
MTD $2.5B
WAT $2.2B
FY17
MTD $2.7B
WAT $2.3B
FY18
MTD $2.9B
WAT $2.4B
FY19
MTD $3.0B
WAT $2.4B
FY20
MTD $3.1B
WAT $2.4B
FY21
MTD $3.7B
WAT $2.8B
FY22
MTD $3.9B
WAT $3.0B
FY23
MTD $3.8B
WAT $3.0B
FY24
MTD $3.9B
WAT $3.0B
FY25
MTD $4.0B
WAT $3.2B
MTD
WAT
Operating margin
FY16
MTD —
WAT 28.8%
FY17
MTD —
WAT 28.7%
FY18
MTD —
WAT 30.6%
FY19
MTD —
WAT 29.4%
FY20
MTD —
WAT 27.3%
FY21
MTD —
WAT 29.5%
FY22
MTD —
WAT 29.4%
FY23
MTD —
WAT 27.7%
FY24
MTD —
WAT 27.9%
FY25
MTD —
WAT 25.4%
MTD
WAT
Free cash flow
FY16
MTD $337M
WAT $610M
FY17
MTD $389M
WAT $663M
FY18
MTD $422M
WAT $570M
FY19
MTD $506M
WAT $603M
FY20
MTD $632M
WAT $738M
FY21
MTD $801M
WAT $711M
FY22
MTD $738M
WAT $566M
FY23
MTD $861M
WAT $442M
FY24
MTD $864M
WAT $620M
FY25
MTD $849M
WAT $540M
MTD
WAT
Return on capital
FY16
MTD 36.8%
WAT 43.9%
FY17
MTD 31.7%
WAT 30.7%
FY18
MTD 39.2%
WAT 70.7%
FY19
MTD 41.6%
WAT 58.5%
FY20
MTD 43.4%
WAT 48.3%
FY21
MTD 51.4%
WAT 55.3%
FY22
MTD 52.6%
WAT 49.0%
FY23
MTD 48.6%
WAT 30.2%
FY24
MTD 55.7%
WAT 22.4%
FY25
MTD 50.5%
WAT 21.0%
MTD
WAT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.