Azenta vs Waters
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The short version
- Waters is the larger business, with $3.2B of revenue in fiscal 2025 against $594M for Azenta, about 5.3 times as much.
- Waters grew revenue faster (7.0%, against 3.6%).
- Waters kept more of each dollar of sales as operating profit (25.4% operating margin, against −4.5%).
- Waters turned more of its sales into free cash flow (17.1% FCF margin, against 6.5%).
| Latest fiscal year | AZTA · FY25 | WAT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.7B | $44.6B |
| Revenue | $594M | $3.2B |
| Free cash flow | $38.3M | $540M |
| Net income | −$55.8M | $643M |
| Growth | ||
| Revenue growth | 3.6% | 7.0% |
| 5-year growth | 8.9% | 6.0% |
| Share count change | −13.7% | 0.3% |
| Profitability | ||
| Gross margin | 45.5% | 59.3% |
| Operating margin | −4.5% | 25.4% |
| Net margin | −9.4% | 20.3% |
| FCF margin | 6.5% | 17.1% |
| Return on capital | — | 21.0% |
| Return on equity | −3.2% | 29.3% |
| Balance sheet | ||
| Net debt | — | $822M |
| Net debt / EBITDA | — | 0.8x |
| Dividends and buybacks | $0.0M | $14.7M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | — | 6 |
Revenue
FY16
AZTA $434M
WAT $2.2B
FY17
AZTA $528M
WAT $2.3B
FY18
AZTA $632M
WAT $2.4B
FY19
AZTA $334M
WAT $2.4B
FY20
AZTA $389M
WAT $2.4B
FY21
AZTA $514M
WAT $2.8B
FY22
AZTA $556M
WAT $3.0B
FY23
AZTA $552M
WAT $3.0B
FY24
AZTA $573M
WAT $3.0B
FY25
AZTA $594M
WAT $3.2B
AZTA
WAT
Operating margin
FY16
AZTA −3.9%
WAT 28.8%
FY17
AZTA 2.7%
WAT 28.7%
FY18
AZTA 5.0%
WAT 30.6%
FY19
AZTA −14.2%
WAT 29.4%
FY20
AZTA −9.4%
WAT 27.3%
FY21
AZTA −6.1%
WAT 29.5%
FY22
AZTA −4.5%
WAT 29.4%
FY23
AZTA −11.1%
WAT 27.7%
FY24
AZTA −8.9%
WAT 27.9%
FY25
AZTA −4.5%
WAT 25.4%
AZTA
WAT
Free cash flow
FY16
AZTA $26.7M
WAT $610M
FY17
AZTA $83.6M
WAT $663M
FY18
AZTA $61.2M
WAT $570M
FY19
AZTA $67.0M
WAT $603M
FY20
AZTA −$2.1M
WAT $738M
FY21
AZTA $97.1M
WAT $711M
FY22
AZTA −$539M
WAT $566M
FY23
AZTA −$33.6M
WAT $442M
FY24
AZTA $12.4M
WAT $620M
FY25
AZTA $38.3M
WAT $540M
AZTA
WAT
Return on capital
FY16
AZTA —
WAT 43.9%
FY17
AZTA —
WAT 30.7%
FY18
AZTA —
WAT 70.7%
FY19
AZTA −4.8%
WAT 58.5%
FY20
AZTA −3.0%
WAT 48.3%
FY21
AZTA −2.3%
WAT 55.3%
FY22
AZTA —
WAT 49.0%
FY23
AZTA —
WAT 30.2%
FY24
AZTA —
WAT 22.4%
FY25
AZTA —
WAT 21.0%
AZTA
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.