Azenta vs Waters
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KIRA’s take AI analyst
I put Azenta and Waters side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Azenta
AZTA
2/8
5-year growthShare count change
Waters
WAT
6/8
Revenue growthGross marginOperating marginNet marginFCF marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | AZTA FY25 | WAT FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.7B | $44.8B |
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.