Mettler Toledo vs Waters
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KIRA’s take AI analyst
I put Mettler Toledo and Waters side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Mettler Toledo
MTD
6/9
Gross marginNet marginFCF marginReturn on capitalPiotroski F-scoreShare count change
Waters
WAT
3/9
Revenue growth5-year growthNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | MTD FY25 | WAT FY25 |
|---|---|---|
| Size | ||
| Market cap | $33.7B | $44.8B |
| 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 |
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.