Analytical instruments and laboratory software
Waters Corporation
Waters generates revenue from liquid chromatography, mass spectrometry, analytical consumables, laboratory software, and maintenance services. Pharmaceutical accounts produced 59% of FY2025 net sales and other industrial accounts produced 30%, while cloud infrastructure and validated computer hardware support its products and services. In 2026, Waters expanded into life sciences and diagnostics by combining with BD's Biosciences and Diagnostic Solutions businesses.
WAT Updated Sep 12, 2026 3 AI consumers· 3 recurring
Per the valuechain.wiki graph, Waters Corporation is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 42 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-09-12).
Financials & Segments
- Total revenue · FY2025 total revenue of $3.165286 billion (SEC Form 10-K)
- Segments · Pharmaceutical accounts · Other industrial accounts · Academic institutions and governmental agencies
Revenue from
- Pharmaceutical and biopharmaceutical customers High confidence· Revenue share 59% · FY2025 · Pharmaceutical accounts as a share of Waters FY2025 net sales
Multinational pharmaceutical companies, generic-drug manufacturers, contract research organizations, and biotechnology companies are Waters' largest customer group. These accounts generated 59% of FY2025 net sales, while no individual customer exceeded 2%. - Other industrial customers High confidence· Revenue share 30% · FY2025 · Other industrial accounts as a share of Waters FY2025 net sales
Chemical and polymer manufacturers, food and beverage companies, and environmental testing laboratories form Waters' second-largest customer group. These accounts generated 30% of FY2025 net sales.
Pays to
- Lenovo Medium confidence
Waters customizes Lenovo P5 workstations for waters_connect and states that it has vendor agreements supporting long-life component availability. Lenovo hardware procurement spending was not disclosed.Confirms EN Waters Corporation Published Sep 19, 2025: P5 12 Core Windows 10 LTSC 2021 Image for waters_connect Software Release Notes - Amazon Medium confidence
Waters uses AWS EC2, RDS, S3, and IoT Greengrass for its waters_connect System Monitoring software. Cloud spending and contract terms were not disclosed.Confirms EN Waters Corporation Published Sep 12, 2024: Increasing Lab Efficiency with Amazon Web Services to Enable Real-Time Remote Access to Lab Information - Dell Technologies Medium confidence
Waters customizes Dell OptiPlex XE4-based LND4 systems for waters_connect and states that it has vendor agreements supporting long-life component availability. Dell hardware procurement spending was not disclosed.Confirms EN Waters Corporation Published Nov 5, 2025: Waters eLAC/E32 / LND and cLAC/E32 Acquisition Server Configuration 16 Release Notes
Investments
- BD Biosciences and Diagnostic Solutions businesses High confidence· Amount $16.8B · acquisition completed 2026-02-09 · Purchase price for the BD Biosciences and Diagnostic Solutions businesses, including assumed debt
On February 9, 2026, Waters combined with Becton, Dickinson's Biosciences and Diagnostic Solutions businesses through a Reverse Morris Trust, making the business a wholly owned subsidiary. The FY2025 Form 10-K reports a $16.8 billion purchase price including assumed debt, while the announced $17.5 billion transaction value used a different measurement basis.Confirms KO PR Newswire Published Feb 13, 2026: Waters Completes Combination with BD's Biosciences and Diagnostic Solutions BusinessesMentions EN William Blair Published Jan 5, 2026: Waters Corporation: Initiation of Research Coverage
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Waters Corporation | node | +50.6 | -8.1 | -3.9 | +12.7 | +2.4 | +7.8 |
| Dell Technologies | benef1 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +320.2 |
| Lenovo | benef1 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +269.8 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| SanDisk | benef2 | · | · | · | · | · | +633 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +209.1 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +47.9 |
| Occidental Petroleum | benef2 | +67.7 | +119.1 | -4.1 | -15.9 | -14.9 | +47.4 |
| GE Vernova | benef2 | · | · | · | · | +99 | +44.4 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +42.9 |
| FedEx | benef2 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +37.3 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +34.9 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +30.1 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +20.7 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Entergy | benef2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +18.2 |
| Norfolk Southern | benef2 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Colgate-Palmolive Company | benef2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +11 |
| United Parcel Service, Inc. | benef2 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | +4.1 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +1.9 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -11.9 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | -15.4 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -21.9 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -36.6 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -38.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Waters Corporation operates across Analytical instruments and laboratory software. It is +7.8% in 2026. The supply side (avg +200.7%) leads the stock (+7.8%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is Dell Technologies (+320.2%) and the furthest behind is Amazon (+12%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. In 2026, Waters expanded into life sciences and diagnostics by combining with BD's Biosciences and Diagnostic Solutions businesses.
Analysis generated from returns as of 2026-09-04