Waters Corporation hosted its 2025 Investor Day in New York City on March 5, 2025, where senior management discussed business initiative achievements, new strategic priorities, and the vision for future shareholder value creation. The company reiterated its position as a leader in downstream, high-volume applications within regulated markets.
Waters highlighted a serviceable Total Addressable Market (TAM) of $19 billion, including a $12 billion core TAM and $7 billion in higher-growth adjacencies, with a projected mid-single-digit+ long-term market growth rate. The company emphasized its simple and repeatable business model, supported by a 170,000+ installed base and over 50% of its instrument base having service plans attached.
The presentation showcased Waters' strong financial performance for fiscal year 2024, reporting a 31.0% adjusted operating margin and 59.4% gross margin. Free cash flow as a percentage of sales for FY24 was 25%, underscoring the company's operational efficiency and ability to generate strong cash flows.
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