Quarterly Period Covered: Q2 2026 (January 1 - July 4, 2026) filed on August 11, 2026 BDS Business Acquisition: Company completed an acquisition involving the issuance of 38,542 thousand shares of Waters common stock; detailed information provided in Note 4 on Acquisitions Financial Position as of July 4, 2026: Balance sheet data presented comparing current period to December 31, 2025 year-end…

Our analysis rates this filing NEUTRAL. Waters Corp presents a balanced risk profile appropriate for a mature analytical instruments manufacturer navigating normal business complexities. The primary concern is successful integration of the BDS Business acquisition, a material but manageable…

Concern level: ELEVATED (4.8/10). Key factors: BDS Business Acquisition integration risk (severity 5/10) - 38.5M shares issued represents material capital structure change with execution dependency; Interest rate refinancing risk on $2B+ debt portfolio - multiple senior notes maturing with potential for higher refinancing costs in rising rate environment; Foreign exchange exposure through…

Notable risk changes: BDS Business Acquisition completed with 38.5M share issuance - material capital structure change requiring integration execution; Derivative instruments portfolio expanded with cross-currency interest rate contracts and foreign exchange hedges - indicates increased hedging activity; Remaining performance obligations disclosed across multiple time horizons - suggests revenue visibility but also…

The model predicts WAT will underperform the S&P 500 by about 0.0% over 30 days. This is model analysis for research, not investment advice.