Waters
28 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.
Customers
Pharmaceutical industry
earns from · 59%named as a riskApproximately 59% and 58% of the Company’s net sales in 2025 and 2024, respectively, were to worldwide pharmaceutical accounts, which are periodically subject to unfavorable market conditions and consolidations.Risk factors (Item 1A)
Suppliers
Limited or single-source suppliers
depends onnamed as a riskMost of the raw materials, components and supplies purchased by the Company are available from several suppliers; however, a number of items including specialized products are purchased from limited or single sources of supply.Risk factors (Item 1A)
Other companies
Becton, Dickinson and Company (BD)
depends on · $16.8 billionnamed as a riskIf the Company is unable to replace the services provided by BD or is unable to replace them at the same cost or is delayed in replacing the services provided by BD, the Company’s results of operations may be materially adversely impacted.Risk factors (Item 1A)
BDS Business Acquisition indebtedness
$4.0 billion of indebtednessnamed as a riskUpon consummation of the BDS Business Acquisition, the Company assumed $4.0 billion of indebtedness incurred by SpinCo in connection with the payment of the SpinCo Cash Distribution which consists of a $3.5 billion tranche maturing and payable in full on February 6, 2027 and a $500 million tranche maturing and payable in full on February 6, 2028.Risk factors (Item 1A)
Competitors
Thermo Fisher Scientific Inc.
competes withnamed as a riskThe Company’s principal competitors in the service market include Revvity, Inc., Agilent Technologies, Inc. and Thermo Fisher Scientific Inc.Business (Item 1)
Danaher Corporation
competes withIn the markets served by the BDS Business, the Company’s principal competitors will include Danaher Corporation, Revvity, Inc., Cytek Biosciences, Inc., bioMérieux S.A and others not identified here.Business (Item 1)
Agilent Technologies, Inc.
competes withIn the markets served by Waters, the Company’s principal competitors include: Agilent Technologies, Inc., Shimadzu Corporation, Bruker Corporation, Danaher Corporation and Thermo Fisher Scientific Inc.Business (Item 1)
Places
China
earns from · increased 10%named as a riskIn 2025, the Company’s total net sales from China increased 10% as compared to 2024 after decreasing by 10% in 2024 as compared to 2023.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Taunton, Massachusetts
operates in · approximately $251 millionIn February 2024, the Company completed an expansion of its Taunton manufacturing facility, incurring costs of approximately $251 million in connection with the expansion between 2018 and 2024.Business (Item 1)
Singapore
depends onnamed as a riskCertain components or modules of the Company’s LC and MS instruments are manufactured by outside contractors, including the manufacturing of LC instrument systems and related components by contract manufacturing firms in Singapore.Risk factors (Item 1A)
Also named by A, AAPL, ALAB, AMAT, ANET, APP, AVGO, DLR and 12 more
Wexford, Ireland
operates inThe Company primarily manufactures and distributes its LC columns at its facilities in Taunton, Massachusetts and Wexford, Ireland.Business (Item 1)
Milford, Massachusetts
operates inNearly all of the Company’s LC products have been developed at the Company’s main research and development center located in Milford, Massachusetts, with input and feedback from the Company’s extensive field organizations and customers.Business (Item 1)
Wilmslow, England
operates inThe Company manufactures and distributes its MS products at its facilities in Wilmslow, England and Wexford, Ireland.Business (Item 1)
Santa Barbara, California
operates inAll instrument manufacturing for Wyatt products takes place at its facilities in Santa Barbara, California.Business (Item 1)
Hazards
Earthquakes, hurricanes and tsunamis
operates innamed as a riskSevere weather and geological conditions or events, including earthquakes, hurricanes and/or tsunamis, could potentially cause significant damage to the Company’s manufacturing facilities in each of these countries.Risk factors (Item 1A)
Commodities and inputs
Euro
exposed to its price · $900 millionnamed as a riskAs of December 31, 2025, the Company had three-year interest rate cross-currency swap derivative agreements with a notional value of $900 million to hedge the variability in the movement of foreign currency exchange rates on a portion of its euro-denominated and yen-denominated net asset investments.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Regulators
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskA portion of the Company’s operations are subject to regulation by the FDA and similar foreign regulatory agencies.Risk factors (Item 1A)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
U.S. National Institutes of Health
named as a riskA number of these customers are also dependent for their funding upon grants from U.S. government agencies, such as the U.S. National Institutes of Health, and similar agencies in other countries.Risk factors (Item 1A)
Laws and programs
Singapore Development and Expansion Incentive
subject to · 5%named as a riskThe Company has a Development and Expansion Incentive in Singapore that provides a concessionary income tax rate of 5% on certain types of income for the period April 1, 2021 through March 31, 2026.Risk factors (Item 1A)
U.S. Foreign Corrupt Practices Act (FCPA)
subject tonamed as a riskMoreover, violations of the U.S. Foreign Corrupt Practices Act (the “FCPA”), the U.K. Bribery Act or similar anti-bribery laws by domestic or foreign distributors or other third-party intermediaries could materially and adversely impact our business, reputation and results of operations.Risk factors (Item 1A)
Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more
International Emergency Economic Powers Act tariffs
subject tonamed as a riskThis decision introduces uncertainty regarding potential refund processes and future trade policy actions and could affect the Company’s cost structure and supply chain planning.Risk factors (Item 1A)
Also named by AAOI, ANET, ARW, COHR, CSW, DECK, FIVE, IBP and 8 more
China volume-based procurement
subject tonamed as a riskGovernments in China and other countries continue to use various mechanisms to control healthcare expenditures, including increased use of competitive bidding and tenders, price regulation (such as volume-based procurement programs), government imposed payback provisions, and changes in reimbursement practices and policies on average selling prices for the Company’s products, which unfavorably impact the Company’s revenues and may continue to impact the Company’s results of operations in certain countries.Risk factors (Item 1A)
U.S.-China tariffs
subject tonamed as a riskChina has retaliated with increased tariffs on U.S. goods, which has increased our cost of doing business in China.Risk factors (Item 1A)
Tax Matters Agreement with BD
subject tonamed as a riskSuch taxes would be expected to be material, and could cause the Company’s business, financial condition and operating results to suffer.Risk factors (Item 1A)
Public tenders in China, India and Russia
subject tonamed as a riskThe Company may not be able to participate in certain public tenders in China, India and Russia because of increasing measures to restrict access to such tenders for companies without local manufacturing capabilities.Risk factors (Item 1A)
FDA Quality System Regulation
subject toThe Milford facility maintains quality management and environmental management systems in accordance with the requirements of ISO 9001:2015, ISO 13485:2016, ISO 45001:2018 and ISO 14001:2015, and adheres to applicable regulatory requirements (including the FDA Quality System Regulation and the European In-Vitro Diagnostic Directive).Business (Item 1)