Risk Sleuth
WAT · 10-K filed 23 Feb 2026 · year to 31 Dec 2025

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 risk
Approximately 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 risk
Most 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 risk
If 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)

Also named by CDNA, EW

BDS Business Acquisition indebtedness

$4.0 billion of indebtednessnamed as a risk
Upon 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 risk
The Company’s principal competitors in the service market include Revvity, Inc., Agilent Technologies, Inc. and Thermo Fisher Scientific Inc.Business (Item 1)

Also named by A, GLW, IDXX

Danaher Corporation

competes with
In 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)

Also named by A, VLTO

Agilent Technologies, Inc.

competes with
In 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 risk
In 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 million
In 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 risk
Certain 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 in
The Company primarily manufactures and distributes its LC columns at its facilities in Taunton, Massachusetts and Wexford, Ireland.Business (Item 1)

Milford, Massachusetts

operates in
Nearly 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 in
The Company manufactures and distributes its MS products at its facilities in Wilmslow, England and Wexford, Ireland.Business (Item 1)

Santa Barbara, California

operates in
All 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 risk
Severe 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 risk
As 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

Term SOFR

exposed to its pricenamed as a risk
The contractually specified index on the Credit Facility is the 3-month Term SOFR.Market risk (Item 7A)

Also named by BWIN, CLH, DORM, DPZ, DY, ECG, HUBB, IBP and 9 more

Conflict minerals (tantalum, tin, gold, tungsten)

subject tonamed as a risk
In 2025, the Company was not able to determine with certainty the country of origin of some of the conflict minerals in its manufactured products.Business (Item 1)

Also named by GNTX, ILMN, ISRG, KTOS, RVTY, TPR, VSH

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk
A 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 risk
A 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)

Also named by ARE, BDX, DOC, ILMN, PVLA, VTR

Laws and programs

Singapore Development and Expansion Incentive

subject to · 5%named as a risk
The 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 risk
Moreover, 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 risk
This 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 risk
Governments 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)

Also named by BDX, GEHC, MRK, PFE, SYK, VTRS, ZBH

U.S.-China tariffs

subject tonamed as a risk
China has retaliated with increased tariffs on U.S. goods, which has increased our cost of doing business in China.Risk factors (Item 1A)

Also named by ALB, AXGN, LLY, MXL, QXO, UCTT

Tax Matters Agreement with BD

subject tonamed as a risk
Such 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 risk
The 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 to
The 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)