Azenta vs Waters
Waters reported revenue of $3.2 billion in fiscal 2025, 5.3 times Azenta's $594 million in fiscal 2025. Azenta's revenue grew 3.5% in its latest year, and Waters' grew 7.0%. Azenta had an operating margin of -4.5%, against 25.4% at Waters. Free cash flow was $38 million at Azenta and $540 million at Waters. Their fiscal years end in different months (September 30 and December 31), so the periods don't line up exactly.
Side by side
| Azenta | Waters | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $594M | $3.2B |
| Revenue growth | 3.5% | 7.0% |
| Revenue growth a year, last 5 years | 8.9% | 6.0% |
| Gross margin | 45.5% | 59.3% |
| Operating margin | −4.5% | 25.4% |
| Net margin | −9.4% | 20.3% |
| Free cash flow | $38M | $540M |
| Free cash flow margin | 6.5% | 17.1% |
| Return on capital | — | 21.0% |
| Net debt to EBITDA | — | 0.8x |
| Dividends and buybacks | $0M | $15M |
| Change in diluted share count | −13.7% | 0.3% |
| Last close | $37.17 | $455.98 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | bought $171,897, sold $0 | bought $451,070, sold $1.4 million |
| Piotroski F-score | — | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AzentaWaters
Operating margin
Percent of revenue
AzentaWaters
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AzentaWaters