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Waters vs Avantor: WAT and AVTR compared
Waters is the larger company: $1.8B of revenue in its latest quarter (Q3 2026) against $1.7B for Avantor (Q3 2026). Waters is growing faster (+121% against +5% a year earlier). Avantor is more profitable, with an operating margin of 8.2% against 7.2%.
Where the money goes: WAT and AVTR
Waters (WAT) · Q3 2026
Waters, Q3 2026: revenue $1.8B (+121% year over year), operating margin 7.2%, net earnings $81.0M, operating cash flow $98.0M. The chart follows the revenue to costs, profit and cash.
Avantor (AVTR) · Q3 2026
Avantor, Q3 2026: revenue $1.7B (+5% year over year), operating margin 8.2%, net earnings $203M, operating cash flow $195M. The chart follows the revenue to costs, profit and cash.
| Waters (WAT) | Avantor (AVTR) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.8B | $1.7B |
| Revenue growth, Y/Y | +121% | +5% |
| Gross margin | — | 31.5% |
| Operating margin | 7.2% | 8.2% |
| Net earnings | $81.0M | $203M |
| Net margin | 4.6% | 12.0% |
| Operating cash flow | $98.0M | $195M |
| Free cash flow | $55.0M | $156M |
| Market value | $45.0B | $10.5B |
| P/E | — | 30.9× |
| Analysts’ mean target | $474.73 | $17.35 |
Where the revenue comes from
Waters
- Product: $1.3B (75%)
- Service: $433M (25%)
Avantor
- Proprietary: $908M (53%)
- Third-party: $790M (47%)
Questions
Which is bigger, Waters or Avantor?
Waters is the larger company: $1.8B of revenue in its latest quarter (Q3 2026) against $1.7B for Avantor (Q3 2026).
Is Waters or Avantor growing faster?
Waters is growing faster (+121% against +5% a year earlier).
Which is more profitable, Waters or Avantor?
Avantor is more profitable, with an operating margin of 8.2% against 7.2%.
More: Waters earnings · how Waters makes money · Avantor earnings · how Avantor makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 3, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.