Waters Corporation (WAT)

Operating profit margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Operating income (ttm)	US$ in thousands	826,353	798,313	766,607	777,354	817,676	839,736	852,320	852,093	873,395	849,312	849,117	845,907	821,707	823,218	789,787	748,479	645,489	618,195	633,046	655,586
Revenue (ttm)	US$ in thousands	2,909,141	2,825,198	2,766,143	2,798,644	2,857,555	2,913,395	2,928,280	2,913,876	2,923,159	2,904,113	2,856,130	2,822,850	2,740,936	2,690,971	2,625,688	2,463,034	2,316,295	2,242,766	2,225,719	2,306,467
Operating profit margin		28.41%	28.26%	27.71%	27.78%	28.61%	28.82%	29.11%	29.24%	29.88%	29.25%	29.73%	29.97%	29.98%	30.59%	30.08%	30.39%	27.87%	27.56%	28.44%	28.42%

December 31, 2024 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $826,353K ÷ $2,909,141K
= 28.41%

The operating profit margin of Waters Corporation has shown some fluctuations over the analyzed period. Starting at 28.42% in March 2020, the margin slightly increased to 28.44% by June 2020 before dipping to 27.56% in September 2020. Thereafter, the margin improved to 27.87% by December 2020.

Subsequently, the operating profit margin experienced a positive trend, reaching its peak at 30.59% in September 2021. There was a slight decline to 29.98% by December 2021, followed by fluctuations around the range of 29-30% throughout 2022 and 2023.

By the end of the analyzed period in December 2024, the operating profit margin stood at 28.41%, showing a modest increase compared to the previous quarter. Overall, while there were fluctuations in the operating profit margin, Waters Corporation managed to maintain relatively healthy margins above 27% throughout the period.