Waters Corporation (WAT)

Return on equity (ROE)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	US$ in thousands	642,234	707,755	692,843	521,571	592,198
Total stockholders’ equity	US$ in thousands	1,150,340	504,488	367,554	232,144	-216,281
ROE		55.83%	140.29%	188.50%	224.68%	—

December 31, 2023 calculation

ROE = Net income ÷ Total stockholders’ equity
= $642,234K ÷ $1,150,340K
= 55.83%

The return on equity (ROE) for Waters Corp. has shown a declining trend over the past five years. The ROE was 55.83% in 2023, a significant decrease from the previous year's 140.29%. The sharp decline in ROE indicates that the company's profitability relative to its equity has weakened. Despite this, the current ROE of 55.83% is still relatively robust, suggesting that the company is generating a reasonable return on the equity invested by shareholders. Further analysis of the company's financial performance and efficiency in utilizing its resources would be needed to understand the factors contributing to the fluctuation in ROE over the years.