WATWaters Corporation

Health care · Lab Instruments · NYSE

Headquarters: Milford, MA
Next results: around Feb 8, 2027

What the 10-K filed 2026-02-23 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-25.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“None of the Company’s individual customers accounted for more than 2% of annual Company sales in 2025, 2024 or 2023.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

“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.”
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“Consolidation among such suppliers could also result in other limited or sole-source suppliers for the Company in the future.”
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Lawsuits and legal claims

1 new

Pending cases, settlements and what the company has set aside for them.

New “The Company recorded $12 million of patent litigation settlement provisions and related costs in 2024.”
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“During the year ended December 31, 2024, the Company recorded $12 million of patent litigation settlement provisions”
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“Historically, the Company’s costs to defend lawsuits or settle claims relating to such indemnity agreements have been minimal and management accordingly believes the estimated fair value of these agreements is immaterial.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“The Company and its foreign subsidiaries also had available short-term lines of credit totaling $110 million and $111 million at December 31, 2025 and December 31, 2024, respectively, for the purpose of short-term borrowing and issuance of commercial guarantees.”
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“The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited.”
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Debt covenants

2 new

Conditions in loan agreements that, if broken, can make debt due early.

New “The Amended Credit Agreement contains affirmative and negative covenants, including limitations on subsidiary debt, liens, sale and leaseback transactions, mergers and certain restrictive agreements, as well as a financial covenant to not permit a leverage ratio as of the end of any fiscal quarter to exceed 3.50 to 1.00 (which”
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New “million or more) and a financial covenant to not permit an interest coverage ratio as of the end of any fiscal quarter for the period of four consecutive fiscal quarters then ended to be less than 3.50 to 1.00.”
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“In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default.”
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“As of December 31, 2025, the Company was in compliance with all debt covenants.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

Work on WAT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/WAT/export.csv") into a cell.