Is STE or WAT cheaper?

On trailing earnings, STE is cheaper: STE trades at a 26.56 P/E and WAT at 47.89.

Which has grown faster, STE or WAT?

Over the past five years, STE grew revenue faster — STE at a 13.82% CAGR versus WAT at 8.48%.

Does STE or WAT pay a bigger dividend?

STE pays a dividend (1.20% yield) while WAT does not currently pay one.

Is STE or WAT more profitable?

STE runs the higher net margin — STE at 13.18% versus WAT at 11.91%.

Which has been the better investment, STE or WAT?

Over the past 10-year, STE delivered the higher annualized total return — STE at 13.89% versus WAT at 10.67%. Past performance doesn't predict future results.

STERIS plc (STE) vs Waters Corporation (WAT)

STE leads on 11 of 16 compared metrics.

A side-by-side comparison of STERIS plc and Waters Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of June 26, 2026. The ● marks the stronger figure on each row (cheaper multiple, higher margin/return).

Total return — STE vs WAT

growth of $100 · last 30y

STE +1260.6%WAT +5030.8%WAT compounded faster

STE WAT

STE vs WAT: by the numbers

•WAT is the larger company ($24.35B vs $21.05B market cap).
•STE trades at the lower earnings multiple (26.56 vs 47.89 P/E).
•STE converts more revenue to profit (13.18% vs 11.91% net margin).
•STE grew revenue faster over the past five years (13.82% vs 8.48% CAGR).
•STE pays a dividend (1.20% yield) while WAT does not currently pay one.

Which is better, STE or WAT?

Metric tally: STE 11 · WAT 5

It depends on what you're optimizing for:

ValueSTE(lower P/E)

GrowthSTE(faster 5Y revenue CAGR)

QualityWAT(higher ROIC)

Metrics side by side

Valuation

Metric	STE	WAT
P/E ratio	26.56●	47.89
Forward P/E	20.65●	22.95
P/S ratio	3.49●	8.21
P/B ratio	2.88	2.02●
PEG ratio	1.03●	75.61
EV / EBITDA	12.26●	37.85
FCF yield	4.69%●	0.85%

Profitability

Metric	STE	WAT
Gross margin	44.25%	55.02%●
Operating margin	18.56%	28.22%●
Net margin	13.18%●	11.91%
ROE	10.89%●	2.94%
ROIC	8.47%	17.57%●

Dividends

Metric	STE	WAT
Dividend yield	1.20%	—
Payout ratio	31.78%	—

Growth (annualized)

Metric	STE	WAT
Revenue CAGR (5Y)	13.82%●	8.48%
EPS CAGR (5Y)	11.22%●	5.16%
FCF CAGR (5Y)	16.64%●	-17.63%
Total return CAGR (5Y)	1.84%	2.03%●

Frequently asked

Which is better, STE or WAT?: It depends on your goal. value: STE (lower P/E); growth: STE (faster 5Y revenue CAGR); quality: WAT (higher ROIC). Across all compared metrics, STE leads 11 to 5.
Is STE or WAT cheaper?: On trailing earnings, STE is cheaper: STE trades at a 26.56 P/E and WAT at 47.89.
Which has grown faster, STE or WAT?: Over the past five years, STE grew revenue faster — STE at a 13.82% CAGR versus WAT at 8.48%.
Does STE or WAT pay a bigger dividend?: STE pays a dividend (1.20% yield) while WAT does not currently pay one.
Is STE or WAT more profitable?: STE runs the higher net margin — STE at 13.18% versus WAT at 11.91%.
Which has been the better investment, STE or WAT?: Over the past 10-year, STE delivered the higher annualized total return — STE at 13.89% versus WAT at 10.67%. Past performance doesn't predict future results.

Go deeper

Full STE analysis Full WAT analysis Interactive comparison tool

Dig into the metrics

STERIS P/E ratio Waters P/E ratio STERIS dividend yield Waters dividend yield STERIS ROE Waters ROE STERIS operating margin Waters operating margin STERIS revenue growth Waters revenue growth STERIS free cash flow Waters free cash flow

STERIS & Waters appear in these rankings

Highest FCF Yield Stocks Best 10-Year Total Return Stocks

Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified June 26, 2026.