Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of -3.71% is 114% below its 5-year average of 26.33%, near the low end of its 5-year range (-3.71%–33.49%).
As of the fiscal period ended Saturday, April 4, 2026. 119.02% below its 12-month average of 19.50%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
-3.71%
OPERATING MARGIN AVG TTM
19.50%
OPERATING MARGIN AVG 3Y
27.17%
OPERATING MARGIN AVG 5Y
27.91%
OPERATING MARGIN AVG 10Y
28.66%
OPERATING MARGIN AVG 15Y
28.11%
OPERATING MARGIN AVG 20Y
27.35%
CURRENT VS TTM AVG
-119.02%
CURRENT VS 3Y AVG
-113.66%
CURRENT VS 5Y AVG
-113.29%
CURRENT VS 10Y AVG
-112.94%
CURRENT VS 15Y AVG
-113.20%
CURRENT VS 20Y AVG
-113.56%
SECTOR MEDIAN · HEALTHCARE
15.01%
median of 79 covered companies
CURRENT VS SECTOR MEDIAN
-124.71%
vs the sector median at left
Waters Corporation
Market Cap
$24.59B
Operating Margin
-3.71%
TTM Avg
19.50%
3Y Avg
27.17%
5Y Avg
27.91%
Market Cap
$24.23B
Operating Margin
31.57%
TTM Avg
14.26%
3Y Avg
15.92%
5Y Avg
12.23%
Market Cap
$24.00B
Operating Margin
20.64%
TTM Avg
20.32%
3Y Avg
22.80%
5Y Avg
22.92%
Market Cap
$25.35B
Operating Margin
11.27%
TTM Avg
9.61%
3Y Avg
9.32%
5Y Avg
13.00%
Market Cap
$25.72B
Operating Margin
14.14%
TTM Avg
14.08%
3Y Avg
14.06%
5Y Avg
16.54%
Market Cap
$21.98B
Operating Margin
45.34%
TTM Avg
47.77%
3Y Avg
49.26%
5Y Avg
45.01%
Market Cap
$21.75B
Operating Margin
-158.13%
TTM Avg
-140.72%
3Y Avg
-73.36%
5Y Avg
-52.24%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Waters Corporation (WAT) | $24.59B | -3.71% | 19.50% | 27.17% | 27.91% |
| Incyte Corporation (INCY)vs › | $24.23B | 31.57% | 14.26% | 15.92% | 12.23% |
| West Pharmaceutical Services, Inc. (WST)vs › | $24.00B | 20.64% | 20.32% | 22.80% | 22.92% |
| Labcorp Holdings Inc. (LH)vs › | $25.35B | 11.27% | 9.61% | 9.32% | 13.00% |
| Quest Diagnostics Incorporated (DGX)vs › | $25.72B | 14.14% | 14.08% | 14.06% | 16.54% |
| BioNTech SE (BNTX)vs › | $22.91B | -22.63% | -35.20% | 5.18% | 14.03% |
| STERIS plc (STE)vs › | $22.26B | 18.56% | 17.21% | 17.04% | 16.18% |
| United Therapeutics Corporation (UTHR)vs › | $21.98B | 45.34% | 47.77% | 49.26% | 45.01% |
| Moderna, Inc. (MRNA)vs › | $21.75B | -158.13% | -140.72% | -73.36% | -52.24% |
| Alnylam Pharmaceuticals, Inc. (ALNY)vs › | $27.50B | 20.81% | 2.82% | -21.37% | -56.25% |
Gross Margin
55.0%
Operating Margin
-3.7%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-04-04 | -3.71% |
| 2025-12-31 | 33.31% |
| 2025-09-27 | 24.02% |
| 2025-06-28 | 24.40% |
| 2025-03-29 | 22.93% |
| 2024-12-31 | 33.49% |
| 2024-09-28 | 28.52% |
| 2024-06-29 | 26.69% |
| 2024-03-30 | 21.02% |
| 2023-12-31 | 32.24% |
| 2023-09-30 | 25.21% |
| 2023-07-01 | 26.99% |
| 2023-04-01 | 25.44% |
| 2022-12-31 | 33.35% |
| 2022-10-01 | 27.10% |
| 2022-07-02 | 27.95% |
| 2022-04-02 | 28.31% |
| 2021-12-31 | 31.35% |
| 2021-10-02 | 29.10% |
| 2021-07-03 | 28.82% |
| 2021-04-03 | 28.14% |
| 2020-12-31 | 33.52% |
| 2020-09-26 | 26.67% |
| 2020-06-27 | 29.83% |
| 2020-03-28 | 14.69% |
| 2019-12-31 | 33.01% |
| 2019-09-28 | 30.01% |
| 2019-06-29 | 29.65% |
| 2019-03-30 | 23.58% |
| 2018-12-31 | 34.20% |
| 2018-09-29 | 29.70% |
| 2018-06-30 | 30.05% |
| 2018-03-31 | 27.21% |
| 2017-12-31 | 33.49% |
| 2017-09-30 | 28.12% |
| 2017-07-01 | 27.57% |
| 2017-04-01 | 23.84% |
| 2016-12-31 | 33.13% |
| 2016-10-01 | 28.80% |
| 2016-07-02 | 28.26% |
| 2016-04-02 | 23.71% |
| 2015-12-31 | 30.91% |
| 2015-10-03 | 27.14% |
| 2015-07-04 | 26.34% |
| 2015-04-04 | 26.06% |
| 2014-12-31 | 29.47% |
| 2014-09-27 | 28.13% |
| 2014-06-28 | 24.57% |
| 2014-03-29 | 20.62% |
| 2013-12-31 | 31.16% |
| 2013-09-28 | 26.04% |
| 2013-06-29 | 24.98% |
| 2013-03-30 | 25.42% |
| 2012-12-31 | 30.55% |
| 2012-09-29 | 27.06% |
| 2012-06-30 | 26.61% |
| 2012-03-31 | 26.21% |
| 2011-12-31 | 31.62% |
| 2011-10-01 | 28.00% |
| 2011-07-02 | 26.93% |
| 2011-04-02 | 27.10% |
| 2010-12-31 | 30.64% |
| 2010-10-02 | 25.89% |
| 2010-07-03 | 27.00% |
| 2010-04-03 | 25.12% |
| 2009-12-31 | 29.45% |
| 2009-10-03 | 25.70% |
| 2009-07-04 | 23.89% |
| 2009-04-04 | 25.67% |
| 2008-12-31 | 27.81% |
| 2008-09-27 | 25.38% |
| 2008-06-28 | 21.82% |
| 2008-03-29 | 23.77% |
| 2007-12-31 | 29.73% |
| 2007-09-29 | 19.63% |
| 2007-06-30 | 21.82% |
| 2007-03-31 | 22.01% |
| 2006-12-31 | 27.66% |
| 2006-09-30 | 21.83% |
| 2006-07-01 | 20.84% |
| 2006-04-01 | 20.49% |
| 2005-12-31 | 28.79% |
| 2005-10-01 | 22.95% |
| 2005-07-02 | 23.52% |
| 2005-04-02 | 21.57% |
| 2004-12-31 | 28.19% |
| 2004-10-02 | 24.08% |
| 2004-07-03 | 30.29% |
| 2004-04-03 | 19.92% |
| 2003-12-31 | 27.73% |
| 2003-09-30 | 20.52% |
| 2003-06-30 | 22.77% |
| 2003-03-31 | 19.39% |
| 2002-12-31 | 21.76% |
| 2002-09-30 | 22.69% |
| 2002-06-30 | 21.92% |
