Basis: Trailing twelve months (TTM). Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 28.22% is in line with its 5-year average of 27.86%, near the high end of its 5-year range (-5.23%–33.49%).
133.27% above its 12-month average of 12.10%.
Reported quarterly operating margin; no daily interpolation. Q2 FY2026 (2026-07-04): -5.23%.
OPERATING MARGIN
28.22%
OPERATING MARGIN AVG TTM
12.10%
OPERATING MARGIN AVG 3Y
27.18%
OPERATING MARGIN AVG 5Y
27.86%
OPERATING MARGIN AVG 10Y
28.67%
OPERATING MARGIN AVG 15Y
28.13%
OPERATING MARGIN AVG 20Y
27.43%
CURRENT VS TTM AVG
+133.27%
CURRENT VS 3Y AVG
+3.81%
CURRENT VS 5Y AVG
+1.31%
CURRENT VS 10Y AVG
-1.56%
CURRENT VS 15Y AVG
+0.31%
CURRENT VS 20Y AVG
+2.86%
SECTOR MEDIAN · HEALTHCARE
14.90%
median of 90 covered companies
CURRENT VS SECTOR MEDIAN
+89.40%
vs the sector median at left
Waters Corporation
Market Cap
$31.31B
Operating Margin
28.22%
TTM Avg
12.10%
3Y Avg
27.18%
5Y Avg
27.86%
Market Cap
$32.03B
Operating Margin
20.81%
TTM Avg
2.82%
3Y Avg
-21.37%
5Y Avg
-56.25%
Market Cap
$28.68B
Operating Margin
12.70%
TTM Avg
13.37%
3Y Avg
13.23%
5Y Avg
14.11%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Waters Corporation (WAT) | $31.31B | 28.22% | 12.10% | 27.18% | 27.86% |
| Biogen Inc. (BIIB)vs › | $31.92B | 12.79% | 22.44% | 23.65% | 25.70% |
| Zoetis Inc. (ZTS)vs › | $30.61B | 37.00% | 37.33% | 36.70% | 36.14% |
| Alnylam Pharmaceuticals, Inc. (ALNY)vs › | $32.03B | 20.81% | 2.82% | -21.37% | -56.25% |
| Alcon Inc. (ALC)vs › | $32.33B | 9.87% | 13.67% | 11.51% | 7.66% |
| Centene Corp. (CNC)vs › | $32.62B | -2.82% | -0.98% | 0.21% | 0.84% |
| DexCom, Inc. (DXCM)vs › | $32.96B | 22.92% | 17.22% | 16.09% | 15.13% |
| ResMed Inc. (RMD)vs › | $33.11B | 33.48% | 33.11% | 30.30% | 29.57% |
| GE HealthCare Technologies Inc. (GEHC)vs › | $28.68B | 12.70% | 13.37% | 13.23% | 14.11% |
| Medline Inc. (MDLN)vs › | $27.90B | 6.07% | 8.25% | 6.70% | 6.70% |
Gross Margin
50.8%
Operating Margin
28.2%
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 |
|---|---|
| 2026-07-04 | -5.23% |
| 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% |
