Subtext

Waters Corporation WAT

SectorHealth Care
Transcripts71
Date range2007-10-23 – 2025-05-06
Calls charted71

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-19-10+0+10+192007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Overall: +12.92007 Q4 · Overall: +10.92008 Q1 · Overall: +10.72008 Q2 · Overall: +12.52008 Q3 · Overall: +5.32008 Q4 · Overall: +1.52009 Q1 · Overall: +0.12009 Q2 · Overall: +4.62009 Q3 · Overall: +4.92009 Q4 · Overall: +3.62010 Q1 · Overall: +9.42010 Q2 · Overall: +11.82010 Q3 · Overall: +10.62010 Q4 · Overall: +10.42011 Q1 · Overall: +6.62011 Q2 · Overall: +2.42011 Q3 · Overall: +1.62011 Q4 · Overall: +4.82012 Q1 · Overall: -3.32012 Q2 · Overall: -3.02012 Q3 · Overall: +2.62012 Q4 · Overall: +7.32013 Q1 · Overall: +9.42013 Q2 · Overall: -1.12013 Q3 · Overall: -0.52013 Q4 · Overall: +9.92014 Q1 · Overall: +3.12014 Q2 · Overall: +4.92014 Q3 · Overall: +10.02014 Q4 · Overall: +9.62015 Q1 · Overall: +15.32015 Q2 · Overall: +9.72015 Q3 · Overall: +14.62015 Q4 · Overall: +11.22016 Q1 · Overall: +14.52016 Q2 · Overall: +11.82016 Q3 · Overall: +6.22016 Q4 · Overall: +13.22017 Q1 · Overall: +14.12017 Q2 · Overall: +12.42017 Q3 · Overall: +14.72017 Q4 · Overall: +16.12018 Q1 · Overall: +9.92018 Q2 · Overall: +11.32018 Q3 · Overall: +11.82018 Q4 · Overall: +11.32019 Q1 · Overall: +6.32019 Q2 · Overall: +11.82019 Q3 · Overall: +4.12019 Q4 · Overall: +9.42020 Q1 · Overall: +0.52020 Q2 · Overall: +9.02020 Q3 · Overall: +2.72020 Q4 · Overall: +11.42021 Q1 · Overall: +16.12021 Q2 · Overall: +16.72021 Q3 · Overall: +9.92021 Q4 · Overall: +13.42022 Q1 · Overall: +16.42022 Q2 · Overall: +13.72022 Q3 · Overall: +14.72022 Q4 · Overall: +13.42023 Q1 · Overall: +3.82023 Q2 · Overall: +7.32023 Q3 · Overall: +3.72023 Q4 · Overall: -1.82024 Q1 · Overall: +3.12024 Q2 · Overall: +8.52024 Q3 · Overall: +15.52024 Q4 · Overall: +16.32025 Q1 · Overall: +15.0
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-29-14+0+14+292007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q4 · CEO: +0.02008 Q4 · CEO: +5.82009 Q1 · CEO: +3.82009 Q2 · CEO: +9.62009 Q3 · CEO: +10.12009 Q4 · CEO: +8.52010 Q1 · CEO: +12.42010 Q2 · CEO: +16.92010 Q3 · CEO: +15.92010 Q4 · CEO: +14.32011 Q1 · CEO: +12.22011 Q2 · CEO: +7.72011 Q3 · CEO: +5.92011 Q4 · CEO: +12.62012 Q1 · CEO: +2.02012 Q2 · CEO: -2.22012 Q3 · CEO: +3.82012 Q4 · CEO: +12.52013 Q1 · CEO: +17.02013 Q2 · CEO: +2.82013 Q3 · CEO: +3.62013 Q4 · CEO: +19.32014 Q1 · CEO: +6.32014 Q2 · CEO: +10.42014 Q3 · CEO: +13.22014 Q4 · CEO: +14.22015 Q1 · CEO: +19.02015 Q4 · CEO: +19.52016 Q4 · CEO: +17.92017 Q2 · CEO: +17.32017 Q3 · CEO: +22.22017 Q4 · CEO: +19.72018 Q1 · CEO: +18.32018 Q2 · CEO: +17.42018 Q3 · CEO: +16.52019 Q1 · CEO: +14.72019 Q2 · CEO: +20.12019 Q3 · CEO: +9.42019 Q4 · CEO: +18.92020 Q1 · CEO: +5.32020 Q3 · CEO: +8.42020 Q4 · CEO: +17.52021 Q1 · CEO: +25.22021 Q2 · CEO: +23.42021 Q3 · CEO: +16.42021 Q4 · CEO: +20.02022 Q1 · CEO: +22.62022 Q2 · CEO: +22.32022 Q3 · CEO: +19.22022 Q4 · CEO: +22.12023 Q1 · CEO: +8.12023 Q2 · CEO: +11.32023 Q3 · CEO: +12.72023 Q4 · CEO: +6.62024 Q1 · CEO: +6.42024 Q3 · CEO: +21.62024 Q4 · CEO: +24.42025 Q1 · CEO: +23.92007 Q3 · CFO: +10.12007 Q4 · CFO: +0.02008 Q1 · CFO: +4.42008 Q2 · CFO: +21.32008 Q3 · CFO: +21.52008 Q4 · CFO: -4.12009 Q1 · CFO: -2.52009 Q2 · CFO: +5.32009 Q3 · CFO: +0.82009 Q4 · CFO: +2.62010 Q1 · CFO: +7.42010 Q2 · CFO: +12.12010 Q3 · CFO: +10.42010 Q4 · CFO: +11.52011 Q1 · CFO: +6.12011 Q2 · CFO: +1.82011 Q3 · CFO: +2.42011 Q4 · CFO: +2.92012 Q1 · CFO: +1.42012 Q2 · CFO: +2.22012 Q3 · CFO: +4.82012 Q4 · CFO: +7.92013 Q1 · CFO: +5.52013 Q2 · CFO: -3.92013 Q3 · CFO: +1.02013 Q4 · CFO: -2.52014 Q1 · CFO: +4.42014 Q2 · CFO: +5.62014 Q3 · CFO: +7.32014 Q4 · CFO: +8.42015 Q1 · CFO: +13.92015 Q2 · CFO: -0.42015 Q3 · CFO: +8.12015 Q4 · CFO: +7.72016 Q2 · CFO: +18.92016 Q3 · CFO: +4.42016 Q4 · CFO: +6.72017 Q1 · CFO: +10.02017 Q2 · CFO: +11.12017 Q3 · CFO: +12.92017 Q4 · CFO: +21.62018 Q1 · CFO: +11.92018 Q2 · CFO: +5.62018 Q3 · CFO: +4.72018 Q4 · CFO: +4.42019 Q1 · CFO: -5.52019 Q2 · CFO: -0.82019 Q3 · CFO: +0.02019 Q4 · CFO: -0.92020 Q1 · CFO: -7.42020 Q2 · CFO: +0.02020 Q3 · CFO: +1.62020 Q4 · CFO: +7.02021 Q1 · CFO: +7.42021 Q2 · CFO: +10.82021 Q3 · CFO: +3.42021 Q4 · CFO: +8.72022 Q1 · CFO: +11.92022 Q2 · CFO: +8.82022 Q3 · CFO: +16.02022 Q4 · CFO: +6.32023 Q1 · CFO: +1.42023 Q2 · CFO: +4.82023 Q3 · CFO: -8.02023 Q4 · CFO: -14.12024 Q1 · CFO: -1.42024 Q3 · CFO: +10.52024 Q4 · CFO: +14.82025 Q1 · CFO: +11.0
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-35-18+0+18+352007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Prepared remarks: +26.32007 Q4 · Prepared remarks: +16.92008 Q1 · Prepared remarks: +11.22008 Q2 · Prepared remarks: +21.92008 Q3 · Prepared remarks: +16.32008 Q4 · Prepared remarks: +4.72009 Q1 · Prepared remarks: +1.92009 Q2 · Prepared remarks: +5.02009 Q3 · Prepared remarks: +11.92009 Q4 · Prepared remarks: +4.72010 Q1 · Prepared remarks: +17.12010 Q2 · Prepared remarks: +14.82010 Q3 · Prepared remarks: +14.42010 Q4 · Prepared remarks: +18.22011 Q1 · Prepared remarks: +14.82011 Q2 · Prepared remarks: +12.42011 Q3 · Prepared remarks: +9.62011 Q4 · Prepared remarks: +13.22012 Q1 · Prepared remarks: +2.22012 Q2 · Prepared remarks: -0.72012 Q3 · Prepared remarks: +4.52012 Q4 · Prepared remarks: +13.62013 Q1 · Prepared remarks: +11.92013 Q2 · Prepared remarks: +3.22013 Q3 · Prepared remarks: +7.52013 Q4 · Prepared remarks: +18.52014 Q1 · Prepared remarks: +7.92014 Q2 · Prepared remarks: +12.42014 Q3 · Prepared remarks: +17.82014 Q4 · Prepared remarks: +13.52015 Q1 · Prepared remarks: +22.82015 Q2 · Prepared remarks: +12.12015 Q3 · Prepared remarks: +14.12015 Q4 · Prepared remarks: +18.62016 Q1 · Prepared remarks: +12.32016 Q2 · Prepared remarks: +14.12016 Q3 · Prepared remarks: +8.52016 Q4 · Prepared remarks: +12.22017 Q1 · Prepared remarks: +17.52017 Q2 · Prepared remarks: +13.82017 Q3 · Prepared remarks: +19.32017 Q4 · Prepared remarks: +20.12018 Q1 · Prepared remarks: +11.92018 Q2 · Prepared remarks: +15.42018 Q3 · Prepared remarks: +13.92018 Q4 · Prepared remarks: +16.42019 Q1 · Prepared remarks: +7.32019 Q2 · Prepared remarks: +15.82019 Q3 · Prepared remarks: +4.12019 Q4 · Prepared remarks: +9.62020 Q1 · Prepared remarks: +0.52020 Q2 · Prepared remarks: +9.72020 Q3 · Prepared remarks: +4.32020 Q4 · Prepared remarks: +11.82021 Q1 · Prepared remarks: +20.42021 Q2 · Prepared remarks: +22.02021 Q3 · Prepared remarks: +17.32021 Q4 · Prepared remarks: +19.32022 Q1 · Prepared remarks: +21.72022 Q2 · Prepared remarks: +23.42022 Q3 · Prepared remarks: +21.22022 Q4 · Prepared remarks: +20.52023 Q1 · Prepared remarks: +7.02023 Q2 · Prepared remarks: +11.32023 Q3 · Prepared remarks: +4.22023 Q4 · Prepared remarks: +0.82024 Q1 · Prepared remarks: +11.72024 Q2 · Prepared remarks: +5.92024 Q3 · Prepared remarks: +30.52024 Q4 · Prepared remarks: +23.12025 Q1 · Prepared remarks: +23.02007 Q3 · Q&A responses: +7.32007 Q4 · Q&A responses: +8.02008 Q2 · Q&A responses: +9.12008 Q3 · Q&A responses: +3.12008 Q4 · Q&A responses: +1.72009 Q1 · Q&A responses: +1.32009 Q2 · Q&A responses: +8.42009 Q3 · Q&A responses: +4.32009 Q4 · Q&A responses: +5.42010 Q1 · Q&A responses: +6.32010 Q2 · Q&A responses: +4.72010 Q3 · Q&A responses: +13.12010 Q4 · Q&A responses: +10.22011 Q1 · Q&A responses: +8.42011 Q2 · Q&A responses: +2.02011 Q3 · Q&A responses: +4.12011 Q4 · Q&A responses: +5.42012 Q1 · Q&A responses: +0.32012 Q2 · Q&A responses: -0.62012 Q3 · Q&A responses: +5.12012 Q4 · Q&A responses: +7.42013 Q1 · Q&A responses: +14.22013 Q2 · Q&A responses: -0.52013 Q3 · Q&A responses: +0.42013 Q4 · Q&A responses: +9.02014 Q1 · Q&A responses: +2.22014 Q2 · Q&A responses: +4.72014 Q3 · Q&A responses: +9.82014 Q4 · Q&A responses: +9.42015 Q1 · Q&A responses: +15.82015 Q2 · Q&A responses: +9.82015 Q3 · Q&A responses: +18.42015 Q4 · Q&A responses: +12.72016 Q1 · Q&A responses: +19.22016 Q2 · Q&A responses: +14.52016 Q3 · Q&A responses: +9.82016 Q4 · Q&A responses: +16.12017 Q1 · Q&A responses: +16.92017 Q2 · Q&A responses: +14.92017 Q3 · Q&A responses: +17.82017 Q4 · Q&A responses: +17.42018 Q1 · Q&A responses: +17.52018 Q2 · Q&A responses: +11.92018 Q3 · Q&A responses: +11.62018 Q4 · Q&A responses: +11.32019 Q1 · Q&A responses: +12.12019 Q2 · Q&A responses: +14.32019 Q3 · Q&A responses: +8.72019 Q4 · Q&A responses: +14.12020 Q1 · Q&A responses: +2.62020 Q2 · Q&A responses: +13.02020 Q3 · Q&A responses: +5.82020 Q4 · Q&A responses: +15.32021 Q1 · Q&A responses: +17.92021 Q2 · Q&A responses: +16.42021 Q3 · Q&A responses: +7.62021 Q4 · Q&A responses: +10.62022 Q1 · Q&A responses: +16.52022 Q2 · Q&A responses: +12.82022 Q3 · Q&A responses: +14.12022 Q4 · Q&A responses: +13.62023 Q1 · Q&A responses: +4.52023 Q2 · Q&A responses: +5.12023 Q3 · Q&A responses: +4.62023 Q4 · Q&A responses: -3.22024 Q1 · Q&A responses: +3.32024 Q2 · Q&A responses: +8.22024 Q3 · Q&A responses: +6.82024 Q4 · Q&A responses: +16.82025 Q1 · Q&A responses: +15.4
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$5.02$9.46$13.892007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: $5.632014 Q2: $5.672014 Q3: $5.812014 Q4: $5.922015 Q1: $5.802015 Q2: $6.052015 Q3: $6.282015 Q4: $6.402016 Q1: $6.422016 Q2: $6.642016 Q3: $7.002016 Q4: $7.122017 Q1: $7.172017 Q2: $7.652017 Q3: $7.872017 Q4: $8.052018 Q1: $8.372018 Q2: $8.632018 Q3: $8.732018 Q4: $9.212019 Q1: $9.672019 Q2: $9.612019 Q3: $9.882019 Q4: $9.852020 Q1: $9.562020 Q2: $8.492020 Q3: $8.922020 Q4: $9.252021 Q1: $9.862021 Q2: $10.542021 Q3: $11.372021 Q4: $11.792022 Q1: $12.182022 Q2: $12.642022 Q3: $12.732022 Q4: $12.692023 Q1: $13.072023 Q2: $13.282023 Q3: $13.102023 Q4: $12.042024 Q1: $12.202024 Q2: $12.432024 Q3: $12.44

Forward P/E

16.0126.7737.532007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: 20.032014 Q2: 18.922014 Q3: 17.492014 Q4: 19.152015 Q1: 21.372015 Q2: 22.192015 Q3: 19.842015 Q4: 20.902016 Q1: 20.232016 Q2: 20.332016 Q3: 21.852016 Q4: 19.442017 Q1: 22.062017 Q2: 24.182017 Q3: 24.112017 Q4: 24.502018 Q1: 25.242018 Q2: 24.302018 Q3: 22.522018 Q4: 19.792019 Q1: 24.952019 Q2: 21.902019 Q3: 23.122019 Q4: 23.252020 Q1: 18.502020 Q2: 22.202020 Q3: 23.152020 Q4: 26.212021 Q1: 27.192021 Q2: 32.562021 Q3: 36.052021 Q4: 29.782022 Q1: 26.852022 Q2: 25.642022 Q3: 23.402022 Q4: 27.112023 Q1: 23.092023 Q2: 19.732023 Q3: 20.402023 Q4: 25.922024 Q1: 28.832024 Q2: 23.692024 Q3: 26.80

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q1 tone ↑ +5.7 fwd EPS ↓ -0.12 Tone rose while the forward EPS estimate was cut.
  • 2015 Q2 tone ↓ -5.5 fwd EPS ↑ +0.25 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↓ -3.4 fwd EPS ↑ +0.12 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -2.6 fwd EPS ↑ +0.21 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↓ -5.6 fwd EPS ↑ +0.36 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q1 tone ↓ -6.2 fwd EPS ↑ +0.32 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -5.0 fwd EPS ↑ +0.46 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q3 tone ↓ -7.7 fwd EPS ↑ +0.27 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +8.5 fwd EPS ↓ -1.07 Tone rose while the forward EPS estimate was cut.
  • 2020 Q3 tone ↓ -6.3 fwd EPS ↑ +0.43 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q3 tone ↓ -6.8 fwd EPS ↑ +0.83 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q2 tone ↓ -2.7 fwd EPS ↑ +0.46 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q1 tone ↓ -9.6 fwd EPS ↑ +0.38 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-06+15.0——View →
2024 Q42025-02-12+16.3——View →
2024 Q32024-11-01+15.5$12.4426.8View →
2024 Q22024-07-31+8.5$12.4323.7View →
2024 Q12024-05-07+3.1$12.2028.8View →
2023 Q42024-02-06-1.8$12.0425.9View →
2023 Q32023-11-07+3.7$13.1020.4View →
2023 Q22023-08-02+7.3$13.2819.7View →