WAT vs. MCHP

Last updated Apr 1, 2026

Compare and contrast key facts about Waters Corporation (WAT) and Microchip Technology Incorporated (MCHP).

Performance

WAT vs. MCHP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Waters Corporation (WAT) and Microchip Technology Incorporated (MCHP). The values are adjusted to include any dividend payments, if applicable.

WAT vs. MCHP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WAT Waters Corporation	-21.60%	2.39%	12.68%	-3.90%	-8.06%	50.59%	5.89%	23.85%	-2.35%	43.75%
MCHP Microchip Technology Incorporated	1.99%	14.61%	-34.96%	30.90%	-17.98%	27.49%	33.73%	48.02%	-16.71%	39.46%

Fundamentals

EPS WAT : $10.77 MCHP : -$0.27
PS Ratio WAT : 5.61 MCHP : 5.31
Total Revenue (TTM) WAT : $3.17B MCHP : $4.37B
Gross Profit (TTM) WAT : $1.88B MCHP : $2.25B
EBITDA (TTM) WAT : $970.17M MCHP : $710.40M

Returns By Period

In the year-to-date period, WAT achieves a -21.60% return, which is significantly lower than MCHP's 1.99% return. Over the past 10 years, WAT has underperformed MCHP with an annualized return of 8.36%, while MCHP has yielded a comparatively higher 12.48% annualized return.

WAT

• 1D: 1.51%
• 1M: -6.76%
• YTD: -21.60%
• 6M: -0.67%
• 1Y: -19.20%
• 3Y*: -1.29%
• 5Y*: 0.90%
• 10Y*: 8.36%

MCHP

• 1D: 7.58%
• 1M: -13.44%
• YTD: 1.99%
• 6M: 2.11%
• 1Y: 37.46%
• 3Y*: -5.98%
• 5Y*: -2.19%
• 10Y*: 12.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

WAT vs. MCHP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WAT

WAT Risk / Return Rank: 20
WAT Sharpe Ratio Rank: 19
WAT Sortino Ratio Rank: 20
WAT Omega Ratio Rank: 20
WAT Calmar Ratio Rank: 23
WAT Martin Ratio Rank: 18

MCHP

MCHP Risk / Return Rank: 66
MCHP Sharpe Ratio Rank: 65
MCHP Sortino Ratio Rank: 66
MCHP Omega Ratio Rank: 67
MCHP Calmar Ratio Rank: 65
MCHP Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WAT vs. MCHP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Waters Corporation (WAT) and Microchip Technology Incorporated (MCHP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	WAT	MCHP	Difference
Sharpe ratio Return per unit of total volatility	-0.50	0.64	-1.14
Sortino ratio Return per unit of downside risk	-0.47	1.37	-1.84
Omega ratio Gain probability vs. loss probability	0.94	1.19	-0.25
Calmar ratio Return relative to maximum drawdown	-0.57	1.06	-1.63
Martin ratio Return relative to average drawdown	-1.23	2.73	-3.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WAT vs. MCHP - Sharpe Ratio Comparison

The current WAT Sharpe Ratio is -0.50, which is lower than the MCHP Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of WAT and MCHP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WAT	MCHP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	0.64	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	-0.05	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.30	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.41	+0.01

Correlation

The correlation between WAT and MCHP is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

WAT vs. MCHP - Dividend Comparison

WAT has not paid dividends to shareholders, while MCHP's dividend yield for the trailing twelve months is around 2.82%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WAT Waters Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MCHP Microchip Technology Incorporated	2.82%	2.86%	3.16%	1.76%	1.65%	0.98%	1.07%	1.40%	2.02%	1.65%	2.24%	3.07%

Drawdowns

WAT vs. MCHP - Drawdown Comparison

The maximum WAT drawdown since its inception was -80.12%, which is greater than MCHP's maximum drawdown of -63.77%. Use the drawdown chart below to compare losses from any high point for WAT and MCHP.

Drawdown Indicators

	WAT	MCHP	Difference
Max Drawdown Largest peak-to-trough decline	-80.12%	-63.77%	-16.35%
Max Drawdown (1Y) Largest decline over 1 year	-31.32%	-34.41%	+3.09%
Max Drawdown (5Y) Largest decline over 5 years	-44.27%	-63.77%	+19.50%
Max Drawdown (10Y) Largest decline over 10 years	-44.27%	-63.77%	+19.50%
Current Drawdown Current decline from peak	-29.88%	-31.78%	+1.90%
Average Drawdown Average peak-to-trough decline	-23.99%	-16.74%	-7.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.49%	13.40%	+1.09%

Volatility

WAT vs. MCHP - Volatility Comparison

The current volatility for Waters Corporation (WAT) is 9.56%, while Microchip Technology Incorporated (MCHP) has a volatility of 13.33%. This indicates that WAT experiences smaller price fluctuations and is considered to be less risky than MCHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WAT	MCHP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	13.33%	-3.77%
Volatility (6M) Calculated over the trailing 6-month period	25.10%	32.21%	-7.11%
Volatility (1Y) Calculated over the trailing 1-year period	38.46%	58.56%	-20.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.49%	43.45%	-10.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.13%	41.35%	-11.22%

Financials

WAT vs. MCHP - Profitability Comparison

The chart below illustrates the profitability comparison between Waters Corporation and Microchip Technology Incorporated over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

WAT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Waters Corporation reported a gross profit of 569.50M and revenue of 932.36M. Therefore, the gross margin over that period was 61.1%.

MCHP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Microchip Technology Incorporated reported a gross profit of 706.90M and revenue of 1.19B. Therefore, the gross margin over that period was 59.6%.

WAT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Waters Corporation reported an operating income of 270.52M and revenue of 932.36M, resulting in an operating margin of 29.0%.

MCHP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Microchip Technology Incorporated reported an operating income of 151.70M and revenue of 1.19B, resulting in an operating margin of 12.8%.

WAT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Waters Corporation reported a net income of 225.21M and revenue of 932.36M, resulting in a net margin of 24.2%.

MCHP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Microchip Technology Incorporated reported a net income of 34.90M and revenue of 1.19B, resulting in a net margin of 2.9%.