Waters Corporation

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,157 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• PENDING TRANSACTION HAS CLOSED. On 9 February 2026 (the 'Closing Date'), Waters completed the acquisition of the Biosciences and Diagnostic Solutions business ('BDS Business') of Becton, Dickinson and Company (BD), structured as a Reverse Morris Trust: BD spun off the BDS Business to BD shareholders, who simultaneously received it merged into Augusta SpinCo Corporation, a wholly owned Waters subsidiary. Waters issued 38,542 thousand (38,542,000) new shares of Waters common stock to BD shareholders of record as of 5 February 2026, giving those Record Date BD Shareholders approximately 39.2% of outstanding Waters common stock and former Waters shareholders approximately 60.8%, on a fully diluted basis, per the Q2 2026 10-Q. Total acquisition-date fair value of consideration transferred was approximately $13 billion, including approximately $12.8 billion of fair value in the issued shares. Because the deal has closed, this file uses the POST-closing share basis throughout (98,248,111 shares outstanding as of 7 Aug 2026, from the Q2 2026 10-Q cover page dated 11 Aug 2026) and prefers 13F filings dated 30 Jun 2026, which are after the 9 Feb 2026 close. The Q4 2025 10-K (filed 23 Feb 2026, covering fiscal year 2025) and any 13F dated 31 Mar 2026 or earlier reflect PRE-merger share counts (roughly 59.5 million shares outstanding at 31 Dec 2025) and are not used for the register or the share basis.
• This is the same trap flagged for Devon: BlackRock's Schedule 13G/A cited in the 2026 proxy (filed 17 Apr 2025) reports only 5,350,223 shares, dated almost a year before the BD merger closed. The fresher Q2 2026 13F-HR shows BlackRock actually holding 8,484,939 shares, a difference of over 3.1 million shares. The proxy's own 5% owner table is stale for this reason and is not used as the primary source for BlackRock; the 13F is used instead, with the stale 13G noted here for comparison.
• Implied price per share was checked explicitly, per the brief's instruction (Waters has a high nominal share price and a modest share count). Across every Q2 2026 13F filer of CUSIP 941848103 (BlackRock, Vanguard family, State Street, Geode, FMR, Capital Research Global, Norges Bank, both T. Rowe entities), value_usd divided by shares clusters tightly at approximately $375.0 to $375.1 per share, which is a genuinely high but real implied price: Waters traded at $407.74 (stockanalysis.com, 18 Aug 2026 intraday quote, previous close $402.18) and its 52-week range per the same source is $282.77 to $420.26, so $375 as of the 30 Jun 2026 valuation date sits comfortably inside that range. Both T. Rowe Price CIKs (0000080255 and 0001897612) reported their dollar values in THOUSANDS (raw XML implying approximately $0.375/share) and were rescaled by 1000x to match this cluster; this has now been confirmed as a recurring T. Rowe filing convention.
• Vanguard: parent Vanguard Group Inc (CIK 0000102909) filed Form 13F-NT (notice, no info table) for Q2 2026, confirmed by the absence of an info table document in its filing index. Per the brief's rule, successor entities are summed rather than substituted. Checked all 12 Vanguard-affiliated CIKs returned by an EDGAR company search for 13F-HR filers named 'vanguard'; SEVEN hold WAT shares (more than the two-successor pattern the brief describes as typical, and more than the five-successor case it flags as unusual): Vanguard Asset Management Ltd (CIK 0001680208, 189,305 sh), Vanguard Capital Management LLC (CIK 0002100119, 6,415,552 sh), Vanguard Fiduciary Trust Co (CIK 0000933478, 551,398 sh), Vanguard Global Advisers LLC (CIK 0001811242, 211,870 sh), Vanguard Investments Australia Ltd (CIK 0001550100, 50,404 sh), Vanguard Personalized Indexing Management LLC (CIK 0001767306, 12,534 sh), Vanguard Portfolio Management LLC (CIK 0002100121, 4,740,524 sh). Five others (Vanguard Advisers Inc, Vanguard Capital Wealth Advisors, Vanguard Marketing Corporation, Vanguard National Trust Co, and Vanguard V Venture Partners LLC, which had no 13F filing found at all) hold zero or were not found holding WAT. Summed total: 12,171,587 shares, $4,564,831,989.
• Holdings side: searched the FY2025 10-K (filed 23 Feb 2026) and the Q2 2026 10-Q (filed 11 Aug 2026) for 'equity method', 'unconsolidated', 'joint venture', 'non-marketable', 'strategic investment', 'equity investment', 'investments in', 'cost method', 'minority interest', 'measurement alternative', 'readily determinable' and 'noncontrolling'. No named investee, joint venture, or equity-method holding of any kind was found in either filing. The only related disclosure is an immaterial, unnamed cash flow line: 'Proceeds from (investments in) equity investments, net' of $(7.3) million, $(1.5) million and $0.7 million for fiscal 2025, 2024 and 2023 respectively in the 10-K, and 'Investments in unaffiliated companies, net' of $(10) million and $(1) million for the six months ended 4 Jul 2026 and 28 Jun 2025 respectively in the 10-Q. Neither breaks out any counterparty, and neither balance sheet carries an 'equity investments', 'non-marketable equity securities' or similar line item. This is a sourced empty-holdings finding, not a gap: Waters Corporation, a scientific instruments company, appears to hold no material named equity stakes in other companies as of the most recent 10-K and 10-Q.
• Register self-gate, computed the way the chart computes it (members rolled into the aggregate at full value, the aggregate itself reduced to its residual, everything else at full value): 12 register rows (9 institutional/active rows including the 7-entity Vanguard roll-up as one row, 1 sovereign row, 1 individually named insider, 1 insider aggregate). The aggregate's one member is Udit Batra at 146,283 shares, so the aggregate counts at its residual of 302,653 minus 146,283 = 156,370. Summed shares: 12,171,587 (Vanguard) + 8,484,939 (BlackRock) + 4,935,371 (Fundsmith) + 3,817,779 (T. Rowe Investment Management) + 2,636,146 (Geode) + 2,177,958 (T. Rowe Associates) + 4,382,008 (State Street) + 924,742 (FMR) + 358,198 (Capital Research Global) + 188,334 (Norges Bank) + 146,283 (Batra) + 156,370 (officers/directors residual) = 40,379,715 shares against 98,248,111 shares outstanding = 41.10%, within the expected 25 to 45 percent band.
• Market capitalization: stockanalysis.com reported $39.51 billion as of the 18 Aug 2026 intraday quote (price $407.74, previous close $402.18). Cross-check: 98,248,111 shares outstanding x $407.74 implies approximately $40.06 billion, about 1.4% above the reported figure, plausibly because stockanalysis computes market cap from a slightly different share count or timestamp than the 10-Q cover page's 7 Aug 2026 count. Both figures are reported here rather than reconciled by force; company.market_cap_usd uses the independently sourced stockanalysis.com figure.