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FY2025 순매출의 59%는 제약 계정, 30%는 기타 산업 계정에서 발생했으며, 제품과 서비스를 만들기 위해 클라우드 인프라와 검증된 컴퓨터 하드웨어를 사용한다. 2026년에는 BD의 바이오사이언스·진단솔루션 사업을 편입해 생명과학과 진단으로 범위를 넓혔다.","lead_en":"Waters generates revenue from liquid chromatography, mass spectrometry, analytical consumables, laboratory software, and maintenance services. Pharmaceutical accounts produced 59% of FY2025 net sales and other industrial accounts produced 30%, while cloud infrastructure and validated computer hardware support its products and services. 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EDA","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null}],"analysis":"분석장비·실험실 소프트웨어 기업. 2026년 +7.8%다. 공급단(평균 +200.7%)이 본주(+7.8%)보다 앞서 있다. 지출이 아래로 번지며 공급사 쪽 탄력이 먼저 나타나는 구도다. 연결 노드 중 가장 앞선 곳은 델(+320.2%), 가장 처진 곳은 아마존(+12%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Waters Corporation operates across Analytical instruments and laboratory software. It is +7.8% in 2026. The supply side (avg +200.7%) leads the stock (+7.8%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is Dell Technologies (+320.2%) and the furthest behind is Amazon (+12%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. In 2026, Waters expanded into life sciences and diagnostics by combining with BD's Biosciences and Diagnostic Solutions businesses.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"BD 바이오사이언스·진단솔루션 사업","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-23","basis":"BD 바이오사이언스·진단솔루션 사업 인수가격, 인수 부채 포함","value":16800000000,"period":"acquisition completed 2026-02-09","basis_en":"Purchase price for the BD Biosciences and Diagnostic Solutions businesses, including assumed debt","qualifier":null},"note":"워터스는 2026년 2월 9일 벡톤 디킨슨의 바이오사이언스·진단솔루션 사업을 역모리스신탁 방식으로 완전 자회사에 편입했다. FY2025 10-K가 제시한 인수가격은 인수 부채를 포함해 168억 달러이며, 2025년 발표 당시 거래가치 175억 달러와는 산정 기준이 다르다.","note_en":"On February 9, 2026, Waters combined with Becton, Dickinson's Biosciences and Diagnostic Solutions businesses through a Reverse Morris Trust, making the business a wholly owned subsidiary. The FY2025 Form 10-K reports a $16.8 billion purchase price including assumed debt, while the announced $17.5 billion transaction value used a different measurement basis.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/d778470d10k.htm","title":"워터스 2025 회계연도 Form 10-K","title_en":"WATERS CORP /DE/ 10-K (2026-02-23)","excerpt":"인수 총액은 인수 부채를 포함해 168억 달러였다.","excerpt_en":"Purchase price, including assumed debt, of $16.8 billion."},{"stance":"confirms","publisher":"PR 뉴스와이어","publisher_en":"PR Newswire","kind":"ir","lang":"ko","published_at":"2026-02-13","url":"https://www.prnewswire.com/kr/news-releases/u0077u0061u0074u0065u0072u0073u002Cu002Du0062u0064u002DuC0DDuBA85uACFCuD559u002DuBC0Fu002DuC9C4uB2E8u002DuC194uB8E8uC158u002DuC0ACuC5C5u002D-302686591.html","title":"Waters, BD 생명과학 및 진단 솔루션 사업 부문과의 합병 성사","title_en":"Waters Completes Combination with BD's Biosciences and Diagnostic Solutions Businesses","excerpt":"BD의 생명과학 및 진단 솔루션 사업 부문과의 합병 절차를 완료했다고 밝혔다.","excerpt_en":"Waters said it completed the combination with BD's Biosciences and Diagnostic Solutions businesses."},{"stance":"mentions","publisher":"윌리엄 블레어","publisher_en":"William Blair","kind":"research","lang":"en","published_at":"2026-01-05","url":"https://www.williamblair.com/News/Waters-Corporation-Initiation","title":"워터스 코퍼레이션 리서치 커버리지 개시","title_en":"Waters Corporation: Initiation of Research Coverage","excerpt":"윌리엄 블레어는 발표 당시 주식·현금 인수가격을 175억 달러로 설명했다.","excerpt_en":"Stock and cash purchase price of $17.5 billion."}]},{"direction":"revenue","counterparty":"제약·바이오 고객군","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-23","basis":"제약 계정이 워터스 FY2025 순매출에서 차지한 비중","value":59,"period":"FY2025","basis_en":"Pharmaceutical accounts as a share of Waters FY2025 net sales","qualifier":null},"note":"다국적 제약사, 제네릭 의약품 제조사, 임상시험수탁기관과 바이오기업이 워터스의 가장 큰 수요처다. FY2025 이 고객군이 순매출의 59%를 차지했으며, 개별 고객 중 매출 비중이 2%를 넘은 곳은 없었다.","note_en":"Multinational pharmaceutical companies, generic-drug manufacturers, contract research organizations, and biotechnology companies are Waters' largest customer group. These accounts generated 59% of FY2025 net sales, while no individual customer exceeded 2%.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/d778470d10k.htm","title":"워터스 2025 회계연도 Form 10-K","title_en":"WATERS CORP /DE/ 10-K (2026-02-23)","excerpt":"회사 순매출의 59%가 제약 계정에서 발생했다.","excerpt_en":"59% of the Company's net sales were to pharmaceutical accounts."}]},{"direction":"revenue","counterparty":"기타 산업 고객군","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-23","basis":"기타 산업 계정이 워터스 FY2025 순매출에서 차지한 비중","value":30,"period":"FY2025","basis_en":"Other industrial accounts as a share of Waters FY2025 net sales","qualifier":null},"note":"화학·폴리머 제조사, 식음료 기업과 환경시험기관이 워터스의 두 번째로 큰 수요처다. FY2025 이 고객군은 순매출의 30%를 차지했다.","note_en":"Chemical and polymer manufacturers, food and beverage companies, and environmental testing laboratories form Waters' second-largest customer group. These accounts generated 30% of FY2025 net sales.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-23","url":"https://www.sec.gov/Archives/edgar/data/1000697/000119312526062604/d778470d10k.htm","title":"워터스 2025 회계연도 Form 10-K","title_en":"WATERS CORP /DE/ 10-K (2026-02-23)","excerpt":"순매출의 30%는 기타 산업 계정에서 발생했다.","excerpt_en":"30% to other industrial accounts."}]},{"direction":"cost","counterparty":"Lenovo","counterparty_slug":"lenovo","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-09-19","basis":"waters_connect 워크스테이션용 Lenovo 컴퓨터 하드웨어와 장기공급 지원 비용","value":null,"period":"current as of 2025-09-19","basis_en":"Lenovo computer hardware and long-life supply support for waters_connect workstations","qualifier":"confirmed_no_disclosed_value"},"note":"워터스는 Lenovo P5 워크스테이션을 waters_connect용으로 맞춤 구성하며 Lenovo와 부품 장기공급 계약을 맺고 있다. Lenovo 하드웨어 조달액은 공개되지 않았다.","note_en":"Waters customizes Lenovo P5 workstations for waters_connect and states that it has vendor agreements supporting long-life component availability. Lenovo hardware procurement spending was not disclosed.","sources":[{"stance":"confirms","publisher":"워터스","publisher_en":"Waters Corporation","kind":"ir","lang":"en","published_at":"2025-09-19","url":"https://help.waters.com/content/dam/waters/en/support/releasenotes/2025/716014652/716014652RevB.pdf","title":"waters_connect용 Lenovo P5 12코어 Windows 10 LTSC 2021 이미지 릴리스 노트","title_en":"P5 12 Core Windows 10 LTSC 2021 Image for waters_connect Software Release Notes","excerpt":"워터스는 컴퓨터 부품의 장기 공급과 지원을 확보하기 위해 공급업체와 계약을 맺고 있다.","excerpt_en":"We have agreements with the vendor to ensure the components in the computers are available and supported."}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2024-09-12","basis":"waters_connect 시스템 모니터링 소프트웨어에 사용하는 AWS 클라우드 인프라 비용","value":null,"period":"current as of 2024-09-12","basis_en":"AWS cloud infrastructure spending for waters_connect System Monitoring software","qualifier":"confirmed_no_disclosed_value"},"note":"워터스는 waters_connect 시스템 모니터링 소프트웨어에 AWS의 EC2, RDS, S3와 IoT Greengrass를 사용한다. 클라우드 사용액과 계약 조건은 공개되지 않았다.","note_en":"Waters uses AWS EC2, RDS, S3, and IoT Greengrass for its waters_connect System Monitoring software. Cloud spending and contract terms were not disclosed.","sources":[{"stance":"confirms","publisher":"워터스","publisher_en":"Waters Corporation","kind":"ir","lang":"en","published_at":"2024-09-12","url":"https://www.waters.com/blog/increasing-lab-efficiency-with-amazon-web-services-to-enable-real-time-remote-access-to-lab-information/","title":"Amazon Web Services로 실험실 정보 원격 접근 효율 높이기","title_en":"Increasing Lab Efficiency with Amazon Web Services to Enable Real-Time Remote Access to Lab Information","excerpt":"AWS와의 협업으로 워터스는 여러 클라우드 서비스를 활용할 수 있게 됐다.","excerpt_en":"Teaming up with AWS has enabled Waters to leverage a range of cloud services."}]},{"direction":"cost","counterparty":"Dell","counterparty_slug":"dell","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-11-05","basis":"waters_connect LND4용 Dell 컴퓨터 하드웨어와 장기공급 지원 비용","value":null,"period":"current as of 2025-11-05","basis_en":"Dell computer hardware and long-life supply support for waters_connect LND4 systems","qualifier":"confirmed_no_disclosed_value"},"note":"워터스는 Dell OptiPlex XE4 기반 LND4를 waters_connect용으로 맞춤 구성하며 Dell과 부품 장기공급 계약을 맺고 있다. Dell 하드웨어 조달액은 공개되지 않았다.","note_en":"Waters customizes Dell OptiPlex XE4-based LND4 systems for waters_connect and states that it has vendor agreements supporting long-life component availability. Dell hardware procurement spending was not disclosed.","sources":[{"stance":"confirms","publisher":"워터스","publisher_en":"Waters Corporation","kind":"ir","lang":"en","published_at":"2025-11-05","url":"https://help.waters.com/content/dam/waters/en/support/releasenotes/2025/716016352/716016352RevA.pdf","title":"Waters eLAC/E32·LND·cLAC/E32 수집 서버 구성 16 릴리스 노트","title_en":"Waters eLAC/E32 / LND and cLAC/E32 Acquisition Server Configuration 16 Release Notes","excerpt":"워터스는 부품의 장기 공급과 지원을 확보하기 위해 공급업체와 계약을 맺고 있다.","excerpt_en":"We have agreements with the vendor to ensure the components in the LND4 are available and supported."}]}]}