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Side-by-side financial comparison of SIGNET JEWELERS LTD (SIG) and Waters Corporation (WAT). Click either name above to swap in a different company.
SIGNET JEWELERS LTD is the larger business by last-quarter revenue ($1.4B vs $932.4M, roughly 1.5× Waters Corporation). Waters Corporation runs the higher net margin — 24.2% vs 1.4%, a 22.7% gap on every dollar of revenue. On growth, Waters Corporation posted the faster year-over-year revenue change (6.8% vs 3.1%). Over the past eight quarters, Waters Corporation's revenue compounded faster (21.0% CAGR vs -25.4%).
Signet Jewelers Ltd. is, as of 2015, the world's largest retailer of diamond jewellery. The company is domiciled in Bermuda and headquartered in Akron, Ohio through the Fairlawn suburb, and is listed on the New York Stock Exchange. The group operates in the middle-market jewellery segment and holds number one positions in the US, Canada, and UK speciality jewellery markets. Certain brands operate in the upper middle market. Signet Jewelers owns and operates the companies Blue Nile, Zales, Kay...
Waters Corporation is an American company headquartered in Milford, Massachusetts that provides analytical instruments and software used for chromatography, mass spectrometry, laboratory informatics, and rheometry by the life sciences, materials, and food industries.
SIG vs WAT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $932.4M |
| Net Profit | $20.0M | $225.2M |
| Gross Margin | 37.3% | 61.1% |
| Operating Margin | 1.7% | 29.0% |
| Net Margin | 1.4% | 24.2% |
| Revenue YoY | 3.1% | 6.8% |
| Net Profit YoY | 185.7% | -2.7% |
| EPS (diluted) | $0.49 | $3.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $932.4M | ||
| Q3 25 | $1.5B | $799.9M | ||
| Q2 25 | $1.5B | $771.3M | ||
| Q1 25 | $2.4B | $661.7M | ||
| Q4 24 | $1.3B | $872.7M | ||
| Q3 24 | $1.5B | $740.3M | ||
| Q2 24 | $1.5B | $708.5M | ||
| Q1 24 | $2.5B | $636.8M |
| Q4 25 | $20.0M | $225.2M | ||
| Q3 25 | $-9.1M | $148.9M | ||
| Q2 25 | $33.5M | $147.1M | ||
| Q1 25 | $100.6M | $121.4M | ||
| Q4 24 | $7.0M | $231.4M | ||
| Q3 24 | $-98.5M | $161.5M | ||
| Q2 24 | $52.1M | $142.7M | ||
| Q1 24 | $626.2M | $102.2M |
| Q4 25 | 37.3% | 61.1% | ||
| Q3 25 | 38.6% | 59.0% | ||
| Q2 25 | 38.8% | 58.3% | ||
| Q1 25 | 42.6% | 58.2% | ||
| Q4 24 | 36.0% | 60.1% | ||
| Q3 24 | 38.0% | 59.3% | ||
| Q2 24 | 37.9% | 59.3% | ||
| Q1 24 | 43.3% | 58.9% |
| Q4 25 | 1.7% | 29.0% | ||
| Q3 25 | 0.2% | 24.0% | ||
| Q2 25 | 3.1% | 24.4% | ||
| Q1 25 | 6.5% | 22.9% | ||
| Q4 24 | 0.7% | 33.5% | ||
| Q3 24 | -6.8% | 28.5% | ||
| Q2 24 | 3.3% | 26.7% | ||
| Q1 24 | 16.7% | 21.0% |
| Q4 25 | 1.4% | 24.2% | ||
| Q3 25 | -0.6% | 18.6% | ||
| Q2 25 | 2.2% | 19.1% | ||
| Q1 25 | 4.3% | 18.3% | ||
| Q4 24 | 0.5% | 26.5% | ||
| Q3 24 | -6.6% | 21.8% | ||
| Q2 24 | 3.4% | 20.1% | ||
| Q1 24 | 25.1% | 16.0% |
| Q4 25 | $0.49 | $3.76 | ||
| Q3 25 | $-0.22 | $2.50 | ||
| Q2 25 | $0.78 | $2.47 | ||
| Q1 25 | $2.25 | $2.03 | ||
| Q4 24 | $0.12 | $3.88 | ||
| Q3 24 | $-2.28 | $2.71 | ||
| Q2 24 | $-0.90 | $2.40 | ||
| Q1 24 | $11.77 | $1.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $234.7M | $587.8M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $1.7B | $2.6B |
| Total Assets | $5.4B | $5.1B |
| Debt / EquityLower = less leverage | — | 0.55× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $234.7M | $587.8M | ||
| Q3 25 | $281.4M | $459.1M | ||
| Q2 25 | $264.1M | $367.2M | ||
| Q1 25 | $604.0M | $382.9M | ||
| Q4 24 | $157.7M | $325.4M | ||
| Q3 24 | $403.1M | $331.5M | ||
| Q2 24 | $729.3M | $327.4M | ||
| Q1 24 | $1.4B | $338.2M |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.7B | $2.6B | ||
| Q3 25 | $1.7B | $2.3B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $1.9B | $2.0B | ||
| Q4 24 | $1.8B | $1.8B | ||
| Q3 24 | $1.9B | $1.6B | ||
| Q2 24 | $2.1B | $1.4B | ||
| Q1 24 | $2.2B | $1.3B |
| Q4 25 | $5.4B | $5.1B | ||
| Q3 25 | $5.3B | $4.9B | ||
| Q2 25 | $5.5B | $4.7B | ||
| Q1 25 | $5.7B | $4.6B | ||
| Q4 24 | $5.7B | $4.6B | ||
| Q3 24 | $5.6B | $4.5B | ||
| Q2 24 | $6.2B | $4.4B | ||
| Q1 24 | $6.8B | $4.5B |
| Q4 25 | — | 0.55× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $31.0M | $164.6M |
| Free Cash FlowOCF − Capex | $-1.5M | — |
| FCF MarginFCF / Revenue | -0.1% | — |
| Capex IntensityCapex / Revenue | 2.3% | — |
| Cash ConversionOCF / Net Profit | 1.55× | 0.73× |
| TTM Free Cash FlowTrailing 4 quarters | $591.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.0M | $164.6M | ||
| Q3 25 | $86.3M | $187.3M | ||
| Q2 25 | $-175.3M | $41.1M | ||
| Q1 25 | $780.7M | $259.6M | ||
| Q4 24 | $-75.4M | $240.1M | ||
| Q3 24 | $43.8M | $204.6M | ||
| Q2 24 | $-158.2M | $54.5M | ||
| Q1 24 | $752.2M | $262.9M |
| Q4 25 | $-1.5M | — | ||
| Q3 25 | $62.3M | — | ||
| Q2 25 | $-211.9M | — | ||
| Q1 25 | $742.1M | — | ||
| Q4 24 | $-138.5M | — | ||
| Q3 24 | $15.8M | — | ||
| Q2 24 | $-181.5M | — | ||
| Q1 24 | $716.1M | — |
| Q4 25 | -0.1% | — | ||
| Q3 25 | 4.1% | — | ||
| Q2 25 | -13.7% | — | ||
| Q1 25 | 31.5% | — | ||
| Q4 24 | -10.3% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | -12.0% | — | ||
| Q1 24 | 28.7% | — |
| Q4 25 | 2.3% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 4.7% | — | ||
| Q3 24 | 1.9% | — | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.4% | — |
| Q4 25 | 1.55× | 0.73× | ||
| Q3 25 | — | 1.26× | ||
| Q2 25 | -5.23× | 0.28× | ||
| Q1 25 | 7.76× | 2.14× | ||
| Q4 24 | -10.77× | 1.04× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | -3.04× | 0.38× | ||
| Q1 24 | 1.20× | 2.57× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SIG
| Other | $571.9M | 41% |
| Zale Jewelry | $243.4M | 17% |
| Extended Service Plan | $129.6M | 9% |
| Diamonds Direct | $87.9M | 6% |
| Blue Nile | $74.3M | 5% |
| Extended Service Plan And Other Deferred Revenue | $69.9M | 5% |
| Banter By Piercing Pagoda | $69.2M | 5% |
| Watches | $48.7M | 3% |
| Peoples | $42.2M | 3% |
| James Allen | $27.8M | 2% |
WAT
Segment breakdown not available.
