How to Number a PDF After Merging Pages
Merge first and number second. A final numbering pass creates one sequence and keeps cover-page arithmetic clear.
A watermark is text drawn on top of a page at low opacity, rotated so it crosses the content. That is all it is, and knowing that tells you what it is good for.
It is good at signalling. A reader who opens a page stamped DRAFT knows immediately not to treat it as final, and a page stamped CONFIDENTIAL carries its handling instruction with it wherever it is forwarded. That signal survives printing, screenshotting and forwarding, which is more than can be said for an email footer.
It is not good at preventing anything. The original content is untouched underneath — that is the point of drawing over it rather than rewriting it — so the text stays selectable and the page stays intact. A watermark can be removed by anyone with a tool like this one. Treat it as a label, never as a lock.
The default size is computed rather than fixed: the text is scaled so it spans the page's diagonal. A mixed document of portrait and landscape pages therefore gets a mark that looks deliberate on both, instead of one that is right on A4 and comically wrong on a wide sheet.
Most online watermark tools upload the PDF. A document you are about to mark CONFIDENTIAL is precisely the one that should not be sent to a third party to have the label applied. This page never sends it anywhere.
Desktop editors do this and much more, at the cost of an install and often a subscription. If you also need to sign or redact, PDF Editor has the full annotation toolkit, and PDF Page Numbers is the other common finishing step before a document goes out.