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Life-sciences and diagnostics company making analytical instruments (chromatography, mass spectrometry) and lab consumables/services.
Life-sciences and diagnostics company making analytical instruments (chromatography, mass spectrometry) and lab consumables/services.
Sells instruments once, then earns recurring revenue from the consumables, service contracts and software that run on them; the CrossLab arm handles that follow-on work. Pharmaceutical and chemical labs are the biggest buyers. It was spun out of Hewlett-Packard in 1999 and separated its electronics test business as Keysight in 2014.
Moat: narrow (installed base, switching costs, brand). Large installed instrument base drives recurring consumables and service revenue.
Headquarters: Santa Clara, California, USA · Founded: 1999 · Employees: 18,100
Size Agilent Technologies (A) is a United States Health Care company (Medical Specialties) with a market value of $49.3B, the 255th largest of 3,117 United States companies the cockpit tracks. Shares closed at $174.76 on 6 Nov 2026.
Performance Over six months the shares gained 51.4%, against +23.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +8.6%); the operating margin is 24.1% (peer median 20.2%).
Valuation It trades at 26.6× forward earnings against a peer median of 26.7× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.0 points above its cost of capital (10.6% WACC).
Backlog Backlog (remaining performance obligations) was $437M at 31 Oct 2025, up 7% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Agilent Technologies has 6 bonds outstanding ($3.65B), rated BBB+ by the agencies and trading like A at a weighted spread of 62 bp.
Short interest Short interest is 1.8% of the free float (15 Oct 2026).
Next results Next results expected around 23 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.37B | $6.95B | $6.51B | $6.83B | $6.85B |
| Revenue growth | — | +7% | -5% | 0% | — |
| Gross profit | $3.96B | $3.65B | $3.56B | $3.72B | $3.69B |
| EBITDA | $2.05B | $1.85B | $1.85B | $1.90B | $1.90B |
| Net income | $1.44B | $1.30B | $1.29B | $1.24B | $1.25B |
| Free cash flow | $1.27B | $1.15B | $1.37B | $1.47B | $1.02B |
| Capital expenditure | $342M | $407M | $378M | $298M | $291M |
| Total debt | $3.95B | $3.54B | $3.57B | $2.90B | $2.92B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Agilent Technologies A | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
| Danaher DHR | $162B | +35% | +6% | 21% | 25.3× | 20.5% |
| Waters WAT | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% |
| Shimadzu 7701.T | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | A | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | +11.8% | 6th lowest of 21 |
| 6-month return | +51.4% | +23.9% | 2nd highest of 21 |
| Distance from 52-week high | -4.5% | -9.5% | 4th highest of 21 |
| Revenue growth (TTM) | +8.6% | +8.6% | 11th highest of 21 |
| Operating margin | 24.1% | 20.2% | 7th highest of 21 |
| Forward P/E | 26.6× | 26.7× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 22.6% | 15.4% | 6th most demanding of 21 |
| Growth delivered (Del g) | +5.4% | +9.7% | 2nd lowest of 21 |
| Hurdle (Req g minus delivered) | +17.2 pp | +4.0 pp | 6th most demanding of 21 |
| ROIC minus cost of capital | +4.0 pp | +3.1 pp | 11th highest of 21 |
| EV / EBITDA | 25.1× | 18.4× | 8th most expensive of 20 |
| Net debt / EBITDA | 1.1× | 1.6× | 10th least indebted of 20 |
| Bond spread | 62 bp | 77 bp | 2nd tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
| Steris STE | United States | $24.6B | +22% | +8% | 20% | 21.4× | 13.7% | +13.8% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Terumo 4543.T | Japan | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% | +13.0% |
Agilent Technologies has 6 bonds outstanding with $3.65B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 5.26%, a spread of 62 bp over government bonds.
Agilent Technologies reported $437M of remaining performance obligations at 31 Oct 2025, up 7% from a year earlier. That is 0.1 years of trailing revenue already under contract.