One-glance verdict
Overvalued
$77.10 our estimate vs market $150.27
Wall Street consensus: $174.95 (126.9% higher than our fair-value estimate)
95% above our estimate, beyond the bull case
Fundamentals snapshot
Agilent Technologies, Inc.
A · NYQ · Healthcare · Diagnostics & Research
Current price
$150.27
52-week range
$108.35 - $163.75
Market cap
$42.37B
Balance sheet
Watch
13.21x Strong cushion
Net debt $2.39B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 6.1% last year.
- Reward Returns 21.0% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Insider ownership is only 0.2% (peer median: 0.3%).
What this company does
Agilent Technologies, Inc.
Agilent Technologies sells high-tech lab equipment, software, and services to scientists in fields like healthcare and chemical testing. A large part of its business comes from also selling the necessary consumables (the supplies that get used up and reordered, like lab chemicals) for the equipment it places. This is important because it creates a steady stream of recurring revenue (income that is predictable and likely to continue), making the company's sales less reliant on one-time, big-ticket machine sales.
How the company got here
Agilent started as part of Hewlett-Packard (the company famous for printers and computers) and became its own company in 1999 in what was the largest initial public offering (a company's first sale of stock to the public) in Silicon Valley's history at the time. [4, 9] Originally, it sold a wide variety of electronic and measurement products. [7] A key turning point was in 2014 when Agilent spun off its electronic measurement business to focus exclusively on life sciences, diagnostics, and applied chemical markets. [4, 5] This strategic shift allowed the company to concentrate on providing high-tech tools and services to laboratories, a more focused and consistently growing business area. [5]
What it actually does
Think of Agilent as a company that equips scientists like a one-stop-shop for a high-tech kitchen. It doesn't make the food, but it provides the advanced ovens, measuring cups, and even the maintenance services for that equipment. [4] Agilent makes the sophisticated instruments, software, and supplies that laboratories use to test and analyze substances. [14] This helps customers answer critical questions, like whether our food and water are safe, if a new drug is effective and pure, or what a patient's diagnosis is. [14, 20]
Life Sciences and Diagnostics Markets
This is Agilent's largest business, making up a little less than half of its sales. [11] This division provides cutting-edge tools to companies that discover and manufacture new medicines, as well as to clinical labs that diagnose diseases like cancer. [11, 13] For example, a pharmaceutical company would buy Agilent's liquid chromatography and mass spectrometry systems—highly sensitive machines that can separate and identify the tiniest components of a mixture—to ensure a new drug is pure. [13] This segment is focused on the health and medicine industries, from early research to patient testing.
Agilent CrossLab
This part of the company is also a huge piece of the business, representing over 40% of revenue. [11] Instead of selling the big-ticket instruments, this group sells all the services and supplies needed to keep a lab running smoothly day-to-day. [15] This includes everything from repairs, maintenance, and training to consumables (the disposable items labs use up, like special chemical-filled columns for testing machines). [13] This creates a steady, predictable business because labs always need new supplies and service for their equipment, much like a printer manufacturer sells ink cartridges on an ongoing basis.
Applied Markets
This segment, which accounts for about a fifth of the company's business, serves customers who test the safety and quality of everyday things. [11] Clients in this area include food producers checking for pesticides, environmental agencies testing for pollution, and forensic labs analyzing evidence. [11] They use Agilent's specialized equipment, such as gas chromatography systems, to identify and measure chemicals in samples. [11] This part of the business helps ensure that products and the environment meet safety and regulatory standards.
What management is betting on now
Management is focused on getting closer to its customers by organizing the company around the specific markets it serves, like pharmaceuticals and food safety. [11, 17] A major priority is to grow the most predictable parts of the business, especially the CrossLab segment that provides services and supplies. [5] This strategy, sometimes called the "razor-and-blade" model, aims to sell a customer an instrument and then generate a long stream of recurring revenue (steady, predictable income) from the services and consumables that instrument needs over its lifetime. [5] They are also investing in digital tools and software to make modern labs more efficient and automated. [10]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$388.00M
FY2025 Q1
$334.00M
FY2025 Q2
$107.00M
FY2025 Q3
$259.00M
FY2025 Q4
$452.00M
FY2026 Q1
$175.00M
FY2026 Q2
$201.00M
FY2026 Q3
$439.00M
Revenue
$1.88B
Net income
$362.00M
Diluted EPS
1.28
Operating cash flow
$519.00M
Free cash flow
$439.00M
Fetching…
Sources
Revenue
$1.83B
Net income
$339.00M
Diluted EPS
1.20
Operating cash flow
$277.00M
Free cash flow
$201.00M
Fetching…
Sources
Revenue
$1.80B
Net income
$305.00M
Diluted EPS
1.07
Operating cash flow
$268.00M
Free cash flow
$175.00M
Fetching…
Sources
Revenue
$1.86B
Net income
$434.00M
Diluted EPS
1.53
Operating cash flow
$545.00M
Free cash flow
$452.00M
Fetching…
Sources
Revenue
$1.74B
Net income
$336.00M
Diluted EPS
1.18
Operating cash flow
$362.00M
Free cash flow
$259.00M
Fetching…
Sources
Revenue
$1.67B
Net income
$215.00M
Diluted EPS
0.75
Operating cash flow
$221.00M
Free cash flow
$107.00M
Fetching…
Sources
Revenue
$1.68B
Net income
$318.00M
Diluted EPS
1.11
Operating cash flow
$431.00M
Free cash flow
$334.00M
Fetching…
Sources
Revenue
$1.70B
Net income
$351.00M
Diluted EPS
1.23
Operating cash flow
$481.00M
Free cash flow
$388.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $77.10 vs current price $150.27
Wall Street consensus is the average analyst price target: $174.95 (126.9% higher than our fair-value estimate).
Our most-likely fair value is $77.10 a share — about 48.7% below today's price of $150.27, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Watch
Net debt $2.4B. Interest coverage 13.2x.
Net debt
$2.39B
Interest coverage
13.21x
Agilent Technologies, Inc.'s profit covers its interest bill about 13.2 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
A
BASELINE
Agilent Technologies, Inc.
Total debt $4.15B Interest coverage 13.21x This is the baseline the peer rows are being compared against.
Total debt $42.55B Interest coverage 5.72x -57% vs A Carries about 2.3x less debt cushion than A.
Total debt $27.86B Interest coverage 17.70x +34% vs A Carries about 1.3x more debt cushion than A.
Total debt $5.48B Interest coverage 11.54x -13% vs A Has roughly the same debt cushion as A.
Total debt $2.14B Interest coverage 16.32x +24% vs A Carries about 1.2x more debt cushion than A.
Total debt $3.34B Interest coverage 3.87x -71% vs A Carries about 3.4x less debt cushion than A.
What you should know
The case for and against A
3 Rewards
1 Risk
Rewards
-
Revenue grew 6.1% last year.
-
Returns 21.0% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Insider ownership is only 0.2% (peer median: 0.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
29.70x
Forward P/E
22.24x
P/B
5.75x
P/S
5.75x
EV/EBITDA
21.52x
PEG ratio
1.21x
Profitability
How much profit each dollar creates
Gross margin
53.6%
Operating margin
25.6%
Net margin
19.5%
ROE
21.0%
ROA
8.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.56x
Current ratio
2.05x
Quick ratio
1.41x
Total debt
$4.15B
Total cash
$1.76B
Growth
How the business has been compounding
Revenue TTM
$7.37B
Revenue 5Y CAGR
2.4%
EPS TTM
5.06
EPS 5Y CAGR
3.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.61B
Free CF TTM
$1.15B
FCF margin
15.6%
Dividend
Shareholder payout
Yield
0.7%
Payout ratio
20.0%
Last ex-div date
2026-06-30