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Agilent Technologies, Inc. A

NYSEDiagnostics and life science toolsFinancials to Jul 31, 2026 · Updated Nov 11, 2026

On Stock Analysis · affiliate link
A financials
Moat score
63
ROIC
14.8%
P/E
35.3
EV/EBIT
32.3
FCF yield
2.5%
Dividend yield
0.6%
Market cap
$50.8B

Moat ranks

Score rankTied #294 of 396
Durabilitydurable
Market structureCompetitive
Pricing powermoderate

Balance sheet

7/31/26
$BOct 31Jul 31
Cash1.81.8
Securities0.00.0
Debt3.43.9
Net cash-1.6-2.2
Equity6.77.4
Leverage
Debt / EBITDA
2.07×
Debt / equity
0.54×
Leases (10/31/19)
$6M
Capital
Diluted shares
283M
Book value / share
$26.02
Price / book
6.9×
Net cash / share
−$7.74
Market cap
$50.8B
Enterprise value
$53.0B

Per-share record

Fiscal years and TTM
Scale
$0$10$20$30'16'17'18'19'20'21'22'23'2424.38'2526.05TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q3 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth8.1%-2.1 pts
Operating margin23.6%+2.9 pts
FCF margin23.4%+8.5 pts
Capex / revenue4.3%-1.7 pts
Life Sciences and Diagnostics revenue (quarter)$746M+11%
CrossLab revenue (quarter)$786M+6%
Applied Markets revenue (quarter)$346M+7%
Services and other revenue (quarter)$545M+7%
Non-instrumentation and other revenue (quarter)$1.2B+8%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About A

Agilent sells laboratory instruments, reagents, software, services and specialized drug-manufacturing capabilities. CrossLab is the largest full-year segment and benefits from a broad service network and repeated laboratory spending.

Revenue mix
Agilent CrossLab 41.9%Life Sciences and Diagnostics Markets 39.2%Applied Markets 18.9%
  • Design In Qualification

    LC/LCMS, clinical assays and manufacturing processes are embedded in validated laboratory procedures.

  • Installed Base Consumables

    Pathology, genomics and cell-analysis platforms use reagents and consumables repeatedly, while specialty CDMO produces therapeutic ingredients under customer programs.

  • Service Field Network

    Agilent operates a direct service organization in 28 countries and reported more than 4,500 field engineers in January 2026.

  • Data Workflow Lockin

    OpenLab and lab informatics store methods, audit trails and data that become part of operating procedures.

Timeline
  1. Oct 5, 2026

    Agilent added a Boulder laboratory for emerging oligonucleotide manufacturing processes; initial customer programs are expected in November, subject to requirements.

  2. Oct 1, 2026

    Agilent introduced NovoStation automated sample preparation for flow-cytometry workflows, adding laboratory automation.

  3. Sep 29, 2026

    Agilent introduced a Gen5 AI cell-identification module for BioTek imaging, extending automated cell-analysis software.

  4. Sep 21, 2026

    Agilent launched CE-IVD-labeled TapeStationDx systems and software, extending clinical sequencing quality-control workflows.

  5. Sep 16, 2026

    Agilent declared a USD0.255 quarterly dividend and corrected the schedule to an October 28 payment for October 6 holders. The declaration is a future distribution, separate from reported cash dividends already paid.

Ownership

To 10/8/26
CEO
Padraig McDonnell
Since 2024 · 2 yrs
Professional CEOSingle share class
Insider trades21
Planned sales2

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share ($)
Revenue12.7713.7215.1216.2417.1120.5822.8323.0822.3724.3826.05+7.4%/yr
Cash flow2.412.733.343.212.954.844.375.996.025.475.69+9.5%/yr
Earnings1.402.100.973.372.303.944.184.194.434.575.09+14.0%/yr
Free cash flow1.992.192.802.722.574.223.404.984.724.044.48+8.2%/yr
Capex0.420.540.540.490.380.620.971.011.301.431.21+14.5%/yr
Dividends0.460.520.590.650.710.770.830.900.940.991.01+9.0%/yr
Book value12.9014.8214.0514.9315.6217.5517.6819.7520.2723.6526.02+7.0%/yr
Diluted shares (M)329326325318312307300296291285283-1.6%/yr
Totals ($B)
Revenue4.24.54.95.25.36.36.86.86.56.97.4+5.7%/yr
Operating income0.60.80.90.90.81.31.61.41.51.51.6+10.2%/yr
Net income0.50.70.31.10.71.21.31.21.31.31.4+12.2%/yr
Free cash flow0.70.70.90.90.81.31.01.51.41.21.3+6.5%/yr
Buybacks0.40.20.40.70.50.81.10.61.20.40.4-0.2%/yr
Dividends0.20.20.20.20.20.20.30.30.30.30.3+7.3%/yr
Net cash0.40.70.5-1.0-0.9-1.2-1.7-1.1-2.1-1.6-2.2−$2.0B
Margins & returns (%)
Gross margin52.353.654.554.353.153.954.450.754.352.453.8+0.1 pts
Operating margin14.618.018.418.215.821.323.619.822.921.322.2+6.7 pts
Net margin11.015.36.420.713.519.118.318.119.818.819.5+7.8 pts
FCF margin15.615.918.516.815.020.514.921.621.116.617.2+1.0 pts
ROIC13.816.819.014.112.617.719.916.616.115.314.8+1.6 pts
Return on equity10.914.26.922.614.822.523.621.221.919.319.6+8.4 pts
R&D % of revenue7.87.67.97.89.37.06.87.07.46.56.6-1.3 pts
Stock pay % of revenue1.41.41.41.41.61.81.81.62.01.91.8+0.4 pts
Capex % of revenue3.33.93.63.02.23.04.24.45.85.94.6+2.5 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Jul 31, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 13.8% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score63
Strength
Confidence
Structure
Competitive
Durability
durable
Trajectory
stable
Pricing power
moderate
Segments
  • Life Sciences and Diagnostics Markets39.2%
    2 claims
  • Agilent CrossLab41.9%
    3 claims
  • Applied Markets18.9%
    1 claim

Moat claims

Applies to
Life Sciences and Diagnostics Markets
Confidence
Durability
durable
Trajectory
stableas of Oct 7, 2026
Why it holds

LC/LCMS, clinical assays and manufacturing processes are embedded in validated laboratory procedures. New equipment or suppliers can require qualification, method transfer and staff training. FDA-approved PD-L1 28-8 testing is tied to Autostainer Link 48, while four more PD-L1 22C3 indications can now run on Dako Omnis. These specific approvals support qualification costs; rival qualified platforms remain available in the wider portfolio.

Why stable

Life Sciences and Diagnostics sales reached USD746m in Q3 and TapeStationDx extends clinical workflows. Acquisitions and new products broaden the offering, but no published switch-loss series proves that qualification costs are rising.

Indicators
  • Life Sciences and Diagnostics revenue (annual)$2.7B+11%
  • Life Sciences and Diagnostics revenue (quarter)$746M+11%
  • China revenue$1.2B+1%
  • Standard warranty settlements$53M-7%
  • Instrumentation revenue (annual)$2.4B+3%
  • Instrumentation revenue (quarter)$643M+7%
  • Liquid chromatography revenue growth+9%
  • EU PD-L1 22C3 companion diagnostic indications8
Risks
  • Customers adopt multi-vendor standardized methods and data formats
  • Performance parity and aggressive pricing from major rivals
  • Capex cycles shift toward lower-cost alternatives or leasing

Profile change log

  1. Oct 8, 2026 · analyst revision

    Removed a mixed-source leader list from the broad process and measurement market profile, retaining the evidence as separate nuclear-safety and applied-laboratory competitor facts. Added diagnostic reagent qualification, differing customer budget cycles and the planned therapeutic-capacity ramp to linked market context.

  2. Oct 8, 2026 · business change

    EU certification added ovarian, fallopian-tube and primary peritoneal cancer to PD-L1 22C3 testing for KEYTRUDA decisions, bringing that assay to eight CE-marked companion diagnostic indications.

  3. Oct 8, 2026 · business change

    FDA approved expanded PD-L1 28-8 testing for gastric and esophageal cancers on Autostainer Link 48, extending the approved reagent and instrument workflow for OPDIVO treatment decisions.

  4. Oct 8, 2026 · business change

    FDA approved four additional PD-L1 22C3 tumor indications on Dako Omnis after a platform comparison study, broadening the qualified automated staining workflow.

  5. Oct 8, 2026 · analyst revision

    Specific PD-L1 approvals establish a clearer pathology instrument and reagent tie than broad statements about validation. Added these sources and direct LC sales and diagnostic-indication measures; kept claim strengths and stable trajectories because test volumes and switching trends remain unpublished.

  6. Oct 7, 2026 · analyst revision

    Extended linked market context with the resolved Axion dispute, uncertainty over additional tariff recoveries and replacement of the discontinued 4500 FTIR. Kept company addressable opportunities separate from realized market sales and supplier lists separate from measured shares.

  7. Oct 7, 2026 · business change

    Agilent declared a USD0.255 quarterly dividend and corrected the schedule to an October 28 payment for October 6 holders. The declaration is a future distribution, separate from reported cash dividends already paid.

  8. Oct 7, 2026 · business change

    Agilent issued USD600m of senior notes due January 15, 2032 at a fixed 4.90% rate, adding debt-service commitments alongside the Biocare purchase and manufacturing expansion.

  9. Oct 7, 2026 · business change

    Agilent and Axion resolved both Delaware lawsuits through a confidential settlement. Neither admitted liability; Axion reported no impact on its products or business, so the settlement does not prove exclusive platform rights.

  10. Oct 7, 2026 · business change

    Agilent bought Resolution Bioscience for USD561m cash plus up to USD145m contingent consideration, entering precision oncology testing before its later impairment and sale.

  11. Oct 7, 2026 · business change

    Agilent bought BioTek for USD1.17bn, broadening cell analysis and microplate instrumentation; cash and debt funded the purchase.

  12. Oct 7, 2026 · business change

    Agilent bought ACEA Biosciences for USD250m, expanding cell analysis tools and the base of instruments needing ongoing support.

  13. Oct 7, 2026 · analyst revision

    Aligned four debate evidence sentences with their cited primary sources. Kept stable moat trajectories and claim strengths because the fresh review does not show a measured change in switching costs, retention or exclusive attachment.

  14. Oct 7, 2026 · business change

    Agilent added a Boulder laboratory for emerging oligonucleotide manufacturing processes; initial customer programs are expected in November, subject to requirements.

  15. Oct 7, 2026 · business change

    Agilent introduced NovoStation automated sample preparation for flow-cytometry workflows, adding laboratory automation.

  16. Oct 7, 2026 · business change

    Agilent introduced a Gen5 AI cell-identification module for BioTek imaging, extending automated cell-analysis software.

  17. Oct 7, 2026 · business change

    Agilent launched CE-IVD-labeled TapeStationDx systems and software, extending clinical sequencing quality-control workflows.

  18. Oct 7, 2026 · business change

    Agilent launched its FDA-cleared S540MD slide scanner in the United States. The Hamamatsu-built platform expands digital pathology through a partner rather than an exclusive scanner design.

  19. Oct 7, 2026 · business change

    Agilent launched the Cary 635 FTIR instrument with method-driven software, expanding its applied spectroscopy offering.

  20. Oct 7, 2026 · business change

    Koh Boon Hwee retired as board chair; Dow R. Wilson became chair and Glenn Boehnlein joined the board, changing oversight while McDonnell remained CEO.

  21. Oct 7, 2026 · business change

    Agilent raised its FY2026 revenue outlook to USD7.49bn–USD7.51bn and non-GAAP EPS outlook to USD6.18–USD6.21; the forecast includes the tariff-refund benefit already recognized.

  22. Oct 7, 2026 · business change

    Agilent completed the USD950m net Biocare acquisition, adding pathology antibodies, reagents and clinical research products.

  23. Oct 7, 2026 · business change

    Agilent reorganized into Life Sciences and Diagnostics Markets, expanded CrossLab, and Applied Markets, moving consumables and informatics to CrossLab.

  24. Oct 7, 2026 · business change

    Agilent bought BIOVECTRA for USD915m total cash consideration, expanding specialty contract manufacturing.

  25. Oct 7, 2026 · analyst revision

    Corrected the Biocare close from the June 25 announcement date to the June 24 transaction date and changed the Q2 filing citation date from May 29 to June 1. Expanded current evidence, stable trajectories, management, debate and linked market context.

  26. Oct 7, 2026 · analyst revision

    Added a modest strength-2 qualification claim to Applied Markets after EPA’s validated dioxin methods identified Agilent/Waters and a competing Shimadzu platform. This replaces the unsupported inference that intense competition alone proves no protection.

  27. Oct 7, 2026 · analyst revision

    Reduced CrossLab consumables strength from 4 to 3 and pricing power from strong to moderate. Current sources support repeat demand and field scale, but competing multi-vendor service and compatible supplies limit exclusive attachment.

  28. Oct 7, 2026 · analyst revision

    Replaced Q3 FY2026 revenue weights with full FY2025 weights from sales of USD2,726m, USD2,908m and USD1,314m. Removed all three operating-profit shares because reported segment income excludes unallocated costs.

  29. Oct 7, 2026 · business change

    Agilent sold Resolution Bioscience to Exact Sciences after a USD270m asset write-off; the sale returned USD50m cash and produced a USD43m accounting gain.

  30. Oct 7, 2026 · analyst revision

    Expanded the Life Sciences and Diagnostics market boundary to include specialty CDMO and classified the combined portfolio as competitive rather than one oligopoly. Corrected Applied Markets scope to instruments and software, with the main supplies business reported in CrossLab.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianATMOROP

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Laboratory services, consumables and productivity software

As of Oct 8, 2026
CompetitiveMedium cyclicality

Global instrument maintenance, repair, qualification and asset management, laboratory consumables, informatics and workflow automation sold to research, diagnostic and applied laboratories. Excludes standalone analytical instrument purchases, clinical testing bills and outsourced drug trials or manufacturing.

StocksMoatGross m.Op. m.
A6353.8%22.2%
Industry median88253.3%35.7%
Sector median557661.5%17.3%
All stocks median3987653.1%20.0%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • An operating installed base consumes columns, vials and sample preparation supplies and needs maintenance; utilization matters more than the number of instruments alone.
  • Laboratories seeking fewer support vendors and less downtime can buy multi-vendor service plans, remote support and asset management.
  • Instrument qualification, software validation and data integrity requirements support recurring compliance work and software maintenance.
  • Workflow automation and connected informatics can reduce manual handling and improve throughput, creating integration and migration projects.
  • Pharma production, research activity and environmental testing determine sample volumes; US PFAS monitoring deadlines support a specific analytical testing cohort.
Risks
  • Rival OEMs and niche providers compete for service contracts; multi-brand support weakens exclusive control over installed instruments.
  • Reduced research funding or laboratory activity lowers consumable usage and can delay discretionary automation and software projects.
  • Technician shortages, parts availability, travel costs and tariffs can raise service delivery costs before contracts are repriced.
  • Software migration, validation and integration work can delay deployment; unreliable support or data failures can disrupt laboratories and weaken renewals.
  • Service, consumables and automation have different purchase cycles; segment growth and a supplier TAM do not establish market shares, rising renewal rates or durable pricing power.

Bulls & bears

Key question · as of Oct 8, 2026

Can Agilent turn its laboratory installed base and qualified workflows into durable service and supply growth while earning adequate returns on pathology and therapeutic-manufacturing expansion?

Arguments

3 forFaded: weakening or settled3 against

What to watch

  1. 1CrossLab revenue and services demand on a consistent scope
  2. 2Instrument versus non-instrumentation revenue
  3. 3Validated platform adoption and customer retention definitions
  4. 4Liquid chromatography sales and approved pathology reagent indications
  5. 5Biocare sales and advanced-therapeutic capacity utilization
  6. 6Operating cash flow, capex, acquisition spending and debt
  7. 7China demand, academic funding and tariffs
  8. 8Standard product warranty settlements and qualified instrument reliability

Next check: Review FY2026 Q4 results when announced, checking Biocare contribution, cash generation, tariffs and manufacturing ramp; follow initial Boulder customer programs expected in November 2026.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 9, 2026. Not investment advice.

Cite or reuse this data

Free to reuse, commercially too, with a credit link. See the data license.

Moat Score 63/100 by <a href="https://www.findmymoat.com/stocks/XNYS:A">Find My Moat</a> (as of September 2026)

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