VOL. XCIV, NO. 247
★ MOAT STOCKS & COMPETITIVE ADVANTAGES ★
PRICE: 5 CENTS
Tuesday, December 23, 2025
Agilent Technologies, Inc.
A · New York Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Agilent Technologies, Inc. is a life-sciences tools company selling lab instruments, consumables, software and services. It reports three segments: Life Sciences and Diagnostics Markets, Agilent CrossLab, and Applied Markets (GC/GCMS, spectroscopy and vacuum). Moats are mostly workflow switching costs in regulated labs, recurring consumables/parts pull-through from installed base, and a scaled global service/compliance footprint via CrossLab. Competitive risk remains high because key categories are oligopolies with strong incumbents and instrument demand is cyclical with customer capex. Market cap as of 2025-12-22: $38.85B (StockAnalysis.com).
Primary segment
Agilent CrossLab
Market structure
Competitive
Market share
—
HHI: —
Coverage
3 segments · 6 tags
Updated 2025-12-22
Segments
Life Sciences and Diagnostics Markets
Life science and clinical lab analytical instruments, software and consumables (chromatography, mass spectrometry, pathology and genomics workflows)
Revenue
39.2%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Agilent CrossLab
Laboratory services, compliance/maintenance, consumables and lab informatics across the lab workflow
Revenue
41.9%
Structure
Competitive
Pricing
strong
Share
—
Peers
Applied Markets
Applied chemical analysis instruments (GC/GCMS, spectroscopy, vacuum) and related consumables for environmental, food, forensics, and industrial labs
Revenue
18.9%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Moat Claims
Life Sciences and Diagnostics Markets
Life science and clinical lab analytical instruments, software and consumables (chromatography, mass spectrometry, pathology and genomics workflows)
FY25 net revenue $2,726M (39.2343% of total) and segment income from operations $536M (19.7% op margin). Derived from Agilent Q4 FY25 Financial Information (segment results) https://s24.q4cdn.com/305549747/files/doc_earnings/2025/q4/supplemental-info/Q4-25-Financial-Information-Final.pdf.
Design In Qualification
Demand
Design In Qualification
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 3 evidence
Instrument platforms and software are embedded in regulated/validated lab workflows (QA/QC, method validation). Switching often requires revalidation, retraining and downtime planning.
Erosion 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
Leading indicators
- LC/LCMS installed-base share trend vs peers
- Gross margin trend and discounting intensity
- Win/loss rates in top pharma and clinical accounts
Counterarguments
- Large labs periodically re-qualify alternative vendors during planned validation cycles
- Third-party integration layers reduce dependence on any single OEM
Installed Base Consumables
Demand
Installed Base Consumables
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Recurring pull-through from consumables and parts (e.g., chromatography columns, sample prep, standards, replacement parts) tied to the installed instrument base and workflow.
Erosion risks
- Third-party compatible columns and parts take share on price
- Customer standardization on generic consumables
- Budget pressure drives mix to lower-margin supplies
Leading indicators
- Consumables revenue growth vs instrument revenue growth
- Attach-rate and reorder frequency in top platforms
- Distributor/e-commerce mix shift
Counterarguments
- Many consumables are compatible across vendors and compete heavily on price
- Labs may source standardized consumables via distributors to reduce vendor dependence
Brand Trust
Demand
Brand Trust
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
B2B reputation for reliability and support quality helps in regulated and mission-critical lab environments, but competition is intense and performance gaps can narrow.
Erosion risks
- Competitors match support quality and reliability
- Customers prioritize price over performance in downcycles
Leading indicators
- Customer satisfaction/NPS disclosures and service renewal rates
- Warranty and field-failure rate trends
- Share shifts in core instrument categories
Counterarguments
- Purchasing committees can treat instruments as comparable and negotiate aggressively
- Brand advantages can weaken if product quality issues emerge
Agilent CrossLab
Laboratory services, compliance/maintenance, consumables and lab informatics across the lab workflow
FY25 net revenue $2,908M (41.8538% of total) and segment income from operations $946M (32.5% op margin). Derived from Agilent Q4 FY25 Financial Information (segment results) https://s24.q4cdn.com/305549747/files/doc_earnings/2025/q4/supplemental-info/Q4-25-Financial-Information-Final.pdf.
Service Field Network
Supply
Service Field Network
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 2 evidence
Service contracts, preventative maintenance and compliance services benefit from scale and proximity to a large installed base; OEM service reduces downtime risk for regulated labs.
Erosion risks
- Third-party service providers undercut OEM pricing
- Customers insource maintenance or extend replacement cycles
- Remote diagnostics reduces need for dense field network
Leading indicators
- Service contract renewal rate and attach rate
- CrossLab operating margin trend
- Backlog and services revenue growth vs installed base growth
Counterarguments
- Independent service organizations can service many instruments at lower cost
- Customers may accept longer downtime to reduce service spend
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 2 evidence
Lab informatics (instrument control, data capture/analysis, compliant data storage) becomes embedded in SOPs, integrations and audit trails - raising switching and retraining costs.
Erosion risks
- Customers standardize on vendor-neutral LIMS/ELN layers
- Open formats/APIs reduce switching friction
- Cybersecurity or data-integrity incidents weaken trust
Leading indicators
- Informatics subscription/ARR disclosures (if provided)
- Churn/renewal commentary on software offerings
- Growth of integrations/partners on the platform
Counterarguments
- Many labs prefer independent LIMS/ELN vendors as the system of record
- Procurement can treat instrument software as replaceable if data export is robust
Installed Base Consumables
Demand
Installed Base Consumables
Strength: 4/5 · Durability: durable · Confidence: 3/5 · 1 evidence
Broad chemistries, supplies and lab automation consumables attach to recurring lab spend; CrossLab also benefits from parts and supplies tied to the instrument installed base.
Erosion risks
- Distributor/private-label competition compresses margins
- Customers consolidate spend with full-line distributors
- Consumables shift to standardized/generic alternatives
Leading indicators
- CrossLab revenue mix (consumables vs services vs software) if disclosed
- Gross margin trend and price/mix commentary
- Share in key consumables categories (e.g., columns) via third-party data
Counterarguments
- Many consumables are readily substitutable and priced competitively
- Large customers can force vendor-neutral supply contracts
Applied Markets
Applied chemical analysis instruments (GC/GCMS, spectroscopy, vacuum) and related consumables for environmental, food, forensics, and industrial labs
FY25 net revenue $1,314M (18.9119% of total) and segment income from operations $301M (22.9% op margin). Derived from Agilent Q4 FY25 Financial Information (segment results) https://s24.q4cdn.com/305549747/files/doc_earnings/2025/q4/supplemental-info/Q4-25-Financial-Information-Final.pdf.
Installed Base Consumables
Demand
Installed Base Consumables
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 3 evidence
Installed base in GC/GCMS, spectroscopy and vacuum drives recurring demand for columns, parts, and other workflow consumables; however, compatibility and price competition are meaningful.
Erosion risks
- Third-party consumables compatible with installed instruments
- Government/industrial budgets drive price-focused procurement
- Technology shifts reduce demand for certain legacy methods
Leading indicators
- Aftermarket growth relative to instrument shipments
- Pricing/mix commentary in applied markets
- Share trends in GC/GCMS vs key peers
Counterarguments
- Many applied-market labs optimize for total cost and can switch consumable brands easily
- Alternative analytical techniques can displace some workflows over time
Brand Trust
Demand
Brand Trust
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Reliability and applications support matter for regulated environmental/food labs, but the market is mature and price competition is persistent.
Erosion risks
- Competitors match performance and service levels
- Purchasers prioritize upfront price during budget stress
Leading indicators
- Warranty/service incident rates
- Win rate in government/environmental tenders
- Gross margin trend in Applied Markets
Counterarguments
- Products can be considered interchangeable for standardized methods
- Brand premium is limited in commoditized product lines
Evidence
Describes OpenLab software enabling compliant instrument use in pharmaceutical QA/QC environments (supports inference of validation-driven switching costs).
States LC and LC/MS platforms are part of the Life Sciences and Diagnostics Markets segment after the Nov 2024 reorganization.
Provides FY25 segment revenue ($2,726M) and segment operating margin (~19.7%) used to contextualize pricing power.
Details consumables/supplies portfolio, including self-manufactured GC/LC columns, chemical standards and instrument replacement parts (supports consumables pull-through).
Lists competition based on reliability, support quality, applications expertise and global channel coverage - factors consistent with brand and trust advantages.
Showing 5 of 14 sources.
Risks & Indicators
Erosion 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
- Third-party compatible columns and parts take share on price
- Customer standardization on generic consumables
- Budget pressure drives mix to lower-margin supplies
Leading indicators
- LC/LCMS installed-base share trend vs peers
- Gross margin trend and discounting intensity
- Win/loss rates in top pharma and clinical accounts
- Consumables revenue growth vs instrument revenue growth
- Attach-rate and reorder frequency in top platforms
- Distributor/e-commerce mix shift
Curation & Accuracy
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