olivLaw · US equity research
A A
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
Agilent Technologies (NYSE: A) is a global leader in life sciences, diagnostics and applied markets, offering instruments, software, services and consumables for the entire laboratory workflow. For fiscal 2025 the company reported revenue of 6.95 bn USD, and in the third quarter of fiscal 2026 revenue grew 8.1% reported and 7.3% core. Raised fiscal 2026 guidance could support the outlook if end-market trends hold.
At the close of 04 Nov 2026, A (A) stock was 177.17 USD (+0.97% on the day), with market capitalisation 49.9 bn USD, P/E 34.9 on diluted EPS of 5.07 USD over the last 12 months, dividend yield 0.57%, beta 0.99, 52-week range 110.24–181.48 USD. Latest reported quarter (Q3 2026): revenue of 1.9 bn USD (+8.1% YoY), net income of 362.0 m USD (+7.7% YoY), diluted EPS 1.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.3
- strong (55–70)
- Bollinger (20, 2)
- 167.55 – 181.19
- in the upper half of the band · %B 0.71 · band width 7.8%
- SMA 50 / 200
- 165.24 / 136.58
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.04 / 3.64
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.4% | −1.1% | +4.5 pp | — |
| 3 months | +25.6% | −0.5% | +26.0 pp | — |
| 6 months | +50.5% | +4.4% | +46.1 pp | — |
| Year to date | +30.2% | +12.3% | +17.9 pp | — |
| 1 year | +21.3% | +13.5% | +7.7 pp | +14.6% |
| 3 years | +62.5% | +76.4% | −13.9 pp | −8.6% |
| 5 years | +13.3% | +63.7% | −50.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.9 bn | 1.8 bn | 1.8 bn | 1.9 bn |
| Cost of revenue | 785.0 m | 782.0 m | 802.0 m | 850.0 m | 871.0 m | 852.0 m | 845.0 m | 836.0 m |
| Research & development | 111.0 m | 113.0 m | 112.0 m | 111.0 m | 119.0 m | 117.0 m | 126.0 m | 123.0 m |
| SG&A | 397.0 m | 410.0 m | 454.0 m | 417.0 m | 428.0 m | 476.0 m | 465.0 m | 475.0 m |
| Operating income | 408.0 m | 376.0 m | 300.0 m | 360.0 m | 443.0 m | 353.0 m | 399.0 m | 444.0 m |
| Depreciation & amortisation | 69.0 m | 72.0 m | 73.0 m ≈ | 72.0 m ≈ | 71.0 m | 67.0 m | 67.0 m ≈ | 66.0 m ≈ |
| Interest expense | 32.0 m | 28.0 m | 29.0 m | 28.0 m | 27.0 m | 25.0 m | 25.0 m | 29.0 m |
| Pre-tax income | 401.0 m | 367.0 m | 260.0 m | 366.0 m | 442.0 m | 364.0 m | 408.0 m | 444.0 m |
| Income tax | 50.0 m | 49.0 m | 45.0 m | 30.0 m | 8.0 m | 59.0 m | 69.0 m | 82.0 m |
| Net income | 351.0 m | 318.0 m | 215.0 m | 336.0 m | 434.0 m | 305.0 m | 339.0 m | 362.0 m |
| Diluted EPS | 1.23 ≈ | 1.11 | 0.75 | 1.18 | 1.52 ≈ | 1.07 | 1.20 | 1.28 |
| Operating cash flow | 481.0 m | 431.0 m | 221.0 m ≈ | 362.0 m ≈ | 545.0 m | 268.0 m | 277.0 m ≈ | 519.0 m ≈ |
| Capex | 93.0 m | 97.0 m | 114.0 m ≈ | 103.0 m ≈ | 93.0 m | 93.0 m | 76.0 m ≈ | 80.0 m ≈ |
| Dividends paid | 68.0 m | 71.0 m | 70.0 m | 71.0 m | 70.0 m | 72.0 m | 72.0 m | 72.0 m |
| Share repurchases | 335.0 m | 90.0 m | 165.0 m ≈ | 85.0 m ≈ | 85.0 m | 152.0 m | 65.0 m ≈ | 78.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 72 percentile of its own 43-quarter history (min 20.7, median 31.3, max 124.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.9 bn | 5.2 bn | 5.3 bn | 6.3 bn | 6.8 bn | 6.8 bn | 6.5 bn | 6.9 bn |
| Revenue YoY | +9.9% | +5.1% | +3.4% | +18.4% | +8.4% | −0.2% | −4.7% | +6.7% |
| Net income | 316.0 m | 1.1 bn | 719.0 m | 1.2 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.3 bn |
| Net income YoY | −53.8% | +238.9% | −32.9% | +68.3% | +3.6% | −1.1% | +4.0% | +1.1% |
| Diluted EPS | 0.97 | 3.37 | 2.30 | 3.94 | 4.18 | 4.19 | 4.43 | 4.57 |
| Diluted EPS YoY | −53.8% | +247.4% | −31.8% | +71.3% | +6.1% | +0.2% | +5.7% | +3.2% |
| net % | 6.4% | 20.7% | 13.5% | 19.1% | 18.3% | 18.1% | 19.8% | 18.8% |
| Free cash flow | 910.0 m | 866.0 m | 802.0 m | 1.3 bn | 1.0 bn | 1.5 bn | 1.4 bn | 1.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 1.8 bn USD
- Financial debt
- 3.4 bn USD
- Net debt
- 1.6 bn USD
- Equity
- -226.0 m USD
- Total assets
- 12.7 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.96x
- ROE
- unavailable
- ROA
- 10.6%
- FCF margin
- 16.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.3 bn | 6.3 bn | 6.8 bn | 6.8 bn | 6.5 bn | 6.9 bn | SEC (XBRL)· 22 Dec 2025verified |
| Cost of revenue | 2.5 bn | 2.9 bn | 3.1 bn | 3.4 bn | 3.0 bn | 3.3 bn | SEC (XBRL)· 22 Dec 2025verified |
| Gross profit | 2.8 bn ≈ | 3.4 bn ≈ | 3.7 bn ≈ | 3.5 bn ≈ | 3.5 bn ≈ | 3.6 bn ≈ | SEC (XBRL)· 22 Dec 2025derived |
| Research & development | 495.0 m | 441.0 m | 467.0 m | 481.0 m | 479.0 m | 455.0 m | SEC (XBRL)· 22 Dec 2025verified |
| SG&A | 1.5 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 22 Dec 2025verified |
| Operating income | 846.0 m | 1.3 bn | 1.6 bn | 1.4 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 22 Dec 2025verified |
| Depreciation & amortisation | 308.0 m | 321.0 m | 317.0 m | 271.0 m | 257.0 m | 288.0 m | SEC (XBRL)· 22 Dec 2025verified |
| EBITDA | 1.2 bn ≈ | 1.7 bn ≈ | 1.9 bn ≈ | 1.6 bn ≈ | 1.7 bn ≈ | 1.8 bn ≈ | SEC (XBRL)· 22 Dec 2025derived |
| Interest expense | 78.0 m | 81.0 m | 84.0 m | 95.0 m | 96.0 m | 112.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Pre-tax income | 842.0 m | 1.4 bn | 1.5 bn | 1.3 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 22 Dec 2025verified |
| Income tax | 123.0 m | 150.0 m | 250.0 m | 99.0 m | 232.0 m | 132.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Net income | 719.0 m | 1.2 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 22 Dec 2025verified |
| Diluted EPS | 2.30 | 3.94 | 4.18 | 4.19 | 4.43 | 4.57 | SEC (XBRL)· 22 Dec 2025verified |
| Weighted average diluted shares | 312.0 m | 307.0 m | 300.0 m | 296.0 m | 291.0 m | 285.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Dividend per share | 0.72 | 0.78 | 0.84 | 0.90 | 0.94 | 0.99 | SEC (XBRL)· 22 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.4 bn | 1.5 bn | 1.1 bn | 1.6 bn | 1.3 bn | 1.8 bn | SEC (XBRL)· 22 Dec 2025verified |
| Receivables | 1.0 bn | 1.2 bn | 1.4 bn | 1.3 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 22 Dec 2025verified |
| Inventories | 720.0 m | 830.0 m | 1.0 bn | 1.0 bn | 972.0 m | 1.0 bn | SEC (XBRL)· 22 Dec 2025verified |
| Current assets | 3.4 bn | 3.8 bn | 3.8 bn | 4.2 bn | 4.0 bn | 4.6 bn | SEC (XBRL)· 22 Dec 2025verified |
| Property, plant & equipment, net | 845.0 m | 945.0 m | 1.1 bn | 1.3 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 22 Dec 2025verified |
| Goodwill | 3.6 bn | 4.0 bn | 4.0 bn | 4.0 bn | 4.5 bn | 4.5 bn | SEC (XBRL)· 22 Dec 2025verified |
| Intangibles (excl. goodwill) | 831.0 m | 981.0 m | 821.0 m | 475.0 m | 547.0 m | 445.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Total assets | 9.6 bn | 10.7 bn | 10.5 bn | 10.8 bn | 11.8 bn | 12.7 bn | SEC (XBRL)· 22 Dec 2025verified |
| Accounts payable | 354.0 m | 446.0 m | 580.0 m | 418.0 m | 540.0 m | 570.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Short-term debt | 75.0 m | 0 | 36.0 m | 0 | 45.0 m | 304.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Long-term debt | 2.3 bn | 2.7 bn | 2.7 bn | 2.7 bn | 3.3 bn | 3.1 bn | SEC (XBRL)· 22 Dec 2025verified |
| Current liabilities | 1.5 bn | 1.7 bn | 1.9 bn | 1.6 bn | 1.9 bn | 2.3 bn | SEC (XBRL)· 22 Dec 2025verified |
| Total liabilities | 4.8 bn | 5.3 bn | 5.2 bn | 4.9 bn | 5.9 bn | 6.0 bn | SEC (XBRL)· 22 Dec 2025verified |
| Equity | 4.9 bn | 5.4 bn | 5.3 bn † | -327.0 m | -305.0 m | -226.0 m | SEC (XBRL)· 22 Dec 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 921.0 m | 1.5 bn | 1.3 bn | 1.8 bn | 1.8 bn | 1.6 bn | SEC (XBRL)· 22 Dec 2025verified |
| Capex | 119.0 m | 188.0 m | 291.0 m | 298.0 m | 378.0 m | 407.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Free cash flow | 802.0 m ≈ | 1.3 bn ≈ | 1.0 bn ≈ | 1.5 bn ≈ | 1.4 bn ≈ | 1.2 bn ≈ | SEC (XBRL)· 22 Dec 2025derived |
| Investing cash flow | -147.0 m | -749.0 m | -338.0 m | -310.0 m | -1.3 bn | -394.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Financing cash flow | -717.0 m | -696.0 m | -1.4 bn | -930.0 m | -752.0 m | -715.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Dividends paid | 222.0 m | 236.0 m | 250.0 m | 265.0 m | 274.0 m | 282.0 m | SEC (XBRL)· 22 Dec 2025verified |
| Share repurchases | 469.0 m | 788.0 m | 1.1 bn | 575.0 m | 1.2 bn | 425.0 m | SEC (XBRL)· 22 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 49.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation33
- Returns51
- Quality84
- Balance sheet91
- Growth12
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 52.18 – 196.89 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)52.18 – 84.87 (Mid 64.78)WACC 9.0% · starting FCFF 1.4 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E178.21 – 196.89 (Mid 196.77)3 companies used · median multiple 38.8x · quartiles 35.1x – 38.8xAVTR, ILMN, MTD
- Dividend discount (DDM)outside the aggregate13.04 – 17.53 (Mid 14.95)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 19.5% | 84 (vs peers) | 7% |
| FCF conversion · Quality | 88.0% | 83 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 0.5% | 4 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 3.0% | 20 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.1x | 82 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 15.5x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 34.9x | 67 (vs peers) | 12% |
| EV/EBITDA · Valuation | 27.3x | 0 (on a fixed band) | 12% |
| FCF yield · Valuation | 2.5% | 32 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 22.6% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet91/100 · 3/3 factors with a value
- Growth12/100 · 2/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation33/100 · 3/3 factors with a value
Memo
AGILENT TECHNOLOGIES, INC. (A). Latest full fiscal year: 2025; data up to 2026-07-31.
Figures computed from the financial statements: revenue 6.9 bn USD in 2025; YoY growth 6.7%; net margin 19.5%; ROE 21.0%; net debt/EBITDA 1.1x.
The estimated value range is 115.19–140.88 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 130.78 USD, the price of 177.17 USD leaves a potential of -26.2% (value / price − 1) and a margin of safety of -35.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 19.5%
- FCF conversion: 88.0%
- Net debt / EBITDA: 1.1x
- Interest coverage: 15.5x
- Current ratio: 2.1x
- Payout ratio (FCF): 22.6%
What contradicts it
- Revenue CAGR 3Y: 0.5%
- EPS CAGR 3Y: 3.0%
- EV/EBITDA: 27.3x
- Shareholder yield (distributions): 1.3%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC.
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +21% / +63% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +17% / +58% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +31% / −2% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +259% / +55% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +4% / −15% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −58% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −11% / +6% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +13% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −36% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +17% / +25% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
1- and 3-year price returns: for A from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 101.19 Total return -42% · Per year -42% | 179.25 Total return 2% · Per year 2% | 270.50 Total return 53% · Per year 53% |
| 3 years | 90.44 Total return -48% · Per year -19% | 180.99 Total return 4% · Per year 1% | 300.98 Total return 72% · Per year 20% |
| 5 years | 80.83 Total return -52% · Per year -14% | 182.75 Total return 6% · Per year 1% | 334.90 Total return 93% · Per year 14% |
- Exit P/E± 45.25
- Net margin± 31.67
- Annual revenue growth± 27.04
- Annual dilution± 2.66
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Agilent Technologies (NYSE: A) is a global leader in life sciences, diagnostics and applied markets, offering instruments, software, services and consumables for the entire laboratory workflow. For fiscal 2025 the company reported revenue of 6.95 bn USD 3, and in the third quarter of fiscal 2026 revenue grew 8.1% reported and 7.3% core 3. Raised fiscal 2026 guidance could support the outlook if end-market trends hold.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on government demandmedium
Disruptions in federal funding could reduce sales to public customers and delay orders 1.
- Tariff riskhigh
New tariffs or retaliation could raise costs and reduce margins, and the timing of refunds is uncertain 12.
- Currency exposuremedium
Exchange rate swings can affect reported revenue and costs, although hedging partly offsets the impact 1.
- Product obsolescencemedium
If innovation lags, products may become obsolete and revenue could fall 1.
- Acquisition integrationlow
Integrating Biocare and other acquisitions could prove harder than expected 2.
Investment thesis
What would need to be true (bull case)
- Revenue growth in the third quarter and raised guidance suggest demand in end markets may be improving 3.
- Operating margins have risen significantly, and the company could sustain this if cost control holds 3.
- The broad portfolio and recent acquisitions could strengthen the company's position in diagnostics and pathology 2.
What to watch
- Fourth-quarter results and final fiscal 2026 guidanceQ4 2026
- Integration of Biocare and its effect on the Life Sciences and Diagnostics Markets segment2027
- Evolution of federal funding and public-sector customer spending2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Agilent reports in three segments: Life Sciences and Diagnostics Markets, Agilent CrossLab and Applied Markets, following a reorganization announced in November 2024 1. The Life Sciences and Diagnostics Markets segment includes oligonucleotide CDMO, pathology, cell analysis, genomics and companion diagnostics, and about 6,300 people worked in it as of October 31, 2025 1. In June 2026 the company completed the Biocare acquisition for 950 million USD to expand its pathology portfolio 2.
Products span liquid chromatography, liquid chromatography mass spectrometry, pathology for cancer diagnostics, cell analysis, companion diagnostics and genomics solutions 1. Sales are made primarily through direct sales, with distributors, resellers and electronic commerce also used 1. The company noted that most of its revenue comes from international operations 1.
The order fulfillment and supply chain organization supports all businesses, and many accounting and tax functions are centralized in India and Malaysia, creating operational dependencies 1. Management has expressed optimism about the long-term health of its end markets, though results depend on customer spending 13.
Segments
Life Sciences and Diagnostics Markets
The segment grew 11 percent in fiscal 2025 1 and 11 percent reported in the third quarter of fiscal 2026 3. It includes the BIOVECTRA CDMO business and Biocare, acquired in June 2026 2.
Market context
Key customers are pharmaceutical and biopharmaceutical companies, clinical labs, academic institutions and government agencies 1. Management said customer capital spending has begun to normalize, except for customers funded by the U.S. federal government 1.
Raised fiscal 2026 guidance points to gradual recovery in end markets, but part of the margin gain comes from tariff refunds that may not recur 3. Results could vary if trade or geopolitical tensions intensify 2.
Trends
- Recovery in customer capital spendingtailwind
After a period of constrained capital budgets, pharmaceutical and laboratory customers have begun to resume spending 1. If this continues it could support growth in the Life Sciences and Diagnostics Markets segment 3.
- Tariffs and trade policymixed
U.S. tariffs and retaliation by other countries raised costs from the second half of fiscal 2025 1. A Supreme Court ruling invalidating certain tariffs could bring refunds, but timing remains uncertain 2.
- Geopolitical tensions and inflationheadwind
Middle East conflict has added economic uncertainty and inflationary pressure, although the company reported no material impact through the third quarter 2. If energy supply disruptions persist, costs could rise.
- Research and public budgetsmixed
Research budgets at universities and government agencies directly affect demand for the company's products 1. Disruptions in federal funding could affect sales to public customers 1.
Competitive position
The provided sources do not name specific competitors, but the company cites competitive risks including price pressure, rapid product obsolescence and changing industry standards 1. Competition is especially intense in scientific research and clinical diagnostics 1.
To stay competitive the company relies on timely product launches and disciplined cost management 13. Margin pressure could emerge if rivals cut prices during periods of weak demand 1.
- Analytical and laboratory instrument makers
The sources refer only generically to competitive pressure in instruments and do not name companies.
- Diagnostics and reagents producers
Competition in diagnostics is mentioned only in general terms in the company's risk factors.
- Pharmaceutical CDMO service providers
The CDMO business competes with other active pharmaceutical ingredient manufacturers, not named in the sources.
- Environmental and forensic testing suppliers
The environmental and forensics market is served by several producers that the sources do not identify.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Agilent Technologies Q3 Earnings Call HighlightsYahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 26 Aug 2026; the newest SEC filing is from 08 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report08 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report01 Sept 2026
- Current report26 Aug 2026Results of operations · Financial statements and exhibits
- Current report25 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report01 Jun 2026
- Current report27 May 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report04 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)06 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Current report03 Apr 2026Item 5.01 · Financial statements and exhibits
- Current report20 Mar 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-10-31 · SEC / A · 22 Dec 2025
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / A · 01 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / A · 26 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.