A

Healthcare

Agilent Technologies

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Market Data

Financials

XBRL · SEC EDGAR

2007–2025(19yr)

Revenue

Net Income

Free CF

Metric	FY 2007	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025Latest	YoY
Revenue	$5.4B	$5.8B	$4.5B	$5.4B	$6.6B	$6.9B	$3.9B	$4.0B	$4.0B	$4.2B	$4.5B	$4.9B	$5.2B	$5.3B	$6.3B	$6.8B	$6.8B	$6.5B	$6.9B	+6.7%
Gross Profit	$3.0B	$3.2B	$2.3B	$2.9B	$3.5B	$3.6B	$647.0M	$660.0M	$2.0B	$2.2B	$2.4B	$2.7B	$2.8B	$2.8B	$3.4B	$3.7B	$3.5B	$3.5B	$3.6B	+3.1%
Gross Margin	54.8%	55.4%	51.1%	53.8%	53.3%	52.6%	16.6%	16.3%	50.5%	52.3%	53.9%	54.7%	54.3%	53.1%	53.9%	54.4%	50.7%	54.3%	52.4%	-1.9pp
Operating Income	$584.0M	$795.0M	$47.0M	$566.0M	$1.1B	$1.1B	$951.0M	$831.0M	$522.0M	$615.0M	$841.0M	$928.0M	$941.0M	$846.0M	$1.3B	$1.6B	$1.4B	$1.5B	$1.5B	-0.6%
Operating Margin	10.8%	13.8%	1.0%	10.4%	16.2%	16.3%	24.4%	20.5%	12.9%	14.6%	18.8%	18.9%	18.2%	15.8%	21.3%	23.6%	19.8%	22.9%	21.3%	-1.6pp
Net Income	$638.0M	$693.0M	-$31.0M	$684.0M	$1.0B	$1.2B	$724.0M	$504.0M	$401.0M	$462.0M	$684.0M	$316.0M	$1.1B	$719.0M	$1.2B	$1.3B	$1.2B	$1.3B	$1.3B	+1.1%
Net Margin	11.8%	12.0%	-0.7%	12.6%	15.3%	16.8%	18.6%	12.5%	9.9%	11.0%	15.3%	6.4%	20.7%	13.5%	19.1%	18.3%	18.1%	19.8%	18.8%	-1.0pp
Free Cash Flow	$815.0M	$602.0M	$280.0M	$597.0M	$1.1B	$1.0B	$957.0M	$506.0M	$393.0M	$654.0M	$713.0M	$910.0M	$866.0M	$802.0M	$1.3B	$1.0B	$1.5B	$1.4B	$1.2B	-16.1%
FCF Margin	15.0%	10.4%	6.2%	11.0%	16.2%	15.1%	24.6%	12.5%	9.7%	15.6%	15.9%	18.5%	16.8%	15.0%	20.5%	14.9%	21.6%	21.1%	16.6%	-4.5pp
EPS (Diluted)	$1.57	$1.87	$-0.09	$1.94	$2.85	$3.27	$2.10	$1.49	$1.20	$1.40	$2.10	$0.97	$3.37	$2.30	$3.94	$4.18	$4.19	$4.43	$4.57	+3.2%

Total Debt$3.0B

Cash & Equiv.$1.8B

Net Debt$1.3B

3 min read

1. THE BIG PICTURE

Agilent is successfully pivoting from a pure instrument manufacturer to an integrated "smart lab" partner, but it is currently navigating a period of profit compression. While Agilent Technologies is outgrowing most of its peers in revenue, its most recent quarterly results show that rising costs and interest obligations are eating into the gains, leaving net income lower than it was a year ago.

2. WHERE THE RISKS HIT HARDEST

Agilent’s "global channel coverage" and international revenue base are directly threatened by its centralized administrative hubs in India and Malaysia. Any regional geopolitical or economic disruption there could jeopardize the financial reporting and liquidity management required to service its $3.4 billion debt load (10-K Item 1A). Furthermore, Agilent’s competitive strength in "Life Sciences and Diagnostics" is vulnerable to U.S. federal government policy; because a significant portion of its customers rely on public research funding, federal budget shifts or shutdowns can immediately stifle demand for Agilent Technologies’s high-end instruments (10-K Item 1A).

3. WHAT THE NUMBERS SAY TOGETHER

The financial data reveals a company that is winning on volume but lagging on efficiency. Agilent ranks second among its peer group for revenue growth at 6.7%, yet its Free Cash Flow (FCFFCFFree Cash Flow — cash left after paying for operations and capital investments; what the company can actually spend, save, or return to shareholders) margin of 12.7% is significantly lower than leaders like Mettler-Toledo (23.3%) and Danaher (20.1%). This gap suggests that Agilent’s "whole solution offering" requires more capital to generate a dollar of cash than its most efficient rivals. The recent 7% revenue growth in the first quarter of 2026 shows a slight acceleration over the TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter average, driven largely by the Agilent CrossLab service segment (+9%). This services growth is critical, as it provides a buffer while capital spending in the academia and government sectors remains "constrained" (10-Q).

4. IS IT WORTH IT AT THIS PRICE?

At 17.7x Forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations, Agilent trades at a modest 5% discount to the peer median of 18.7x. According to the CAPM analysis, the market is pricing in approximately 6.1% long-term growth. This expectation is well-supported by Agilent’s current 6.7% revenue growth trajectory, but it assumes Agilent Technologies can successfully execute its "Ignite" operating system to reverse the recent dip in earnings. The valuation is sensitive: if long-term growth were to slow to a GDP-paced 2.5%, the justified multiple would fall to 10.9x. The current price is fair only if Agilent can maintain its top-line momentum while improving the 17.1% net margin that currently trails peers like Waters and Mettler-Toledo.

5. WHAT WOULD CHANGE THIS VIEW?

Cautious if FCFFCFFree Cash Flow — cash left after paying for operations and capital investments; what the company can actually spend, save, or return to shareholders margins continue to stagnate while net debt remains at $1.6 billion, suggesting that Agilent Technologies’s growth is becoming increasingly expensive to maintain.
Constructive if the Life Sciences and Diagnostics segment sees a reversal in the "academia and government" decline, signaling that public-sector capital budgets have fully normalized (10-Q).

6. BOTTOM LINE

Structural Advantage: High switching costs created by an integrated "smart lab" ecosystem that combines proprietary software, robotics, and vendor-neutral consumables across the entire laboratory workflow. Bottom Line: Agilent is a top-tier revenue grower trading at a reasonable price, but its debt levels and reliance on volatile government funding require disciplined margin management to reward shareholders.

Source: Synthesis · LLM Analysis

4 min read

1. Top 5 Material Risks

General Economic Conditions: Slower global growth, inflation, and rising interest rates threaten to reduce product demand, increase order cancellations, and create excess or obsolete inventory.
Market Visibility and Seasonality: Because Agilent Technologies’ quarterly results depend on the timing of capital spending by customers—which is difficult to forecast—unanticipated shifts in budget allocations can lead to revenue shortfalls and intensified pricing pressure.
International Operations and Currency: With international revenue representing a majority of total revenue, fluctuations in foreign exchange rates can impact financial results; while hedging programs exist, they do not mitigate exposure beyond a twelve-month period.
New Product Development: Failure to innovate or accurately predict customer needs in a market characterized by rapid technological change can lead to product obsolescence and wasted research and development spending.
Government Funding and Policy: A significant portion of revenue is tied to customers reliant on government or research funding; disruptions such as U.S. federal government shutdowns or changes in spending priorities can directly reduce demand for Agilent Technologies’ products.

2. Company-Specific Risks

Centralized Administrative Functions: Most accounting, tax, and accounts payable/receivable functions are centralized in India and Malaysia; instability in these specific regions could impair Agilent Technologies’s ability to pay suppliers, collect receivables, or report financial results on time.
Strategic Cost Initiatives: Ongoing efforts to adjust the cost structure may distract management, slow product improvements, or limit the ability to scale production quickly if demand increases.
Acquisition Integration: Agilent Technologies frequently engages in acquisitions; failure to integrate different company cultures, business models, or internal control systems can lead to unexpected costs, impairment of goodwill, or failure to meet financial reporting obligations.
Catastrophic Facility Loss: Agilent Technologies lacks redundant manufacturing capability for certain products and maintains headquarters and laboratories in California and Japan, areas with above-average seismic activity, leaving it vulnerable to uninsurable losses from earthquakes.

3. Regulatory/Legal Risks

Data Privacy Laws: Agilent Technologies is subject to global privacy regulations, including the EU’s General Data Protection Regulation (GDPR) and China’s Personal Information Protection Law; non-compliance can result in fines of up to 4% of total company revenue.
FDA and Foreign Regulatory Oversight: Products are subject to stringent quality management and post-market surveillance requirements; failure to comply with agencies like the FDA or the EU In Vitro Diagnostic Regulation can lead to product recalls, facility shutdowns, or the revocation of licenses to operate.
Environmental Liabilities: Agilent Technologies is subject to the Toxic Substances Control Act and other environmental laws; it faces potential liability for subsurface contamination at current and previously owned properties, including sites where it has contractually assumed indemnification obligations for former affiliates like HP, Inc. and Siemens Healthineers.
Anti-Corruption Compliance: As a global operator, Agilent Technologies must maintain compliance with the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act; violations by employees or agents can lead to criminal sanctions, debarment from government contracts, and significant legal fees.

4. Financial Impact Map

General Economic Conditions → Operating Margins → Fixed costs (sales, R&DR&DResearch & Development — spending on creating new products or technologies, manufacturing) remain high even if pricing pressure reduces revenue. International Operations → Revenue and Expenses → Fluctuations in local currency impact payroll, utilities, and tax expenses, which are not fully mitigated by hedging programs beyond twelve months. Government Funding → Revenue → Sales to customers receiving U.S. federal funding are at risk if appropriations are not secured, such as the expiration of the continuing resolution on January 30, 2026. Debt Obligations → Cash Flows → $3.4 billion in outstanding indebtedness requires cash flow that would otherwise be available for capital expenditures, acquisitions, or dividends. Acquisitions → Earnings → Impairment of goodwill or intangible assets can result in charges to earnings up to the full value of the assets.

Source: 10-K Item 1A · LLM Analysis

Recent Filings

Form	Filed	Period
10-Q	Mar 2026	Jan 2026
8-K	Feb 2026	—
14A	Feb 2026	—
10-K	Dec 2025	Oct 2025