NYSE · Healthcare

Agilent Technologies, Inc.

A · Diagnostics & Research

$112.28

▼ -2.24 (-1.96%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Agilent Technologies, Inc. at $112.28.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 52.4%

Operating Margin 21.3%

Net Income Margin 18.8%

Fin. Health C

Years to Pay Off Debt 2.6 yrs

Working Capital vs Long-Term Debt -$803M

Working Capital $2.2B

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.71x

Cash Flow B

Free Cash Flow $1.2B

CapEx % of Net Income 31.2%

Owner Earnings $2.0B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $31.7B

Enterprise Value $34.2B

P/E (TTM) 24.78

Dividend Yield 0.87%

Exchange NYSE

Key Margins

Gross Profit 52.4%

Operating Margin 21.3%

Net Margin 18.8%

Company Info

Sector Healthcare

Industry Diagnostics & Research

Employees 18000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Agilent Technologies, Inc. at $112.28.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $112.28, the stock trades at a 127% premium to its Graham Number of $49.52. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Agilent Technologies, Inc.

Agilent Technologies, Inc. provides application focused solutions to the life sciences, diagnostics, and applied chemical markets worldwide. The company operates through three segments: Life Sciences and Diagnostics Markets, Agilent CrossLab, and Applied Markets. The Life Sciences and Diagnostics Markets segment offers liquid chromatography systems and components; and liquid chromatography mass spectrometry systems. This segment is also involved in the genomics, contract development and manufacturing organization, pathology, companion diagnostics, and biomolecular analysis businesses. The Agilent CrossLab segment provides various services, including repairs, parts, maintenance, installations, training, compliance support, software as a service, asset management, consulting, and other custom services. This segment also offers consumables, including gas chromatography and liquid chromatography columns, sample preparation products, custom chemistries, and various laboratory supplies; software and informatics solutions comprising software for instrument control, data acquisition, data analysis, secure storage of results, and laboratory information and workflow management; and OpenLab laboratory software, an open software platform that enables customers to capture, analyze, and share scientific data throughout the lab and across the enterprise. In addition, it provides automated sample preparation solutions, such as liquid handling, plate management, consumables, and scheduling software. The Applied Markets segment offers products in the areas of gas chromatography, mass spectrometry, spectroscopy, vacuum technology, and remarketed instruments. It markets its products through direct sales, distributors, resellers, manufacturer's representatives, and electronic commerce. Agilent Technologies, Inc. was incorporated in 1999 and is headquartered in Santa Clara, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	52.4% ▼	54.3%	50.7%	54.4%
Operating Margin %	21.3% ▼	22.9%	19.8%	23.6%
Net Income %	18.8% ▼	19.8%	18.1%	18.3%
Diluted EPS	4.57 ▲	4.43	4.19	4.18

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$12.7B	$11.8B	$10.8B	$10.5B	N/A
Total Debt	$3.4B ↓	$3.4B	$2.7B	$2.8B	N/A
Working Capital	$2.2B ▲	$2.1B	$2.6B	$1.9B	N/A
Years to Pay Debt	2.57	2.63	2.21	2.21	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.2B ▼	$1.4B	$1.5B	$1.0B	N/A
Owner Earnings	$2.0B	$1.9B	$1.8B	$1.9B	N/A
CapEx % of Net Income	31.2%	29.3%	24.0%	23.2%	N/A

Income Statement

	2025	2024	2023	2022
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,835,000	1,874,000	1,705,000	1,905,000
Net Income From Continuing Operation Net Minority Interest	1,303,000	1,289,000	1,240,000	1,254,000
Reconciled Depreciation	288,000	257,000	271,000	317,000
Reconciled Cost Of Revenue	3,305,000	2,975,000	3,368,000	3,126,000
EBITDA	1,835,000	1,874,000	1,705,000	1,905,000
EBIT	1,547,000	1,617,000	1,434,000	1,588,000
Net Interest Income	-50,000	-16,000	-44,000	-75,000
Interest Expense	112,000	96,000	95,000	84,000
Interest Income	62,000	80,000	51,000	9,000
Normalized Income	1,303,000	1,289,000	1,240,000	1,254,000
Net Income From Continuing And Discontinued Operation	1,303,000	1,289,000	1,240,000	1,254,000
Total Expenses	5,469,000	5,022,000	5,483,000	5,230,000
Total Operating Income As Reported	1,479,000	1,488,000	1,350,000	1,618,000
Diluted Average Shares	285,000	291,000	296,000	300,000
Basic Average Shares	284,000	290,000	294,000	299,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,303,000	1,289,000	1,240,000	1,254,000
Net Income Common Stockholders	1,303,000	1,289,000	1,240,000	1,254,000
Net Income	1,303,000	1,289,000	1,240,000	1,254,000
Net Income Including Noncontrolling Interests	1,303,000	1,289,000	1,240,000	1,254,000
Net Income Continuous Operations	1,303,000	1,289,000	1,240,000	1,254,000
Tax Provision	132,000	232,000	99,000	250,000
Pretax Income	1,435,000	1,521,000	1,339,000	1,504,000
Other Income Expense	6,000	49,000	33,000	-39,000
Other Non Operating Income Expenses	6,000	49,000	33,000	-39,000
Net Non Operating Interest Income Expense	-50,000	-16,000	-44,000	-75,000
Interest Expense Non Operating	112,000	96,000	95,000	84,000
Interest Income Non Operating	62,000	80,000	51,000	9,000
Operating Income	1,479,000	1,488,000	1,350,000	1,618,000
Operating Expense	2,164,000	2,047,000	2,115,000	2,104,000
Research And Development	455,000	479,000	481,000	467,000
Selling General And Administration	1,709,000	1,568,000	1,634,000	1,637,000
Gross Profit	3,643,000	3,535,000	3,465,000	3,722,000
Cost Of Revenue	3,305,000	2,975,000	3,368,000	3,126,000
Total Revenue	6,948,000	6,510,000	6,833,000	6,848,000
Operating Revenue	6,948,000	6,510,000	6,833,000	6,848,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	283,054	285,193	292,123	295,000
Share Issued	283,054	285,193	292,123	295,000
Net Debt	1,565,000	2,061,000	1,145,000	1,716,000
Total Debt	3,354,000	3,390,000	2,735,000	2,769,000
Tangible Book Value	1,823,000	874,000	1,410,000	532,000
Invested Capital	10,095,000	9,288,000	8,580,000	8,074,000
Working Capital	2,247,000	2,064,000	2,583,000	1,917,000
Net Tangible Assets	1,823,000	874,000	1,410,000	532,000
Common Stock Equity	6,741,000	5,898,000	5,845,000	5,305,000
Total Capitalization	9,791,000	9,243,000	8,580,000	8,038,000
Total Equity Gross Minority Interest	6,741,000	5,898,000	5,845,000	5,305,000
Stockholders Equity	6,741,000	5,898,000	5,845,000	5,305,000
Gains Losses Not Affecting Retained Earnings	-226,000	-305,000	-327,000	-347,000
Other Equity Adjustments	-226,000	-305,000	-327,000	-347,000
Retained Earnings	1,389,000	750,000	782,000	324,000
Additional Paid In Capital	5,575,000	5,450,000	5,387,000	5,325,000
Capital Stock	3,000	3,000	3,000	3,000
Common Stock	3,000	3,000	3,000	3,000
Total Liabilities Net Minority Interest	5,986,000	5,948,000	4,918,000	5,227,000
Total Non Current Liabilities Net Minority Interest	3,639,000	4,053,000	3,315,000	3,366,000
Other Non Current Liabilities	463,000	578,000	477,000	536,000
Employee Benefits	126,000	130,000	103,000	97,000
Non Current Pension And Other Postretirement Benefit Plans	126,000	130,000	103,000	97,000
Long Term Debt And Capital Lease Obligation	3,050,000	3,345,000	2,735,000	2,733,000
Long Term Debt	3,050,000	3,345,000	2,735,000	2,733,000
Current Liabilities	2,347,000	1,895,000	1,603,000	1,861,000
Current Deferred Liabilities	624,000	544,000	505,000	461,000
Current Deferred Revenue	624,000	544,000	505,000	461,000
Current Debt And Capital Lease Obligation	304,000	45,000		36,000
Current Debt	304,000	45,000		36,000
Pensionand Other Post Retirement Benefit Plans Current	443,000	368,000	371,000	455,000
Payables And Accrued Expenses	976,000	938,000	727,000	909,000
Current Accrued Expenses	406,000	398,000	309,000	329,000
Payables	570,000	540,000	418,000	580,000
Accounts Payable	570,000	540,000	418,000	580,000
Total Assets	12,727,000	11,846,000	10,763,000	10,532,000
Total Non Current Assets	8,133,000	7,887,000	6,577,000	6,754,000
Other Non Current Assets	1,059,000	910,000	708,000	686,000
Investments And Advances	133,000	175,000	164,000	195,000
Goodwill And Other Intangible Assets	4,918,000	5,024,000	4,435,000	4,773,000
Other Intangible Assets	445,000	547,000	475,000	821,000
Goodwill	4,473,000	4,477,000	3,960,000	3,952,000
Net PPE	2,023,000	1,778,000	1,270,000	1,100,000
Accumulated Depreciation	-1,423,000	-1,304,000	-1,223,000	-1,148,000
Gross PPE	3,446,000	3,082,000	2,493,000	2,248,000
Machinery Furniture Equipment	1,321,000	1,227,000	1,024,000	934,000
Buildings And Improvements	2,056,000	1,786,000	1,409,000	1,255,000
Land And Improvements	69,000	69,000	60,000	59,000
Current Assets	4,594,000	3,959,000	4,186,000	3,778,000
Other Current Assets	293,000	334,000	274,000	282,000
Inventory	1,025,000	972,000	1,031,000	1,038,000
Finished Goods	547,000	523,000	570,000	555,000
Raw Materials	478,000	449,000	461,000	483,000
Receivables	1,487,000	1,324,000	1,291,000	1,405,000
Accounts Receivable	1,487,000	1,324,000	1,291,000	1,405,000
Cash Cash Equivalents And Short Term Investments	1,789,000	1,329,000	1,590,000	1,053,000
Other Short Term Investments				0	91,000
Cash And Cash Equivalents	1,789,000	1,329,000	1,590,000	1,053,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,152,000	1,373,000	1,474,000	1,021,000
Repurchase Of Capital Stock	-425,000	-1,150,000	-575,000	-1,139,000
Repayment Of Debt	-3,000	-600,000	0	-609,000
Issuance Of Debt	4,000	1,197,000	0	600,000
Capital Expenditure	-407,000	-378,000	-298,000	-291,000
Interest Paid Supplemental Data	101,000	80,000	89,000	85,000
Income Tax Paid Supplemental Data	318,000	314,000	199,000	279,000
End Cash Position	1,791,000	1,332,000	1,593,000	1,056,000
Beginning Cash Position	1,332,000	1,593,000	1,056,000	1,490,000
Effect Of Exchange Rate Changes	9,000	-2,000	5,000	-36,000
Changes In Cash	450,000	-259,000	532,000	-398,000
Financing Cash Flow	-715,000	-752,000	-930,000	-1,372,000
Cash Flow From Continuing Financing Activities	-715,000	-752,000	-930,000	-1,372,000
Net Other Financing Charges	-39,000	-42,000	-122,000	-67,000
Proceeds From Stock Option Exercised	72,000	77,000	67,000	58,000
Cash Dividends Paid	-282,000	-274,000	-265,000	-250,000
Common Stock Dividend Paid	-282,000	-274,000	-265,000	-250,000
Net Common Stock Issuance	-425,000	-1,150,000	-575,000	-1,139,000
Common Stock Payments	-425,000	-1,150,000	-575,000	-1,139,000
Net Issuance Payments Of Debt	-41,000	637,000	-35,000	26,000
Net Short Term Debt Issuance	-42,000	40,000	-35,000	35,000
Short Term Debt Payments				-1,260,000	-1,722,000
Short Term Debt Issuance				1,295,000	1,647,000
Net Long Term Debt Issuance	1,000	597,000	0	-9,000
Long Term Debt Payments	-3,000	-600,000	0	-609,000
Long Term Debt Issuance	4,000	1,197,000	0	600,000
Investing Cash Flow	-394,000	-1,258,000	-310,000	-338,000
Cash Flow From Continuing Investing Activities	-394,000	-1,258,000	-310,000	-338,000
Net Other Investing Changes	1,000	-13,000	-8,000	-4,000
Net Investment Purchase And Sale	8,000	-5,000	-3,000	9,000
Sale Of Investment	8,000	0	5,000	22,000
Purchase Of Investment	0	-5,000	-8,000	-13,000
Net Business Purchase And Sale	4,000	-862,000	-1,000	-52,000
Sale Of Business	4,000	0	50,000	0
Purchase Of Business		-862,000	-51,000	-52,000	-547,000
Net Intangibles Purchase And Sale					-1,000
Purchase Of Intangibles					-1,000
Net PPE Purchase And Sale	-407,000	-378,000	-298,000	-291,000
Sale Of PPE			0	0	1,000
Purchase Of PPE	-407,000	-378,000	-298,000	-291,000
Operating Cash Flow	1,559,000	1,751,000	1,772,000	1,312,000
Cash Flow From Continuing Operating Activities	1,559,000	1,751,000	1,772,000	1,312,000
Change In Working Capital	-131,000	83,000	-116,000	-478,000
Change In Other Working Capital	99,000	-61,000	-44,000	-30,000
Change In Payables And Accrued Expense	16,000	103,000	-171,000	121,000
Change In Payable	16,000	103,000	-171,000	121,000
Change In Account Payable	16,000	103,000	-171,000	121,000
Change In Inventory	-97,000	34,000	-33,000	-248,000
Change In Receivables	-149,000	7,000	132,000	-321,000
Changes In Account Receivables	-149,000	7,000	132,000	-321,000
Other Non Cash Items	50,000	44,000	47,000	10,000
Stock Based Compensation	128,000	129,000	111,000	125,000
Asset Impairment Charge	15,000	19,000	277,000	0
Deferred Tax	-130,000	-64,000	-56,000	8,000
Deferred Income Tax	-130,000	-64,000	-56,000	8,000
Depreciation Amortization Depletion	288,000	257,000	271,000	317,000
Depreciation And Amortization	288,000	257,000	271,000	317,000
Operating Gains Losses	36,000	-6,000	-2,000	76,000
Gain Loss On Investment Securities	36,000	-6,000	41,000	67,000
Gain Loss On Sale Of Business	0	0	-43,000	0
Net Income From Continuing Operations	1,303,000	1,289,000	1,240,000	1,254,000

These metrics estimate what Agilent Technologies, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$49.52

Margin of Safety

Market Cap ÷ Company Value

1.45

P/B Ratio

4.71

Warren's Owner Earnings

$2.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$6.9B

vs > $1.5B revenue

❌ Strong Financial Condition

1.96x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.87%

vs Uninterrupted dividends

❌ Earnings Growth

+9.3% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

24.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.71x P/B (P/E×P/B: 116.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-4.93

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$58.15

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	31.2%	29.3%	24.0%	23.2%	N/A
Repurchase of Capital Stock	-$425M	-$1.1B	-$575M	-$1.1B	N/A
Free Cash Flow	$1.2B ▼	$1.4B ▼	$1.5B ▲	$1.0B •	N/A •
Warren's Owner Earnings	$2.0B	$1.9B	$1.8B	$1.9B	N/A

Peers & Industry

No auto-detected peers for Diagnostics & Research. You can manually compare A against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.19%

Low — management has little skin in the game

Return on Equity (ROE)

19.3%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

10.2%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$425M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-1.1% YoY

Debt is declining — management is deleveraging

Leadership Team

Padraig McDonnell

CEO, President & Director

Age 53

Pay: $2,639,627

0.203% of net income

Angelica Riemann

Senior VP & President of Agilent CrossLab Group

Age 54

Pay: $1,124,756

0.086% of net income

Simon May

Senior VP and President of Life Sciences & Diagnostics Markets Group

Age 52

Pay: $1,625,186

0.125% of net income

Adam Elinoff

Senior VP, CFO & Principal Financial Officer

Age 47

Tejas Rajeev Savant

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.07%	34,105,783
Blackrock Inc.	9.15%	25,868,924
Massachusetts Financial Services Co.	5.01%	14,147,601
State Street Corporation	4.49%	12,681,792
T. Rowe Price Investment Management, Inc.	2.88%	8,143,863
Wellington Management Group, LLP	2.69%	7,590,142
Geode Capital Management, LLC	2.63%	7,425,861
Deutsche Bank AG	1.96%	5,548,091

Risk Analysis

Beta (Market Risk)

1.22

Moderate volatility — moves slightly more than market

Short Interest

1.8% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.51x

Conservative balance sheet — low financial risk

Current Ratio

2.07x

Strong liquidity — Graham approved

52-Week Price Range

Low: $104.36 Current: $112.28 High: $160.27

Currently at 14% of 52-week range

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