Agilent Technologies Inc.

A
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.8B
Q1 FY2026 · +6.9% YoY
TTM ROIC
13.1%
FY2025 · NOPAT / Invested Capital (NOPAT = Op Income × (1 - tax rate); Invested Capital = Total Assets less excess cash and non-interest-bearing current liabilities) · WACC ~9.25% · Moat spread +3.85pp

Financial Snapshot

ticker: A step: 04 generated: 2026-05-12 source: quick-research

Agilent Technologies (A) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $6.85B $6.83B $6.51B -4.7%
Gross Margin ~52.5% ~50.7% ~54.3% +3.6pp
Operating Margin ~20.2% ~19.8% ~22.9% +3.1pp
Net Income ~$1.49B ~$1.21B ~$1.29B +6.6%
EPS (diluted) ~$5.06 $4.19 ~$4.44 +6%

Note: Agilent fiscal year ends October 31. FY2023 revenue was flat YoY due to post-pandemic biopharma inventory destocking and slowing pharma capex. FY2024 decline reflects continued biopharma spending headwinds, partially offset by cost actions. Gross margin recovery in FY2024 reflects favorable mix (more services/consumables) and Ignite Transformation savings.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.55B
Free Cash Flow ~$1.37B
Cash & Equivalents ~$1.1B
Total Debt ~$2.9B

Key Ratios (approximate)

  • P/E: ~17x (FY2024) | EV/EBITDA: ~14x | FCF Yield: ~6%
  • Revenue Growth (FY2024): -4.7% | FCF Margin: ~21%
  • Dividend Yield: ~1.0%

Growth Profile

Agilent's revenue declined in FY2023–FY2024 due to a severe biopharma inventory correction and reduced capital spending across pharmaceutical and biotech customers. FY2025 saw recovery with revenue of $6.95B (+6.7%), and management raised FY2026 guidance to $7.30B–$7.50B, implying continued recovery as biopharma destocking ends, order book-to-bill exceeds 1.0x, and the diagnostics segment (clinical diagnostics, companion diagnostics) accelerates. The Ignite Transformation program is driving structural margin improvement, with operating margins expected to expand toward 24–25% as revenue recovers.

Forward Estimates

  • FY2025 (ended Oct 2025): Revenue $6.95B (actual); recovery year with margin expansion
  • FY2026E Revenue: $7.30B–$7.50B (company guidance) — ~5–8% growth
  • FY2026E EPS: Mid-to-high $5 range (consensus), with operating leverage from revenue recovery

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $A.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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