# Agilent Technologies (A) Sector: Life science tools and diagnostics | Field | Value | |---|---| | Price | $177.88 | | Market cap | $50B | | Intrinsic value source | Analysts | | Data as of | 2026-11-11 | | Next earnings | 2026-11-23 (confirmed) | Analysts: Bullish Picks: Research only Discount category: Pricey ## In short Agilent's price already includes a lasting recovery in laboratory demand, and only steady core growth with a rising margin and a good return on Biocare can support this price. ## Themes and gap - Themes: Tariffs and trade (trade-tariffs), China and geopolitics (china-geopolitics), Regulation and courts (regulation-legal) - Gap type: Can close (closable) - Why: The Q4 fiscal 2026 report with the fiscal 2027 guidance on November 23, 2026, and the 2027 quarterly reports show whether core growth and margins hold without tariff refunds. ## About Agilent Technologies, Inc. (Agilent) makes instruments, software, consumables and services for analytical and clinical laboratories. Its Life Sciences and Diagnostics Markets Group sells instruments such as liquid chromatographs and mass spectrometers, pathology products and nucleic acid manufacturing for drug makers. Its Agilent CrossLab Group sells consumables, service contracts and software for the installed base of instruments. Its Applied Markets Group sells to chemical, energy, environmental and food testing labs. Revenue was $6.95 billion in fiscal year 2025, which ended on October 31, 2025, and $1.88 billion in Q3 of fiscal year 2026. Agilent bought the pathology company Biocare in June 2026 for $950 million. It has about 18,000 employees. The head office is in Santa Clara, California. Padraig McDonnell is President and Chief Executive Officer. ## Thesis Agilent's price already includes a lasting recovery for a laboratory supplier whose growth depends on the budgets of drug makers, research labs and testing labs. After a weak fiscal year 2024, core revenue growth rose to 7.3% in Q3 of fiscal year 2026, and the non-GAAP operating margin rose to 28.3%. The recovery can still stop, because research funding, tariffs and demand in China can change quickly. For the price to hold, three things must be true. Core revenue must keep growing at about 5% or more in fiscal year 2027. The Ignite cost program must keep the operating margin rising after the one-time tariff refunds of 2026. And the Biocare purchase must add growth in pathology without a large charge. The Q4 2026 report with the fiscal year 2027 guidance, on November 23, 2026, is the next test. The quarterly reports in 2027 show whether growth holds. ## Checkpoints - Aug 26, 2026: Q3 fiscal 2026 results: core growth and margin. Status: Passed. Watch: Core revenue growth of 5% or more with a higher operating margin passes; lower growth or a lower margin fails. Outcome: Core revenue grew 7.3%, the non-GAAP operating margin rose to 28.3%, and Agilent raised its full-year guidance. - Nov 23, 2026: Q4 fiscal 2026 results and fiscal 2027 guidance. Status: Pending. Watch: Fiscal year 2027 guidance with core revenue growth of about 5% or more and higher non-GAAP EPS passes; guidance for lower growth fails. - Feb 2027 (estimate): Q1 fiscal 2027 results: growth without tariff refunds. Status: Pending. Watch: Core revenue growth of 5% or more and a higher non-GAAP operating margin than a year earlier pass; a lower margin fails. ## Balance sheet - Cash: $1.8B - Debt: $3.9B - Net debt: $2.2B - Undrawn credit line: $1.5B, to June 2028 - Debt due within 12 months: $304M - Last debt due: 2034 Agilent funds its business with cash flow, senior unsecured notes and commercial paper. At July 31, 2026, cash and cash equivalents were $1,758 million. Short-term debt was $304 million, mainly the $300 million of 3.05% senior notes due September 22, 2026, and long-term debt was $3,645 million. The senior notes are due in 2027, 2029, 2030, 2031, 2032 and 2034. Agilent issued $600 million of 4.90% notes due 2032 in June 2026 to help pay for Biocare. The $1.5 billion unsecured credit facility, which expires on June 7, 2028, was not drawn, and no commercial paper was outstanding. Net cash from operating activities was $1,064 million in the first nine months of fiscal year 2026. In the same period, Agilent bought back 2.212 million shares for $295 million and paid dividends of $0.765 per share. At July 31, 2026, there were 281,965,813 common shares. As of 2026-07-31. Sources: - https://www.sec.gov/Archives/edgar/data/1090872/000109087226000064/a-20260731.htm - https://www.sec.gov/Archives/edgar/data/1090872/000109087226000062/exhibit991-q326pressrelease.htm ## Dividends - Dividend yield: 0.6% (last 12 months, at the current price) - Paid per share, last 12 months: $1.02 (4 payments) - Current annual rate: $1.02 ($0.255 x 4 a year) - Payout ratio: 22% of the earnings of the last fiscal year (the year ended 2025-10-31) - Latest ex-dividend date: 2026-10-06, $0.255 per share - Growth from 2020 to 2025: 6.6% a year - Growth from 2015 to 2025: 3.7% a year Dividends per share by year: 2016: $0.477, 2017: $0.545, 2018: $0.611, 2019: $0.672, 2020: $0.54, 2021: $0.776, 2022: $1.065, 2023: $0.911, 2024: $0.956, 2025: $0.744. Source: company filings and market data, read on 2026-11-10. ## Recent events - 2026-09-04: Boon Hwee Koh retired as Chairperson of the Board after 23 years on the Board. The Board appointed Glenn Boehnlein, the former Chief Financial Officer of Stryker, as a director. - 2026-08-26: Agilent reported Q3 fiscal year 2026 results. Revenue rose 8.1% to $1.88 billion, or 7.3% on a core basis, and non-GAAP EPS rose 18% to $1.62, with $0.06 from tariff refunds. Agilent raised its fiscal year 2026 guidance to revenue of $7.49 billion to $7.51 billion and non-GAAP EPS of $6.18 to $6.21. - 2026-06-25: Agilent issued $600 million of 4.90% senior notes due January 2032. - 2026-06-24: Agilent bought BC Midco I, Inc. (Biocare), a provider of clinical and research pathology products, for a net amount of $950 million. Biocare is part of the Life Sciences and Diagnostics Markets Group. - 2025-11-24: Agilent reported fiscal year 2025 results. Revenue rose 6.7% to $6.95 billion, and non-GAAP EPS rose 6% to $5.59. Its first fiscal year 2026 guidance was revenue of $7.3 billion to $7.4 billion and non-GAAP EPS of $5.86 to $6.00. ## Latest news and filings - Last earnings: 2026-08-26 (8-K: https://www.sec.gov/Archives/edgar/data/1090872/000109087226000062/) - Next earnings: 2026-11-23 (confirmed by the company) | Filed | Form | Headline | Period end | XBRL document | Link | | --- | --- | --- | --- | --- | --- | | 2026-09-08 | 8-K | Change of directors or officers and Investor disclosure | | a-20260902 | https://www.sec.gov/Archives/edgar/data/1090872/000119312526384426/a-20260902.htm | | 2026-09-01 | 10-Q | Quarterly report for the period ended Jul 31, 2026 | 2026-07-31 | a-20260731 | https://www.sec.gov/Archives/edgar/data/1090872/000109087226000064/a-20260731.htm | | 2026-08-26 | 8-K | Earnings release | | a-20260826 | https://www.sec.gov/Archives/edgar/data/1090872/000109087226000062/ | | 2026-06-25 | 8-K | New material agreement and New debt or financial obligation | | | https://www.sec.gov/Archives/edgar/data/1090872/000119312526282845/d75293d8k.htm | | 2026-06-01 | 10-Q | Quarterly report for the period ended Apr 30, 2026 | 2026-04-30 | a-20260430 | https://www.sec.gov/Archives/edgar/data/1090872/000109087226000055/a-20260430.htm | | 2026-05-27 | 8-K | Earnings release and Change of directors or officers | | a-20260520 | https://www.sec.gov/Archives/edgar/data/1090872/000109087226000052/ | | 2026-05-04 | 8-K | Change of directors or officers and Investor disclosure | | a-20260504 | https://www.sec.gov/Archives/edgar/data/1090872/000119312526202636/a-20260504.htm | | 2026-04-03 | 8-K | Current report | | a-20260331 | https://www.sec.gov/Archives/edgar/data/1090872/000119312526142101/a-20260331.htm | | 2026-03-20 | 8-K | Change to shareholder rights or bylaws and Shareholder vote results | | a-20260318 | https://www.sec.gov/Archives/edgar/data/1090872/000119312526117614/a-20260318.htm | | 2026-03-06 | 8-K | Change of directors or officers | | a-20260305 | https://www.sec.gov/Archives/edgar/data/1090872/000119312526096487/a-20260305.htm | Every filing on SEC EDGAR (CIK 1090872): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001090872&type=&dateb=&owner=include&count=40 ## Risks - Medium: Demand depends on the budgets of drug makers, academic and government labs, and testing labs. Lower research funding or weak pharmaceutical spending reduces orders for instruments, which customers can delay. - Medium: Tariffs and trade rules change costs and demand. Q3 2026 results included a net benefit of $17 million from tariff refunds, which the guidance does not expect again. Agilent holds more inventory, 120 days in July 2026, to reduce tariff risks. - Medium: About 52% of revenue is in currencies other than the U.S. dollar. A stronger dollar lowers reported revenue and earnings. - Medium: Acquisitions such as Biocare in 2026 and BIOVECTRA in 2024 raise goodwill, which was $5.0 billion in July 2026. Weak results from them can cause impairment charges. - Low: Agilent expects capital spending of about $450 million in fiscal year 2026, mainly for more manufacturing capacity for advanced therapeutics in Frederick, Colorado. Low use of this capacity would lower returns. ## Links - Page: https://picks.utilarium.app/company/A/ - History of changes: https://picks.utilarium.app/company/A/history/ - JSON with full history: https://picks.utilarium.app/data/company/A.json > Picks is a personal record of stock picks. It gives general opinions about stocks, including a "Top pick" label. They are not tailored to your needs, goals or risk tolerance. Kevin is not a registered adviser and relies on the general-advice exemption in Canadian securities law (NI 31-103 s.8.25). Do your own research, or ask a registered adviser. Kevin may hold any stock on this site. Prices, intrinsic values and ratings can be delayed or wrong; check the original source. Full disclaimer: /disclaimer/.