Agilent Technologies, Inc. (A) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Agilent Technologies, Inc.

Updated on October 12, 2026 · accounts published on August 26, 2026

A steadily profitable business with widening margins and a conservative balance sheet

Agilent Technologies trades at a P/E of 34.4 over the last 12 months, 12 % above its sector median and 6 % above its ten-year median.

• Is Agilent Technologies expensive or cheap? At a P/E of 34.4, Agilent Technologies trades 12 % above its sector median and has been cheaper 68 % of the past decade.
• How is the business doing? Operating margin is 22 % over the last 12 months, above the 18 % average of fiscal 2014-2025, while revenue grew 7 %.
• How strong is the balance sheet? Net debt was just 0.9× EBITDA in fiscal 2025, and the dividend per share has risen for 10 consecutive fiscal years.
• Does it invest enough in R&D and turn profit into cash? R&D was 6.5 % of revenue in fiscal 2025, below the 15 % healthy mark for healthcare, while EPS grew 14.6 % a year in 2020-2025.
• What to expect from the next earnings? Analysts expect EPS of $1.72 on November 23, 2026, and the 2026 EPS consensus has held at $6.20 for 27 days.

Is Agilent Technologies expensive or cheap?

Agilent Technologies trades at a P/E of 34.4 over the last 12 months, 12 % above the 30.7 median of 217 healthcare peers. Against its own history the multiple looks more normal. The ten-year median P/E is 32.4, only 6 % below today's level, and over the decade the P/E ranged from 19.5 to 77.1. Even so, the stock has traded at a lower P/E than now 68 % of the time. The stock has risen 23 % in 12 months and sits 4 % below its 52-week high of $181.54. A free cash flow yield of 1.7 % leaves little cushion.

How is the business doing?

Revenue grew 7 % over the last 12 months, but EPS rose only 3 %. Growth is real, but modest at the bottom line. Margins look better. Operating margin is 22 % over the last 12 months, up from 21 % in fiscal 2025 and well above the 18 % average of fiscal 2014-2025. Net margin is 19.5 % and ROE is 21 %. ROIC of 11.9 % is 5.8 points above the 6.1 % sector median. It has been less consistent, though: ROIC topped 10 % in only 6 of the last 10 fiscal years, with a low of 4.1 % in 2018.

How strong is the balance sheet?

Debt is not a worry. Net debt was $5.93 per share in fiscal 2025. That is about 3.4 % of the current price and 0.9× EBITDA, far below the 2.5× level considered healthy in healthcare. Over the last 12 months debt to equity is 0.54 and the current ratio is 2.05. An Altman Z of 5.4 places the company in the safe zone, and the Piotroski score is 6 of 9. The dividend yield is a modest 0.6 %. Still, the payout was only 22 % of earnings in fiscal 2025, and the dividend per share has grown for 10 straight fiscal years.

Does it invest enough in R&D and turn profit into cash?

In healthcare the R&D pipeline is the hidden asset. Expiring patents are revenue that disappears, so investors look at innovation and cash flow before anything else. On that test Agilent Technologies scores unevenly. R&D was 6.5 % of revenue in fiscal 2025, well below the 15 % healthy threshold. Gross margin of 52 % falls short of the 70 % typical of branded pharma. Cash conversion is close to the mark: free cash flow was 88 % of net income in fiscal 2025, just under 90 %. ROIC of 11.9 % sits right at the 12 % line. Annual EPS growth of 14.6 % over fiscal 2020-2025 clears the 8 % bar comfortably.

What to expect from the next earnings?

Agilent Technologies reports on November 23, 2026. Analysts expect EPS of $1.72 for the quarter, above the $1.62 delivered on August 26, 2026. That result beat the $1.49 estimate by 8.7 %, and the company has beaten EPS estimates in 6 of the last 8 quarters. Expectations are stable. Among 12 analysts, the 2026 EPS consensus has stayed at $6.20 over the last 27 days, and the revenue consensus has barely moved. Of 41 analysts covering the company, 32 recommend buying, 7 holding and 1 selling, so sentiment already leans clearly positive.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.