Agilent Technologies vs Waters
Agilent Technologies is the larger business, with $6.95bn of revenue in fiscal 2025 against $3.17bn for Waters (2.2 times as much). Waters grew faster (7.0% against 6.7%). Waters kept more of each dollar of sales as profit: a net margin of 20.3% against 18.8%.
| Latest fiscal year | Agilent TechnologiesA, 2025 | WatersWAT, 2025 |
|---|---|---|
| Revenue | $6.95bn | $3.17bn |
| Revenue growth | 6.7% | 7.0% |
| Net income | $1.30bn | $643m |
| Operating margin | 21.3% | — |
| Net margin | 18.8% | 20.3% |
| Return on equity | 20.6% | 29.3% |
| Free cash flow | $1.15bn | $540m |
| Cash | $1.79bn | $588m |
| Total debt | $3.35bn | $1.87bn |
| Debt to equity | 49.8% | — |
| Dividend per share | $0.99 | — |
| Dividend yield | 0.6% | — |
| Share buybacks | $425m | $14.7m |
| Employees | 18,100 | 8,200 |
| Market value | $49.72bn | $45.35bn |
| Price vs our value range | Above our value range | Above our value range |
| Moat score | 87 (Strong) | 78 (Strong) |
| Insider trades, 12 months | 0 buys, 6 sales | 2 buys, 1 sales |