Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 6/6 · 22/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Reagent-linked equipment arrangements and integrated workflows support a limited structural advantage. Switching friction is inferred; vendor-neutral offerings and absent exclusivity evidence constrain its reach.
durability · 2/4 · The leasing model persists across 2023 and 2025, and pricing benefits recur. Undisclosed renewals and continuing technological replacement requirements prevent a strong durability assessment.
customer dependency · 2/4 · Equipment-linked reagent shipments and overlapping instrument and service customers indicate ongoing dependency, assessed indirectly. Customers' ability and cost to substitute are unquantified.
erosion resilience · 2/4 · Continued pricing benefits and 2026 operating recovery counterbalance 2025 cost pressure. Intense competition and innovation requirements remain erosion risks, rather than proof of realized competitive losses.
Pouvoir de fixation des prix50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Targeted price increases positively contributed to reported results in 2024, 2025 and 2026. This demonstrates repeated realization, although magnitude and elasticity are undisclosed and other factors also affected margins.
retention · 2/4 · Reagent-linked leases and realized growth in instrument support services support repeat demand indirectly. These disclosures do not establish customer retention rates, renewal strength or retention specifically following price increases.
margin resilience · 2/4 · Pricing partly offset costs in 2025 but gross margin still fell two percentage points. Margins improved in 2026, including before tariff refund recognition, while volume, mix and expense changes complicate attribution.
contractual freedom · 1/4 · The eARRAY terms commit quoted prices for the stated quotation period, demonstrating constrained repricing flexibility within that period. This supports a weak assessment based on product-specific contractual evidence; company-wide repricing rights and renewal-term discretion remain undisclosed.
Prévisibilité87
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 5.29
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.68
Solidité financière87
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 72.69
- netDebtEbitGrade
- 78.84
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 96.59
- Debt / FCF (x)
- 2.91
- Net debt / operating income (x)
- 1.06
- Interest coverage (x)
- 13.21
- Current ratio (x)
- 1.96
Allocation du capital99
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 23.66
- 3-year average dilution (%)
- -1.70
- 3-year average SBC / revenue (%)
- 1.82
- cashConversionGrade
- 100.00
Qualité du management50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Nine-month 2026 operating cash flow of $1,064 million covered $249 million of capital expenditure and $511 million of repurchases and dividends. Acquisition spending of $950 million accompanied $600 million of debt issuance. Cash generation is constructive, but the earlier Resolution Bioscience impairment and unproven returns on recent acquisitions make the record mixed.
incentive alignment · 2/4 · Certified relative-TSR payouts and financial target-linked compensation demonstrate operating performance links. Discontinuing new EPS performance awards and removing post-vest holding periods for fiscal 2026 TSR and executive RSU grants weaken the demonstrated long-term restraints. Actual executive ownership amounts are missing.
execution · 2/4 · Operating cash flow and operating income improved in 2026, but fiscal 2025 adjusted operating margin missed its compensation target and GAAP gross margin declined. Execution is assessed from operating outcomes; acquisition integration returns and promised future savings are not treated as demonstrated achievements.
governance · 2/4 · Disclosed independent board oversight, independent committees, anti-hedging policies and an adopted clawback policy are constructive. The February 2026 proxy still disclosed a classified board and proposed declassification; supplied passages do not verify the final operative amendment or exceptional governance outcomes.
Preuves
As a lessor, we have contracts for equipment leased to customers primarily in connection with our diagnostics and advanced manufacturing partnerships business which include both operating-type lease and sales-type finance lease arrangements.
Notes to consolidated financial statements / customer equipment leases · Dépôt 22/12/2025
Diagnostics equipment lease revenue for operating lease agreements is recognized as visualization kits and reagents are shipped over the life of the lease.
Notes to consolidated financial statements / reagent-linked diagnostics lease revenue · Dépôt 22/12/2025
Equipment lease revenue for operating lease agreements is recognized as visualization kits and reagents are shipped over the life of the lease.
Notes to consolidated financial statements / reagent-linked equipment lease revenue · Dépôt 20/12/2023
Finally, our biomolecular analysis business provides complete workflow solutions, including instruments, consumables and software, for quality control analysis of nucleic acid samples.
Business / biomolecular analysis workflow solutions · Dépôt 22/12/2025
A significant number of our Applied Markets customers are also customers of our Agilent CrossLab segment.
Business / Applied Markets and CrossLab customer overlap · Dépôt 22/12/2025
The vendor neutral portion of the portfolio allows the business to perform relatively independent from our instrument business.
Business / vendor-neutral portfolio · Dépôt 20/12/2024
Life Sciences and Diagnostics Markets - Competition The analytical product sets in the Life Sciences and Diagnostics Markets in which we compete are characterized by evolving industry standards and intense competition.
Business / Life Sciences and Diagnostics Markets competition · Dépôt 22/12/2025
Our principal competitors in the Life Sciences and Diagnostics Markets arena include: AB Sciex., a division of Danaher Corporation, Avecia, a division of Nitto Denko, Bruker, Inc., Leica Biosystems, Inc., a division of Danaher Corporation, Roche Ventana Medical Systems, Inc., a member of the Roche Group, Shimadzu Corporation, Thermo Fisher Scientific Inc., Twist Bioscience Corporation and Waters Corporation.
Business / named Life Sciences and Diagnostics Markets competitors · Dépôt 22/12/2025
If we do not introduce successful new products and services in a timely manner to address increased competition through frequent new product and service introductions, rapid technological changes and changing industry standards, our products and services may become obsolete, and our operating results may suffer.
Risk factors / product innovation and obsolescence · Dépôt 01/09/2026
In addition, total gross margin was favorably impacted by targeted price increases, lower shipping costs and intangible amortization expense partially offset by lower sales volume, higher share-based compensation expense, higher wages and restructuring charges.
MD&A / fiscal 2024 realized targeted pricing contribution · Dépôt 22/12/2025
Total gross margin was unfavorably impacted by higher tariffs and shipping costs, unfavorable business mix (including lower gross margin from our specialty CDMO business), higher wages, restructuring expenses and variable pay partially offset by higher 46 Table of Contents sales volume, targeted pricing increases, lower warranty costs and amortization of intangible assets when compared to 2024.
MD&A / fiscal 2025 gross margin drivers and targeted pricing · Dépôt 22/12/2025
Gross margin for the three and nine months ended July 31, 2026 was overall favorably impacted by higher sales volume, a net benefit from tariff refunds, targeted price increases, favorable business mix, lower intangible amortization expense and lower restructuring expense partially offset by wage increases and higher variable pay when compared to the same periods last year.
MD&A / July 2026 quarter and nine-month gross margin drivers · Dépôt 01/09/2026
3 ppts. Total gross margin for the year ended October 31, 2025 decreased 2 percentage points when compared to 2024.
MD&A / fiscal 2025 gross margin decline · Dépôt 22/12/2025
Our quarterly sales and operating results are highly dependent on the volume and timing of orders received during the fiscal quarter, which are difficult to forecast and may be cancelled by our customers.
Risk factors / order timing and customer cancellation possibilities · Dépôt 01/09/2026
Operating Results Three Months Ended Nine Months Ended Year over Year Change July 31, July 31, Three Nine 2026 2025 2026 2025 Months Months (in millions, except margin data) Total gross margin 55.5 % 51.1 % 54.0 % 52.2 % 4 ppts 2 ppts Research and development $ 123 $ 111 $ 366 $ 336 10% 9% Selling, general and administrative $ 475 $ 417 $ 1,416 $ 1,281 14% 11% Operating margin 23.6 % 20.7 % 21.7 % 20.4 % 3 ppts 1 ppt Income from operations $ 444 $ 360 $ 1,196 $ 1,036 23% 15% 42 Table of Contents Total gross margin for the three and nine months ended July 31, 2026 increased 4 percentage points and 2 percentage points, respectively, when compared to the same periods last year.
MD&A / consolidated operating results through July 2026 · Dépôt 01/09/2026
Gross margin for the six months ended April 30, 2026 was overall favorably impacted by higher sales volume, targeted price increases, lower restructuring expense and lower intangible amortization expense partially offset by higher tariffs, unfavorable business mix (including lower gross margin from our Agilent Advanced Therapeutics business), wage increases and higher variable pay when compared to the same period last year.
MD&A / six-month 2026 gross margin drivers before tariff refund recognition · Dépôt 01/06/2026
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Nine Months Ended July 31, 2026 2025 Cash flows from operating activities: Net income $ 1,006 $ 869 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 200 217 Share-based compensation 105 102 Deferred taxes expense (benefit) 77 (35) Excess and obsolete inventory related charges 35 30 Net (gain) loss on equity securities 2 28 Asset impairment charges — 15 Other non-cash (income) expense, net 12 4 Changes in assets and liabilities: Accounts receivable, net 16 (44) Inventory (110) (72) Accounts payable 41 (13) Employee compensation and benefits (25) (26) Other assets and liabilities (295) (61) Net cash provided by operating activities 1,064 1,014 Cash flows from investing activities: Payments to acquire property, plant and equipment (249) (314) Proceeds from sale of equity securities — 5 Proceeds from convertible note — 2 Payments in exchange for convertible note (3) (1) Payments to acquire businesses and intangible assets, net of cash acquired (950) 4 Net cash used in investing activities (1,202) (304) Cash flows from financing activities: Proceeds from issuance of common stock under employee stock plans 63 60 Payments of taxes related to net share settlement of equity awards (31) (28) Payments for repurchase of common stock (295) (340) Payment of excise taxes related to repurchases of common stock (3) (10) Payments of dividends (216) (212) Proceeds from issuance of long-term debt 600 4 Repayments of long-term debt (4) (2) Payments of debt issuance costs (5) — Net proceeds from (repayments of) short-term debt — 13 Payments of finance lease (4) — Net cash provided by (used in) financing activities 105 (515) Effect of exchange rate movements 2 10 Net increase (decrease) in cash, cash equivalents and restricted cash (31) 205 Cash, cash equivalents and restricted cash at beginning of period 1,791 1,332 Cash, cash equivalents and restricted cash at end of period $ 1,760 $ 1,537 Supplemental cash flow information: Income tax paid, net of refunds received $ 376 $ 304 Interest payments, net of capitalized interest $ 47 $ 55 Net change in property, plant and equipment included in accounts payable and accrued liabilities-increase (decrease) $ (9) $ — Excise tax on share repurchases, accrued but not paid $ 2 $ 2 The accompanying notes are an integral part of these condensed consolidated financial statements.
Condensed consolidated statements of cash flows / nine months ended July 2026 · Dépôt 01/09/2026
Total gross margin as well as gross margin on products for 2024 improved from the prior year as 2023 had asset impairment charges of $253 million primarily related to the exit of our Resolution Bioscience business.
MD&A / Resolution Bioscience exit and 2023 asset impairments · Dépôt 22/12/2025
The target metrics set for our short-term incentives and their corresponding results were as follows: 31 COMPENSATION DISCUSSION AND ANALYSIS Operating Margin % Revenue $ Threshold Target Max Results Goal Attainment Target (Mil) Max (Mil) Results (Mil) Goal Attainment Payout Percentage (Per Matrix) Agilent 23.5% 27.0% 28.9% 25.7% 95.0% $6,960 $7,308 $6,934 100% 85.8% LDG 17.8% 20.5% 21.9% 19.8% 96.5% $2,738 $2,875 $2,719 99% 90.0% ACG 29.4% 33.8% 36.2% 32.6% 96.5% $2,889 $3,033 $2,902 100% 76.5% AMG 20.9% 24.0% 25.7% 22.9% 95.5% $1,333 $1,399 $1,312 98% 84.7% Note: The adjusted non-GAAP operating margin and adjusted non-GAAP revenue measures used in our executive compensation programs may differ from GAAP and non-GAAP operating margin and GAAP and non-GAAP revenue as reported in our quarterly earnings releases as they exclude the impact of mergers and acquisitions, currency and hedging.
Compensation discussion and analysis / fiscal 2025 financial targets and actual results · Dépôt 06/02/2026
35 COMPENSATION DISCUSSION AND ANALYSIS Performance Stock Units Earned in Fiscal Year 2025 – Relative TSR Fifty percent of the FY23-FY25 performance stock units were measured based on relative TSR versus all companies in the S&P 500 Health Care and Materials Indexes for fiscal years 2023 through 2025 with the payout percentages as follows: Peer Group TSR Payout Percentage 75th Percentile 44.9% 200% Median 4.2% 100% 25th Percentile -28.0% 25% Agilent 10.6% 118% In November 2025, the Compensation Committee certified the relative TSR results for the fiscal year 2023 to fiscal year 2025 performance period.
Executive compensation / certified fiscal 2023–2025 relative TSR award outcome · Dépôt 06/02/2026
Effective in fiscal year 2026, we have discontinued granting LTPP-EPS awards.
Share-based compensation / discontinuation of new EPS performance awards · Dépôt 01/09/2026
In addition, LTPP-TSR awards granted in fiscal year 2026 are no longer subject to a one-year post-vest holding period.
Share-based compensation / fiscal 2026 TSR award holding-period removal · Dépôt 01/09/2026
Effective in fiscal year 2026, all restricted stock units granted to our executives are no longer subject to a one-year post-vest holding period.
Share-based compensation / fiscal 2026 executive RSU holding-period removal · Dépôt 01/09/2026
✓ Ten of our eleven directors are independent ✓ Annual Board self-assessment process, including peer evaluations ✓ Independent standing Board committees ✓ Majority voting and director resignation policy in uncontested director elections ✓ Longstanding independent Chairperson ✓ Continued assessment of highly qualified and independent candidates for nomination to the Board ✓ Regular meetings of our independent directors without management present ✓ Strong focus on pay-for-performance ✓ Board with an effective and robust mix of skills, experience and perspectives ✓ Proactive stockholder engagement ✓ Regular Board refreshment, as seen with four new independent directors added during the past five years ✓ Policies prohibiting hedging, short selling and pledging of our common stock ✓ Varied lengths of Board tenure with an average tenure of eight years - importantly maintaining deep understanding of the Company coupled with fresh perspectives ✓ Robust stock ownership guidelines for executive officers and directors ✓ Proxy access for our stockholders ✓ Comprehensive enterprise risk management approach, overseen by the Board through its Audit and Finance Committee ✓ And, if passed by our stockholders (see Proposal 4), annual elections for Board members beginning with Board members elected at our annual meeting in 2027 and applying to all Board members in starting 2029 Stockholder Engagement We have a year-round stockholder engagement program that reaches a wide variety of stockholders, market participants and potential investors.
Proxy / disclosed board independence, ownership guidelines and governance practices · Dépôt 06/02/2026
59 Director Nominees The Board is currently divided into three classes serving staggered three-year terms.
Proxy / existing classified board structure · Dépôt 06/02/2026
After extensive engagement and discussion with stockholders, the Board has decided to propose the Declassification Amendment.
Proxy / proposed board declassification following stockholder engagement · Dépôt 06/02/2026
Effective October 2, 2023, the Committee adopted an additional Clawback Policy (the “Clawback Policy”) covering Section 16 Officers only.
Executive compensation / adopted clawback policy · Dépôt 06/02/2026
Our arrangements generally do not include any provisions for cancellation, termination, or refunds that would significantly impact recognized revenue.
Revenue recognition / cancellation, termination and refund provisions · Dépôt 22/12/2025
Our principal competitors in the applied markets arena include: Danaher Corporation, PerkinElmer Inc., Shimadzu Corporation, Thermo Fisher Scientific Inc.
Business / named Applied Markets competitors · Dépôt 22/12/2025
During the year ended October 31, 2022, revenue growth in all three regions was driven by contract repair services, compliance services, installation services and consultative services.
MD&A / realized 2022 growth in repair, compliance, installation and consultative services · Dépôt 20/12/2023
Prices are valid for the period indicated on the quotation.
Agilent eARRAY microarray sales terms; quotation-price validity provision. · Consulté 18/10/2026
