Agilent Technologies, Inc.

HealthcareMedical - Diagnostics & ResearchNYSE

$115.62

Market Cap: $32.67B

Agilent Technologies, Inc. (A) Valuation Summary

Updated May 10, 2026 09:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$56.04 – $173.24	$84.32	-27.1%
Growth Exit 10Y	$60.72 – $175.36	$88.78	-23.2%
EBITDA Exit 5Y	$77.01 – $143.14	$107.39	-7.1%
EBITDA Exit 10Y	$74.36 – $144.54	$104.50	-9.6%
▸ Trading Multiples
P/E	$117.60 – $149.45	$118.20	+2.2%
EV/EBITDA	$88.95 – $145.60	$92.62	-19.9%
EV/Revenue	$74.96 – $171.12	$114.16	-1.3%
▸ PEG
PEG Fair Value	$85.81 – $85.81	$85.81	-25.8%
▸ Earnings Power Value
Earnings Power Value	$42.03 – $63.08	$50.65	-56.2%
▸ Dividend Discount
Dividend Discount	$14.21 – $32.88	$20.46	-82.3%

Valuation History

DCF Analysis

Fair Value

$84.32

Market Price

$115.62

Upside / Downside

-27.1%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Agilent Technologies, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 6.5% to 5.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 73, DPO 60, DIO 114). At a 8.3% WACC with mid-year discounting, the terminal value (76% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $84.32 per share, suggesting A is overvalued by 27.1% at the current price of $115.62.

FCFF Present Value Calculation

WACC

8.28%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,518	1,612	1,718	1,810	1,909	1,957
(−) Net Interest	103	110	117	123	130	133
(+) D&A	313	344	359	377	383	393
EBITDA	1,934	2,065	2,193	2,310	2,423	2,483

(−) Tax	181	192	204	215	227	233
(−) CapEx	344	365	389	410	433	444
(−) ΔWC	50	122	139	121	131	134
Free Cash Flow (FCFF)	1,359	1,386	1,460	1,563	1,632	1,673

Terminal Value						28,952
WACC / Discount Rate	8.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,306	1,230	1,197	1,183	1,141	19,453

Enterprise Value	25,510
Projection Period	6,057	23.7%
Terminal Value	19,453	76.3%

(−) Current Net Debt	1,565

Equity Value	23,945
(/) Outstanding Shares	284

Fair Price	$84.32

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.3%	$108	$118	$132	$149	$173
7.3%	$88	$95	$103	$113	$126
8.3%	$74	$79	$84	$91	$99
9.3%	$64	$67	$71	$76	$81
10.3%	$56	$59	$61	$65	$68

Current price: $115.62. Green = undervalued, Red = overvalued.

Fair Value

$88.78

Market Price

$115.62

Upside / Downside

-23.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Agilent Technologies, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.5% to 2.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 73, DPO 60, DIO 114). At a 8.3% WACC with mid-year discounting, the terminal value (58% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $88.78 per share, suggesting A is overvalued by 23.2% at the current price of $115.62.

FCFF Present Value Calculation

WACC

8.28%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,518	1,612	1,718	1,810	1,909	1,957	2,008	2,062	2,120	2,182	2,236
(−) Net Interest	103	110	117	123	130	133	137	140	144	148	152
(+) D&A	313	344	359	377	383	388	408	426	442	456	467
EBITDA	1,934	2,065	2,193	2,310	2,423	2,479	2,553	2,629	2,706	2,786	2,856

(−) Tax	181	192	204	215	227	233	239	245	252	260	266
(−) CapEx	344	365	389	410	433	444	455	468	481	495	507
(−) ΔWC	50	122	139	121	131	63	67	71	76	81	83
Free Cash Flow (FCFF)	1,359	1,386	1,460	1,563	1,632	1,740	1,792	1,845	1,898	1,951	2,000

Terminal Value											34,621
WACC / Discount Rate	8.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,306	1,230	1,197	1,183	1,141	1,123	1,069	1,016	965	917	15,631

Enterprise Value	26,778
Projection Period	11,147	41.6%
Terminal Value	15,631	58.4%

(−) Current Net Debt	1,565

Equity Value	25,213
(/) Outstanding Shares	284

Fair Price	$88.78

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
6.3%	$118	$127	$139	$154	$175
7.3%	$96	$102	$109	$117	$128
8.3%	$81	$84	$89	$94	$100
9.3%	$69	$72	$75	$78	$82
10.3%	$61	$63	$65	$67	$70

Current price: $115.62. Green = undervalued, Red = overvalued.

Fair Value

$107.41

Market Price

$115.62

Upside / Downside

-7.1%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Agilent Technologies, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 6.5% to 5.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 73, DPO 60, DIO 114). At a 8.3% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 15.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $107.39 per share, suggesting A is fairly valued by 7.1% at the current price of $115.62.

FCFF Present Value Calculation

WACC

8.28%

3% – 20%

EV/EBITDA Exit Multiple

15.59x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	1,518	1,612	1,718	1,810	1,909	1,957
(−) Net Interest	103	110	117	123	130	133
(+) D&A	313	344	359	377	383	393
EBITDA	1,934	2,065	2,193	2,310	2,423	2,483

(−) Tax	181	192	204	215	227	—
(−) CapEx	344	365	389	410	433	—
(−) ΔWC	50	122	139	121	131	—
Free Cash Flow (FCF)	1,359	1,386	1,460	1,563	1,632	—

Peers' EBITDA Multiple						15.6x
Terminal Value						38,714
WACC / Discount Rate	8.28%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	1,306	1,230	1,197	1,183	1,141	26,013

Enterprise Value	32,070
Projection Period	6,057	18.9%
Terminal Value	26,013	81.1%

(−) Current Net Debt	1,565
Equity Value	30,505
(÷) Outstanding Shares	284M
Fair Price	$107	-7.1%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	11.6x	13.6x	15.6x	17.6x	19.6x
6.3%	$92	$104	$117	$130	$143
7.3%	$88	$100	$112	$125	$137
8.3%	$84	$96	$107	$119	$131
9.3%	$80	$92	$103	$114	$125
10.3%	$77	$88	$98	$109	$120

Current price: $115.62. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$104.52

Market Price

$115.62

Upside / Downside

-9.6%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Agilent Technologies, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 6.5% to 2.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 73, DPO 60, DIO 114). At a 8.3% WACC with mid-year discounting, the terminal value (64% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 15.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $104.50 per share, suggesting A is fairly valued by 9.6% at the current price of $115.62.

FCFF Present Value Calculation

WACC

8.28%

3% – 20%

EV/EBITDA Exit Multiple

15.59x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	1,518	1,612	1,718	1,810	1,909	1,957	2,008	2,062	2,120	2,182	2,236
(−) Net Interest	103	110	117	123	130	133	137	140	144	148	152
(+) D&A	313	344	359	377	383	388	408	426	442	456	467
EBITDA	1,934	2,065	2,193	2,310	2,423	2,479	2,553	2,629	2,706	2,786	2,856

(−) Tax	181	192	204	215	227	233	239	245	252	260	—
(−) CapEx	344	365	389	410	433	444	455	468	481	495	—
(−) ΔWC	50	122	139	121	131	63	67	71	76	81	—
Free Cash Flow (FCF)	1,359	1,386	1,460	1,563	1,632	1,740	1,792	1,845	1,898	1,951	—

Peers' EBITDA Multiple											15.6x
Terminal Value											44,521
WACC / Discount Rate	8.28%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	1,306	1,230	1,197	1,183	1,141	1,123	1,069	1,016	965	917	20,101

Enterprise Value	31,248
Projection Period	11,147	35.7%
Terminal Value	20,101	64.3%

(−) Current Net Debt	1,565
Equity Value	29,683
(÷) Outstanding Shares	284M
Fair Price	$105	-9.6%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	11.6x	13.6x	15.6x	17.6x	19.6x
6.3%	$101	$112	$123	$134	$145
7.3%	$93	$103	$113	$123	$133
8.3%	$86	$95	$105	$114	$123
9.3%	$80	$88	$97	$105	$113
10.3%	$74	$82	$89	$97	$105

Current price: $115.62. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$118.20

Market Price

$115.62

Upside / Downside

+2.2%

Verdict

Undervalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Agilent Technologies, Inc. (A) has a fair value of $118.20 based on 8 comparable companies in the Medical - Diagnostics & Research industry.

P/E Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Agilent Technologies, Inc.A	32,836	25.3x	19.4x
Becton, Dickinson and CompanyBDX	54,138	25.6x	11.9x
Edwards Lifesciences CorporationEW	46,041	43.7x	26.6x
Cardinal Health, Inc.CAH	43,216	28.5x	17.1x
Alcon Inc.ALC	30,492	31.6x	18.1x
ResMed Inc.RMD	30,011	21.8x	18.7x
IQVIA Holdings Inc.IQV	29,827	22.8x	14.0x
Mettler-Toledo International Inc.MTD	22,855	26.7x	24.2x
Waters CorporationWAT	22,846	32.6x	24.2x
Industry Median		27.6x	18.4x
(*) Profit after tax		1,303	1,696
Equity Value		35,922	31,214
(/) Outstanding shares		284	284
Fair Price		$126	$110

Selected Fair Value (avg of trailing + forward)

$118.20

+2.2%

Fair Value

$92.62

Market Price

$115.62

Upside / Downside

-19.9%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Agilent Technologies, Inc. (A) has a fair value of $92.62 based on 8 comparable companies in the Medical - Diagnostics & Research industry.

EV/EBITDA Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Agilent Technologies, Inc.A	32,836	18.7x	17.6x
Becton, Dickinson and CompanyBDX	54,138	14.6x	16.6x
Edwards Lifesciences CorporationEW	46,041	30.6x	27.5x
Cardinal Health, Inc.CAH	43,216	15.7x	13.6x
Alcon Inc.ALC	30,492	14.6x	13.7x
ResMed Inc.RMD	30,011	15.5x	14.1x
IQVIA Holdings Inc.IQV	29,827	12.7x	12.0x
Mettler-Toledo International Inc.MTD	22,855	20.4x	19.4x
Waters CorporationWAT	22,846	23.4x	11.5x
Industry Median		15.6x	13.9x
(*) EBITDA		1,835	1,954
= Enterprise Value		28,601	27,135
(-) Net Debt		1,565	1,565
Equity Value		27,036	25,570
(/) Outstanding shares		284	284
Fair Price		$95	$90

Selected Fair Value (avg of trailing + forward)

$92.62

-19.9%

Fair Value

$114.16

Market Price

$115.62

Upside / Downside

-1.3%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Agilent Technologies, Inc. (A) has a fair value of $114.16 based on 9 comparable companies in the Medical - Diagnostics & Research industry.

EV/Revenue Valuation — Medical - Diagnostics & Research

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Agilent Technologies, Inc.A	32,836	5.0x	4.7x
Becton, Dickinson and CompanyBDX	54,138	3.3x	3.8x
Edwards Lifesciences CorporationEW	46,041	7.2x	6.5x
Cardinal Health, Inc.CAH	43,216	0.2x	0.2x
Alcon Inc.ALC	30,492	3.3x	3.1x
ResMed Inc.RMD	30,011	5.8x	5.2x
IQVIA Holdings Inc.IQV	29,827	2.7x	2.5x
Mettler-Toledo International Inc.MTD	22,855	6.2x	5.9x
Waters CorporationWAT	22,846	7.5x	3.7x
Insmed IncorporatedINSM	21,877	36.5x	12.9x
Industry Median		5.8x	3.8x
(*) Revenue		6,948	7,398
= Enterprise Value		40,034	27,941
(-) Net Debt		1,565	1,565
Equity Value		38,469	26,376
(/) Outstanding shares		284	284
Fair Price		$135	$93

Selected Fair Value (avg of trailing + forward)

$114.16

-1.3%

PEG Fair Value

Fair Value

$85.81

Market Price

$115.62

Upside / Downside

-25.8%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 14.4% plus 0.9% dividend yield, the company has a fair value of $85.81 based on NTM EPS (FY2026) of $5.97. The current PEG ratio is 1.35.

PEG Ratio

1.35Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 19.4 ÷ (13.5% + 0.9%) = 1.35

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateForward	13.5%
Dividend Yield	+0.9%
Adjusted Growth (clamped 8–25%)	14.4%
Fair P/E	14.4x
NTM EPS (FY2026)	$5.97
Fair Value	$85.81

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$4.57	—	—
FY2026E	$5.97	+30.7%	12
FY2027E	$6.57	+10.1%	13
FY2028E	$7.29	+10.8%	11
FY2029E	$8.04	+10.4%	5
FY2030E	$8.61	+7.0%	5

5Y Forward EPS CAGR: 13.5%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$1.2B	$3.94	—
FY2022	$1.3B	$4.18	+6.1%
FY2023	$1.2B	$4.19	+0.2%
FY2024	$1.3B	$4.43	+5.7%
FY2025	$1.3B	$4.57	+3.2%

4Y Historical EPS CAGR: 3.8%

Earnings Power Value

Fair Value

$50.65

Market Price

$115.62

Upside / Downside

-56.2%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 8.3% and normalized earnings of $1.3B, the company has a fair value of $50.65 per share. The EPV range is $42.03 – $63.08 based on WACC sensitivity (6.8% – 9.8%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	1,320	1,320	1,320
(/) WACC	9.8%	8.3%	6.8%
Enterprise Value	13,503	15,950	19,480
(-) Net debt	1,565	1,565	1,565
Equity Value	11,938	14,385	17,915
(/) Outstanding shares	284	284	284
Fair Price	$42.03	$50.65	$63.08

Dividend Discount Model

Fair Value

$20.46

Market Price

$115.62

Upside / Downside

-82.3%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 8.8% and projected dividend growth of 8.1%, the fair value is $20.46 per share. The DDM range is $14.21 – $32.88 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.99

Dividend Yield

0.86%

Payout Ratio

21.6%

Dividend Coverage

4.62x

FCF Payout Ratio24.5%

DPS CAGR (4Y)6.6%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.99	21.6%	+5.5%
2024	$0.94	21.3%	+5.2%
2023	$0.90	21.4%	+7.4%
2022	$0.83	19.9%	+8.4%
2021	$0.77	19.5%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$1.07	8.1%	0.9190	$0.99
2027	$1.16	8.1%	0.8445	$0.98
2028	$1.25	8.1%	0.7761	$0.97
2029	$1.36	8.1%	0.7132	$0.97
2030	$1.47	8.1%	0.6555	$0.96
Terminal Value	$1.50 DPS	2.5%		$15.59

PV of Projected Dividends$4.87

PV of Terminal Value$15.59

Fair Value per Share$20.46

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	6.1%	7.1%	8.1%	9.1%	10.1%
6.8%	$28	$29	$30	$32	$33
7.8%	$22	$23	$24	$25	$27
8.8%	$19	$20	$20	$21	$22
9.8%	$16	$17	$18	$18	$19
10.8%	$14	$15	$15	$16	$17

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.