AAGILENT TECHNOLOGIES, INC.

Laboratory Analytical Instruments

Revenue: $6.9B; 6.7% YoY
Operating margin: 21.3%; 6.9% YoY
EBITDA: $1.8B; 1.3% YoY
Market cap: $49.3B
Employees: 18,100; $384K revenue each
Net debt / EBITDA: 1.1×; $1.9B net debt
AI in 10-K: 4.5; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
120% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
36% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$384K · 49th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.5 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$49.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.3B	$6.8B	$6.8B	$6.5B	$6.9B	6.7%
Operating income	$1.3B	$1.6B	$1.4B	$1.5B	$1.5B	0.6%
Net income	$1.2B	$1.3B	$1.2B	$1.3B	$1.3B	1.1%
Operating cash flow	$1.5B	$1.3B	$1.8B	$1.8B	$1.6B	11%
Capex	$188M	$291M	$298M	$378M	$407M	7.7%
Stock-based comp	$110M	$125M	$111M	$129M	$128M	0.8%
Buybacks	$788M	$1.1B	$575M	$1.1B	$425M	63%
Dividends	$236M	$250M	$265M	$274M	$282M	2.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 6
Net: −$3M

Pay vs performance

No pay-versus-performance disclosure yet.