A vs WAT: Agilent Technologies and Waters compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Agilent Technologies is the larger company, worth $47.8B, close to Waters's $42.6B.
- Waters grew revenue faster over the last year (+113.3% vs +8.1%).
- Agilent Technologies keeps more of each dollar of revenue as operating profit (22.2% vs 7.1%).
- On earnings, Agilent Technologies is the cheaper stock (37.2x vs 108.7x).
- Waters's price assumes faster free cash flow growth: about 23% a year, against 15% for Agilent Technologies (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | A | WAT |
|---|---|---|
| Market cap | $47.8B | $42.6B |
| Share price | $170.54 | $435.99 |
| Revenue (last fiscal year) | $6.9B | $3.2B |
| Free cash flow (last fiscal year) | $1.2B | $540M |
| Revenue growth, last year | +8.1% | +113.3% |
| Revenue growth per year, last 5 fiscal years | +2.4% | +3.2% |
| Operating margin | 22.2% | 7.1% |
| Net margin | 19.5% | 3.6% |
| Return on equity | 19.6% | 1.1% |
| P/E (trailing) | 37.2x | 108.7x |
| Price / free cash flow | 41.4x | 78.9x |
| EV / EBITDA | 24.8x | 49.2x |
| FCF growth the price implies | 14.5% | 23.1% |
| Dividend yield | 0.58% | — |
| Debt / equity | 0.90x | 0.63x |
| Fundamental grade | C | D |
| Superinvestors holding it | 7 | 10 |
| Insider purchases, last 12 months | 2 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Agilent Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.3B | $1.3B | 21.3% |
| 2022 | $6.8B | $1.0B | 23.6% |
| 2023 | $6.8B | $1.5B | 19.8% |
| 2024 | $6.5B | $1.4B | 22.9% |
| 2025 | $6.9B | $1.2B | 21.3% |
Waters
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.8B | — | 29.5% |
| 2022 | $3.0B | — | 29.4% |
| 2023 | $3.0B | $442M | 27.7% |
| 2024 | $3.0B | $620M | 27.9% |
| 2025 | $3.2B | $540M | 25.4% |
Where the revenue comes from
Agilent Technologies · by segments, 2025
Agilent CrossLab$2.9B42%
Life Sciences and Diagnostics Markets$2.7B39%
Applied Markets$1.3B19%
Waters · by products, 2025
Product$2.0B62%
Service$1.2B38%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open A in InvestinglyQuestions
Which is bigger, Agilent Technologies or Waters?
Agilent Technologies (A), at $47.8B against $42.6B.
Is A or WAT cheaper?
By trailing P/E, Agilent Technologies (37.2x) is cheaper than Waters (108.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, A or WAT?
Waters: revenue grew +113.3% over the last year, against +8.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.