Agilent Technologies Inc.
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Earnings Call Q3 2026
August 26, 2026 - AI Summary
Q3 results: strong upside vs guidance + big operating leverage (Ignite in action)
- Revenue: $1.88B, up 7.3% core (reported +8.1%), above the high end of guidance by 140 bps.
- Operating margin: 28.3% including ~$20M tariff refund benefit; 27.2% ex refunds, +210 bps YoY, ahead of implied guidance (26.4%).
- EPS: $1.62 including ~$0.06 refund; $1.56 ex refunds, +14% YoY, above the high end of guidance ($1.48–$1.50).
- Cash returns: $519M operating cash flow, $439M free cash flow (96% net income conversion); $78M share repurchases and $72M dividends in Q3.
Full-year and Q4 guidance raised: EPS growth expected to stay strong
- FY26 core growth raised to 5.8%–6.0% (reported revenue guide $7.49B–$7.51B), up 65 bps at midpoint vs prior guide.
- FY26 EPS raised to $6.12–$6.15 ex refunds (midpoint +0.15 prior guide); ~10% growth ex refunds (and ~11% including refunds).
- Operating margin expansion target raised: >100 bps at midpoint ex refunds (previously 85 bps).
- Q4 revenue: $1.98B–$2.0B reported (implies ~5.2%–6.2% core; currency headwind ~10 bps).
- Q4 EPS: $1.71–$1.74, +8%–9% YoY, and no future tariff refund benefit assumed in Q4 modeling.
- Spending/capex: capex ~$450M for FY26; operating cash flow $1.6B–$1.7B unchanged.
End-market performance: pharma and China surprised positively; diagnostics slightly soft vs top guide but order momentum strong
- Pharma +12% (ahead of high single-digit expectation); biotech double-digit, small molecule mid-single digit.
- GLP-1 momentum: >70% YoY growth in the quarter; CDMO + analytical labs contributing.
- Advanced therapeutics (NASD/Biovectra specialty CDMO): nearly +30% growth; company expects ATD to be flattish in Q4 due to a tougher comp (>40%), with Train C revenue ramp coming.
- Applied markets: Chemicals & advanced materials +7% (ahead of mid-single-digit guide); Diagnostics & clinical high-end mid-single-digit, slightly below expectations, but double-digit order growth in pathology supports durability.
- China +9% (vs flat expectation), led by pharma and food; management sees momentum continuing into year-end (minimal stimulus benefit cited).
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$69.65
60.7% downside
Current Fair Value
60.7% downsideOvervalued by 60.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $49.31 Billion |
|---|---|
| Enterprise Value | $52.14 Billion |
| Annual dividend | $1.02 |
| Dividend yield | 0.58% |
| Earnings per Share | $4.59 |
| Beta | 1.21 |
| Outstanding Shares | 282,000,000 |
Return
| Return on Equity | 19.56% |
|---|---|
| Return on Assets | 10.31% |
| Return on Invested Capital | 14.81% |
Valuation & Multiples
| P/E Ratio | 34.36 |
|---|---|
| PEG | 443.98 |
| Price to Sales | 6.82 |
| Price to Book Ratio | 6.82 |
| Enterprise Value to Revenue | 7.07 |
| Enterprise Value to EBIT | 30.14 |
| Enterprise Value to Net Income | 36 |
| Total Debt to Enterprise | 0.09 |
| Debt to Equity | 0.62 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 26, 2026
EPS Estimate
$1.49
Consensus analyst estimateRevenue Estimate
$1.84 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 23, 2026
EPS Estimate
$1.73
Consensus analyst estimateRevenue Estimate
$1.99 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 90.08% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.41%▼ 88.84% |
|---|---|
| Total Invested | $2.14B▼ 93.87% |
| Investors Holding | 440▼ 728.00% |
About Agilent Technologies Inc.
18,100 employees
CEO: Michael McMullen
Agilent Technologies, Inc. is a global enterprise that develops and delivers specialized solutions primarily for the life sciences, diagnostics, and applied chemical industries. Within its Life Sciences and Applied Markets division, the ...