Agilent Technologies, Inc. (A)
Agilent Technologies makes analytical instruments and lab services for chemical, pharmaceutical, and life-sciences customers.
A vs WAT: how the two businesses compare
- Bigger business: A, with $6.9B of yearly revenue, about 2.2× WAT's $3.2B.
- More profitable: WAT keeps 20 cents of each sales dollar as profit, against 19 cents at A.
- More cash from each sale: A turns 22 cents of each sales dollar into operating cash flow, against 21 cents at WAT.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Agilent Technologies (A) is the larger business by reported revenue: $6.9B in its fiscal year ended Oct 2025, about 2.2× WAT's $3.2B (fiscal year ended Dec 2025). A's net margin was 18.8% and WAT's 20.3%. Both file with the SEC under the same industry code, SIC 3826 (Laboratory Analytical Instruments).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Health Care
- Laboratory Analytical Instruments
- Same classification
- Different
- A October 31 · WAT December 31
- Feb 23, 2026
A vs WAT: quick comparison
| Company fact | A | WAT |
|---|---|---|
| Company | Agilent Technologies, Inc. | Waters Corporation |
| Exchange | NYSE | NYSE |
| SEC industry | Laboratory Analytical Instruments | Laboratory Analytical Instruments |
| Fiscal year-end | October 31 | December 31 |
| Latest annual filing | 10-K · 2025-12-22 | 10-K · 2026-02-23 |
A vs WAT: audited financials
- Scale: A's $6.9B of revenue is about 2.2× WAT's $3.2B.
- Net margin: WAT kept 20.3% of revenue as net income versus 18.8% at A.
- Cash conversion: operating cash flow equalled A 22.4% of revenue, or 1.20× net income; WAT 20.6% of revenue, or 1.02× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-10-31 for A, 2025-12-31 for WAT), so each figure reflects somewhat different demand and cost conditions.
| Metric | A | WAT |
|---|---|---|
| Revenue | $6.9B2024-11-01 to 2025-10-31 · SEC filing | $3.2B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.3B2024-11-01 to 2025-10-31 · SEC filing | $643M2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $1.6B2024-11-01 to 2025-10-31 · SEC filing | $653M2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $4.572024-11-01 to 2025-10-31 · SEC filing | $10.762025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 18.8%2024-11-01 to 2025-10-31 · SEC filing | 20.3%2025-01-01 to 2025-12-31 · SEC filing |
A: FY ending 2025-10-31 · WAT: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where A and WAT overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 3826, Laboratory Analytical Instruments.
Differences
- Offset fiscal calendars: A's year ends October 31 and WAT's December 31, about 2 months apart.
- Only A maps to International markets.
- Scale: A reported about 2.2× the annual revenue of WAT.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Waters Corporation (WAT)
Waters Corporation makes analytical instruments for chromatography and mass spectrometry used in labs.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves A
We have not yet published a company-specific driver list for A. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-12-22.
What moves WAT
We have not yet published a company-specific driver list for WAT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-23.
The investment question
You now know A reports about 2.2× WAT's revenue, and WAT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the laboratory analytical instruments cycle, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. A's fiscal year ends October 31, while WAT's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 12 matched transaction rows for A and 18 matched transaction rows for WAT. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
A primary filings
WAT primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving A or WAT
A vs WAT FAQs
Are A and WAT direct competitors?
Agilent Technologies and Waters share the SEC industry classification “Laboratory Analytical Instruments.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is A or WAT the bigger company by revenue?
Agilent Technologies (A) is the larger business by reported revenue: $6.9B in its fiscal year ended Oct 2025, about 2.2× WAT's $3.2B (fiscal year ended Dec 2025). A's net margin was 18.8% and WAT's 20.3%. Both file with the SEC under the same industry code, SIC 3826 (Laboratory Analytical Instruments). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, A or WAT?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this A vs WAT comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Agilent Technologies, Inc. and Waters Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
A vs WAT compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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