Agilent Technologies, Inc.

“Agilent is a competent, cash-generative business with genuine regulatory switching costs and a sticky recurring revenue base, but it operates in a competitive mid-field position — outgunned by Thermo Fisher in scale, losing China share structurally, and missing the next-generation proteomics wave. The FY2025 recovery is real but fully priced: at ~21.6x EV/EBITDA and 20.3x forward earnings, the market embeds ~6% perpetual FCF growth, leaving no margin of safety and expected returns of only ~7% CAGR. BIOVECTRA dilutes ROIC, management alignment is weak, and a dual China-plus-biopharma headwind could permanently impair 25-35% of earnings in a downside scenario. At $95-$110 this would be a BUY; at $134 it is a patient TRACK.”