Medical - Diagnostics & Research
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A vs WAT
Revenue, margins, valuation, and 5-year total return — side by side.
Medical - Diagnostics & Research
A vs WAT — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | ||
|---|---|---|
| Industry | Medical - Diagnostics & Research | Medical - Diagnostics & Research |
| Market Cap | $33.27B | $20.38B |
| Revenue (TTM) | $7.07B | $3.77B |
| Net Income (TTM) | $1.29B | $449M |
| Gross Margin | 38.8% | 55.0% |
| Operating Margin | 20.6% | 17.1% |
| Forward P/E | 19.7x | 23.8x |
| Total Debt | $3.35B | $1.41B |
| Cash & Equiv. | $1.79B | $588M |
A vs WAT — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Agilent Technologie… (A) | 100 | 133.3 | +33.3% |
| Waters Corporation (WAT) | 100 | 171.4 | +71.4% |
Price return only. Dividends and distributions are not included.
Quick Verdict: A vs WAT
Each card shows where this stock fits in a portfolio — not just who wins on paper.
A carries the broadest edge in this set and is the clearest fit for income & stability and long-term compounding.
- Dividend streak 10 yrs, beta 1.23, yield 0.8%
- 205.7% 10Y total return vs WAT's 161.3%
- PEG 1.34 vs WAT's 5.58
WAT is the clearest fit if your priority is growth exposure and sleep-well-at-night.
- Rev growth 7.0%, EPS growth 0.5%, 3Y rev CAGR 2.1%
- Lower volatility, beta 1.07, Low D/E 55.0%
- Beta 1.07
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | 7.0% revenue growth vs A's 6.7% | |
| Value | Lower P/E (19.7x vs 23.8x), PEG 1.34 vs 5.58 | |
| Quality / Margins | 18.3% margin vs WAT's 11.9% | |
| Stability / Safety | Beta 1.07 vs A's 1.23 | |
| Dividends | 0.8% yield; 10-year raise streak; the other pay no meaningful dividend | |
| Momentum (1Y) | +9.4% vs WAT's -1.7% | |
| Efficiency (ROA) | 10.1% ROA vs WAT's 4.6%, ROIC 13.5% vs 20.3% |
A vs WAT — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
A vs WAT — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
Income & Cash Flow (Last 12 Months)
A leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
A is the larger business by revenue, generating $7.1B annually — 1.9x WAT's $3.8B. A is the more profitable business, keeping 18.3% of every revenue dollar as net income compared to WAT's 11.9%. On growth, WAT holds the edge at +91.5% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ||
|---|---|---|
| RevenueTrailing 12 months | $7.1B | $3.8B |
| EBITDAEarnings before interest/tax | $1.7B | $953M |
| Net IncomeAfter-tax profit | $1.3B | $449M |
| Free Cash FlowCash after capex | $993M | $264M |
| Gross MarginGross profit ÷ Revenue | +38.8% | +55.0% |
| Operating MarginEBIT ÷ Revenue | +20.6% | +17.1% |
| Net MarginNet income ÷ Revenue | +18.3% | +11.9% |
| FCF MarginFCF ÷ Revenue | +14.1% | +7.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +7.0% | +91.5% |
| EPS Growth (YoY)Latest quarter vs prior year | -3.6% | -142.9% |
Valuation Metrics
A leads this category, winning 6 of 7 comparable metrics.
Valuation Metrics
At 25.7x trailing earnings, A trades at a 19% valuation discount to WAT's 31.8x P/E. Adjusting for growth (PEG ratio), A offers better value at 1.75x vs WAT's 6.15x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | ||
|---|---|---|
| Market CapShares × price | $33.3B | $20.4B |
| Enterprise ValueMkt cap + debt − cash | $34.8B | $21.2B |
| Trailing P/EPrice ÷ TTM EPS | 25.72x | 31.83x |
| Forward P/EPrice ÷ next-FY EPS est. | 19.68x | 23.82x |
| PEG RatioP/E ÷ EPS growth rate | 1.75x | 6.15x |
| EV / EBITDAEnterprise value multiple | 19.71x | 19.29x |
| Price / SalesMarket cap ÷ Revenue | 4.79x | 6.44x |
| Price / BookPrice ÷ Book value/share | 4.95x | 7.98x |
| Price / FCFMarket cap ÷ FCF | 28.88x | 37.76x |
Profitability & Efficiency
A leads this category, winning 5 of 9 comparable metrics.
Profitability & Efficiency
A delivers a 18.7% return on equity — every $100 of shareholder capital generates $19 in annual profit, vs $8 for WAT. A carries lower financial leverage with a 0.50x debt-to-equity ratio, signaling a more conservative balance sheet compared to WAT's 0.55x. On the Piotroski fundamental quality scale (0–9), A scores 5/9 vs WAT's 4/9, reflecting solid financial health.
| Metric | ||
|---|---|---|
| ROE (TTM)Return on equity | +18.7% | +8.0% |
| ROA (TTM)Return on assets | +10.1% | +4.6% |
| ROICReturn on invested capital | +13.5% | +20.3% |
| ROCEReturn on capital employed | +14.5% | +18.5% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 4 |
| Debt / EquityFinancial leverage | 0.50x | 0.55x |
| Net DebtTotal debt minus cash | $1.6B | $820M |
| Cash & Equiv.Liquid assets | $1.8B | $588M |
| Total DebtShort + long-term debt | $3.4B | $1.4B |
| Interest CoverageEBIT ÷ Interest expense | 19.53x | 6.72x |
Total Returns (Dividends Reinvested)
WAT leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in WAT five years ago would be worth $11,104 today (with dividends reinvested), compared to $9,155 for A. Over the past 12 months, A leads with a +9.4% total return vs WAT's -1.7%. The 3-year compound annual growth rate (CAGR) favors WAT at 4.9% vs A's -3.3% — a key indicator of consistent wealth creation.
| Metric | ||
|---|---|---|
| YTD ReturnYear-to-date | -14.4% | -10.3% |
| 1-Year ReturnPast 12 months | +9.4% | -1.7% |
| 3-Year ReturnCumulative with dividends | -9.7% | +15.4% |
| 5-Year ReturnCumulative with dividends | -8.4% | +11.0% |
| 10-Year ReturnCumulative with dividends | +205.7% | +161.3% |
| CAGR (3Y)Annualised 3-year return | -3.3% | +4.9% |
Risk & Volatility
WAT leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
WAT is the less volatile stock with a 1.07 beta — it tends to amplify market swings less than A's 1.23 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WAT currently trades 82.7% from its 52-week high vs A's 73.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ||
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.23x | 1.07x |
| 52-Week HighHighest price in past year | $160.27 | $414.15 |
| 52-Week LowLowest price in past year | $104.36 | $275.05 |
| % of 52W HighCurrent price vs 52-week peak | +73.3% | +82.7% |
| RSI (14)Momentum oscillator 0–100 | 41.9 | 43.8 |
| Avg Volume (50D)Average daily shares traded | 2.0M | 981K |
Analyst Outlook
A leads this category, winning 1 of 1 comparable metric.
Analyst Outlook
Wall Street rates A as "Buy" and WAT as "Hold". Consensus price targets imply 41.2% upside for A (target: $166) vs 17.5% for WAT (target: $403). A is the only dividend payer here at 0.84% yield — a key consideration for income-focused portfolios.
| Metric | ||
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $166.00 | $402.57 |
| # AnalystsCovering analysts | 38 | 34 |
| Dividend YieldAnnual dividend ÷ price | +0.8% | — |
| Dividend StreakConsecutive years of raises | 10 | 1 |
| Dividend / ShareAnnual DPS | $0.99 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.3% | +0.1% |
A leads in 4 of 6 categories (Income & Cash Flow, Valuation Metrics). WAT leads in 2 (Total Returns, Risk & Volatility).
A vs WAT: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is A or WAT a better buy right now?
For growth investors, Waters Corporation (WAT) is the stronger pick with 7.
0% revenue growth year-over-year, versus 6. 7% for Agilent Technologies, Inc. (A). Agilent Technologies, Inc. (A) offers the better valuation at 25. 7x trailing P/E (19. 7x forward), making it the more compelling value choice. Analysts rate Agilent Technologies, Inc. (A) a "Buy" — based on 38 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — A or WAT?
On trailing P/E, Agilent Technologies, Inc.
(A) is the cheapest at 25. 7x versus Waters Corporation at 31. 8x. On forward P/E, Agilent Technologies, Inc. is actually cheaper at 19. 7x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Agilent Technologies, Inc. wins at 1. 34x versus Waters Corporation's 5. 58x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — A or WAT?
Over the past 5 years, Waters Corporation (WAT) delivered a total return of +11.
0%, compared to -8. 4% for Agilent Technologies, Inc. (A). Over 10 years, the gap is even starker: A returned +205. 7% versus WAT's +161. 3%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — A or WAT?
By beta (market sensitivity over 5 years), Waters Corporation (WAT) is the lower-risk stock at 1.
07β versus Agilent Technologies, Inc. 's 1. 23β — meaning A is approximately 15% more volatile than WAT relative to the S&P 500. On balance sheet safety, Agilent Technologies, Inc. (A) carries a lower debt/equity ratio of 50% versus 55% for Waters Corporation — giving it more financial flexibility in a downturn.
05Which is growing faster — A or WAT?
By revenue growth (latest reported year), Waters Corporation (WAT) is pulling ahead at 7.
0% versus 6. 7% for Agilent Technologies, Inc. (A). On earnings-per-share growth, the picture is similar: Agilent Technologies, Inc. grew EPS 3. 2% year-over-year, compared to 0. 5% for Waters Corporation. Over a 3-year CAGR, WAT leads at 2. 1% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — A or WAT?
Waters Corporation (WAT) is the more profitable company, earning 20.
3% net margin versus 18. 8% for Agilent Technologies, Inc. — meaning it keeps 20. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WAT leads at 28. 2% versus 21. 3% for A. At the gross margin level — before operating expenses — WAT leads at 57. 8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is A or WAT more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.
By this metric, Agilent Technologies, Inc. (A) is the more undervalued stock at a PEG of 1. 34x versus Waters Corporation's 5. 58x. A PEG below 1. 5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, Agilent Technologies, Inc. (A) trades at 19. 7x forward P/E versus 23. 8x for Waters Corporation — 4. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for A: 41. 2% to $166. 00.
08Which pays a better dividend — A or WAT?
In this comparison, A (0.
8% yield) pays a dividend. WAT does not pay a meaningful dividend and should not be held primarily for income.
09Is A or WAT better for a retirement portfolio?
For long-horizon retirement investors, Agilent Technologies, Inc.
(A) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1. 23), 0. 8% yield, +205. 7% 10Y return). Both have compounded well over 10 years (A: +205. 7%, WAT: +161. 3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between A and WAT?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
A pays a dividend while WAT does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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