AGILENT TECHNOLOGIES, INC. vs Waters Corporation, two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
One number separates this pair right now: Waters' operating margin sits at negative 3.7%, against Agilent's 21.7%, a startling line for a franchise that long printed some of the best economics in lab instruments. The net margin, 11.9%, tells a calmer story, which marks the operating figure as carrying one-time weight rather than a collapsed business; still, at 47 times earnings the price asks a premium while the repair is in progress. Agilent earns its keep the ordinary way, a 19.9% return on equity, a 2.8% free-cash yield, a small dividend. Waters asks the buyer to look through a bad year. Agilent, at 27 times, asks very little at all.
Comparison updated 2026-07-10.
| Metric | A | WAT |
|---|---|---|
| Price | $135.99 | $374.11 |
| Market cap | $38.5B | $30.7B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Mature | Growth |
| P/E | 27.3 | 47.4 |
| P/B | 5.40 | 2.01 |
| P/S | 5.32 | 8.09 |
| EV/EBITDA | 24.7 | 54.6 |
| Revenue growth | +9.1% | +28.6% |
| Operating margin | 21.7% | -3.7% |
| Net margin | 19.6% | 11.9% |
| Return on equity | 19.9% | 3.0% |
| Return on assets | 10.8% | 1.8% |
| Return on invested capital | 12.3% | 2.4% |
| FCF yield | 2.8% | 1.1% |
| Dividend yield | 0.7% | — |
| Debt / equity | 0.47 | 0.32 |
| Current ratio | 2.10 | 1.79 |
| Altman Z (solvency) | 4.95 | 2.82 |
| Piotroski F (quality) | 6 / 9 | 3 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.