Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Our verdict in one paragraph. Agilent is a good business, and in its core it is very close to a wonderful one: the world's leading maker of gas chromatographs, a co-leader in liquid chromatography and mass spectrometry, sitting on an installed base of instruments whose validated methods in regulated laboratories make customers reluctant to switch, and feeding a $3 billion consumables-and-services annuity that earns 34% margins. Returns on invested capital have held between 17% and 20% for a decade, the share count has shrunk every year, and the balance sheet carries only about one turn of net debt. The current management team is capable, candid, and has beaten its own guidance for nine straight quarters.
Recent filings analysed: 10-Q (2026-09-01), 8-K (2026-08-26), 8-K (2026-06-25), 10-Q (2026-06-01).
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