A (Agilent Technologies Inc) vs S&P 500 Comparison

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0KHE

TMO

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207940

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Agilent Technologies Inc
Glance View

Economic Moat

Narrow

Market Cap

39.1B USD

Industry

Life Sciences Tools & Services

Agilent Technologies Inc., a spin-off from Hewlett-Packard in 1999, has cultivated a niche in the vibrant landscape of the life sciences, diagnostics, and applied chemical markets. This California-based company, born from the legacy of one of Silicon Valley’s pioneers, has carved out its identity by providing sophisticated analytical instrumentation, software, services, and consumables for a wide range of applications. Agilent's businesses are stitched together by an underlying technology expertise, which forms the bedrock for its product lines that serve an increasing demand for precise and reliable analytical measurements. From cutting-edge liquid chromatography to mass spectrometry and genetic analysis systems, Agilent's offerings are geared towards supporting research and quality control processes across various industries, including pharmaceuticals, food safety, and environmental testing. The company's commitment to innovation and quality has consistently positioned it as a trusted partner in advancing the capabilities of laboratories worldwide. Agilent's revenue generation hinges on a strategic blend of product sales and services. The core of its business model revolves around not just selling instruments, but also establishing long-term relationships through service agreements, maintenance, and training. This recurring service revenue complements the sale of consumables and parts required for the operation of their sophisticated instruments. Additionally, Agilent has strategically expanded its footprint in the diagnostics market, providing instruments and reagents used in pathology laboratories, further diversifying its income streams. With a deliberate focus on high-growth areas, including genomics and cancer diagnostics, Agilent continues to leverage its technological prowess and industry expertise to capture market share in sectors that are inherently driven by the necessity for innovation and regulatory compliance. Through an intricate balance of hardware sales and consistent after-sale support, Agilent steadily maintains its role as a formidable player in the analytical instrumentation sector.

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A Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

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A vs S&P 500

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Agilent Technologies Inc
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A vs S&P 500

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A

vs

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Stocks Performance
A vs S&P 500

Performance Gap
A vs S&P 500

Performance By Year
A vs S&P 500

Competitors Performance
Agilent Technologies Inc vs Peers

Agilent Technologies Inc
Glance View