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What this page is: Delvantic's full research page for Agilent Technologies Inc. (A) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-23): Designation Low · Gem Score -19 (−100…+100 Quality+Value blend) · Quality 51 · Value -76 · Sentiment 11 (timing only, not weighted) · Composite fair value $89.45 vs $159.00 at analysis
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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Agilent Technologies Inc.
A NYSEAgilent Technologies Inc. is a life sciences and analytical instruments company that provides application-focused solutions for laboratories and research environments. Agilent Technologies Inc. serves customers in life sciences, diagnostics, and applied chemical markets through a broad portfolio of instruments, software, consumables, and services. Its offerings support testing, measurement, and analysis across pharmaceutical, biotechnology, environmental, food safety, and industrial applications. The company also provides laboratory workflow support and service solutions through its Agilent CrossLab segment, helping organizations maintain and optimize scientific operations. Headquartered in Santa Clara, California, Agilent Technologies Inc. plays an important role in enabling precision research, quality control, and diagnostic testing across scientific and industrial markets.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 4.57
Total Equity: $6.74B
Shares: 285,000,000
Total Debt: $3.35B
Cash: $1.79B
EBITDA: $1.77B
Total Debt: $3.35B
Cash: $1.79B
Revenue: $6.95B
Revenue: $6.95B
Revenue: $6.95B
Total Equity: $6.74B
Tax Rate: 9.2%
Equity: $6.74B
Total Debt: $3.35B
Cash: $1.79B
Current Liabilities: $2.35B
Long-Term Debt: $3.05B
Total Debt: $3.35B
Total Equity: $6.74B
Shares: 285,000,000
Shares: 285,000,000
CapEx: -$407.00M
Shares: 285,000,000
Stock Price: $159.00
Net Income: $1.30B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 22, 2026 3:12pm (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.3B | $6.8B | $6.8B | $6.5B | $6.9B |
| Cost of Revenue | $2.9B | $3.1B | $3.4B | $3.0B | $3.3B |
| Gross Profit | $3.4B | $3.7B | $3.5B | $3.5B | $3.6B |
| Operating Expenses | $2.1B | $2.1B | $2.1B | $2.0B | $2.2B |
| Operating Income | $1.3B | $1.6B | $1.4B | $1.5B | $1.5B |
| Net Income | $1.2B | $1.3B | $1.2B | $1.3B | $1.3B |
| EBITDA | $1.7B | $1.9B | $1.6B | $1.7B | $1.8B |
| EPS | $3.98 | $4.19 | $4.22 | $4.44 | $4.59 |
| EPS (Diluted) | $3.94 | $4.18 | $4.19 | $4.43 | $4.57 |
Balance Sheet (Annual)
Last updated: Aug 22, 2026 2:56pm (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $1.5B | $1.1B | $1.6B | $1.3B | $1.8B |
| Total Current Assets | $3.8B | $3.8B | $4.2B | $4.0B | $4.6B |
| Total Assets | $10.7B | $10.5B | $10.8B | $11.8B | $12.7B |
| Current Liabilities | $1.7B | $1.9B | $1.6B | $1.9B | $2.3B |
| Long-Term Debt | $2.7B | $2.7B | $2.7B | $3.3B | $3.1B |
| Total Liabilities | $5.3B | $5.2B | $4.9B | $5.9B | $6.0B |
| Total Equity | $5.4B | — | $5.8B | $5.9B | $6.7B |
| Retained Earnings | $348.0M | $324.0M | $782.0M | $750.0M | $1.4B |
Cash Flow (Annual)
Last updated: Aug 22, 2026 3:12pm (1d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.5B | $1.3B | $1.8B | $1.8B | $1.6B |
| Capital Expenditure | -$188.0M | -$291.0M | -$298.0M | -$378.0M | -$407.0M |
| Free Cash Flow | $1.3B | $1.0B | $1.5B | $1.4B | $1.2B |
| Acquisitions (net) | -$546.0M | -$52.0M | -$51.0M | -$862.0M | $4.0M |
| Net Debt Issued / (Repaid) | $431.0M | -$9.0M | $0 | $597.0M | $1.0M |
| Dividends Paid | -$236.0M | -$250.0M | -$265.0M | -$274.0M | -$282.0M |
| Stock Buybacks | -$788.0M | -$1.1B | -$575.0M | -$1.2B | -$425.0M |
| Net Change in Cash | $43.0M | -$434.0M | $537.0M | -$261.0M | $459.0M |
Growth Trends (YoY %)
Last updated: Aug 22, 2026 3:12pm (1d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +8.4% | -0.2% | -4.7% | +6.7% |
| Gross Profit Growth | +9.2% | -6.9% | +2.0% | +3.1% |
| Operating Income Growth | +20.1% | -16.6% | +10.2% | -0.6% |
| Net Income Growth | +3.6% | -1.1% | +4.0% | +1.1% |
| EBITDA Growth | +16.0% | -16.2% | +7.6% | +1.3% |
Dividend History (Last 20)
Last updated: Aug 22, 2026 2:56pm (1d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-30 | $0.26 | — | — | — |
| 2026-03-31 | $0.26 | — | — | — |
| 2026-01-06 | $0.26 | — | — | — |
| 2025-09-30 | $0.25 | — | — | — |
| 2025-07-01 | $0.25 | — | — | — |
| 2025-04-01 | $0.25 | — | — | — |
| 2024-12-31 | $0.25 | — | — | — |
| 2024-10-01 | $0.24 | — | — | — |
| 2024-07-02 | $0.24 | — | — | — |
| 2024-04-01 | $0.24 | — | — | — |
| 2023-12-29 | $0.24 | — | — | — |
| 2023-10-02 | $0.23 | — | — | — |
| 2023-06-30 | $0.23 | — | — | — |
| 2023-04-03 | $0.23 | — | — | — |
| 2022-12-30 | $0.23 | — | — | — |
| 2022-10-03 | $0.21 | — | — | — |
| 2022-07-01 | $0.21 | — | — | — |
| 2022-04-04 | $0.21 | — | — | — |
| 2022-01-03 | $0.21 | — | — | — |
| 2021-10-04 | $0.19 | — | — | — |
Deep Analysis
Risk : Reward — if the last quarter repeats
Live · as of 2026-08-23 02:38Even the bull case prices 66% below today — the ratio here measures the model-vs-market gap, not payoff odds. Another quarter like the worst recent one costs 74%.
| Case | Growth | Margin | Fair value | vs price ($159.00) |
|---|---|---|---|---|
| Bull — recovery | +7% | 22.5% | $53.57 | -66% |
| Base — stabilizes | +5% | 19.6% | $43.96 | -72% |
| Bear — keeps slipping | +2% | 16.6% | $35.48 | -78% |
| Stress — last quarter repeats | +7% | 17.2% | $41.94 | -74% |
Narrative Economics
market-narrative step).
Growth Outlook
Analyzed 2026-08-22 15:19The question every valuation on this page silently assumes: is this company likely to grow? Judged forward — the business, its category, the world — against what's already printed.
Claude Reading
Looking at the raw quarterly print first: revenue went from $1.58B (Jul-24) → $1.68B → $1.70B → $1.67B → $1.74B → $1.86B → $1.80B → $1.84B. That's not "decelerating" — that's a legitimate reacceleration off a China/biotech-funding trough, with the last two quarters up 7-9% YoY. Net income has been choppy ($215M in Apr-25 was clearly an anomaly), but the last four quarters annualize to ~$1.41B in NI vs. $1.30B FY25 — a modest re-rating in earnings power is underway. Annual revenue has essentially flatlined at $6.5-6.9B for five years, so this is a mature business in every meaningful sense, but the trajectory into fiscal 2026 does look inflection-y rather than stagnant. Recent revenue YoY of 6.7% is genuine, not a base-effect mirage.
That said, the valuation math is unforgiving. At $159, market cap $44.9B, EV ~$46.5B, we're at 26x EV/EBITDA, 34.8x trailing P/E, 6.5x sales on a business growing revenue ~1% CAGR over five years and earnings 2.5% CAGR. Even if you credit a return to 5-6% organic growth and steady 19-21% operating margins, forward P/E on ~$1.5B NI is still ~30x. FCF actually declined — $1.15B on $6.95B revenue is a 16.5% FCF margin, and FCF CAGR of -11.6% is a real red flag the bulls have to explain. ROIC of 16% is fine but not extraordinary for a 6.5x sales multiple. The synthesis DCF at $90 feels aggressive to the downside (it likely underweights the recent quarterly reacceleration), but $159 requires either sustained ~7%+ growth or multiple persistence at 30x+ — neither is a base case for a diagnostics/instruments business with China exposure.
Where I'd push back on the prior models: the synthesis's "revenue is volatile and unreliable" flag is overstated — revenue has been remarkably stable in a $6.3-6.95B band for five years, which is the opposite of volatile; it's just non-growing. Meanwhile the "Low Revenue Confidence — decelerating" tag contradicts the actual sequential prints (four straight quarters of YoY acceleration). The Market Forces note about "collapsing free cash flow" is directionally right but the level ($1.15B FCF, 74% conversion of NI) is still healthy — this is a working capital / inventory rebuild story, not a franchise breaking. Insider activity is genuinely neutral-to-slightly-negative (one 1,600 share sale against routine award vesting), not the smoking gun some models want it to be. The narrative layer's 55/45 fundamentals-to-story split feels roughly right, and I agree the "quality tax" is doing real work here. A contrarian bull would argue Agilent's CrossLab recurring revenue (~35% of mix), pharma capex normalization, and China stimulus tailwinds could drive 2027 EPS toward $6.50-7.00 vs. consensus ~$5.80, which at 28x = $180-195 — but that requires believing the acceleration continues and margins expand another 100-150bps. Possible, not probable.
Net: I agree directionally with the "overvalued" synthesis verdict but think the $90 fair value is too punitive. Fair value on a blended 25x forward P/E times normalized $5.75 EPS = $144, or 22x EV/EBITDA on ~$2.05B EBITDA = ~$155/share equity value. So I peg intrinsic around $135-150, meaning the stock is modestly overvalued (~10-15%) rather than 43% overvalued. This matters because at $135 I'd be a buyer, and the setup — accelerating quarterly revenue into a mature-earner story — is exactly the kind that can grind sideways rather than crash. I dissent on magnitude, agree on direction. No urgency to short, no urgency to buy; wait for either $135 handle or a Q3/Q4 miss that resets the multiple. The bigger risk to the bull thesis isn't valuation — it's that FCF conversion doesn't recover in FY26, which would validate the -11.6% FCF CAGR as structural rather than transitory.
GPT Reading
Agilent looks like a very good business priced like a much better growth story than the numbers justify. The operating profile is undeniably strong: 2025 revenue was $6.95B, up 6.8% from $6.51B, gross margin held at 52.4%, operating margin was 21.3%, and net income reached $1.30B for an 18.8% net margin. Returns are healthy too, with 19.3% ROE and 16.2% ROIC. But the longer arc matters more than a single rebound year. Revenue was $6.85B in 2022, $6.83B in 2023, $6.51B in 2024, and only now back to $6.95B in 2025. That is basically three years of flat-to-down motion before a recovery to a new high. Against that backdrop, paying 34.8x earnings, 26.4x EV/EBITDA, and 6.5x sales is aggressive for a business whose 5-year revenue CAGR is barely positive and whose earnings have grown from $1.21B in 2021 to $1.30B in 2025.
The quarterly data reinforces that this is a recovery, not a clean compounder. Revenue improved from $1.58B in 2024-07 to $1.70B in 2024-10, then $1.68B, $1.67B, $1.74B, $1.86B, $1.80B, and $1.84B most recently. That is better than the slump, but still not the kind of steady, high-visibility progression that deserves a premium multiple usually reserved for durable mid-teens growers or software-like recurring models. Net income margins also swing more than the “defensive infrastructure” framing suggests: 12.9% in 2025-04, 19.3% in 2025-07, 23.3% in 2025-10, then 17.0% and 18.5% in the last two quarters. Annual operating income was actually $1.49B in 2024 and $1.48B in 2025 despite the revenue rebound, so incremental sales have not yet translated into better operating earnings. That is the key contradiction: the stock is valued as if normalized growth and margin resilience are already proven, while the income statement still shows a business fighting back to trend rather than surpassing it.
Cash flow is solid but not strong enough to bail out the valuation. 2025 operating cash flow of $1.56B and free cash flow of $1.15B are respectable, but on a $44.9B market cap that is only about a 2.6% FCF yield. Even allowing for cyclical trough effects, that is thin for an instrument and diagnostics supplier with modest top-line growth. The balance sheet is fine, not stressed: $1.79B cash against $3.35B debt, current ratio near 2.0, debt/equity about 0.50. So this is not a short based on financial fragility. It is simply a case where quality has been bid up to the point that future returns look compressed. At $159, the market is capitalizing Agilent as though 4-6% growth, stable 20%+ operating margins, and a stronger cash conversion cycle are near certainties. The reported numbers support “good business,” but not “pay any price.”
The best case against my view is straightforward and serious: the business may have already absorbed the worst of the China and biotech spending downturn, and the last four quarters do show reacceleration. Revenue went from $1.67B in 2025-04 to $1.86B in 2025-10, and the latest quarter at $1.84B was up meaningfully from $1.70B a year earlier. If that pace holds, Agilent could exit recovery and re-enter a cleaner compounding phase. A 52% gross margin, recurring service and consumables exposure, and ROIC above 16% deserve a premium to average medtech or tools peers. On that view, a mid-30s P/E is not absurd if earnings are about to move from the current roughly $1.3B annual run rate toward $1.5B-$1.6B over the next couple of years. I weigh that less heavily because the evidence is still incomplete: annual EBIT has not inflected, free cash flow remains mediocre relative to valuation, and the company has not yet shown sustained multi-quarter operating leverage.
What would change my mind is not another quarter of modest revenue growth, but proof that the rebound is durable and earning power is structurally higher. If Agilent can produce annual revenue above $7.3B with operating income above $1.65B and free cash flow moving toward $1.4B, then today’s multiple would look much less stretched. On the quarterly level, I would want to see two or three consecutive quarters above $1.85B-$1.90B of revenue with net margins holding near or above 20% rather than bouncing around the high teens. Absent that, I think the stock remains a quality name with an overquality valuation.
Grok Reading
Agilent prints the profile of a high-quality mature earner that the market has simply mispriced. Five-year revenue sits essentially flat: $6.32B in 2021, a peak near $6.85B in 2022, a slide to $6.51B in 2024, and a recovery to $6.95B in fiscal 2025—producing a revenue CAGR of roughly 0.8% and an earnings CAGR of 2.5%. Net income has hovered in a $1.21–1.30B band for half a decade while free cash flow deteriorated at an 11.6% CAGR to $1.15B. Against that backdrop the stock trades at $159, or 34.8x earnings, 6.5x sales, and 26.4x EV/EBITDA, implying a free-cash-flow yield near 2.6% on a $45B equity value. Recent quarters show a modest bounce—trailing four quarters now run roughly $7.2B annualized with April 2026 revenue at $1.84B and a 18.5% net margin—but 6.7% recent revenue growth and 1.1% earnings growth do not re-rate a sub-1% long-term growth compounder into the mid-30s P/E. Operating margins have compressed from the 2022 peak of roughly 23.6% to 21.3% in 2025; ROIC remains respectable at 16.2% and ROE at 19.3%, yet those returns are already capitalized at a premium that leaves almost no room for the cyclical or China-related slippage the history already demonstrates.
The balance sheet is clean enough—$3.35B debt against $1.79B cash, debt-to-equity 0.50, current ratio 1.96—and the business still converts well, with $1.56B operating cash flow and only $407M of capex. Gross margin holds at 52.4%. None of that, however, overturns the arithmetic: at $159 the market is paying roughly 75% above the composite fundamental anchor near $91 and is embedding mid-single-digit perpetual growth plus margin expansion that the last five years simply have not delivered. Insider activity is noise (mostly awards and tax withholdings, one 1,600-share sale); it neither confirms nor refutes the valuation gap. The story the numbers tell is steady cash generation inside a low-growth envelope being valued as if the 2022–2024 stagnation was purely temporary and fully behind it.
The strongest opposing case is the quality-and-recurring-revenue argument. CrossLab and the installed base do generate sticky consumables and service revenue; labs keep running through funding cycles. Fiscal 2025 revenue rebounded 6.8% year-over-year from the 2024 trough, sequential quarters have stabilized in the $1.80–1.86B range, and a 19% ROE business with fortress-like customer lock-in historically commands a premium multiple. If organic growth settles at a durable 5–6% and free-cash-flow conversion recovers from its multi-year decline, a mid-20s to low-30s earnings multiple becomes defensible and the $159 entry looks less extreme. Bulls will also note that absolute FCF of $1.15B still covers the modest 0.64% dividend and leaves room for buybacks, and that sector peers with similar life-sciences exposure often clear higher EV/sales prints when biotech funding turns. I weigh that case as real but incomplete: the premium already discounts a clean recovery, FCF is still trending the wrong way, and five years of near-zero top-line growth is a long enough sample to treat “cyclical only” as a hope rather than a base case.
I would flip to neutral or constructive on two hard data points: four consecutive quarters of organic revenue growth at or above 5% with FCF margin expanding back toward the mid-teens, or a clear multi-quarter re-acceleration in China and pharma/biotech instrument demand that lifts the forward growth algorithm above 4% on a sustained basis. Until those print, the stock remains a quality name priced for an outcome the financial history has not yet earned.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
Agilent shows the hallmarks of a well-run mature earner: revenue oscillating in a tight $6.5B-$6.95B band over five years, gross margins steady near 52-54%, operating margins in the 20-24% zone, and net income drifting up from $1.21B to $1.30B. FCF has been consistently above $1B every year ($1.15B in 2025) and OCF/NI at 1.25x with -2.8% accruals means reported profits convert to cash - Beneish M at -2.46 and Altman Z at 5.8 corroborate clean books. Diluted share count has fallen from 307M to 285M (-1.8% CAGR) with buybacks running 676% of SBC, so per-share value is being concentrated rather than eroded. The one soft spot is the balance sheet: net cash is negative $1.57B against just $1.79B of liquid cash on a $45B business - manageable given $1.15B annual FCF (net debt paid down in under two years of FCF), but it is a constraint, not a cushion. Top-line growth is unimpressive; 2025 revenue of $6.95B is only ~10% above 2021, and 2023-2024 showed a real dip, suggesting the end-markets (bio/pharma instruments, diagnostics) are cyclical rather than compounding steadily. Insider tape is unremarkable - the 5 small sells totaling $3.1M are dominated by tax-withholding (F codes) and routine director awards; only one true open-market sale (Dolsten, $217K) appears, which is noise on a $45B cap. No directional signal, no red flag.
Verify before trusting this (5)
- Debt maturity schedule and refinancing risk behind the $1.57B net debt position
- Segment-level growth to see whether any business line is masking decline in another
- Customer/end-market concentration in bio/pharma tools given 2023-2024 revenue dip
- Whether recent buyback pace is being funded by incremental debt or purely FCF
- M&A activity - stagnant organic top line raises the question of acquisition dependence
The e2e composite fair value is $91.24 (signal-adjusted $90.61) against a $159 price - implying roughly 43% downside. The DCF ($59) and EPV floor ($45) both sit far below price; only the anchored-PE method ($201) supports the tape, and that method essentially extrapolates the current multiple rather than deriving deserved value, so I discount it heavily. Company quality is genuinely Strong (clean earnings, buybacks, durable installed base), which lifts deserved value above the DCF/EPV floor - but not to $159. A fair blended deserved value for a high-quality, low-growth compounder here is probably in the $115-130 zone, meaning price still carries a ~20-30% premium with no margin of safety. What's priced in: perpetual mid-single-digit growth, sustained margins, and continued multiple support - a 'nothing goes wrong' scenario for a business whose revenue has been roughly flat for five years and whose margins have not expanded. That is the definition of paying for perfection in a mature name.
Verify before trusting this (5)
- Forward revenue guidance and organic growth rate - is >4% durable or a post-COVID hangover coming?
- CrossLab / recurring revenue mix and growth vs instruments - the actual quality of the earnings stream
- China life-sciences exposure and any signs of order normalization
- Buyback pace vs SBC - is share-count shrink real or offset by dilution
- Segment margin trajectory - any evidence of the mix shift finally lifting operating margin
Agilent sits in a quiet spot on the tape. The regime is mildly risk-on (VIX ~15, S&P near highs), which is a light tailwind, but with a 1.23 beta this name is not the natural beneficiary of a melt-up the way high-torque growth would be. The active narrative is a durable, low-intensity steady-compounder story - defensive lab infrastructure, recurring CrossLab revenue - which quietly supports the quality premium the stock already carries but is not generating fresh buying pressure. Analyst tone reads as cautiously optimistic per the target-price coverage, neither a squeeze nor a de-rate catalyst. The overwhelming near-term sentiment force is the August 26 earnings print: news flow in the last 72h is entirely earnings-preview framing, and one piece explicitly flags operating levers pointing positive. That skews near-term positioning slightly hopeful, but it also concentrates risk into a single event where a 'priced for perfection' setup (per the bear frame) can punish any miss. Macro cross-currents (10y at 4.69%, market PE 25.7) are a mild background headwind for a quality-premium name whose multiple leans on low discount rates, but with durability high and cult low, there is no narrative fragility to exploit either way. Net: forces roughly offset into an event.
Verify before trusting this (4)
- Aug 26 earnings reaction - beat/miss magnitude and guide, and whether analyst targets get revised up or down in the 48h after
- Whether sell-side tone shifts from 'cautiously optimistic' to outright upgrades (tailwind) or trims (headwind)
- VIX and 10y direction - a jump in either would disproportionately pressure premium-multiple defensives
- Any sector rotation out of life-sciences tools cohort (TMO, DHR, WAT) that would drag A regardless of its own print
The world context is mildly hostile and structurally neutral: macro headwinds with a 4.69% 10-year rate raise the bar for customer capex approvals, and academic/government research funding pressure plus China policy risk sit directly on Agilent's demand pool. Against that, lab analytics is genuinely non-discretionary at the consumable/service layer — testing volumes for drug QC, food safety and environmental compliance are regulation-driven, not sentiment-driven. So the world neither creates nor destroys Agilent's growth; it modulates the timing of instrument capex around a slowly compounding recurring base. The one genuinely structural change worth naming is the shift of pharma spend toward biologics and cell/gene modalities, which favors mass-spec and bioanalytical workflows where Agilent has been taking share — that is the mechanism behind the current outgrowth, and it does not evaporate with the rate cycle.
When we made this prediction on Aug 23, 2026, A was $159.00. We expect it to be $145.00 by Feb 2027, and we consider it great value under $115.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 23, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.