A Business at a Glance
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Keysight Technologies, Inc.
KEYS
$55.2B
Mkt Cap
$318.67
-1.99%
Keysight Technologies, Inc. (KEYS) has a current P/E ratio of 64.9, compared to its historical median P/E of 33.1. The stock is currently considered Expensive based on its historical valuation range.
Keysight Technologies, Inc. (KEYS) has a 5-year average return on invested capital (ROIC) of 22.4%. This indicates strong capital allocation and a potential competitive advantage.
Keysight Technologies, Inc. (KEYS) has a market capitalization of $64.7B. It is classified as a large-cap stock.
Keysight Technologies, Inc. (KEYS) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.71%.
Based on historical P/E analysis, Keysight Technologies, Inc. (KEYS) appears expensive. The current P/E of 64.9 is 96% above its historical median of 33.1. The estimated fair value CAGR (P/E method) is 13.0%.
Keysight Technologies, Inc. (KEYS) operates in the Industrial Instruments For Measurement, Display, And Control industry, within the Technology sector.
Keysight Technologies is a global innovator in design and test solutions serving customers across communications, aerospace, defense, automotive, energy, industrial, general electronics, and semiconductor markets in over 100 countries. The company generates revenue primarily from research and development applications and, to a lesser degree, manufacturing and operations, delivering a portfolio of hardware, software, and services that enable customers to design, validate, manufacture, deploy, and optimize their products. Keysight's hardware includes spectrum and signal analyzers, network analyzers, power analyzers, protocol analyzers, oscilloscopes, digital multimeters, signal generators, power supplies, and network test and visibility products; software comprises instrument applications, design and simulation tools, and system-level emulation capabilities; and services extend the value of solutions throughout their lifecycle. The company operates through a global direct sales channel with experienced technical personnel supported by indirect partners and electronic commerce, leveraging a centralized order fulfillment organization and an extensive supplier network that provides cost structure flexibility and operational resilience. Keysight's competitive advantages include deep, long-term customer relationships built on over 80 years of measurement science heritage, unique technology expertise developed through R&D investments and collaboration with standards bodies and research institutions, differentiated first-to-market solutions enabled by vertical technology integration including in-house semiconductor fabrication and custom packaging, and a durable business model incorporating variable pay mechanisms and diversified go-to-market approaches that have enabled profitability across varying economic conditions.
【AI infrastructure and defense momentum】 Management expects revenue growth in the high 20s% for fiscal 2026, driven by four key pillars: AI infrastructure scaling with increasingly complex GPU, CPU, and networking technology integration; non-terrestrial networks and satellite technologies for direct-to-device applications with new LEO constellations and positioning requirements; optical and photonics technologies supporting silicon photonics capacity expansion from R&D to commercial production; and system-level emulations including radar target generation and threat environment simulation for defense contractors. The company anticipates continued customer demand across these vectors, with aerospace and defense orders at record levels and a strong backlog supporting visibility into the second half of the year. Keysight is increasing capital expenditures to meet higher growth levels and expects acquisition integrations to remain on track, with cost synergies and operational efficiencies contributing to margin expansion as the year progresses.
| Metric | Target | Period |
|---|---|---|
| Revenue | $1.73 billion–$1.75 billion | Q3 FY2026 |
| Earnings per share | $2.43–$2.49 | Q3 FY2026 |
| Revenue growth | high 20s% | FY2026 |
| Acquisition revenue contribution | $375 million | FY2026 |
| Cost synergies and operational efficiencies | greater than $100 million | FY2026 |
| Capital expenditures | $200 million | FY2026 |
Revenue (Q3 FY2026): “For the third quarter of 2026, we expect revenue in the range of $1.73 billion-$1.75 billion, representing 29% year-over-year growth at the midpoint.”
Earnings per share (Q3 FY2026): “We expect Q3 earnings per share to be in the range of $2.43-$2.49, representing 43% year-over-year growth at the midpoint.”
Revenue growth (FY2026): “We now expect revenue growth in the high 20s% for the fiscal year as the underlying trends driving our business are expected to continue.”
Acquisition revenue contribution (FY2026): “we continue to expect $375 million in FY 2026 revenue from the acquisitions and greater than $100 million in cost synergies and other operational efficiencies.”
Cost synergies and operational efficiencies (FY2026): “we continue to expect $375 million in FY 2026 revenue from the acquisitions and greater than $100 million in cost synergies and other operational efficiencies.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.1B | 5.4B | 5.0B | 5.5B | 5.4B | 4.9B |
| Net Income | 1.1B | 850M | 614M | 1.1B | 1.1B | 894M |
| EPS | $5.20 | $4.91 | $3.51 | $5.91 | $6.18 | $4.78 |
| Free Cash Flow | 1.4B | 1.3B | 898M | 1.2B | 959M | 1.1B |
| ROIC | 15.6% | 12.1% | 14.0% | 26.8% | 31.4% | 27.9% |
| Gross Margin | - | 62.1% | 62.9% | 64.6% | 63.7% | 62.1% |
| Debt/Equity | 0.40 | 0.43 | 0.35 | 0.39 | 0.43 | 0.47 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.1B | 876M | 833M | 1.4B | 1.3B | 1.1B |
| Operating Margin | 18.2% | 16.3% | 16.7% | 24.9% | 24.6% | 21.9% |
| ROE | 16.6% | 15.5% | 12.6% | 24.0% | 28.3% | 25.3% |
| Shares Outstanding | 203M | 173M | 175M | 179M | 182M | 187M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.9B | 2.9B | 2.9B | 3.2B | 3.9B | 4.3B | 4.2B | 4.9B | 5.4B | 5.5B | 5.0B | 5.4B | 6.1B |
| Gross Margin | 63.1% | 64.1% | 55.7% | 53.2% | 54.4% | 58.9% | 60.0% | 62.1% | 63.7% | 64.6% | 62.9% | 62.1% | N/A |
| R&D | 361M | 387M | 425M | 507M | 624M | 688M | 715M | 811M | 841M | 882M | 919M | 1.0B | 1.1B |
| SG&A | 790M | 787M | 818M | 1.1B | 1.2B | 1.2B | 1.1B | 1.2B | 1.3B | 1.3B | 1.4B | 1.5B | 1.7B |
| EBIT | 469M | 431M | 406M | 148M | -394M | 711M | 765M | 1.1B | 1.3B | 1.4B | 833M | 876M | 1.1B |
| Op. Margin | 16.0% | 15.1% | 13.9% | 4.6% | -10.2% | 16.5% | 18.1% | 21.9% | 24.6% | 24.9% | 16.7% | 16.3% | 18.2% |
| Net Income | 392M | 510M | 231M | 116M | 165M | 621M | 627M | 894M | 1.1B | 1.1B | 614M | 850M | 1.1B |
| Net Margin | 13.4% | 17.9% | 7.9% | 3.6% | 4.3% | 14.4% | 14.9% | 18.1% | 20.7% | 19.3% | 12.3% | 15.8% | 17.3% |
| Non-Recurring | 3.0M | 16M | -10M | 20M | 709M | 1.0M | 0 | 0 | 0 | 0 | 0 | 21M | 21M |
| Returns on Capital | |||||||||||||
| ROIC | 35.1% | 28.9% | 20.5% | 4.8% | 4.4% | 20.7% | 19.3% | 27.9% | 31.4% | 26.8% | 14.0% | 12.1% | 15.6% |
| ROE | 38.9% | 49.3% | 16.4% | 6.1% | 6.8% | 22.8% | 19.9% | 25.3% | 28.3% | 24.0% | 12.6% | 15.5% | 16.6% |
| ROA | 25.6% | 15.6% | 6.3% | 2.4% | 2.8% | 10.0% | 9.1% | 11.9% | 14.2% | 12.6% | 6.8% | 8.3% | 9.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 563M | 376M | 420M | 328M | 555M | 998M | 1.0B | 1.3B | 1.1B | 1.4B | 1.1B | 1.4B | 1.5B |
| Free Cash Flow | 493M | 284M | 329M | 256M | 423M | 878M | 899M | 1.1B | 959M | 1.2B | 898M | 1.3B | 1.4B |
| Owner Earnings | 436M | 222M | 237M | 47M | 393M | 610M | 600M | 928M | 799M | 1.1B | 651M | 979M | -526M |
| CapEx | 70M | 92M | 91M | 72M | 132M | 120M | 117M | 174M | 185M | 197M | 154M | 128M | 132M |
| Maint. CapEx | 84M | 99M | 134M | 225M | 103M | 306M | 324M | 291M | 220M | 210M | 264M | 268M | 1.8B |
| Growth CapEx | 0 | 0 | 0 | 0 | 29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 84M | 99M | 134M | 225M | 103M | 306M | 324M | 291M | 220M | 210M | 264M | 268M | 1.8B |
| CapEx/OCF | 12.4% | 24.5% | 21.9% | 22.0% | 23.8% | 12.0% | 11.5% | 13.2% | 16.2% | 14.0% | 14.6% | 9.1% | 8.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 62M | 0 | 120M | 159M | 411M | 673M | 849M | 702M | 439M | 375M | 457M |
| Buyback Yield | N/A | N/A | 1.1% | N/A | 1.1% | 0.8% | 2.1% | 2.0% | 2.6% | 3.3% | 1.6% | 1.3% | 0.7% |
| Stock-Based Comp | 43M | 55M | 49M | 56M | 59M | 82M | 92M | 103M | 125M | 135M | 137M | 162M | 198M |
| Debt Repayment | 37M | 0 | 1.0M | 323M | 300M | 500M | 7.0M | 0 | 0 | 0 | 624M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 291M | 616M | 310M | 1.2B | 463M | 153M | 33M | -261M | -249M | -678M | -6.0M | 661M | 119M |
| Cash & Equiv. | 810M | 483M | 783M | 818M | 913M | 1.6B | 1.8B | 2.1B | 2.0B | 2.5B | 1.8B | 1.9B | 2.4B |
| Long-Term Debt | 1.1B | 1.1B | 1.1B | 2.0B | 1.3B | 1.8B | 1.8B | 1.8B | 1.8B | 1.2B | 1.8B | 2.5B | 1.8B |
| Debt/Equity | 1.43 | 0.84 | 0.72 | 0.89 | 0.94 | 0.60 | 0.54 | 0.47 | 0.43 | 0.39 | 0.35 | 0.43 | 0.40 |
| Interest Coverage | 156.3 | 9.4 | 8.6 | 1.9 | -4.7 | 8.9 | 9.8 | 13.7 | 16.9 | 17.4 | 9.9 | 9.1 | 10.1 |
| Equity | 769M | 1.3B | 1.5B | 2.3B | 2.4B | 3.0B | 3.3B | 3.8B | 4.2B | 4.7B | 5.1B | 5.9B | 6.3B |
| Total Assets | 3.0B | 3.5B | 3.8B | 5.9B | 5.8B | 6.6B | 7.2B | 7.8B | 8.1B | 8.7B | 9.3B | 11.3B | 11.7B |
| Total Liabilities | 2.3B | 2.2B | 2.3B | 3.6B | 3.4B | 3.6B | 3.9B | 4.0B | 3.9B | 4.0B | 4.2B | 5.4B | 5.4B |
| Intangibles | 18M | 246M | 208M | 855M | 645M | 490M | 361M | 272M | 189M | 155M | 607M | 1.3B | 1.2B |
| Retained Earnings | 101M | 614M | 949M | 1.0B | 1.2B | 1.9B | 2.5B | 3.4B | 4.6B | 5.6B | 6.2B | 7.1B | 7.7B |
| Working Capital | 1.1B | 893M | 1.2B | 1.4B | 916M | 2.2B | 2.3B | 2.5B | 2.8B | 2.8B | 2.8B | 2.5B | 2.4B |
| Current Assets | 1.9B | 1.6B | 1.9B | 2.2B | 2.4B | 3.2B | 3.4B | 3.8B | 4.2B | 4.8B | 4.3B | 4.3B | 5.0B |
| Current Liabilities | 769M | 686M | 644M | 819M | 1.5B | 1.0B | 1.1B | 1.3B | 1.4B | 2.0B | 1.4B | 1.9B | 2.6B |
| Per Share Data | |||||||||||||
| EPS | 2.35 | 3.00 | 1.95 | 0.56 | 0.86 | 3.25 | 3.31 | 4.78 | 6.18 | 5.91 | 3.51 | 4.91 | 5.20 |
| Owner EPS | 2.61 | 1.31 | 2.00 | 0.23 | 2.05 | 3.19 | 3.17 | 4.96 | 4.39 | 5.94 | 3.72 | 5.66 | -2.59 |
| Book Value | 4.61 | 7.66 | 12.77 | 11.15 | 12.68 | 15.72 | 17.41 | 20.23 | 22.88 | 26.02 | 29.18 | 33.97 | 31.19 |
| Cash Flow/Share | 3.38 | 2.21 | 3.55 | 1.58 | 2.89 | 5.22 | 5.36 | 7.07 | 6.29 | 7.87 | 6.01 | 8.14 | 14.14 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 166.8M | 170.0M | 118.5M | 207.1M | 191.9M | 191.1M | 189.4M | 187.0M | 181.9M | 178.8M | 174.9M | 173.1M | 203.0M |
| Valuation | |||||||||||||
| P/E Ratio | 13.0 | 11.0 | 16.8 | 79.1 | 68.1 | 31.5 | 31.5 | 37.5 | 28.7 | 20.2 | 44.4 | 34.6 | 61.3 |
| P/FCF | 10.4 | 19.7 | 11.8 | 35.8 | 26.5 | 22.3 | 22.0 | 29.2 | 33.7 | 17.6 | 30.3 | 23.0 | 47.7 |
| EV/EBIT | 11.5 | 13.4 | 12.7 | 35.5 | N/A | 25.5 | 23.6 | 28.9 | 22.5 | 13.8 | 30.5 | 32.2 | 58.6 |
| Price/Book | 6.6 | 4.3 | 3.7 | 3.5 | 4.6 | 6.5 | 6.0 | 8.9 | 7.8 | 4.6 | 5.3 | 5.0 | 10.2 |
| Price/Sales | 10.8 | 12.7 | 10.2 | 2.2 | 2.7 | 3.6 | 4.4 | 5.6 | 5.5 | 5.2 | 5.2 | 5.2 | 10.6 |
| FCF Yield | 9.6% | 5.0% | 5.8% | 3.2% | 3.8% | 4.5% | 4.6% | 3.4% | 3.0% | 5.7% | 3.3% | 4.4% | 2.1% |
| Market Cap | 5.1B | 5.6B | 5.6B | 8.1B | 11.2B | 19.6B | 19.8B | 33.5B | 32.3B | 21.3B | 27.2B | 29.4B | 64.7B |
| Avg. Price | 29.29 | 33.40 | 28.49 | 38.43 | 53.80 | 81.68 | 98.96 | 147.49 | 163.82 | 157.96 | 146.77 | 162.23 | 318.67 |
| Year-End Price | 30.65 | 32.99 | 32.81 | 44.29 | 58.53 | 102.43 | 104.30 | 179.35 | 177.65 | 119.31 | 155.73 | 170.04 | 318.67 |
Keysight Technologies, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Keysight Technologies, Inc. trades at 64.9x trailing earnings, compared to its 15-year median P/E of 33.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 42.7x vs a median of 24.8x. The company's 5-year average ROIC is 22.4% with a gross margin of 63.1%. Total shareholder yield (buybacks) is 0.7%. At current prices, the estimated annualized return to fair value is +10.1%.
Keysight Technologies, Inc. (KEYS) reported annual revenue of $5.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Keysight Technologies, Inc. (KEYS) has a net profit margin of 15.8%. This is a healthy margin.
Keysight Technologies, Inc. (KEYS) generated $1.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Keysight Technologies, Inc. (KEYS) has a debt-to-equity ratio of 0.43. This indicates a conservatively financed balance sheet.
Keysight Technologies, Inc. (KEYS) reported earnings per share (EPS) of $4.91 in its most recent fiscal year.
Keysight Technologies, Inc. (KEYS) has a return on equity (ROE) of 15.5%. This indicates the company generates strong returns for shareholders.
Keysight Technologies, Inc. (KEYS) has a 5-year average gross margin of 63.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 13 years of financial data for Keysight Technologies, Inc. (KEYS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Keysight Technologies, Inc. (KEYS) has a book value per share of $33.97, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects revenue growth in the high 20s% for fiscal 2026, driven by four key pillars: AI infrastructure scaling with increasingly complex GPU, CPU, and networking technology integration; non-terrestrial networks and satellite technologies for direct-to-device applications with new LEO constellations and positioning requirements; optical and photonics technologies supporting silicon photonics capacity expansion from R&D to commercial production; and system-level emulations including radar target generation and threat environment simulation for defense contractors. The company anticipates continued customer demand across these vectors, with aerospace and defense orders at record levels and a strong backlog supporting visibility into the second half of the year. Keysight is increasing capital expenditures to meet higher growth levels and expects acquisition integrations to remain on track, with cost synergies and operational efficiencies contributing to margin expansion as the year progresses.
Based on recent SEC filings and earnings calls, Keysight Technologies, Inc. (KEYS) has provided the following forward guidance: Revenue: $1.73 billion–$1.75 billion (Q3 FY2026); Earnings per share: $2.43–$2.49 (Q3 FY2026); Revenue growth: high 20s% (FY2026); Acquisition revenue contribution: $375 million (FY2026); Cost synergies and operational efficiencies: greater than $100 million (FY2026), plus 1 additional metric.
Capital expenditures (FY2026): “we are increasing investments to meet these higher growth levels and now expect FY 2026 capital expenditures to be in the range of $200 million.”