Keysight Technologies (KEYS)
Information Technology · $58.2B market cap · SEC CIK 0001601046
fundamentals score out of 100
Next reports on Nov 23, 2026, after the close, with analysts expecting $3.44 in earnings per share.
The case for KEYS
- Revenue up 25.5% on the year.
- Generated $1.3B of free cash flow in FY2025, 24% of revenue.
- Earnings per share up 131.8%.
- Return on equity of 20%.
- Gross margin of 65% absorbs cost shocks.
- Current assets cover the near-term bills 2.0 times over.
The case against
- Pricey at 46.2× earnings, against a long-run market average nearer 20×.
- Weakest against its peers: price/sales of 8.8× is higher than 61% of Information Technology companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 37 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 59 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 62 |
| Momentumhow the price has behaved lately | 72 |
| Stabilityhow violently it moves, what it owes and what it pays you | 53 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 46.2× |
|---|---|
| Price / book | 8.27× |
| Price / sales | 8.8× |
| Revenue growth (YoY) | +25.5% |
| EPS growth (YoY) | +131.8% |
| Gross margin | 65% |
| Operating margin | 20% |
| Net margin | 19% |
| Return on equity | 20% |
| Debt / equity | 0.38× |
| Current ratio | 2.02 |
| Dividend yield | none |
| Beta | 1.19 |
| 52-week range | $158.79 – $374.96 |
| Position in that range | 87% of the way up |
| 3-month return | -6.0% |
| 1-year return | +92.0% |
Five years of financials, as filed
Pulled from Keysight Technologies's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $5.4B | $5.0B | $5.5B | $5.4B | $4.9B |
| Operating income | $876M | $833M | $1.4B | $1.3B | $1.1B |
| Net income | $850M | $614M | $1.1B | $1.1B | — |
| Operating cash flow | $1.4B | $1.1B | $1.4B | $1.1B | $1.3B |
| Capital expenditure | $128M | $154M | $197M | $185M | $174M |
| Total assets | $11.5B | $9.4B | $9.1B | $8.4B | $7.7B |
| Total liabilities | $5.3B | $4.2B | $4.2B | $4.0B | $3.9B |
| Shareholder equity | $6.2B | $5.2B | $4.8B | $4.4B | $3.8B |
| Cash | $2.2B | $2.1B | $1.7B | $2.2B | $2.0B |
| Long-term debt | $2.5B | $1.8B | $1.2B | $1.8B | $1.8B |
| Free cash flow | $1.3B | $898M | $1.2B | $959M | $1.1B |
| Operating margin | 16.3% | 16.7% | 24.9% | 24.6% | 21.9% |
| Net margin | 15.8% | 12.3% | 19.3% | 20.7% | — |
| Diluted shares | 173M | 175M | 179M | 182M | 187M |
Share count is down 7.5% over 4 years. Buybacks have been shrinking the pie.
What Keysight Technologies says it does
Overview Keysight Technologies, Inc. ("we," "us," "our," "Keysight" or "the company"), incorporated in Delaware on December 6, 2013, is a global innovator in the computing, communications and electronics markets, committed to advancing our customers’ business success by helping them solve critical challenges in the development and commercialization of their products and services. Our mission, "accelerating innovation to connect and secure the world," speaks to the value we provide our customers in a world of ever-increasing technological complexity. We deliver this value through a broad range of design and test solutions that enable our customers to bring their innovations to market on ever-shorter schedules. Keysight’s portfolio of hardware, software, and services enables our customers’ workflows as they design, validate, manufacture, deploy, and optimize their products and solutions. Our revenue is derived primarily from solutions…
Risk factors KEYS lists in its 10-K
- Hiring, Retention, and Succession Planning
- Executive Officers of the Registrant
- Risks, Uncertainties and Other Factors That May Affect Future Results
- Volatility and uncertainty in general economic conditions may adversely affect our operating results and financial condition
- Economic, political, and other risks associated with international sales and operations could adversely affect our results of operations
- Economic and political policies favoring national interests could adversely affect our results of operations
- Volatile geopolitical turmoil, including popular uprisings, regional conflicts, terrorism and war could result in market instability, which could negatively impact our business results
- Our operating results and financial condition could be harmed if the markets into which we sell our solutions decline or do not grow as anticipated
- A decreased demand for our customers’ products or trade barriers or restrictions could adversely affect our results of operations
- Our future operating results may fluctuate significantly if our investments in innovative technologies are not as profitable as we anticipate
- Failure to adjust our purchases due to changing market conditions or failure to estimate our customers
- demand could adversely affect our income
- Our operating results may suffer if our manufacturing capacity does not match the demand for our solutions
- Key customers or large orders may expose us to additional business and legal risks that could have a material adverse impact on our operating results and financial condition