Keysight Technologies, Inc.
Industrial Instruments For Measurement, Display, And Control
Keysight Technologies is a leader in the field of testing and measurement, helping electronics OEMs and suppliers alike bring products to market to fit industry standards and specifications.
It is a $65.2B technology company. Revenue grew 25.5% over the last year, it keeps 19¢ of every dollar of sales as profit, and its net debt equals ~0.4 years of free cash flow. It trades at 51.7× earnings — in the most expensive third of its own history.
- Website
- keysight.com
- Location
- Santa Rosa, CA
- Employees
- 16 600
- Sector
- Technology
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality and moat; Valuation and Growth lag behind.
Valuation17
- P/E vs own history84th pct · 0/25
- FCF yield2.3% · 5/25
- P/S9.9x · 12/25
- EV/EBITDA43.9x · 0/25
Growth43
- Revenue CAGR2.1% · 6/25
- Net income CAGR-1.3% · 0/25
- EPS CAGR ~5Y8.2% · 12/25
- Fwd implied growth54.8% · 25/25
Profitability72
- ROIC13.0% · 12/25
- ROE20.2% · 20/25
- Net margin19.1% · 20/25
- Operating margin20.3% · 20/25
Health70
- Altman Zn/a · 0/25
- Current ratio2.02 · 25/25
- Interest coverage55.3x · 25/25
- Net cash / debtD/A 6% · 20/25
Quality85
- Piotroski F5/9 · 15/25
- Beneish M-2.66 · 25/25
- FCF conversion117% · 25/25
- Margin stabilityσ 6.7% · 20/25
Moat82
- ROIC >12% years7/10 yrs · 20/25
- Median gross margin61.0% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 3.2% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- Oct 15, 2025MilestoneThe sale closed October 15, 2025, including the regulatory required spin-off of three divisions
- 2025AcquisitionKeysight acquired Synopsys Optical Solutions Group, an optical design and analysis software platform, from Synopsys,…
- 2024AcquisitionKeysight outbid Viavi Solutions in 2024 to acquire British telecommunications testing company Spirent for $1.5 billion
- 2023AcquisitionThe company acquired France-based ESI Group for approximately $1 billion
- FY2022FinancialBest year on record$1.12B net income
- FY2021FinancialBecame debt-freecash now exceeds total debt
- 2021AcquisitionIt acquired California-based Scalable Network Technologies in 2021 to expand its software and digital twin capabilities
- 2019AcquisitionAdditionally, Keysight acquired Prisma Telecom Testing Srl in 2019 for $90 million
- 2017AcquisitionKeysight acquired data technology company Ixia, including its network security solution BreakingPoint, for…
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$2.92B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2016AcquisitionIt acquired Signadyne, a quantum-focused modular measuring equipment company incubated by the ICFO…
- 2015AcquisitionKeysight acquired British electronic measurement instrument maker Anite in 2015 for £388 million ($607 million)
- 2014Acquisition), Keysight expanded its multi-vendor calibration offerings by…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (64.7%)
- Revenue growing 25.5% year over year
- Strong cash conversion — FCF is 22.3% of revenue
- Interest covered 55.3× by operating earnings
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+25.5% YoY
- Profitable — makes more than it spends$1.26B TTM
- Profit growing — earnings are higher than last year-7.3% YoY
- Generates cash — cash left after running and investing$1.47B TTM
- Debt under control — could handle its obligations~0.4y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$65.2B market cap
- Not printing shares — share count not ballooning — you keep your slice-8.5% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 50/100
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 51.7
Peer comparisonKeysight Technologies, Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| KEYS this company | $65.2B | 51.7 | +25.5% | 19.1% | Mixed |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: KEYS vs NVDA · KEYS vs AAPL · KEYS vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/KEYS
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of KEYS on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $382.75 · market cap $65.2B.