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Thursday 12 November 2026
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Keysight Technologies Inc.
KEYSTechnology Scientific & Technical Instruments
Keysight Technologies Inc.’s revenue for fiscal 2025 (year ended October 2025) was $5.4 billion, up 7.95% from fiscal 2024.
- Revenue
- +36.5%
- EPS
- +109.9%
- Free cash flow
- +40.2%
- Total debt
- −0.63%
Quarter to July 2026, against a year earlier
303.97
1.67
−0.55%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to October
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jul ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,918 | 3,189 | 3,878 | 4,303 | 4,221 | 4,941 | 5,420 | 5,464 | 4,979 | 5,375 | 6,582 | +7.0% | 7,115 | 8,210 | 8,948 | +18.5% | |
| Gross margin, % | 55.65 | 53.21 | 54.44 | 58.89 | 60.01 | 62.11 | 63.65 | 64.64 | 62.92 | 62.08 | 64.69 | +6.4 pt | ||||||
| EBT | 366 | 179 | (411) | 715 | 761 | 1,010 | 1,285 | 1,357 | 865 | 1,082 | 1,415 | +12.8% | ||||||
| EBT margin, % | 12.54 | 5.61 | (10.60) | 16.62 | 18.03 | 20.44 | 23.71 | 24.84 | 17.37 | 20.13 | 21.50 | +7.6 pt | ||||||
| Net income | 335 | 102 | 165 | 621 | 627 | 894 | 1,124 | 1,057 | 614 | 850 | 1,260 | +10.9% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 17.16 | 17.72 | 20.74 | 22.89 | 22.57 | 26.71 | 30.11 | 30.70 | 28.61 | 31.25 | 38.49 | +6.9% | |||||
| Earnings | 1.97 | 0.57 | 0.88 | 3.31 | 3.35 | 4.84 | 6.23 | 5.95 | 3.53 | 4.91 | 7.35 | +10.7% | ||||||
| Cash flow | 2.47 | 1.82 | 2.97 | 5.31 | 5.43 | 7.15 | 6.36 | 7.91 | 6.05 | 8.19 | 9.38 | +14.2% | ||||||
| Capex | (0.54) | (0.40) | (0.55) | (0.64) | (0.63) | (0.94) | (1.03) | (1.10) | (0.84) | (0.74) | (0.65) | +3.6% | ||||||
| Free cash flow | 1.94 | 1.42 | 2.42 | 4.67 | 4.81 | 6.21 | 5.33 | 6.81 | 5.20 | 7.45 | 8.73 | +16.2% | ||||||
| Book value | 8.90 | 12.83 | 13.01 | 15.98 | 17.63 | 20.45 | 23.12 | 26.15 | 29.34 | 34.19 | 38.43 | +16.1% | ||||||
| Shares, m | 170 | 180 | 187 | 188 | 187 | 185 | 180 | 178 | 174 | 172 | 172 | +0.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 16.65 | 72.05 | 65.61 | 30.49 | 31.17 | 37.25 | 27.95 | 20.51 | 42.33 | 37.26 | 41.36 | 38.1 | |||||
| P/S | 1.91 | 2.52 | 2.75 | 4.41 | 4.64 | 6.78 | 5.78 | 3.98 | 5.21 | 5.85 | 7.90 | 4.4 | ||||||
| P/B | 3.69 | 3.48 | 4.39 | 6.32 | 5.94 | 8.85 | 7.53 | 4.67 | 5.08 | 5.35 | 7.91 | 5.5 | ||||||
| EV/Sales | 2.02 | 2.91 | 2.98 | 4.57 | 4.66 | 6.73 | 5.74 | 3.85 | 5.33 | 6.09 | 7.88 | 4.5 | ||||||
| EV/FCF | 17.89 | 36.21 | 25.56 | 22.39 | 21.87 | 28.98 | 32.47 | 17.37 | 29.31 | 25.53 | 34.78 | 25.8 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 420 | 328 | 555 | 998 | 1,016 | 1,322 | 1,144 | 1,408 | 1,052 | 1,409 | 1,604 | +14.4% | |||||
| Capex | (91) | (72) | (103) | (120) | (117) | (174) | (185) | (196) | (147) | (127) | (112) | +3.8% | ||||||
| Free cash flow | 329 | 256 | 452 | 878 | 899 | 1,148 | 959 | 1,212 | 905 | 1,282 | 1,492 | +16.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,210 | 1,358 | 916 | 2,212 | 2,293 | 2,525 | 2,827 | 2,760 | 2,830 | 2,498 | 2,674 | +8.4% | |||||
| Net debt | 310 | 1,230 | 877 | 190 | 76 | (220) | (210) | (678) | (6) | 661 | (88) | +8.8% | ||||||
| Shareholders’ equity | 1,513 | 2,310 | 2,433 | 3,004 | 3,297 | 3,784 | 4,161 | 4,654 | 5,105 | 5,881 | 6,571 | +16.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 9.17 | 2.10 | 2.81 | 9.98 | 9.06 | 11.92 | 14.16 | 12.60 | 6.84 | 8.26 | 11.16 | (0.9) pt | |||||
| ROIC | 13.92 | 2.61 | (7.44) | 13.91 | 14.18 | 18.94 | 21.10 | 21.35 | 10.21 | 8.37 | 12.85 | (5.5) pt | ||||||
| ROE | 23.80 | 5.34 | 6.96 | 22.84 | 19.90 | 25.25 | 28.29 | 23.98 | 12.58 | 15.47 | 20.59 | (8.3) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 10,300 | 12,600 | 12,900 | 13,600 | 13,900 | 14,300 | 15,000 | 14,900 | 15,500 | 16,800 | — | +5.6% | |||||
| Revenue/emp, $m | 0.28 | 0.25 | 0.30 | 0.32 | 0.30 | 0.35 | 0.36 | 0.37 | 0.32 | 0.32 | — | +1.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Oct 2025 · latest quarter Jul 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Communications Solutions Group | 3,726 | 69.32% |
|---|---|---|
| Electronic Industrial Solutions Group | 1,649 | 30.68% |
| Gross margin | 62.08% | |
| Operating margin | 16.30% | |
| Pre-tax margin | 20.13% |
Keysight Technologies Inc. vs peers in Scientific & Technical Instruments (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GRMN Garmin Ltd. | $56.6B | 27.4× | 26.5× | +12.15% (above 0%: growing) | +34.40% (above 0%: growing) | −31.01% (below 0%: shrinking) | 63.33% | 30.80% | Compare |
| KEYS Keysight Technologies Inc. | $52.0B | 41.4× | 31.2× | +36.54% (above 0%: growing) | +109.91% (above 0%: growing) | +40.21% (above 0%: growing) | 65.87% | 24.97% | |
| COHR Coherent Corp. | $46.2B | 45.7× | 21.8× | +49.89% (above 0%: growing) | +58.06% (above 0%: growing) | −1,695.49% (below 0%: shrinking) | 39.14% | 15.94% | Compare |
| TDY Teledyne Technologies Incorporated | $30.0B | 29.6× | 28.3× | +9.44% (above 0%: growing) | +25.16% (above 0%: growing) | +1.78% (above 0%: growing) | 43.88% | 20.61% | Compare |
| FTV Fortive Corporation | $20.2B | 31.9× | 30.5× | +7.83% (above 0%: growing) | +237.76% (above 0%: growing) | +108.91% (above 0%: growing) | 64.16% | 21.30% | Compare |
| MKSI MKS Inc. | $15.3B | 24.7× | 20.4× | +43.02% (above 0%: growing) | +216.91% (above 0%: growing) | +66.44% (above 0%: growing) | 47.70% | 23.07% | Compare |
| TRMB Trimble Inc. | $13.0B | — (loss-making) | — (loss-making) | +7.28% (above 0%: growing) | −45.89% (below 0%: shrinking) | +21.61% (above 0%: growing) | 68.17% | 14.69% | Compare |
| CGNX Cognex Corporation | $8.7B | 35.1× | 28.9× | +13.18% (above 0%: growing) | +358.18% (above 0%: growing) | +20.62% (above 0%: growing) | 70.76% | 32.17% | Compare |
| ESE ESCO Technologies Inc. | $7.4B | 19.4× | 39.6× | +14.40% (above 0%: growing) | +24.75% (above 0%: growing) | −22.12% (below 0%: shrinking) | 41.74% | 14.80% | Compare |
| Median of peers | $17.7B | 29.6× | 28.3× | +12.66% | +46.23% | +11.20% | 55.52% | 20.96% |
From the latest earnings call
- On the Q3 call, Satish Dhanasekaran said AI infrastructure scaling drove commercial communications demand, alongside investment in 6G, defense modernization and semiconductors.
- Neil Dougherty said supply constraints had shifted toward incoming parts in high demand, while Keysight guided Q4 revenue to $1.930 billion to $1.950 billion.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
89.98%
Held by the ten largest
46.87%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 21.61m | 12.64% | +80.00k |
| BlackRock | 20.08m | 11.75% | +1.47m |
| T. Rowe Price | 12.24m | 7.16% | −5.77m |
| State Street | 8.27m | 4.84% | +273.04k |
| Geode Capital Management | 4.78m | 2.80% | +158.49k |
| Capital Group | 3.59m | 2.10% | +62.09k |
| UBS | 2.63m | 1.54% | +168.52k |
| Fidelity (FMR) | 2.38m | 1.39% | +1.20m |
| Invesco | 2.33m | 1.37% | +376.11k |
| Norges Bank | 2.19m | 1.28% | +2.19m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 26 January 2026
Ownership
Directors and executive officers, together
0.40%
The Vanguard Group Inc.
12.00%
T. Rowe Price Associates, Inc.
9.40%
BlackRock, Inc.
9.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Keysight Technologies Inc. (KEYS) Latest News
26 Oct
14 Oct
12 Oct
6 Oct
30 Sep
25 Sep
KEYS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Keysight Technologies is a global provider of electronic design, simulation, measurement and test solutions for computing, communications and electronics markets. Its hardware, software and services help customers design, validate, manufacture, deploy and optimize electronic products and systems before and after they reach the market.
Its instruments measure and generate electrical signals, analyze communications networks, inspect electronic components and characterize power, radio-frequency, microwave and optical systems. Its software ranges from instrument applications to tools for simulation, emulation, test automation, virtual prototyping, computer-aided engineering and data management. Services include repairs, calibration, technical support, installation, training and engineering assistance.