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Keysight Technologies Inc.

KEYS Technology 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. In the quarter to July 2026, revenue grew 36.5%, EPS grew 109.9%, free cash flow grew 40.2% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500.

313.93 2.41 +0.77%
Market cap
$53.0B
P/E
42.7×
Fwd P/E
38.8×
Dividend yield
—
F-score
5/9
Altman Z
5.36
Beneish M
−2.57
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 33.60
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 9 — 2 6 — — 3 — 2 4 —
Insider Ownership 1.23%

Capital & Financial Ratios $m

Market Cap 53,030.00
Revenue 6,582.00
Net Income 1,260.00
Free Cash Flow 1,492.00
Net Debt (88.00)
Current Ratio 2.02 (at or above 1.5: strong)
Debt/Equity 0.38 (at or below 0.5: strong)
P/E ratio 42.71 (above 35: high)
Fwd P/E 38.80 (above 35: high)
P/S ratio 8.16
P/B ratio 8.17 (above 6: high)
Past 5Y EPS Growth 8.12%
This Y EPS Growth 60.03% (at or above 15%: strong)
Next Y EPS Growth 20.16% (at or above 15%: strong)
Next Y revenue growth 32.37% (at or above 10%: strong)
Next 5Y EPS Growth 29.05% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.1×, against a ten-year median of 4.8×; over the ten years it ranged from 1.6× in 2016 to 9.9× in 2026.
P/E against its own 10 years 67.55%
10-year low 10-year high
P/S against its own 10 years 93.93%
10-year low 10-year high
P/B against its own 10 years 89.70%
10-year low 10-year high
EV/Sales against its own 10 years 93.93%
10-year low 10-year high
EV/FCF against its own 10 years 88.19%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2027 Powerpack
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,472 1,796 1,873 2,605
Receivables 900 857 939 1,067
Inventory 985 1,022 1,050 1,047
Other 452 582 486 567
4,809 4,257 4,348 5,286
2023 2024 2025 Q'26
Payables 286 313 355 424
ST’ Debt 599 — — 700
Other 304 295 399 379
2,049 1,427 1,850 2,612

Compound Annual Growth %

10y 5y 3y
Sales 6.53% 4.95% (0.28%)
Cash Flow 14.12% 6.76% 7.19%
Earnings 5.18% 6.27% (8.89%)
Book Value 16.27% 12.27% 12.22%

Revenue $m

Jan Apr Jul Oct Year
’26 1,600 1,717 1,846 — —
’25 1,298 1,306 1,352 1,419 5,375
’24 1,259 1,216 1,217 1,287 4,979
’23 1,381 1,390 1,382 1,311 5,464
’22 1,250 1,351 1,376 1,443 5,420
’21 1,180 1,221 1,246 1,294 4,941
’20 1,095 895 1,011 1,220 4,221
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 441 501 437 — —
’25 378 484 322 225 1,409
’24 328 110 255 359 1,052
’23 366 423 241 378 1,408
’22 224 298 224 398 1,144
’21 295 402 257 368 1,322
’20 197 298 183 338 1,016
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 407 489 408 — —
’25 346 457 291 188 1,282
’24 281 74 222 328 905
’23 306 370 196 340 1,212
’22 182 245 192 340 959
’21 267 369 217 295 1,148
’20 165 275 151 308 899
Fiscal quarters ending in the months shown.

EPS $

Jan Apr Jul Oct Year
’26 1.63 2.02 2.30 — —
’25 0.97 1.49 1.10 1.33 4.89
’24 0.98 0.72 2.22 (0.42) 3.51
’23 1.45 1.58 1.61 1.28 5.91
’22 1.24 1.41 1.87 1.66 6.18
’21 0.92 0.99 1.36 1.52 4.78
’20 0.86 0.37 0.93 1.15 3.31
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten 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 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 21.07 35.05 41.60 58.24 77.93 129.09 127.93 118.57 119.72 121.43 +21.5% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 38.28 45.65 70.40 110.00 132.62 209.08 207.22 189.32 175.39 214.58 +21.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
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% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
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 +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 +6.4 pt
EBT 366 179 (411) 715 761 1,010 1,285 1,357 865 1,082 +12.8%
EBT margin, % 12.54 5.61 (10.60) 16.62 18.03 20.44 23.71 24.84 17.37 20.13 +7.6 pt
Net income 335 102 165 621 627 894 1,124 1,057 614 850 +10.9%
Depreciation 134 225 1,019 308 326 293 223 212 270 276 +8.4%
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 +6.9%
Earnings 1.97 0.57 0.88 3.31 3.35 4.84 6.23 5.95 3.53 4.91 +10.7%
Cash flow 2.47 1.82 2.97 5.31 5.43 7.15 6.36 7.91 6.05 8.19 +14.2%
Capex (0.54) (0.40) (0.55) (0.64) (0.63) (0.94) (1.03) (1.10) (0.84) (0.74) +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 +16.2%
Book value 8.90 12.83 13.01 15.98 17.63 20.45 23.12 26.15 29.34 34.19 +16.1%
Shares, m 170 180 187 188 187 185 180 178 174 172 +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 38.1
P/S 1.91 2.52 2.75 4.41 4.64 6.78 5.78 3.98 5.21 5.85 4.4
P/B 3.69 3.48 4.39 6.32 5.94 8.85 7.53 4.67 5.08 5.35 5.5
EV/Sales 2.02 2.91 2.98 4.57 4.66 6.73 5.74 3.85 5.33 6.09 4.5
EV/FCF 17.89 36.21 25.56 22.39 21.87 28.98 32.47 17.37 29.31 25.53 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 +14.4%
Capex (91) (72) (103) (120) (117) (174) (185) (196) (147) (127) +3.8%
Free cash flow 329 256 452 878 899 1,148 959 1,212 905 1,282 +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 +8.4%
Total debt 1,093 2,048 1,790 1,788 1,832 1,832 1,832 1,794 1,790 2,534 +9.8%
Net debt 310 1,230 877 190 76 (220) (210) (678) (6) 661 +8.8%
Shareholders’ equity 1,513 2,310 2,433 3,004 3,297 3,784 4,161 4,654 5,105 5,881 +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 (0.9) pt
ROIC 13.92 2.61 (7.44) 13.91 14.18 18.94 21.10 21.35 10.21 8.37 (5.5) pt
ROE 23.80 5.34 6.96 22.84 19.90 25.25 28.29 23.98 12.58 15.47 (8.3) pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.46 Actual 3.07

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.85 1.91 Beat by 0.06
Q1 FY26 1.99 2.17 Beat by 0.18
Q2 FY26 2.33 2.87 Beat by 0.54
Q3 FY26 2.46 3.07 Beat by 0.61
Q4 FY26 3.36 — Reports 23 November 2026

Charts ten years each

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. $57.0B 30.2× 28.2× +11.44% (above 0%: growing) +35.10% (above 0%: growing) +116.30% (above 0%: growing) 62.41% 30.44% Compare
KEYS Keysight Technologies Inc. $53.0B 42.7× 38.8× +36.54% (above 0%: growing) +109.91% (above 0%: growing) +40.21% (above 0%: growing) 65.87% 24.97%
COHR Coherent Corp. $40.9B 48.1× 31.5× +33.74% (above 0%: growing) n/m −45,512.10% (below 0%: shrinking) 38.48% 14.58% Compare
TDY Teledyne Technologies Incorporated $28.8B 30.2× 29.5× +9.83% (above 0%: growing) +21.22% (above 0%: growing) +45.03% (above 0%: growing) 44.40% 20.04% Compare
FTV Fortive Corporation $18.1B 35.1× 28.8× +7.91% (above 0%: growing) +6.12% (above 0%: growing) −9.82% (below 0%: shrinking) 63.39% 19.14% Compare
TRMB Trimble Inc. $14.9B — (loss-making) — (loss-making) +11.00% (above 0%: growing) n/m +492.59% (above 0%: growing) 69.43% 13.58% Compare
MKSI MKS Inc. $13.3B 30.1× 22.8× +28.26% (above 0%: growing) +181.52% (above 0%: growing) +38.97% (above 0%: growing) 47.68% 20.11% Compare
CGNX Cognex Corporation $9.2B 52.9× 33.2× +16.93% (above 0%: growing) +79.17% (above 0%: growing) +67.25% (above 0%: growing) 70.65% 29.36% Compare
ESE ESCO Technologies Inc. $7.2B 19.1× 42.9× +14.40% (above 0%: growing) +24.75% (above 0%: growing) −22.12% (below 0%: shrinking) 41.74% 14.80% Compare
Median of peers $16.5B 30.2× 29.5× +12.92% +29.93% +42.00% 55.05% 19.59%

All 34 Scientific & Technical Instruments stocks →

KEYS metrics, ten years each

Keysight Technologies Inc. (KEYS) key facts

  • Strength: Keysight Technologies Inc.’s revenue for fiscal 2025 (year ended October 2025) was $5.4 billion, up 7.95% from fiscal 2024.
  • Strength: Net income was $850.0 million, or $4.91 per share (basic), a net margin of 15.8%.
  • Keysight Technologies Inc. (KEYS) is a Scientific & Technical Instruments company in the Technology sector, listed on the New York Stock Exchange.
  • As of October 23, 2026, KEYS traded at $313.93, a market capitalization of $53.0 billion.
  • At that price the stock trades at 42.7× trailing-twelve-month earnings and 8.2× sales; its P/E is higher than 68% of its own readings over the past ten years.
  • Return on equity was 15.5% and debt-to-equity 0.38.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 5.36 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Keysight Technologies Inc. (KEYS) Latest News

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stockrow.com/KEYS · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com