Cognex Corporation (CGNX) vs Keysight Technologies Inc. (KEYS)

Cognex Corporation and Keysight Technologies Inc. are both Scientific & Technical Instruments companies. Keysight Technologies Inc. is the larger, with a market value of $58.2B against $9.4B — 6.2× the size. Keysight Technologies Inc. trades at the lower P/E: 45.1× against 51.5×. Keysight Technologies Inc. grew revenue faster over the last twelve months: 25.5% against 17.2%. Keysight Technologies Inc. has the higher net margin (19.1% vs 16.1%) and the higher return on invested capital (12.9% vs 12.2%). Across the 22 metrics below, Cognex Corporation leads on 12 and Keysight Technologies Inc. on 10.

Valuation

Metric CGNX KEYS Scientific & Technical Instruments median
P/E 51.53 45.06 33.25
P/S 8.32 8.60 4.50
P/B 5.56 8.62 2.90
Price to free cash flow 34.23 37.96 24.81
EV/EBITDA 32.44 32.76 17.92
EV/Sales 7.94 8.59 4.71
Earnings yield 1.94% 2.22% 0.60%
Free cash flow yield 2.92% 2.63% 1.27%

Profitability

Metric CGNX KEYS Scientific & Technical Instruments median
Gross margin 68.87% 64.69% 45.75%
Operating margin 21.90% 20.25% 7.34%
Net margin 16.05% 19.14% 1.56%
Free cash flow margin 25.25% 22.67% 5.84%
Return on equity 11.15% 20.59% 2.87%
Return on assets 8.36% 11.16% 0.99%
Return on invested capital 12.16% 12.85% 3.88%

Growth

Metric CGNX KEYS Scientific & Technical Instruments median
Revenue growth (TTM) 17.15% 25.54% 11.15%
EPS growth (last fiscal year) 9.68% 39.32% 11.47%
Revenue growth, 5-year CAGR 4.16% 4.95% 7.89%
Net income growth, 5-year CAGR (8.27%) 6.27% 0.00%

Health

Metric CGNX KEYS Scientific & Technical Instruments median
Debt to equity 0.00 0.38 0.00
Current ratio 3.93 2.02 2.24
Net debt to EBITDA (1.75) 0.57 0.44

Dividend

Metric CGNX KEYS Scientific & Technical Instruments median
Dividend yield 0.63% — 0.58%
Payout ratio 0.33 — 0.36

Size

Metric CGNX KEYS Scientific & Technical Instruments median
Market cap 9.37b 58.24b 444.25m

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