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Maker of electronic test and measurement equipment for wireless, networking, semiconductor and aerospace/defense engineers.
Maker of electronic test and measurement equipment for wireless, networking, semiconductor and aerospace/defense engineers.
Sells measuring instruments and test software to engineers building chips, networks and defence systems; a growing share is software and service, which brings recurring revenue. Orders follow customers' R&D and capital budgets, especially around new standards such as 5G. It separated from Agilent in 2014 and bought network-test firm Ixia in 2017.
Moat: narrow (IP / patents, installed base, customer qualification). Deep RF/measurement IP and design-in with engineers building next-gen chips/networks.
Headquarters: Santa Rosa, California, US · Founded: 2014 · Employees: 16,800
Size Keysight Technologies (KEYS) is a United States Information Technology company (Electronic Equipment/Instruments) with a market value of $46.3B, the 273rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $272.13 on 6 Nov 2026.
Performance Over six months the shares fell 24.5%, against -9.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 15 in its peer set.
Growth Revenue grew 25.5% over the last twelve months (peer median +21.3%); the operating margin is 24.4% (peer median 21.9%).
Valuation It trades at 20.3× forward earnings against a peer median of 27.5× (3rd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.4 points above its cost of capital (10.5% WACC).
Backlog Backlog (remaining performance obligations) was $616M at 31 Jul 2026, up 16% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Keysight Technologies has 4 bonds outstanding ($2.55B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 85 bp.
Short interest Short interest is 1.3% of the free float (15 Oct 2026).
Next results Next results expected around 19 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.58B | $5.38B | $4.98B | $5.46B | $5.42B |
| Revenue growth | — | +8% | -9% | +1% | — |
| Gross profit | $4.27B | $3.36B | $3.14B | $3.52B | $3.44B |
| EBITDA | $2.00B | $1.23B | $1.09B | $1.61B | $1.56B |
| Net income | $1.26B | $850M | $614M | $1.06B | $1.12B |
| Free cash flow | $1.47B | $1.28B | $898M | $1.21B | $959M |
| Capital expenditure | $135M | $128M | $154M | $196M | $185M |
| Total debt | $2.75B | $2.78B | $2.03B | $2.03B | $2.02B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Keysight Technologies KEYS | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% |
| Emerson Electric EMR | $90.6B | +15% | +5% | 21% | 22.3× | 19.9% |
| Viavi Solutions VIAV | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% |
| Anritsu 6754.T | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% |
| Ralliant RAL | $7.49B | +43% | -4% | 15% | 19.2× | 20.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KEYS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.4% | -14.4% | 5th lowest of 16 |
| 6-month return | -24.5% | -9.2% | 6th lowest of 15 |
| Distance from 52-week high | -30.2% | -34.0% | 6th highest of 16 |
| Revenue growth (TTM) | +25.5% | +21.3% | 7th highest of 15 |
| Operating margin | 24.4% | 21.9% | 7th highest of 15 |
| Forward P/E | 20.3× | 27.5× | 3rd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 20.9% | 21.4% | 6th least demanding of 13 |
| Growth delivered (Del g) | +5.0% | +15.6% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +15.9 pp | +3.2 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | +8.4 pp | +2.7 pp | 7th highest of 15 |
| EV / EBITDA | 23.3× | 20.5× | 3rd most expensive of 7 |
| Net debt / EBITDA | 0.1× | 0.4× | 4th least indebted of 7 |
| Bond spread | 85 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Keysight Technologies KEYS | United States | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% | +5.0% |
| Legrand LR.PA | France | $38.0B | -16% | +10% | 21% | 22.0× | 15.6% | +9.2% |
| Hexagon HEXA-B.ST | Sweden | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% | +8.7% |
| AVIC Chengdu Aircraft 302132.SZ | China | $28.0B | +4% | +3% | 5% | 49.6× | n/a | n/a |
| BOE Technology 000725.SZ | China | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% | +8.6% |
| Qnity Electronics Q | United States | $24.5B | -21% | +18% | 23% | 20.2× | 22.1% | 0.0% |
| Keyence 6861.T | Japan | $107B | -2% | +25% | 54% | 28.7× | 21.1% | +16.8% |
| Hon Precision 7769.TW | Taiwan | $20.0B | -34% | +257% | 48% | 21.3× | 28.2% | +31.0% |
| Lasertec 6920.T | Japan | $18.2B | -25% | -19% | 44% | 28.7× | 28.9% | +26.8% |
| Hangzhou Changchuan Technology 300604.SZ | China | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% | +45.8% |
| Advantest 6857.T | Japan | $124B | -1% | +48% | 50% | 27.5× | 36.4% | +29.3% |
| Semight Instruments 688808.SS | China | $17.0B | n/a | n/a | n/a | 51.5× | n/a | n/a |
| Halma HLMA.L | United Kingdom | $17.0B | -25% | +15% | 20% | 25.0× | 21.7% | +14.4% |
| Chroma Ate 2360.TW | Taiwan | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% | +12.8% |
| Skyverse Technology 688361.SS | China | $13.8B | +33% | +39% | -12% | 563.2× | n/a | n/a |
| Sieyuan Electric 002028.SZ | China | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% | +23.9% |
Keysight Technologies has 4 bonds outstanding with $2.55B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.47%, a spread of 85 bp over government bonds.
Keysight Technologies reported $616M of remaining performance obligations at 31 Jul 2026, up 16% from a year earlier and down 7% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.