— Know what they know.
/
Not Investment Advice

KEYS

NYSE · USD
Keysight Technologies, Inc.
Technology · Hardware, Equipment & Parts
CEO Satish C. Dhanasekaran Employees 16,800 R&D / revenue 18.7%
Last price
$331.21−3.18%last session
Market cap
$56.4B
P/E (TTM)
45.6x
From 52w high
−15.1%
From 52w low
+105.5%
1-year return
+103.9%
RSI 14 · vs SMA200
37.1 · +6.6%
IS score
76.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

KEYS   SPY   XLK (sector ETF) · weekly closes
100150200Jan 26Apr 26Jul 26Oct 26KEYS 204XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
79
Profitability
78
Growth
33
Value
100
Momentum
100
Risk (safety)
88
Quality
86
Balance sheet
78
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
None of the computed warning flags fires for KEYS (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Efficient ScalePiotroski 8 / 9Altman Z 8.4Beta 1.213 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
9 open-market sales, $6.0M
Form 144 notices (12m): 28, $33.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-06-18
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+119
213 new holders, 82 closed
1,257 filers hold 89.9% · 468 added, 387 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+209
1,401 funds adding shares
1,192 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
33.1%
20-day avg 39.1%, 50-day avg 43.4%
Latest 6.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$5.4B
Revenue growth YoY+8.0%
Gross margin62.1%
Operating income$948.0M
Operating margin17.6%
Net income$846.0M
Net margin15.7%
EPS (diluted)$4.88
Cash flow
Operating cash flow$1.4B
Capital expenditure$128.0M
Free cash flow$1.3B
FCF conversion (FCF / OCF)90.9%
Stock-based compensation$162.0M
FCF less SBC$1.1B
Buybacks$377.0M
Dividends$0
Balance sheet & returns
Cash & short-term investments$1.9B
Total debt$2.7B
Net debt$854.0M
Shareholders' equity$5.9B
Goodwill & intangibles$4.7B
Debt / equity0.42
ROE (TTM)20.1%
ROIC (TTM)12.0%
Operating margin by fiscal year
21.9%FY202124.6%FY202224.9%FY202316.7%FY202416.3%FY2025
Revenue $4.9B (FY2021) to $5.4B (FY2025), a 2.1% CAGR.

Valuation

P/E (TTM)45.6x
EV / EBITDA30.4x
Price / sales8.57x
Price / FCF38.4x
FCF yield2.61%
Buyback yield0.67%
SBC / revenue3.3%
Price / book8.72x
Forward P/E FY202628.9x
Forward P/E FY202724.1x
Forward P/E FY202821.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $421.29 across 7 analysts last quarter is theirs, not ours.

KEYS vs industry median

183 companies in Hardware, Equipment & Parts
Gross margin 64.7% 35.9% Operating margin 20.3% 4.0% Net margin 19.1% 1.9% ROIC 12.0% 7.1%
KEYS (TTM)Industry median Asset turnover 0.55 vs industry 0.67 · financial leverage 1.81

Earnings delivery

Next report 2026-11-23 · consensus EPS $3.36
100%
beat rate, 12 of 12 quarters
+5.8%
median EPS surprise
12
longest beat streak
+6+3+1+16+5+8+3+3+4+8+24+24
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-20 to 2026-08-18. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
KEYS Keysight Technologies, Inc. $56.4B45.6x20.1%19.1%+8.0% +103.9%
GRMN Garmin Ltd. $54.9B29.2x21.9%26.8%+13.5% +15.9%
COHR Coherent, Inc. $45.9B53.5x8.5%11.8%+22.5% +100.8%
CLS Celestica Inc. $38.3B31.3x52.7%7.8%+47.5% +8.6%
FLEX Flex Ltd. $33.4B34.9x18.4%3.6%+12.2% +42.8%
JBL Jabil Inc. $29.2B28.2x66.7%3.7%+20.6% —
TDY Teledyne Technologies Incorp $28.7B29.8x9.2%15.1%+7.9% —
GLW Corning Inc $113.8B59.8x16.1%12.4%+19.4% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-26Officer/Director Change; Exhibits
2026-08-18Earnings Release; Exhibits
2026-05-19Earnings Release; Exhibits
2026-04-23Financial Obligation; Exhibits
2026-03-24Shareholder Vote
2026-03-13Departure/Election of Directors; Appointment of Officers

Context

Shares outstanding170,245,000
Free float99.3%
Institutional ownership89.9%
Beta1.21
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$343.98 / $310.16
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where KEYS sits among 41 scored companies in Hardware, Equipment & Parts (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureKEYSIndustry medianIndustry percentileSector median
P/E (TTM) 44.9x 36.2x
73rd		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 9.41 1.39
85th		 1.36
Price / sales 8.6x 3.4x
95th		 3.9x
Price / book 8.6x 3.7x
88th		 4.4x
Price / tangible book 27.7x 8.9x
94th		 8.8x
Price / free cash flow 38.4x 25.4x
75th		 20.3x
Price / operating cash flow 35.2x 24.7x
78th		 17.9x
Enterprise value $56.5B $7.9B
95th		 $5.5B
EV / sales 8.6x 3.7x
95th		 4.1x
EV / EBITDA 31.5x 19.1x
92nd		 18.9x
EV / EBIT 38.5x 26.4x
78th		 26.7x
EV / free cash flow 38.5x 27.7x
72nd		 21.9x
Earnings yield 2.2% 2.4%
40th		 2.0%
FCF yield 2.6% 3.0%
40th		 3.3%
Operating cash flow yield 2.8% 3.6%
28th		 4.4%
Graham number (per share) $78.77 $54.04
76th		 $28.08

Profitability (TTM)

MeasureKEYSIndustry medianIndustry percentileSector median
Gross margin 64.7% 39.0%
92nd		 55.7%
EBITDA margin 27.2% 15.0%
88th		 13.7%
Operating margin 20.3% 12.6%
90th		 8.2%
EBIT margin 22.3% 12.3%
88th		 8.6%
Net margin 19.1% 8.1%
90th		 5.7%
NOPAT margin 18.3% 10.0%
90th		 7.0%
FCF margin 22.3% 10.8%
95th		 15.0%
Operating cash flow margin 24.4% 13.4%
92nd		 18.4%
R&D / revenue 18.1% 4.4%
97th		 12.9%
SG&A / revenue 26.6% 17.1%
82nd		 25.6%
Stock comp / revenue 3.3% 1.3%
82nd		 4.4%
Effective tax rate 9.6% 20.5%
5th		 21.0%

Returns on capital

MeasureKEYSIndustry medianIndustry percentileSector median
ROE (on average equity) 20.5% 11.5%
82nd		 9.4%
ROA 11.1% 5.5%
85th		 4.1%
ROIC 18.0% 11.9%
80th		 9.0%
ROCE 15.8% 9.9%
88th		 8.6%
Return on tangible assets 13.0% 8.0%
88th		 5.9%
Cash ROIC (OCF / invested capital) 23.9% 14.6%
85th		 20.7%
Gross profitability (GP / assets) 35.7% 22.4%
95th		 30.0%
ROIC, 3-yr average 14.7% 10.9%
66th		 7.4%
ROIC, 5-yr average 21.2% 10.1%
78th		 7.9%
ROE, 5-yr average 19.5% 9.8%
89th		 6.9%
Incremental ROIC 80.8% 12.5%
90th		 15.3%

Growth

MeasureKEYSIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 25.5% 15.9%
74th		 14.3%
Revenue growth (QoQ) 7.5% 8.9%
38th		 6.6%
Revenue CAGR, 3 yr 5.6% 4.2%
62nd		 9.6%
Revenue CAGR, 5 yr 6.2% 6.7%
44th		 11.5%
Gross profit CAGR, 3 yr 5.8% 5.8%
47th		 10.9%
Operating income CAGR, 3 yr -2.1% 10.3%
24th		 11.3%
Net income growth (TTM YoY) 130.9% 38.3%
77th		 21.6%
Net income CAGR, 3 yr 3.6% 7.3%
38th		 9.9%
EPS growth (TTM YoY) 130.9% 19.7%
80th		 22.3%
EPS CAGR, 3 yr 4.8% 9.0%
41st		 11.2%
EPS CAGR, 5 yr 10.3% 9.9%
52nd		 12.0%
FCF growth (TTM YoY) -2.4% 25.7%
34th		 24.6%
FCF CAGR, 3 yr 6.6% 12.6%
30th		 19.3%
Operating cash flow CAGR, 3 yr 4.0% 10.1%
24th		 17.9%
Book value CAGR, 3 yr 11.6% 7.1%
73rd		 6.8%
Dividend CAGR, 3 yr —
Sustainable growth rate 20.5% 12.6%
82nd		 14.2%

Margin history & stability

MeasureKEYSIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 63.5% 36.4%
92nd		 53.2%
Operating margin, 3-yr average 18.5% 11.2%
92nd		 6.6%
Net margin, 3-yr average 15.9% 6.4%
89th		 5.2%
FCF margin, 3-yr average 23.1% 11.4%
97th		 12.7%
Revenue stability (0-1) 0.48 0.57
42nd		 0.87
Earnings stability (0-1) 0.00 0.41
5th		 0.45
Margin stability (0-1) 0.98 0.94
97th		 0.95

Liquidity (latest quarter)

MeasureKEYSIndustry medianIndustry percentileSector median
Cash & short-term investments $2.6B $403.3M
92nd		 $494.1M
Net cash (− = net debt) −$141.0M −$55.9M
42nd		 $49.8M
Working capital $2.7B $789.7M
85th		 $391.0M
Current ratio 2.02 2.29
38th		 1.92
Quick ratio 1.62 1.65
48th		 1.67
Cash ratio (cash + ST investments / current liabilities) 1.00 0.67
60th		 0.95
Defensive interval (days) 458 days 789 days
25th		 521 days

Leverage & solvency (latest quarter)

MeasureKEYSIndustry medianIndustry percentileSector median
Total debt $2.7B $299.3M
82nd		 $349.3M
Debt / equity 0.42 0.25
65th		 0.29
Net debt / equity 0.02 0.02
50th		 −0.13
Debt / assets 23.0% 13.4%
68th		 16.9%
Debt / capital 29.5% 19.9%
65th		 22.3%
Debt / EBITDA 1.53 1.78
47th		 1.78
Net debt / EBITDA 0.08 0.18
47th		 −0.18
Interest coverage (EBIT / interest) 13.6x 7.1x
76th		 5.8x
Cash interest coverage 14.9x 10.3x
76th		 12.8x
Debt payback (years of OCF) 1.7 yrs 1.8 yrs
46th		 1.6 yrs
Liabilities / assets 44.9% 40.2%
52nd		 48.7%
IS credit model rating AA — —
Implied credit spread (bps) 80 125
30th		 175

Efficiency

MeasureKEYSIndustry medianIndustry percentileSector median
Asset turnover 0.58 0.60
42nd		 0.62
Fixed asset turnover 6.88 6.18
52nd		 9.25
Inventory turnover 2.2 3.4
13th		 3.8
Receivables turnover 7.5 5.9
95th		 6.2
Days sales outstanding 49 days 62 days
5th		 59 days
Days inventory outstanding 162 days 108 days
87th		 94 days
Days payables outstanding 60 days 60 days
50th		 46 days
Cash conversion cycle (days) 151 days 108 days
72nd		 50 days
Capex / revenue 2.1% 2.6%
33rd		 2.3%
Capex / depreciation 0.42 0.77
31st		 0.56
Operating expense ratio 40.9% 25.2%
85th		 44.3%

Cash flow & earnings quality

MeasureKEYSIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.28 1.38
36th		 1.61
FCF / net income 1.17 1.13
52nd		 1.33
FCF / operating cash flow 91.6% 80.2%
94th		 88.0%
Capex / operating cash flow 8.4% 19.8%
6th		 12.0%
Accruals ratio -3.1% -3.4%
55th		 -6.3%
Sloan accruals ratio -15.0% 1.3%
2nd		 -1.8%
Earnings quality score (0-1) 1.00 1.00
36th		 0.75

Dividends & buybacks

MeasureKEYSIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 0.0%
0th		 0.0%
Dividends / FCF 0.0% 2.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 1.1% 0.2%
57th		 1.2%
Shareholder yield (dividends + buybacks) 1.1% 0.9%
52nd		 1.7%
Share count change (YoY) 0.0% 0.2%
36th		 0.1%
Buybacks, last 5 years $2.2B $171.0M
92nd		 $215.3M

Scores & forensic checks

MeasureKEYSIndustry medianIndustry percentileSector median
IS score 77 61
95th		 56
IS profitability 79 44
92nd		 40
IS growth 78 67
87th		 65
IS value 33 39
22nd		 39
IS momentum 100 81
97th		 78
IS risk (safety) 100 100
28th		 100
IS quality 88 71
98th		 67
IS balance sheet 86 72
72nd		 72
IS earnings quality 78 70
92nd		 61
IS cash flow 69 61
70th		 66
Piotroski F-score (0-9) 8 6
75th		 6
Altman Z-score 8.4 6.7
65th		 4.0
Beneish M-score −2.06 −2.50
79th		 −2.58
Ohlson O-score −9.34 −8.21
35th		 −8.00
IS credit score 87 77
68th		 69

Per share

MeasureKEYSIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.26 $2.41
82nd		 $0.84
Book value per share $37.98 $25.00
62nd		 $9.77
Tangible book per share $11.54 $10.81
52nd		 $3.22
Revenue per share $38.05 $31.39
55th		 $13.00
FCF per share $8.49 $2.86
85th		 $1.78
Operating cash flow per share $9.27 $4.66
80th		 $2.40
Cash per share $15.06 $7.59
72nd		 $4.50

Size (TTM)

MeasureKEYSIndustry medianIndustry percentileSector median
Market cap $56.4B $6.5B
95th		 $4.7B
Revenue $6.6B $2.3B
80th		 $1.2B
EBITDA $1.8B $300.6M
88th		 $185.8M
Net income $1.3B $174.8M
92nd		 $84.9M
Free cash flow $1.5B $180.0M
90th		 $170.6M
Total assets $11.9B $3.6B
85th		 $2.4B
Shareholders' equity $6.6B $1.6B
88th		 $1.1B
Employees 16,600 7,806
68th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Dhanasekaran Satish
Director, President and CEO
 Open-market sale 3,000$364.13$1.1M118,391
2026-09-23Poole Lisa M.
VP and Controller
 Open-market sale 200$348.01$69,6026,134
2026-09-21Dougherty Neil
EVP and CFO
 Open-market sale 2,000$340.79$681,570123,390
2026-09-04Estrada Ingrid A
SVP
 Open-market sale 2,000$326.10$652,200101,861
2026-08-26Reese Scott
Director
 Award / grant 435——435
2026-08-21Nye Jean Mcclung
Director
 Open-market sale 3,000$319.22$957,66035,752
2026-08-20Estrada Ingrid A
SVP
 Open-market sale 2,000$314.66$629,320103,861
2026-08-01Poole Lisa M.
VP and Controller
 Tax withholding 32$319.08$10,2116,334
2026-07-06Allouche Arnaud
SVP
 Award / grant 1,474——1,474
2026-06-30Estrada Ingrid A
SVP
 Open-market sale 2,000$340.87$681,740105,861
2026-06-25Dhanasekaran Satish
Director, President and CEO
 Open-market sale 507$361.32$183,189121,391
2026-06-02Cullen James
Director
 Open-market sale 3,000$346.58$1.0M21,821

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired21,909—
Open-market saleDisposed917,707$6.0M
Tax withholdingDisposed3668$228,831
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 28 notices · 140,896 shares · $33.4M
FiledFilerShares proposedEst. proceeds
2026-09-30Dhanasekaran Satish3,000$1.1M
2026-09-23Poole Lisa M.200$69,602
2026-09-21Dougherty Neil2,000$681,570
2026-09-04Estrada Ingrid A2,000$652,200
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 5 trades (4 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-06-18Michael McCaulHousePurchase$1,001 - $15,0002026-07-13
2026-06-18Michael T. McCaulHousePurchase$1,001 - $15,0002026-07-13
2026-04-17Michael McCaulHousePurchase$15,001 - $50,0002026-05-11
2026-04-17Michael T. McCaulHousePurchase$15,001 - $50,0002026-05-11
2024-10-30Bill HagertySenateSale$50,001 - $100,0002024-11-25
2024-04-04Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-05-15
2024-04-04Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-05-14
2024-04-04Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-05-14
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.20,084,001$7.0B11.80%
VANGUARD CAPITAL MANAGEMENT LLC11,187,806$3.9B6.57%
PRICE T ROWE ASSOCIATES INC /MD/9,614,131$3.4B5.65%
VANGUARD PORTFOLIO MANAGEMENT LLC8,618,124$3.0B5.06%
STATE STREET CORP8,270,708$2.9B4.86%
GEODE CAPITAL MANAGEMENT, LLC4,784,705$1.7B2.81%
Capital World Investors3,433,647$1.2B2.02%
T. Rowe Price Investment Management, Inc.2,622,562$918.1M1.54%
FMR LLC2,378,726$832.7M1.40%
Invesco Ltd.2,333,257$816.8M1.37%
NORGES BANK2,190,425$766.8M1.29%
Amundi2,076,610$727.0M1.22%
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP2,055,254$719.5M1.21%
Allspring Global Investments Holdings, LLC1,577,155$529.3M0.93%
VICTORY CAPITAL MANAGEMENT INC1,399,463$489.9M0.82%

Institutional ownership by quarter

2023-092026-0689.9%
% of shares held by 13F filers
2023-092026-061,257
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,25789.9%21346838782
2026-03-311,13887.7%23237536464
2025-12-3198290.5%16834332063
2025-09-3089488.1%9330532065
2025-06-3087989.0%10934328797
2025-03-3187889.7%9332033190
2024-12-3188789.0%13729132462
2024-09-3082987.6%8927033891
2024-06-3084088.1%8528333898
2024-03-3186488.5%9028533592
2023-12-3187887.1%15926233594
2023-09-3082586.6%66300340140

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-15SCHEDULE 13G/AT. Rowe Price Associates, Inc.8.7%14,964,025
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%12,862,933
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.0%8,638,464
2025-02-14SCHEDULE 13G/AT. Rowe Price Associates, Inc.9.3%16,114,827
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.08%$2.0B
VTI0.08%$2.0B
VSMPX0.08%$2.0B
VTSAX0.08%$2.0B
VFINX0.09%$1.6B
VOO0.09%$1.6B

Share structure

Shares outstanding170,245,000
Float169,112,617
Free float99.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$4.9B$5.4B$5.5B$5.0B$5.4B
Cost of revenue$1.9B$2.0B$1.9B$1.8B$2.0B
Gross profit$3.1B$3.5B$3.5B$3.1B$3.3B
R&D$811.0M$841.0M$882.0M$919.0M$1.0B
SG&A$1.2B$1.3B$1.3B$1.4B$1.4B
Operating income$1.1B$1.3B$1.4B$833.0M$948.0M
EBITDA$1.4B$1.6B$1.6B$1.2B$1.4B
Pretax income$1.0B$1.3B$1.4B$865.0M$1.1B
Income tax$116.0M$161.0M$300.0M$251.0M$213.0M
Net income$894.0M$1.1B$1.1B$614.0M$846.0M
EPS, diluted$4.78$6.18$5.91$3.51$4.88
Diluted shares187.0M182.0M179.0M175.0M173.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.1B$2.0B$2.5B$1.8B$1.9B
Receivables$735.0M$905.0M$944.0M$995.0M$939.0M
Inventory$777.0M$858.0M$985.0M$1.0B$1.1B
Total current assets$3.8B$4.2B$4.8B$4.3B$4.3B
PP&E, net$877.0M$910.0M$987.0M$1.0B$1.0B
Goodwill & intangibles$1.9B$1.8B$1.8B$3.0B$4.7B
Total assets$7.8B$8.1B$8.7B$9.3B$11.3B
Accounts payable$287.0M$348.0M$286.0M$313.0M$355.0M
Total current liabilities$1.3B$1.4B$2.0B$1.4B$1.9B
Long-term debt$1.8B$1.8B$1.2B$1.8B$2.7B
Total liabilities$4.0B$3.9B$4.0B$4.2B$5.4B
Shareholders' equity$3.8B$4.2B$4.7B$5.1B$5.9B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$894.0M$1.1B$1.1B$614.0M$846.0M
Depreciation & amortization$293.0M$223.0M$212.0M$126.0M$131.0M
Stock-based compensation$103.0M$125.0M$135.0M$137.0M$162.0M
Change in working capital$36.0M−$404.0M−$126.0M−$271.0M$77.0M
Operating cash flow$1.3B$1.1B$1.4B$1.1B$1.4B
Capital expenditure−$174.0M−$185.0M−$196.0M−$154.0M−$128.0M
Free cash flow$1.1B$959.0M$1.2B$898.0M$1.3B
Investing cash flow−$353.0M−$251.0M−$288.0M−$819.0M−$1.7B
Net debt issued / repaid$0$0$0−$25.0M$740.0M
Buybacks−$673.0M−$849.0M−$702.0M−$443.0M−$377.0M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin62.1%63.7%64.6%62.9%62.1%
Operating margin21.9%24.6%24.9%16.7%16.3%
Net margin18.1%20.7%19.3%12.3%15.7%
FCF margin23.2%17.7%22.2%18.0%25.5%
ROE25.3%28.3%24.0%12.6%15.4%
ROIC25.5%28.2%25.1%11.1%10.1%
ROA11.9%14.2%12.6%6.8%8.2%
Debt / equity0.530.480.440.400.51
Interest coverage13.8x17.3x18.4x11.3x12.0x
Current ratio2.933.012.352.982.35
Revenue growth+17.1%+9.7%+0.8%−8.9%+8.0%
EPS growth+44.9%+29.9%−4.4%−40.6%+37.8%
P/E at year end37.5x27.9x20.4x42.0x37.4x
EV / EBITDA at year end24.2x19.7x12.8x21.3x23.0x
FCF yield at year end3.43%3.06%5.61%3.48%4.33%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024
Communications Solutions Group$3.5B$3.8B$3.7B$3.4B
Electronic Industrial Solutions Group$1.4B$1.6B$1.8B$1.6B

Revenue by region · FY2024

Americas$2.1B · 41%
Asia Pacific$2.0B · 40%
Europe$934.0M · 19%

Street estimates by fiscal year

Next report 2026-11-23 · consensus EPS $3.36 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$7.1B$7.1B – $7.1B$11.46$11.20 – $11.65628.9x
2027$8.2B$7.7B – $8.6B$13.77$13.04 – $15.42624.1x
2028$8.8B$8.3B – $9.9B$15.39$14.28 – $16.50221.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-18$2.48$3.07+23.8%$1.7B$1.8B+5.7%
2026-05-19$2.32$2.87+23.7%$1.7B$1.7B+0.7%
2026-02-23$2.00$2.17+8.5%$1.5B$1.6B+3.9%
2025-11-24$1.83$1.91+4.4%$1.4B$1.4B+2.5%
2025-08-19$1.67$1.72+3.0%$1.3B$1.4B+2.6%
2025-05-20$1.65$1.70+3.0%$1.3B$1.3B+1.9%
2025-02-25$1.69$1.82+7.7%$1.3B$1.3B+1.7%
2024-11-19$1.57$1.65+5.1%$1.3B$1.3B+2.3%
2024-08-20$1.35$1.57+16.3%$1.2B$1.2B+1.9%
2024-05-20$1.39$1.41+1.4%$1.2B$1.2B+1.1%
2024-02-20$1.59$1.63+2.5%$1.2B$1.3B+0.9%
2023-11-20$1.87$1.99+6.4%$1.3B$1.3B+0.6%
2023-08-17$2.04$2.19+7.4%$1.4B$1.4B−0.1%
2023-05-16$1.94$2.12+9.3%$1.4B$1.4B+0.5%
2023-02-21$1.85$2.02+9.2%$1.4B$1.4B+0.8%
2022-11-17$1.99$2.14+7.5%$1.4B$1.4B+3.2%
2022-08-17$1.78$2.01+12.9%$1.3B$1.4B+2.3%
2022-05-17$1.67$1.83+9.6%$1.3B$1.4B+3.7%
2022-02-17$1.57$1.65+5.1%$1.2B$1.2B+0.4%
2021-11-22$1.64$1.82+11.0%$1.2B$1.3B+4.2%
2021-08-18$1.44$1.54+6.9%$1.3B$1.2B−1.7%
2021-05-19$1.34$1.44+7.5%$1.2B$1.2B+1.4%
2021-02-18$1.38$1.43+3.6%$1.1B$1.2B+4.6%
2020-11-18$1.46$1.62+11.0%$1.1B$1.2B+12.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.606-290.607-060.707-130.507-200.607-270.508-030.408-101.308-170.608-240.308-31
Week ofNotionalSharesTrades
2026-08-31$324.8M1,009,89849,958
2026-08-24$649.2M2,030,39262,757
2026-08-17$1.3B3,793,817102,591
2026-08-10$407.1M1,163,43355,804
2026-08-03$489.0M1,451,54861,869
2026-07-27$591.4M1,915,46167,504

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1533.1%
DateShort shareShort volumeTotal volume
2026-10-1533.1%245,269741,379
2026-10-1430.7%225,379733,008
2026-10-1325.5%128,711504,604
2026-10-1241.7%108,604260,464
2026-10-0938.8%142,399366,809
2026-10-0827.7%177,637640,429
2026-10-0746.2%189,572410,065
2026-10-0627.1%146,873541,542
2026-10-0531.4%104,282332,319
2026-10-0234.4%169,109492,160
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.4Jan+4.0Feb-1.0Mar-2.0Apr+4.9May+1.2Jun+2.4Jul+3.1Aug+0.8Sep+3.4Oct+7.3Nov+0.8Dec
MonthAvg returnUp yearsYears
Jan+1.4%58%12
Feb+4.0%50%12
Mar−1.0%42%12
Apr−2.0%36%11
May+4.9%73%11
Jun+1.2%36%11
Jul+2.4%55%11
Aug+3.1%73%11
Sep+0.8%55%11
Oct+3.4%75%12
Nov+7.3%83%12
Dec+0.8%42%12
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1437.1
MFI45.3
ADX25.9
Stochastic %K / %D15.7 / 30.9
Williams %R-87.8
CCI-147
TSI / signal9.4 / 22.2
Chaikin money flow0.17
ATR$12.64
Bollinger width17.4%
Volume vs 20-day avg1.10x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$364.76 (−9.2%)
SMA 50$343.86 (−3.7%)
SMA 200$310.79 (+6.6%)
EMA 21$358.56 (−7.6%)
EMA 50$348.30 (−4.9%)
EMA 200$307.80 (+7.6%)
Bollinger upper$396.50 (−16.5%)
Bollinger lower$333.02 (−0.5%)
Parabolic SAR$384.13 (−13.8%)
Open the live chart, 110+ indicators

About Keysight Technologies, Inc.

Keysight Technologies, Inc. specializes in providing advanced electronic design and testing solutions to a diverse array of global industries, spanning commercial communications, networking, aerospace, defense, government, automotive, energy, semiconductor manufacturing, general electronics, and education. The company's operations extend across the Americas, Europe, and the Asia Pacific region. Its Communications Solutions Group focuses on electronic design automation (EDA) software and sophisticated radio frequency (RF) and microwave testing systems, along with associated software. This segment also delivers cutting-edge hardware and virtual platforms for network testing, addressing areas such as data centers, routing and switching, software-defined networking (SDN), security, and encryption. Furthermore, it supplies a range of precision measurement instruments including oscilloscopes, logic and serial protocol analyzers, signal sources, arbitrary waveform generators, bit error rate testers, and optical analysis equipment like modulation analyzers, component analyzers, power meters, and laser sources. The group also facilitates the sale of certified refurbished Keysight equipment. Conversely, the Electronic Industrial Solutions Group offers a comprehensive suite of design and verification tools for industrial applications. Its product lineup encompasses essential laboratory and industrial instruments such as digital multimeters, function generators, frequency counters, data acquisition systems, audio analyzers, LCR meters, thermal imagers, source measure units, and ultra-high precision device current analyzers, alongside test executive software platforms. This segment also provides various power supply units, including AC/DC modular and electronically programmable loads, as well as printed-circuit-board-assembly testers, integrated circuit parametric testers, and sub-nanometer positioning sub-assemblies, complemented by general test and measurement products and software. Beyond its core products, Keysight provides extensive support services, including technical assistance, training, and consulting. The company employs a multifaceted distribution strategy, leveraging a direct sales force, distributors, resellers, and manufacturer's representatives. Keysight Technologies, Inc. was established in 1939 and is headquartered in Santa Rosa, California.

https://www.keysight.com

Key executives

NameTitlePayBorn
Satish DhanasekaranPresident, Chief Executive Officer & Director$2.6M1973
Neil DoughertyExecutive Vice President & Chief Financial Officer$1.5M1969
Ingrid A. EstradaSVP and Chief of Supply Chain & Operations Officer$1.2M1965
Kailash NarayananSenior Vice President & President of Communications Solutions Group$1.2M1974
Jo Ann JuskieSenior Vice President & Chief People Officer——
Lisa PoolePrincipal Accounting Officer, Vice President & Corporation Controller—1966
Liz MoraliHead of Investor Relations——
Marie HattarChief Marketing Officer & Senior Vice President—1968

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Satish C. Dhanasekaran President and Chief Executive Officer2025$933,000$15.3M$1.6M$18.0M
Soon Chai Gooi Former Senior Vice President, Order Fulfillment and Digital Operations2025$514,122$5.9M$281,507$11.7M
Neil P. Dougherty Executive Vice President and Chief Financial Officer2025$672,917$7.3M$767,253$8.9M
Kailash Narayanan Senior Vice President, President, Communications Solutions Group2025$592,917$5.1M$592,303$6.4M
Ingrid A. Estrada Senior Vice President, Chief Supply Chain and Operations2025$598,167$3.9M$613,820$5.2M
John Page Senior Vice President, President, Global Services2025$490,000$1.9M$490,359$3.0M

Employees

13k201814k201914k202014k202115k202215k202316k202417k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Wide · Efficient Scale · 2026-07-31
Cost advantage78
Intangibles95
Switching costs78
Network effect70
Efficient scale100
Our component scores (0-100) and overall 84.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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