Keysight Technologies, Inc. (KEYS)
Information Technology · Electronic Equipment & Instruments · US stock · S&P 500 component
$311.52
▼ -29.83 (8.74%)
Fair valueFair
$264 −15.2% to fair value
$132fair band $225–$320$396
Day's range
$309.53 – $332.42
52-week range
$163.32 – $389.93
About Keysight Technologies, Inc.
Keysight Technologies makes electronic design and test equipment, software and services that engineers use to develop, verify and manage electronic products and networks. Its instruments and simulation tools are used in communications, aerospace and defence, automotive, semiconductor and general electronics. Customers include network equipment makers, wireless carriers, chip makers, carmakers and government laboratories. The company was spun out of Agilent and is organised into communications and electronic industrial solutions groups.
Keysight earns revenue from instruments and software licences, along with services such as calibration, repair and support. Revenue is $6.6 billion over the last twelve months, with revenue growth over three years of -0.3% a year. The operating margin is 20.3%, and the business earns a profit of 19% on the capital invested in it. The company has net debt of -0.1 times EBITDA, so it holds slightly more cash than debt, and it pays no dividend. On the site's X-Ray Score it receives 39 out of 100.
Price chart
52-wk range $163.32 – $389.93Volume 1,878,463Daily, split-adjusted
Vitals
Market cap$53.9B
52-week range$163.32 – $389.93
Volume (last day)1,878,463
P/E (TTM)42.8
EBIT / EV yield2.5%
Free-cash-flow yield2.7%
Dividend yieldNo dividend
Revenue (TTM)$6.6B
Net income (TTM)$1.3B
Operating margin20.3%
Return on capital18.5%
Debt incl. leases$2.5B
Cash & securities$2.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$264middle half of models $250 – $295
Fair
−15.2% to fair value
Average of the 11 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $312
Undervalued < $225Fair $225 – $320Overvalued > $320
P/E multiple
$300
P/B multiple
$254
P/S multiple
$243
EV/EBITDA multiple
$259
EV/EBIT multiple
$247
EV/revenue multiple
$262
10-year DCF, EBITDA exit
$290
5-year DCF, EBITDA exit
$312
10-year DCF, revenue exit
$290
5-year DCF, revenue exit
$313
10-year DCF, growth exit · not used
$124
5-year DCF, growth exit · not used
$117
Earnings power value
$136
Growth the price implies
26.0%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
32/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.5%
Free-cash-flow yield2.7%
Fair value vs price0.8×
Growth
Weak
25/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-0.3%
EPS growth (3y)-7.4%
Growth consistency70%
Profitability
Weak
48/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital18.5%
Operating margin20.3%
Gross profitability35.7%
Financial health
Weak
49/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA-0.1×
Interest cover12.3×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+7.4%
Apr '25
+11.1%
Jul '25
+10.3%
Oct '25
+23.3%
Jan '26
+31.5%
Apr '26
+36.5%
Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.8B, diluted EPS $2.30.
Compare with peers
TDY Teledyne Technologies...49 ROP Roper Technologies Inc45 ZBRA Zebra Technologies Cor...43Other Electronic Equipment & Instruments companies by X-Ray Score.
SWOT analysis: Keysight Technologies, Inc.
Strengthsinside the company
- Return on invested capital is 18.5%, against a median of 8.0% for industry peers.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
- Operating profit covers interest 12x, so debt costs are a small drag.
Weaknessesinside the company
- Revenue has fallen 0.3% a year over three years while industry peers grew 3.9%.
- Earnings per share have declined 7.4% a year over three years.
Opportunitiesvaluation and setting
- Revenue growth picked up to 8.0% last year from -0.3% a year over three years.
- Our Market Compass rates the backdrop for Information Technology as favourable.
Threatsvaluation and setting
- Trades at 42.8x earnings, 43% above the 29.9x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare KEYS with peers and sector
Medians of 3 Electronic Equipment & Instruments peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): ROP 45, TDY 49, ZBRA 43.
| Metric | KEYS | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 39 | 45 | 50 |
| Valuation | 32 | 58 | 52 |
| Growth | 25 | 43 | 54 |
| Profitability | 48 | 37 | 50 |
| Financial health | 49 | 30 | 49 |
| Dividends | – | – | 50 |
Sector leaders: highest X-Ray Score in Information Technology
KEYS ranks #63 of 75 in Information Technology and #4 of 4 in Electronic Equipment & Instruments by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for KEYS
Each factor is rated by where KEYS stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 1 Good · 15 Average · 7 Bad of 23
Growth: 0 · 0 · 3
Profitability: 0 · 5 · 0
Financial strength: 1 · 2 · 1
Valuation: 0 · 3 · 2
Cash flow: 0 · 4 · 0
Efficiency: 0 · 1 · 1
| Factor | KEYS | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −0.3% | Bad beats 18% | +9.7% | – | – |
| Revenue growth, last year | +8.0% | Bad beats 26% | +13.7% | +8.0% | ≈ In line |
| EPS growth, 3 years a year | −7.4% | Bad beats 18% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 64.7% | Average beats 61% | 57.8% | 62.9% | ≈ In line |
| Operating margin | 20.3% | Average beats 50% | 20.3% | 21.9% | ≈ In line |
| Net margin | 19.1% | Average beats 51% | 17.8% | 18.1% | ≈ In line |
| Return on invested capital | 18.5% | Average beats 47% | 19.4% | – | – |
| Return on equity | 19.2% | Average beats 46% | 21.0% | 22.7% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | -0.1x | Good beats 75% | 0.8x | -0.2x | ≈ In line |
| Interest cover | 12.3x | Average beats 34% | 23.0x | 13.7x | ≈ In line |
| Current ratio | 2.02 | Average beats 66% | 1.57 | 2.93 | ▼ Worse |
| Piotroski F-score | 5 / 9 | Bad beats 21% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 42.8x | Bad beats 31% | 33.6x | 37.2x | ▼ Worse |
| Price / book | 8.2x | Average beats 51% | 8.3x | 5.4x | ▼ Worse |
| Price / sales | 8.2x | Average beats 38% | 6.9x | 5.8x | ▼ Worse |
| EV / EBITDA | 40.4x | Bad beats 24% | 24.7x | 30.9x | ▼ Worse |
| Free cash flow yield | 2.7% | Average beats 43% | 3.4% | 3.4% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 22.3% | Average beats 50% | 22.3% | 22.2% | ≈ In line |
| Cash from operations / net income | 1.27 | Average beats 38% | 1.39 | 1.48 | ▼ Worse |
| Free cash flow growth, 3 years a year | +10.1% | Average beats 45% | +15.4% | – | – |
| Accruals (lower is better) | −2.9% | Average beats 34% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.2x | Bad beats 17% | 3.9x | 2.0x | ≈ In line |
| Days sales outstanding | 59 days | Average beats 55% | 63 days | 61 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 8 Average · ● 6 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 41/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $4.9B | $5.4B | $5.5B | $5.0B | $5.4B |
| Operating income | $1.1B | $1.3B | $1.4B | $833M | $876M |
| Net income | $894M | $1.1B | $1.1B | $614M | $850M |
| Operating cash flow | $1.3B | $1.1B | $1.4B | $1.1B | $1.4B |
| Operating margin | 21.9% | 24.6% | 24.9% | 16.7% | 16.3% |
| Free cash flow | $1.1B | $959M | $1.2B | $898M | $1.3B |
| Diluted EPS | $4.78 | $6.18 | $5.91 | $3.51 | $4.91 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
4 bullish · 1 neutral · 11 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 348.4 | Bearish |
| EMA 10 | 342.6 | Bearish |
| SMA 20 | 360.9 | Bearish |
| EMA 20 | 349.4 | Bearish |
| SMA 50 | 342.8 | Bearish |
| EMA 50 | 345.6 | Bearish |
| SMA 100 | 337.8 | Bearish |
| EMA 100 | 335.7 | Bearish |
| SMA 200 | 313.2 | Bearish |
| EMA 200 | 308.7 | Bullish |
Oscillators (daily)
| RSI (14) | 32.83 | Neutral |
| MACD (12, 26) | -4.28 | Bearish |
| Momentum (12) | -19.72 | Bearish |
| Stochastic %K (14) | 2.48 | Bullish |
| Williams %R (14) | -97.52 | Bullish |
| CCI (20) | -173.2 | Bullish |
Pivot points (classic, last session)
S3 280.3 | S2 294.9 | S1 303.2 | Pivot 317.8 | R1 326.1 | R2 340.7 | R3 349.0 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold KEYS
| ETF | Share of the fund |
|---|---|
| CGMM Capital Group U.S. Small and Mid Cap | 1.41% |
| RSPT Invesco S&P 500 Equal Weight Technolog... | 1.34% |
| PWB Invesco Dynamic Large Cap Growth | 1.32% |
| VOE Vanguard Mid-Cap Value | 1.03% |
| FMDE Fidelity Enhanced Mid Cap | 1.01% |
| IWP iShares Russell Mid-Cap Growth | 0.93% |
| PPA Invesco Aerospace & Defense | 0.85% |
| SPHB Invesco S&P 500 High Beta | 0.83% |
The eight funds with the largest weight in KEYS among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
KEYS SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Current report
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Director or officer change
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.