undamentalytics Newsletter
Sign in

Keysight Technologies (KEYS) stock

Add to watchlist

Add holding +

NYSE: KEYS NYSE Electronic Equipment & Instruments Next results ~November 24, 2026

B+ Fundamentals grade

Keysight Technologies is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in October.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$240

Cash-flow model

Base case. Range ~$180–$320 across our lower- and higher-growth cases (5.8%–15.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 23% above our base value.

Price used: $298.94, November 2, 2026

Keysight Technologies valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 13 selling0 purchases and 27 sales by directors and officers, last 12 monthsInsider trades
  • Funds658 adding, 463 cuttingOf 93 active managers that changed their stake, 54 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Keysight Technologies files

Where Keysight Technologies stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $6.58bn, up 25.5% on a year earlier, faster than 19.2% a quarter earlier. That growth ranks 128 of 931 among all the companies we cover. Free-cash-flow margin fell to 22.3% from 27.0% a year earlier. Operating margin widened to 20.3% from 17.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $208 a share, against a share price of $335. At that price, our model says the market is pricing in about 19.6% a year of cash-flow growth for five years, faster than the 5.9% a year revenue growth it has delivered.

Source: 10-Q filed September 2, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 24, 2026 (estimated)

Keysight Technologies's trailing-twelve-month revenue grew 25.5% year on year, with a free-cash-flow margin of 22.3%. Where it stands out: net margin of 19.1% ranks 3 of 53 electronic equipment & instruments companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$180–$320 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 3.8% while net income grew 131.6%: a 128pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 25.5% over the last 12 months, against a median of 9.8% for electronic equipment & instruments companies we cover.
  • Growth speeding up. The growth rate is 6.4 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 3.3 points on a year ago.
  • Strong cash generation. 22.3% of revenue turned into free cash flow, against a median of -2.1% for electronic equipment & instruments companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.8bn.

Things to watch

  • High earnings multiple. The shares trade at 41 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 2.0 against the S&P 500.
  • Insiders selling. 13 insiders sold $34M of stock over the past 365 days and none bought (48% under pre-set trading plans).

Latest results: FY2026 Q3

Filed September 2, 2026
Earnings per share
$3.07 against an average estimate of $2.48: beat by 23.7%
Revenue
$1.85bn, up 36.5% on a year earlier
Share reaction
-11.5% in the first session after the results on August 18, 2026, against -0.5% for the S&P 500
Guidance given
revenue $1.93bn to $1.95bn (fourth fiscal quarter of 2026); revenue (year-over-year growth, mid-point) growth 37% (fourth fiscal quarter of 2026)
Next report
November 24, 2026; average EPS estimate $3.38

Keysight Technologies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.7%
  • 1 week-8.3%
  • 1 month-22.3%
  • This year+47.1%
  • 1 year+63.4%
  • 5 years+62.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.6B
Operating margin
20.3%
Net margin
19.1%
EPS (TTM, diluted)
$7.29

Growth

Revenue growth
+25.5%
Change in growth rate
+6.4 pts
Share count change
−0.4%

Cash

Free cash flow (TTM)
$1.5B
FCF margin
22.3%
Stock pay % of revenue
3.3%

Earnings

Last results
August 18, 2026
Next results (est.)
November 23, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Insider trade
  4. Announcement
  5. Leadership
  6. Results
  7. Guidance
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Keysight Technologies valuation models and calculator

What the price is pricing in

The share price implies about 17.2% a year of cash-flow growth for five years.That is faster than the 5.9% a year revenue growth Keysight Technologies has delivered.

  • Priced in17.2%
  • Last 12 months25.5%
  • 3 years a year5.6%
  • 5 years a year5.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($308.52, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$240
Price used
$308.52close November 3, 2026
Implied change
▼ 21%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Keysight Technologies's free cash flow after stock-based pay with after-tax interest added back ($1.4B, FY2026 Q3 TTM), growing 21.2% and 12.4% in the next two years (forecasts, guidance and its record), then back to 10.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$180–~$320 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Keysight Technologies's free cash flow after stock-based pay ( $1.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Keysight Technologies as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$180–$320 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$76 ~$53–$94 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$250 ~$200–$390 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$76–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$81 ~$72–$93 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$170 ~$76–$250 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Keysight Technologies with Electronic Equipment & Instruments in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −17%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $115$156$210$281$375$495
8.5% $88$117$157$208$274$360
10% $72$95$125$164$214$279

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$32.80$44.67$57.08$100.91$104.87$180.02$174.15$122.05$149.01$182.96$298.94
Market value$5.6bn$8.1bn$10.9bn$19.3bn$19.8bn$33.7bn$31.7bn$21.8bn$26.1bn$31.7bn$51.6bn
+ Net debt (− = net cash)$310m$1.2bn$877m$190m$33m−$261m−$249m−$678m−$6m$661m−$88m
Enterprise value$6.0bn$9.4bn$11.8bn$19.5bn$19.9bn$33.4bn$31.4bn$21.2bn$26.1bn$32.3bn$51.6bn
Multiples
Price / sales 1.9x2.5x2.8x4.5x4.7x6.8x5.8x4.0x5.2x5.9x7.8x
Price / earnings 16.8x79.7x66.1x31.0x31.6x37.7x28.2x20.7x42.5x37.2x41.0x
Price / free cash flow 17.1x31.8x25.8x22.0x22.0x29.3x33.1x18.0x29.0x24.7x35.2x
EV / EBITDA 11.0x25.1x—24.1x22.8x27.9x21.7x14.3x27.2x32.1x34.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

77 /100

Strong moat

How hard Keysight Technologies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 19.6% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 61.9%, moving by 3.9 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 17.7%; its worst year was -1.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.0% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 7.5% over five years; stock-based pay has been a median 2.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (82 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 24, 2026, after the close. Analysts expect revenue of $1.9bn and EPS of $3.38 (range $3.34 to $3.48) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.47 +60% $7.1bn +32%
Next $13.93 +21% $8.2bn +15%

Next year's EPS estimate has moved +17.5% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +12.1% on 90 days ago. In the last 30 days, 11 analysts raised Keysight Technologies's forecast and 0 cut it.

Consensus EPS forecast Keysight Technologies, last 90 days
$10.00 $11.00 $12.00 $13.00 $14.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.24 Current fiscal year, 60 days ago: $10.24 Current fiscal year, 30 days ago: $11.50 Current fiscal year, 7 days ago: $11.47 Current fiscal year, Now: $11.47 $11.47 Next fiscal year, 90 days ago: $11.86 Next fiscal year, 60 days ago: $11.92 Next fiscal year, 30 days ago: $13.65 Next fiscal year, 7 days ago: $13.87 Next fiscal year, Now: $13.93 $13.93

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.24$11.86
60 days ago $10.24$11.92
30 days ago $11.50$13.65
7 days ago $11.47$13.87
Now $11.47$13.93

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $2.48 $3.07 +23.7%
Apr 2026 $2.32 $2.87 +23.7%
Jan 2026 $2.00 $2.17 +8.8%
Oct 2025 $1.85 $1.91 +3.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 18, 2026
  • revenue fourth fiscal quarter of 2026 $1.93bn to $1.95bn
    “Keysight's fourth fiscal quarter of 2026 revenue is expected to be in the range of $1.930 billion to $1.950 billion.” source
  • revenue (year-over-year growth, mid-point) fourth fiscal quarter of 2026 about 37% growth
    “The mid-point of the revenue range represents year-over-year growth of approximately 37%.” source
  • Non-GAAP earnings per share fourth fiscal quarter of 2026 $3.34 to $3.40 Non-GAAP
    “Non-GAAP earnings per share for the fourth fiscal quarter of 2026 are expected to be in the range of $3.34 to $3.40, based on a weighted diluted share count of approximately 172 million shares.” source

How earlier guidance turned out

  • revenue, third fiscal quarter of 2026 guided $1.73bn to $1.75bn Above range: $1.846bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Keysight Technologies's revenue by +21.2% next year and +12.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+20.7%, weight 55%) , management guidance (+36.7%, weight 19%) and the company's own record (+10.8%, weight 26%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy1083%
Hold217%
Sell00%

Monthly trend

  1. Oct 202637212
  2. Sep 202637212
  3. Aug 202637212
  4. Jul 2026371112

Counts of recommendations published by analysts covering Keysight Technologies, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.5%
of tradable shares
Days to cover
1.78
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
94%
of shares
Held by insiders
0.6%
of shares
Employees
16,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +63.4%

$182.96 on October 31, 2025 to $298.94

ThenNowEffect
Revenue (last 12 months) $5.2bn $6.6bn +25.5%
Net margin 10.4% 19.1% +84.5%
P/E multiple 58.4x 41.0x −29.8%
Share count 174m 173m +0.4%

Biggest factor: net margin.

Last 3 years +137.7%

$125.76 on November 3, 2023 to $298.94

ThenNowEffect
Revenue (last 12 months) $5.6bn $6.6bn +17.6%
Net margin 20.2% 19.1% −5.2%
P/E multiple 20.0x 41.0x +105.2%
Share count 180m 173m +3.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
KEYS+56%−17%−7%+1%+27%+47%
Industry peers (median)−3%−38%+25%+0%−7%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
KEYS75%50%50%50%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
KEYS−14%−37%−37%−26%−31%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 43% from December 27, 2021 to October 27, 2023. Getting back needed a 74% gain, reached on December 4, 2025, 769 days after the low.

Price behaviour

52-week range
$169.67 – $388.03
From 52-week high
−23.0%
vs 50-day average
−12.2%
vs 200-day average
−5.7%
Volatility (1 year)
46%
Beta vs S&P 500
2.01

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.2%
After a week
6 up, 6 down
typical move ±9.3%
After a month
7 up, 5 down
typical move ±10.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 18, 2026 −11.5% −0.5% −11.4% −8.2%
May 19, 2026 +0.5% +0.4% +2.1% +6.8%
February 23, 2026 +23.8% −0.3% +28.6% +22.6%
November 24, 2025 +13.2% +2.4% +16.6% +18.9%
August 19, 2025 −3.6% −0.8% 0.0% +7.8%
May 20, 2025 −0.2% −2.0% −2.6% −2.1%
February 25, 2025 −7.6% −0.4% −11.7% −9.8%
November 19, 2024 +9.3% +0.4% +13.5% +5.6%
August 20, 2024 +13.9% +0.2% +11.3% +12.2%
May 20, 2024 −7.0% +0.4% −9.4% −13.9%
February 20, 2024 −7.2% −0.5% −1.6% −2.9%
November 20, 2023 +1.0% +0.6% +2.4% +17.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Keysight Technologies’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.23× the last 60 days’ realised volatility .
  • Puts are priced 2 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: no liquid put with an effective price at or below fair value.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

KEYS Keysight Technologies Grade B+ $301.98

Own 100 shares, sell the $350 call expiring December 18, 2026 (46 days) for $6.80 a share — $680 per contract.

Previous session · Bid $6.80, ask $7.90, quoted Mon 2 Nov, 17:27 New York time with KEYS at $301.98. Option prices move with the shares: check the live chain at your broker before trading.

  • If KEYS ends below $350: you keep your shares and the $680 — 2.3% extra on the position, 17.9% a year at that pace.
  • If it ends above $350: your shares are sold at $350, a total return of 18.2% including the premium — at or above our value of ~$240.
$5.5k $0 −$5.9k Our value $240 Break-even $295.18 Price $301.98
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$680
Annualised
17.9%
Break-even
$295.18
Max gain
$5,482
Chance of selling
~26%

Results are expected around November 17, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $270 put and sell the $350 call, both expiring December 18, 2026 (46 days).

  • Net cost of $5.00 a share ($500 per contract of 100 shares).
  • Worst case at expiry: -12.2%, if the shares fall below $270 (-10.6% from today).
  • Best case at expiry: +14.2%, if the shares rise above $350 (+15.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $240: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Keysight Technologies in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Keysight Technologies
$4.5B $5B $5.5B $6B $6.5B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $5.5B Revenue (TTM), FY24 Q1: $5.3B Revenue (TTM), FY24 Q2: $5.2B Revenue (TTM), FY24 Q3: $5B Revenue (TTM), FY24 Q4: $5B Revenue (TTM), FY25 Q1: $5B Revenue (TTM), FY25 Q2: $5.1B Revenue (TTM), FY25 Q3: $5.2B Revenue (TTM), FY25 Q4: $5.4B Revenue (TTM), FY26 Q1: $5.7B Revenue (TTM), FY26 Q2: $6.1B Revenue (TTM), FY26 Q3: $6.6B $6.6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $5.5B
FY24 Q1 $5.3B
FY24 Q2 $5.2B
FY24 Q3 $5B
FY24 Q4 $5B
FY25 Q1 $5B
FY25 Q2 $5.1B
FY25 Q3 $5.2B
FY25 Q4 $5.4B
FY26 Q1 $5.7B
FY26 Q2 $6.1B
FY26 Q3 $6.6B
Revenue growth, TTM YoY Keysight Technologies
-20% -10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 0.8% Revenue growth, TTM YoY, FY24 Q1: -3.8% Revenue growth, TTM YoY, FY24 Q2: -7.5% Revenue growth, TTM YoY, FY24 Q3: -10.6% Revenue growth, TTM YoY, FY24 Q4: -8.9% Revenue growth, TTM YoY, FY25 Q1: -6.1% Revenue growth, TTM YoY, FY25 Q2: -1.2% Revenue growth, TTM YoY, FY25 Q3: 4.8% Revenue growth, TTM YoY, FY25 Q4: 8.0% Revenue growth, TTM YoY, FY26 Q1: 13.1% Revenue growth, TTM YoY, FY26 Q2: 19.2% Revenue growth, TTM YoY, FY26 Q3: 25.5% 25.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 0.8%
FY24 Q1 -3.8%
FY24 Q2 -7.5%
FY24 Q3 -10.6%
FY24 Q4 -8.9%
FY25 Q1 -6.1%
FY25 Q2 -1.2%
FY25 Q3 4.8%
FY25 Q4 8.0%
FY26 Q1 13.1%
FY26 Q2 19.2%
FY26 Q3 25.5%
Operating margin (TTM) Keysight Technologies
15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 24.9% Operating margin (TTM), FY24 Q1: 23.5% Operating margin (TTM), FY24 Q2: 20.9% Operating margin (TTM), FY24 Q3: 18.4% Operating margin (TTM), FY24 Q4: 16.7% Operating margin (TTM), FY25 Q1: 16.5% Operating margin (TTM), FY25 Q2: 16.8% Operating margin (TTM), FY25 Q3: 17.0% Operating margin (TTM), FY25 Q4: 16.3% Operating margin (TTM), FY26 Q1: 16.0% Operating margin (TTM), FY26 Q2: 18.2% Operating margin (TTM), FY26 Q3: 20.3% 20.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 24.9%
FY24 Q1 23.5%
FY24 Q2 20.9%
FY24 Q3 18.4%
FY24 Q4 16.7%
FY25 Q1 16.5%
FY25 Q2 16.8%
FY25 Q3 17.0%
FY25 Q4 16.3%
FY26 Q1 16.0%
FY26 Q2 18.2%
FY26 Q3 20.3%
FCF margin (TTM) Keysight Technologies
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 22.2% FCF margin (TTM), FY24 Q1: 22.2% FCF margin (TTM), FY24 Q2: 17.2% FCF margin (TTM), FY24 Q3: 18.3% FCF margin (TTM), FY24 Q4: 18.0% FCF margin (TTM), FY25 Q1: 19.2% FCF margin (TTM), FY25 Q2: 26.4% FCF margin (TTM), FY25 Q3: 27.0% FCF margin (TTM), FY25 Q4: 23.8% FCF margin (TTM), FY26 Q1: 23.6% FCF margin (TTM), FY26 Q2: 22.3% FCF margin (TTM), FY26 Q3: 22.3% 22.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 22.2%
FY24 Q1 22.2%
FY24 Q2 17.2%
FY24 Q3 18.3%
FY24 Q4 18.0%
FY25 Q1 19.2%
FY25 Q2 26.4%
FY25 Q3 27.0%
FY25 Q4 23.8%
FY26 Q1 23.6%
FY26 Q2 22.3%
FY26 Q3 22.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Keysight Technologies took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $5.4B
  2. Other income $187M · 3.5%
  3. Cost of revenue $2B · 37.9%
  4. Gross profit $3.3B · 62.1%
  5. Research and development $1B · 18.7%
  6. Selling, general and admin $1.5B · 27.4%
  7. Operating income $876M · 16.3%
  8. Income tax $213M · 4.0%
  9. Net income $850M · 15.8%

Shares of revenue. Source: Keysight Technologies's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Oct 2013 2014 Oct 2014 2015 Oct 2015 2016 Oct 2016 2017 Oct 2017 2018 Oct 2018 2019 Oct 2019 2020 Oct 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Oct 2024 2025 Oct 2025 LTM Jul 2026
Income
Revenue 2,888 2,933 2,856 2,918 3,189 3,878 4,303 4,221 4,941 5,420 5,464 4,979 5,375 6,582
Gross profit 1,623 1,620 1,587 1,624 1,702 2,111 2,534 2,533 3,069 3,450 3,532 3,133 3,337 4,258
EBITDA 573 553 530 540 373 −291 807 869 1,197 1,451 1,478 959 1,007 1,483
Operating income 496 469 431 406 148 −394 711 765 1,080 1,334 1,358 833 876 1,333
Net income 457 392 513 335 102 165 621 627 894 1,124 1,057 614 850 1,260
Diluted EPS $2.74 $2.35 $3.00 $1.95 $0.56 $0.86 $3.25 $3.31 $4.78 $6.18 $5.91 $3.51 $4.91 $7.29
Growth (year on year)
Revenue — +1.6% −2.6% +2.2% +9.3% +21.6% +11.0% −1.9% +17.1% +9.7% +0.8% −8.9% +8.0% +25.5%
EBITDA — −3.5% −4.2% +1.9% −30.9% −178.0% — +7.7% +37.7% +21.2% +1.9% −35.1% +5.0% +45.7%
Operating income — −5.4% −8.1% −5.8% −63.5% −366.2% — +7.6% +41.2% +23.5% +1.8% −38.7% +5.2% +49.9%
Net income — −14.2% +30.9% −34.7% −69.6% +61.8% +276.4% +1.0% +42.6% +25.7% −6.0% −41.9% +38.4% +131.6%
Diluted EPS — −14.2% +27.7% −35.0% −71.3% +53.6% +277.9% +1.8% +44.4% +29.3% −4.4% −40.6% +39.9% +132.6%
Margins
Gross margin 56.2% 55.2% 55.6% 55.7% 53.4% 54.4% 58.9% 60.0% 62.1% 63.7% 64.6% 62.9% 62.1% 64.7%
EBITDA margin 19.8% 18.9% 18.6% 18.5% 11.7% −7.5% 18.8% 20.6% 24.2% 26.8% 27.0% 19.3% 18.7% 22.5%
Operating margin 17.2% 16.0% 15.1% 13.9% 4.6% −10.2% 16.5% 18.1% 21.9% 24.6% 24.9% 16.7% 16.3% 20.3%
Net margin 15.8% 13.4% 18.0% 11.5% 3.2% 4.3% 14.4% 14.9% 18.1% 20.7% 19.3% 12.3% 15.8% 19.1%
Free-cash-flow margin 17.2% 16.8% 9.9% 11.3% 8.0% 10.9% 20.4% 21.3% 23.2% 17.7% 22.2% 18.0% 23.8% 22.3%
Cash flow
Cash from operations 566 563 376 420 328 555 998 1,016 1,322 1,144 1,408 1,052 1,409 1,604
Capital spending 69 70 92 91 72 132 120 117 174 185 197 154 128 135
Free cash flow 497 493 284 329 256 423 878 899 1,148 959 1,211 898 1,281 1,469
Stock-based pay 41 43 55 49 56 59 82 92 103 125 135 137 162 214
Free cash flow after stock pay 456 450 229 280 200 364 796 807 1,045 834 1,076 761 1,119 1,255
Balance sheet
Cash 0 810 483 783 818 913 1,598 1,756 2,052 2,042 2,472 1,796 1,873 2,605
Total debt 0 1,099 1,099 1,093 2,048 1,790 1,788 1,789 1,791 1,793 1,794 1,790 2,534 2,517
Net debt (negative = net cash) 0 289 616 310 1,230 877 190 33 −261 −249 −678 −6 661 −88
Diluted shares 167m 167m 171m 172m 182m 191m 191m 189m 187m 182m 179m 175m 173m 173m
Returned to shareholders
Buybacks — 0 0 62 0 120 159 411 673 849 702 439 375 617
Total returned — 0 0 62 0 120 159 411 673 849 702 439 375 617

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · July 31, 2026
What it owns · $11.9bn
Short-term assets $5.3bnLonger-term assets $6.6bn
What it owes, and who funded it · $11.9bn
Short-term liabilities $2.6bnLonger-term liabilities $2.7bnShareholders' equity $6.6bn
  • Short-term assets cover short-term liabilities $5.3bn of assets due within a year against $2.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.3bn short-term assets against $2.7bn of longer-dated liabilities.
  • More cash than debt $2.6bn of cash against $2.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 38% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 47% to 38% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.6bn of operating cash flow against $2.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.3bn against $108m of interest.

From Keysight Technologies's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$617M
Returned to shareholders
42%
of free cash flow
Buybacks, last 3 fiscal years
$1.5B
Diluted share count
−0.4%
year over year
Total shareholder yield
1.2%
dividends 0.0% + buybacks 1.2% of market value
R&D spending
18.1%
of revenue
Sales & admin spending
26.6%
of revenue
Days sales outstanding
59 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic equipment & instruments
Last 12 months unless stated KEYS TDY ZBRA ROP VNT ITRI Median
Revenue, last 12 months $6.6bn $6.5bn $5.8bn $8.4bn $3.1bn $2.3bn $104m
Revenue growth, last 12 months 25.5% 8.6% 12.7% 9.2% 0.9% −3.6% 9.8%
Revenue growth, 3-year average 5.6% 5.0% 2.1% 12.1% −1.4% 4.0% 7.2%
Revenue growth, latest quarter 36.5% 9.4% 20.4% 7.6% −2.2% 3.0% 16.5%
Gross margin 64.7% 43.6% 49.6% 69.7% 45.5% 40.7% 38.5%
Operating margin 20.3% 20.0% 14.7% 28.0% 18.8% 13.7% −7.3%
Operating margin, 3-year average 18.5% 18.6% 13.0% 28.2% 18.3% 12.2% −5.1%
Net margin 19.1% 15.8% 9.2% 30.7% 11.3% 12.1% −5.3%
Cash from operations / revenue 24.4% 19.6% 16.7% 31.1% 15.1% 17.0% −1.6%
Free-cash-flow margin 22.3% 17.6% 15.5% 19.7% 12.5% 15.8% −2.5%
Free-cash-flow margin, 3-year average 22.5% 17.2% 14.0% 21.0% 12.8% 12.5% 3.7%
Stock pay / revenue 3.3% 0.5% 3.0% 2.4% 1.0% 2.5% 3.0%
Change in share count −0.4% −0.8% −3.7% −4.8% −4.6% −2.5% 1.9%

Median of all 53 companies we cover in electronic equipment & instruments. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

53 electronic equipment & instruments companies
Measure Company Peer median Rank
Revenue growth Growth 25.5% 9.8% 15 of 53
Change in growth rate Growth +6.4pp +2.3pp 14 of 53
Gross margin Profitability 64.7% 39.7% 4 of 48
Operating margin Profitability 20.3% -7.3% 5 of 53
Net margin Profitability 19.1% -5.3% 3 of 53
Free-cash-flow margin Cash generation 22.3% -2.1% 3 of 52
Stock pay as % of revenue Cash generation 3.3% 3.0% 27 of 49
Long-term debt as % of assets Balance sheet 15.2% 15.2% 16 of 31
Change in share count Balance sheet -0.4% 1.9% 12 of 46
Days sales outstanding Balance sheet 59 days 68 days 17 of 52

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to October 31, 2025
Segments
Line of business Revenue Share YoY
Communications Solutions Group $3.7B 69.3% ▲ 8.9%
Electronic Industrial Solutions Group $1.6B 30.7% ▲ 5.8%
Products and services
Line of business Revenue Share YoY
Products $4.1B 75.6% ▲ 9.3%
Other services $1.3B 24.4% ▲ 4.0%
Geography
Region Revenue YoY
Rest of World $2.6B ▲ 10.4%
Asia Pacific $2.2B ▲ 11.2%
Americas $2.2B ▲ 7.4%
United States $1.9B ▲ 5.7%
Europe $956M ▲ 2.4%
China $938M ▲ 6.1%

These categories overlap or exclude eliminations, so shares aren't shown.

From Keysight Technologies's 10-K filed December 17, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$53.9B
Institutions reporting
1,247
Shares held vs prior quarter
▲ 1.6%
Positions opened / closed
192 / 80

Top buyers and sellers, Q2 2026: 658 institutions bought and 463 sold ; the biggest buyer was Blackrock, Inc (+1.5M shares) and the biggest seller Price T Rowe Associates Inc (−5.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $7B 20.1M 13.0% ▲ 7.9%
Vanguard Capital Management LLC $3.9B 11.2M 7.3% ▲ 0.3%
Price T Rowe Associates Inc $3.4B 9.6M 6.2% ▼ 35.6%
Vanguard Portfolio Management LLC $3B 8.6M 5.6% 0.0%
State Street Corp $2.9B 8.3M 5.4% ▲ 3.4%
Geode Capital Management, LLC $1.7B 4.8M 3.1% ▲ 3.4%
Capital World Investors $1.2B 3.4M 2.2% ▲ 1.8%
T. Rowe Price Investment Management, Inc. $918M 2.6M 1.7% ▼ 14.5%
FMR LLC $833M 2.4M 1.5% ▲ 101.9%
Invesco Ltd. $817M 2.3M 1.5% ▲ 19.2%
Norges Bank $767M 2.2M 1.4% —
Amundi $727M 2.1M 1.3% ▼ 6.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Keysight Technologies's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $33.6M 27 trades by 13 insiders · 48% under pre-set plans
Net ▼ $33.6M net selling
Insider Date Trade Shares Price Value
Dhanasekaran Satish President and CEO September 30, 2026 Sell 3,000 $364.13 $1.1M
Poole Lisa M. VP and Controller September 23, 2026 Sell 200 $348.01 $69,602
Dougherty Neil EVP and CFO September 21, 2026 Sell 2,000 $340.79 $681,570
Estrada Ingrid A SVP September 4, 2026 Sell 2,000 $326.10 $652,200
Nye Jean Mcclung Director August 21, 2026 Sell 3,000 $319.22 $957,660
Estrada Ingrid A SVP August 20, 2026 Sell pre-set plan 2,000 $314.66 $629,320
Estrada Ingrid A SVP June 30, 2026 Sell pre-set plan 2,000 $340.87 $681,740
Dhanasekaran Satish President and CEO June 25, 2026 Sell pre-set plan 507 $361.32 $183,189
Cullen James Director June 2, 2026 Sell 3,000 $346.58 $1M
Hamada Richard P Director March 30, 2026 Sell 870 $275.78 $239,929
Li Jeffrey K SVP and Secretary March 24, 2026 Sell 2,000 $297.19 $594,380
Dhanasekaran Satish President and CEO March 24, 2026 Sell 1,667 $300.00 $500,100

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

No trades in Keysight Technologies disclosed in the last 12 months; 11 earlier trades on record.

  • Jefferson Shreve(R-IN 6):Sale (partial), $15,001 - $50,000, traded April 11, 2025, filed May 8, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Purchase, $1,001 - $15,000, traded April 8, 2025, filed May 8, 2025
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded May 9, 2023, filed May 26, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 23, 2026 estimated from the company's past filing pattern, not announced

  • August 18, 2026
  • May 19, 2026
  • February 23, 2026
  • November 24, 2025
  • August 19, 2025
  • May 20, 2025

Recent SEC filings

Data status

When each part of this page on Keysight Technologies was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Keysight Technologies in brief

What does Keysight Technologies do?
Keysight Technologies is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in October.
What is Keysight Technologies's stock ticker?
Keysight Technologies trades under the ticker KEYS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Keysight Technologies's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Keysight Technologies reported revenue of $6.6B, 25.5% higher than a year earlier, according to its SEC filings.
What is Keysight Technologies's free cash flow?
Keysight Technologies's free-cash-flow margin is 22.3% of revenue over the trailing twelve months, ranking 3 of the 52 electronic equipment & instruments companies we cover.
What is Keysight Technologies's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Keysight Technologies's free cash flow after stock-based pay gives ~$240 per share in the base case, and ~$180–$320 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Keysight Technologies's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Keysight Technologies buying back stock, and does it pay a dividend?
Keysight Technologies spent $617M on share repurchases over the trailing twelve months, and its diluted share count fell 0.4% over the year.
What is Keysight Technologies's market cap?
On November 2, 2026, Keysight Technologies's market capitalisation was about $51.6B, with a price-to-earnings ratio of 41.0 and net debt of -$88M. Market figures come from third-party market data and may be delayed.
How much debt does Keysight Technologies have?
Keysight Technologies's debt-to-equity ratio is 38.3%, from its latest balance sheet (47.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Keysight Technologies's competitors?
In our Electronic Equipment & Instruments peer group, the companies closest to Keysight Technologies are Teledyne Technologies, Zebra Technologies, Roper Technologies, Vontier Corp and Itron, Inc. The side-by-side comparison below sets their revenue, margins and growth against Keysight Technologies's.
Are insiders buying or selling Keysight Technologies stock?
Over the last 12 months, Keysight Technologies's directors and officers reported 0 open-market purchases and 27 sales on Form 4. The insider trading page charts every trade.
When is Keysight Technologies's next earnings date?
Around November 24, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Keysight Technologies announces its own schedule.