Tearsheet

Keysight Technologies (KEYS)


Market Price (12/23/2025): $203.72 | Market Cap: $35.0 Bil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

Keysight Technologies (KEYS)


Market Price (12/23/2025): $203.72
Market Cap: $35.0 Bil
Sector: Information Technology
Industry: Electronic Equipment & Instruments

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
Trading close to highs
Dist 52W High is -4.9%, Dist 3Y High is -4.9%
Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0%
1 Low stock price volatility
Vol 12M is 33%
Weak multi-year price returns
2Y Excs Rtn is -17%, 3Y Excs Rtn is -61%
Key risks
KEYS key risks include [1] unpredictable demand and revenue volatility stemming from its dependence on cyclical end markets, Show more.
2 Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Telecom Infrastructure, Show more.
  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
1 Low stock price volatility
Vol 12M is 33%
2 Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Telecom Infrastructure, Show more.
3 Trading close to highs
Dist 52W High is -4.9%, Dist 3Y High is -4.9%
4 Weak multi-year price returns
2Y Excs Rtn is -17%, 3Y Excs Rtn is -61%
5 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0%
6 Key risks
KEYS key risks include [1] unpredictable demand and revenue volatility stemming from its dependence on cyclical end markets, Show more.

Valuation, Metrics & Events

KEYS Stock


Why The Stock Moved


Qualitative Assessment

AI Analysis | Feedback

Keysight Technologies (KEYS) experienced a significant stock movement between August 31, 2025, and December 23, 2025, driven by a series of positive financial results, strategic acquisitions, and strong market demand for its solutions.

1. Strong Fourth Quarter and Fiscal Year 2025 Financial Results: Keysight reported robust financial results for its fourth fiscal quarter and fiscal year ended October 31, 2025. The company delivered an "outstanding quarter and strong close to the fiscal year, returning the company to full-year growth with order momentum accelerating through the year." Revenue for Q4 2025 was $1.42 billion, a 10% increase year-over-year, surpassing the forecasted $1.39 billion. Non-GAAP earnings per share reached $1.91, exceeding analyst expectations of $1.82. For the full fiscal year 2025, revenue was $5.37 billion, and non-GAAP net income was $1.24 billion, or $7.16 per share, compared to $1.10 billion, or $6.27 per share, in fiscal year 2024.

2. Increased Sales Growth Outlook and Strong Order Momentum: Keysight raised its sales growth outlook for fiscal year 2025 to 7%, up from a previous 5%. The company also reported strong order momentum, with Q4 orders of $1.533 billion, a 14% increase year-over-year, contributing to a robust backlog of $2.7 billion. This reflects sustained demand for Keysight's differentiated solutions across its markets.

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Stock Movement Drivers

Fundamental Drivers

The 14.6% change in KEYS stock from 9/22/2025 to 12/22/2025 was primarily driven by a 52.4% change in the company's Net Income Margin (%).
922202512222025Change
Stock Price ($)177.82203.7114.56%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)5243.005375.002.52%
Net Income Margin (%)10.38%15.81%52.41%
P/E Multiple56.2241.22-26.68%
Shares Outstanding (Mil)172.00172.000.00%
Cumulative Contribution14.56%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025
ReturnCorrelation
KEYS14.6% 
Market (SPY)2.7%66.3%
Sector (XLK)2.7%58.3%

Fundamental Drivers

The 26.5% change in KEYS stock from 6/23/2025 to 12/22/2025 was primarily driven by a 10.4% change in the company's P/E Multiple.
623202512222025Change
Stock Price ($)161.07203.7126.47%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)5108.005375.005.23%
Net Income Margin (%)14.53%15.81%8.86%
P/E Multiple37.3441.2210.40%
Shares Outstanding (Mil)172.00172.000.00%
Cumulative Contribution26.47%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025
ReturnCorrelation
KEYS26.5% 
Market (SPY)14.4%66.7%
Sector (XLK)19.7%58.7%

Fundamental Drivers

The 24.8% change in KEYS stock from 12/22/2024 to 12/22/2025 was primarily driven by a 28.2% change in the company's Net Income Margin (%).
1222202412222025Change
Stock Price ($)163.22203.7124.81%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)4979.005375.007.95%
Net Income Margin (%)12.33%15.81%28.24%
P/E Multiple46.2541.22-10.88%
Shares Outstanding (Mil)174.00172.001.15%
Cumulative Contribution24.79%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025
ReturnCorrelation
KEYS24.8% 
Market (SPY)16.9%76.5%
Sector (XLK)23.8%73.1%

Fundamental Drivers

The 19.9% change in KEYS stock from 12/23/2022 to 12/22/2025 was primarily driven by a 54.1% change in the company's P/E Multiple.
1223202212222025Change
Stock Price ($)169.83203.7119.95%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)5420.005375.00-0.83%
Net Income Margin (%)20.74%15.81%-23.74%
P/E Multiple26.7441.2254.13%
Shares Outstanding (Mil)177.00172.002.82%
Cumulative Contribution19.85%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025
ReturnCorrelation
KEYS28.0% 
Market (SPY)47.7%69.1%
Sector (XLK)52.9%66.5%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
KEYS Return29%56%-17%-7%1%26%97%
Peers Return28%18%-32%14%5%39%70%
S&P 500 Return16%27%-19%24%23%17%113%

Monthly Win Rates [3]
KEYS Win Rate58%75%50%50%50%67% 
Peers Win Rate53%57%37%55%57%62% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
KEYS Max Drawdown-24%-1%-37%-30%-25%-21% 
Peers Max Drawdown-39%-7%-43%-13%-16%-25% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: FTV, TDY, TER, MKSI, VIAV. See KEYS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique KeyEventKEYSS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-42.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven74.3%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven769 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-25.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven34.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven63 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-23.0%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven29.9%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven33 days120 days

Compare to TER, FTV, VIAV, TXG, ROP

In The Past

Keysight Technologies's stock fell -42.6% during the 2022 Inflation Shock from a high on 12/27/2021. A -42.6% loss requires a 74.3% gain to breakeven.

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About Keysight Technologies (KEYS)

Keysight Technologies, Inc. provides electronic design and test solutions to commercial communications, networking, aerospace, defense and government, automotive, energy, semiconductor, electronic, and education industries in the Americas, Europe, and the Asia Pacific. Its Communications Solutions Group segment provides electronic design automation (EDA) software; radio frequency and microwave test solutions, and related software; hardware and virtual network test platforms and software applications, including data center, routing and switching, software defined networking, security, and encryption; oscilloscopes, logic and serial protocol analyzers, logic-signal sources, arbitrary waveform generators, and bit error rate testers; and optical modulation analyzers, optical component analyzers, optical power meters, and optical laser source solutions, as well as resells refurbished used Keysight equipment. The company's Electronic Industrial Solutions Group segment offers design tools; design verification tools; and digital multimeters, function generators, frequency counters, data acquisition systems, audio analyzers, LCR meters, thermal imagers, source measure units, ultra-high precision device current analyzers, and test executive software platforms, as well as various power supplies comprising AC/DC modular supplies and electronically programmable loads. This segment also provides printed-circuit-board-assembly testers, integrated circuit parametric testers, and sub-nano-meter positioning sub-assemblies; and test and measurement products and software. The company offers product support, technical support, and training and consulting services. It sells its products through direct sales force, distributors, resellers, and manufacturer's representatives. Keysight Technologies, Inc. was founded in 1939 and is headquartered in Santa Rosa, California.

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The **Thermo Fisher Scientific for the electronics industry**, providing essential test and measurement instruments and software for research, development, and manufacturing.

Like **TSMC, but for testing and validating the advanced electronics** that companies like Apple, Samsung, and NVIDIA design.

The **Snap-on Tools for high-tech engineers**, making the sophisticated equipment used to design, test, and measure everything from 5G components to electric vehicles.

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  • Electronic Test and Measurement Instruments: Keysight provides hardware devices such as oscilloscopes, spectrum analyzers, and network analyzers used for designing, testing, and troubleshooting electronic components and systems.
  • Electronic Design and Test Software: The company offers software solutions for electronic design, simulation, test automation, and data analysis across various engineering disciplines.
  • Calibration and Repair Services: Keysight ensures the accuracy and optimal functioning of test equipment through comprehensive calibration, maintenance, and repair services.
  • Measurement and Test Consulting: Expert guidance and specialized solutions are provided to help customers address complex measurement challenges and optimize their test systems.

AI Analysis | Feedback

Keysight Technologies (symbol: KEYS) primarily sells its products and services to other companies, organizations, and government entities (B2B model), rather than directly to individuals. The company provides design and test solutions, including software, hardware, and services, across various industries. Due to the broad and diversified nature of Keysight's customer base, the company does not typically disclose specific "major customers" by name in its public filings unless a single customer accounts for a significant portion of revenue, which is uncommon for a test and measurement provider. Instead, Keysight's customer base is comprised of thousands of companies globally across its target market segments. However, based on its reported market segments, Keysight's major customer categories—and examples of public companies that would fall into these categories and likely utilize Keysight's solutions—include:
  • 1. Telecommunications and Networking Companies

    These customers include manufacturers of mobile devices, network equipment, and telecommunications service providers who require advanced testing solutions for technologies like 5G, satellite communications, and network infrastructure.
    • **Qualcomm** (NASDAQ: QCOM) - For chipsets and communication technologies
    • **Ericsson** (NASDAQ: ERIC) - For network infrastructure and telecommunication equipment
    • **Nokia** (NYSE: NOK) - For network infrastructure and telecommunication equipment
    • **Cisco Systems** (NASDAQ: CSCO) - For networking hardware and software
    • **AT&T** (NYSE: T) - As a service provider utilizing network testing solutions
    • **Verizon Communications** (NYSE: VZ) - As a service provider utilizing network testing solutions
  • 2. Aerospace, Defense, and Government Contractors

    These customers utilize Keysight's solutions for electronic warfare, radar systems, satellite communications, and other specialized aerospace and defense applications.
    • **Lockheed Martin** (NYSE: LMT)
    • **Raytheon Technologies** (NYSE: RTX)
    • **The Boeing Company** (NYSE: BA)
    • **Northrop Grumman** (NYSE: NOC)
  • 3. Semiconductor and General Electronics Manufacturers

    This broad category includes companies involved in the design, development, and manufacturing of semiconductors, consumer electronics, industrial electronics, and IoT devices. It also encompasses companies in the automotive sector focusing on electric vehicles and autonomous driving.
    • **Intel Corporation** (NASDAQ: INTC) - For microprocessors and other semiconductor products
    • **NVIDIA Corporation** (NASDAQ: NVDA) - For GPUs and AI chips
    • **Taiwan Semiconductor Manufacturing Company (TSMC)** (NYSE: TSM) - For semiconductor fabrication
    • **Samsung Electronics Co., Ltd.** (KRX: 005930) - For semiconductors and consumer electronics
    • **Ford Motor Company** (NYSE: F) - For automotive electronics, EV, and autonomous driving testing
    • **General Motors Company** (NYSE: GM) - For automotive electronics, EV, and autonomous driving testing
    • **Tesla, Inc.** (NASDAQ: TSLA) - For EV and autonomous driving technology testing

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Satish Dhanasekaran, President and Chief Executive Officer

Satish Dhanasekaran was appointed President and CEO of Keysight Technologies in May 2022. He joined Agilent, Keysight's predecessor company, in 2006. Throughout his tenure, he has held numerous leadership positions, including Chief Operating Officer and President of the Communications Solutions Group, Keysight's largest business segment. With over 20 years of experience in the communications industry, he has been instrumental in establishing Keysight's leadership in 5G and significantly contributing to advancements in areas such as 400G, quantum, and electromagnetic spectrum operations. Mr. Dhanasekaran holds a master's degree in electrical engineering from Florida State University and an executive education certification from The Wharton School of the University of Pennsylvania. He also serves on the board of directors of Zebra Technologies. Prior to Keysight, he was involved with Agilent Technologies and Motorola.

Neil Dougherty, Executive Vice President and Chief Financial Officer

Neil Dougherty serves as the Executive Vice President and Chief Financial Officer for Keysight Technologies, overseeing global finance operations, including tax, treasury, and investor relations. He began his career at Hewlett-Packard, Agilent's predecessor company, in 1996. At Agilent, he held various roles, including assistant treasurer, vice president, and treasurer, and was senior director of corporate development, responsible for acquisitions and divestitures. Before joining Keysight, Mr. Dougherty was President of Ixia, a company acquired by Keysight, starting in April 2017. He also previously served as Chief Practice Area Leader at Trellist Marketing and Technology from 2012 to 2021, and as a Senior Associate at Pathfinder Communications, LLC from 2002 to 2006. Mr. Dougherty holds an MBA from the University of Chicago Booth School of Business and a bachelor's degree in economics from the University of California, San Diego.

Ingrid Estrada, Senior Vice President, Chief Supply Chain and Operations Officer

Ingrid Estrada is the Senior Vice President, Chief Supply Chain and Operations Officer at Keysight Technologies. Prior to this role, she was the Senior Vice President, Chief People and Administrative Officer. Her career spans leadership roles in human resources, supply chain, manufacturing, and sourcing across HP, Agilent, and Keysight. Ms. Estrada has a strong track record of driving operational excellence and has led Keysight's global workforce strategy and elements of its supply chain. She holds a master's degree in business administration from Santa Clara University and an executive master's degree from Stanford University.

Marie Hattar, Senior Vice President, Chief Marketing Officer

Marie Hattar is the Senior Vice President and Chief Marketing Officer at Keysight Technologies, a position she has held since July 2017. In this role, she leads Keysight's global marketing initiatives and brand strategy.

John Page, Senior Vice President, President, Global Services

John Page serves as the Senior Vice President and President of Global Services for Keysight Technologies. He joined Keysight in November 2015. Mr. Page is responsible for leading the company's worldwide services organization.

AI Analysis | Feedback

The key risks to Keysight Technologies (symbol: KEYS) business operations are primarily driven by global economic and political instability, intense industry competition coupled with rapid technological advancements, and the inherent cyclicality of its target markets.

  1. Global Macroeconomic and Geopolitical Instability: Keysight is significantly exposed to global economic uncertainties, including inflation, potential recessions, and volatility in financial markets. These conditions can lead to reduced demand for its products and services. Furthermore, geopolitical tensions, international conflicts (such as those in the Middle East and potential tensions between China and Taiwan), trade restrictions, sanctions, and tariffs pose substantial risks. Such factors can disrupt supply chains, increase manufacturing and operational costs, limit the ability to transfer certain technologies, and adversely affect financial results through reduced demand or increased transaction expenses.
  2. Intense Competition and Rapid Technological Change: Keysight operates in a highly competitive environment characterized by rapid technological advancements and ongoing industry consolidation. Competitors can gain increased leverage through mergers and acquisitions, leading to price pressures and potentially reduced demand for Keysight's solutions. To maintain its competitive edge, the company must continuously invest heavily in research and development to deliver differentiated solutions, allocating a significant portion of its revenue to R&D annually. Failure to innovate rapidly or keep pace with technological shifts could impact its market position.
  3. Industry Cyclicality and Market Demand Volatility: Keysight's business performance is linked to various end markets, some of which are prone to seasonal and economic volatility, such as consumer electronics and, at times, the semiconductor and automotive sectors. This dependence can lead to unpredictable demand, making it challenging to maintain steady revenue streams and potentially resulting in excess inventory or supply chain disruptions. While Keysight has a diversified portfolio to mitigate some of this risk, certain segments may still experience significant headwinds, impacting overall revenue and earnings.

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Keysight Technologies (KEYS) operates in several significant addressable markets for its main products and services. Here's a breakdown of the market sizes for various segments:

  • The overall addressable market for Keysight Technologies was approximately $20.9 billion as of fiscal year 2022, exhibiting long-term growth rates between 4% and 6% globally.
  • In the 5G sector:
    • The global 5G infrastructure market was valued at $14.9 billion as of Q4 2023.
    • The global industrial 5G market is projected to grow substantially, reaching $210.98 billion by 2029 with a compound annual growth rate (CAGR) of 46.7%.
    • The global 5G testing equipment market was valued at $2.00 billion in 2024, with projections indicating growth to $4.13 billion by 2032 at a CAGR of 9.5% during the forecast period of 2025-2032.
    • The global 5G device testing market was estimated at $1.2 billion in 2023 and is expected to reach $1.7 billion by 2028, growing at a CAGR of 7.0%.
  • The semiconductor test equipment market globally was valued at $5.2 billion in 2023.
  • The global Electronic Design Automation (EDA) market size was $10.4 billion in 2023.
  • Keysight's segment in the enterprise and communications test equipment market generated $1.2 billion in annual revenue as of Q4 2023, where the company held a 42% global market share.
  • The broader global market for electrical and electronic test equipment is anticipated to reach $17.48 billion by 2029, with a CAGR of 4.29%.
  • For Computer Controlled Signal Generators, the global market size was $2.26 billion in 2025 and is projected to reach $3.92 billion by 2033, demonstrating a CAGR of 7.13% from 2026 to 2033. The U.S. market for these generators was $674 million in 2025 and is expected to grow to $1.23 billion by 2033, at a CAGR of 7.79%.
  • The global automotive technologies market is forecast to increase by $263.5 billion, at a CAGR of 13.2% between 2024 and 2029.
  • The Aerospace, Defense & Government segment represents a market size of $5.2 billion with long-term growth rates of 3-4%.

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Keysight Technologies (KEYS) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

  1. Growth in Artificial Intelligence (AI) and Data Center Investments: The increasing demand for AI-related technologies and substantial investments in data centers are significant drivers for Keysight, particularly benefiting its Wireline segment. This trend is expected to continue to position Keysight well in the rapidly evolving AI landscape.
  2. Advancements in Next-Generation Wireless Technologies: The anticipated rollout of 6G technology presents a long-term opportunity, with initial orders projected to materialize by the second half of 2027, placing Keysight at the forefront of future wireless technology. Additionally, continued demand in 5G and Internet of Things (IoT) sectors will contribute to revenue growth.
  3. Robust Demand from Aerospace, Defense, and Government Sectors: Strong and sustained demand from aerospace, defense, and government customers globally is a consistent driver for Keysight's revenue.
  4. Expansion of Software and Services Portfolio: Keysight is strategically transitioning its business model towards software-centric solutions and services, aiming to increase recurring revenue and improve gross margins. Software and services are already a significant portion of total revenue and are expected to continue to rise.
  5. Strategic Acquisitions: Recent and pending strategic acquisitions are expected to enhance Keysight's market position and technological capabilities, contributing to organic incremental margins and overall revenue growth. The acquisition of Spirent Communications, for example, is specifically noted for its potential to drive robust organic incremental margins.

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Share Repurchases

  • Keysight Technologies repurchased $443 million of stock in fiscal year 2024.
  • The company's annual share buybacks amounted to $702 million in fiscal year 2023 and $849 million in fiscal year 2022.

Share Issuance

  • Keysight Technologies' shares outstanding have seen a net decline over the past three fiscal years, indicating that share repurchases have outpaced any share issuances, such as those from employee compensation plans. Shares outstanding declined by 2.23% in 2024, 1.65% in 2023, and 2.67% in 2022.

Outbound Investments

  • Keysight made net acquisitions of approximately $681 million in fiscal year 2024.
  • Recent significant acquisitions include Spirent Communications in March 2024, AnaPico in July 2024, and ESI Group and ClioSoft in 2023.
  • These investments aim to expand Keysight's solutions portfolio and served addressable markets, leveraging future technology trends through mergers and acquisitions.

Capital Expenditures

  • Capital expenditures were $196 million in fiscal year 2023, $185 million in fiscal year 2022, and $174 million in fiscal year 2021.
  • Expected capital expenditures are $154 million for fiscal year 2024 and $134.5 million for fiscal year 2025.
  • A primary focus of these expenditures includes strategic investments in research and development and in-house integrated circuit fabrication facilities to deliver advanced capabilities.

Better Bets than Keysight Technologies (KEYS)

Latest Trefis Analyses

Trade Ideas

Select ideas related to KEYS. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE11302025ENPHEnphase EnergyDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
16.1%16.1%-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11262025PDPagerDutyDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
12.0%12.0%0.0%
CRM_11212025_Dip_Buyer_FCFYield11212025CRMSalesforceDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
16.7%16.7%-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE11212025HUBSHubSpotDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
12.8%12.8%0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025FIVNFive9Dip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
7.8%7.8%0.0%
KEYS_8312023_Dip_Buyer_FCFYield08312023KEYSKeysight TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
15.8%15.6%-10.5%

Recent Active Movers

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Peer Comparisons for Keysight Technologies

Peers to compare with:

Financials

KEYSFTVTDYTERMKSIVIAVMedian
NameKeysight.Fortive Teledyne.Teradyne MKS Viavi So. 
Mkt Price203.7155.68518.14197.22161.9918.41179.61
Mkt Cap35.018.424.331.310.94.121.4
Rev LTM5,3757,2446,0052,8603,8311,0844,603
Op Inc LTM8761,2551,11053955358714
FCF LTM1,2811,0881,03845753062784
FCF 3Y Avg1,1301,24192342739274675
CFO LTM1,4091,2201,14567567990912
CFO 3Y Avg1,2901,3541,026611511107819

Growth & Margins

KEYSFTVTDYTERMKSIVIAVMedian
NameKeysight.Fortive Teledyne.Teradyne MKS Viavi So. 
Rev Chg LTM8.0%27.9%7.4%4.5%8.1%8.4%8.0%
Rev Chg 3Y Avg-0.0%9.4%3.6%-4.3%6.4%-5.2%1.8%
Rev Chg Q10.3%2.3%6.7%4.3%10.3%15.3%8.5%
QoQ Delta Rev Chg LTM2.5%0.3%1.6%1.1%2.5%3.7%2.0%
Op Mgn LTM16.3%17.3%18.5%18.8%14.4%5.4%16.8%
Op Mgn 3Y Avg19.3%18.0%18.4%19.4%13.3%5.8%18.2%
QoQ Delta Op Mgn LTM-0.7%-0.2%-0.1%-0.4%-0.1%0.4%-0.2%
CFO/Rev LTM26.2%16.8%19.1%23.6%17.7%8.3%18.4%
CFO/Rev 3Y Avg24.4%21.9%17.8%22.0%13.7%10.1%19.9%
FCF/Rev LTM23.8%15.0%17.3%16.0%13.8%5.7%15.5%
FCF/Rev 3Y Avg21.3%20.1%16.0%15.4%10.5%7.0%15.7%

Valuation

KEYSFTVTDYTERMKSIVIAVMedian
NameKeysight.Fortive Teledyne.Teradyne MKS Viavi So. 
Mkt Cap35.018.424.331.310.94.121.4
P/S6.52.54.010.92.83.83.9
P/EBIT29.714.922.859.620.362.126.3
P/E41.230.629.770.639.1118.240.1
P/CFO24.915.121.246.316.145.823.0
Total Yield2.4%3.8%3.4%1.7%3.1%0.8%2.8%
Dividend Yield0.0%0.5%0.0%0.2%0.5%0.0%0.1%
FCF Yield 3Y Avg4.2%5.5%4.2%2.2%5.3%3.4%4.2%
D/E0.10.20.10.00.40.20.1
Net D/E0.00.20.1-0.00.40.10.1

Returns

KEYSFTVTDYTERMKSIVIAVMedian
NameKeysight.Fortive Teledyne.Teradyne MKS Viavi So. 
1M Rtn17.9%5.5%4.7%24.1%12.5%15.4%13.9%
3M Rtn14.6%15.4%-8.8%46.0%26.8%48.7%21.1%
6M Rtn26.5%3.6%5.5%126.2%76.6%91.4%51.5%
12M Rtn24.8%-1.9%10.9%57.3%57.8%80.5%41.0%
3Y Rtn19.9%14.8%31.6%130.8%98.6%79.6%55.6%
1M Excs Rtn14.9%4.4%1.8%21.3%11.8%10.4%11.1%
3M Excs Rtn11.2%11.7%-12.1%43.2%22.9%45.0%17.3%
6M Excs Rtn10.8%-9.8%-8.2%105.7%53.3%72.9%32.0%
12M Excs Rtn10.0%-18.0%-4.1%42.9%39.7%64.2%24.9%
3Y Excs Rtn-60.9%-62.2%-48.7%49.1%27.5%-2.4%-25.5%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Communications Solutions Group (CSG)3,420 3,8033,5233,132
Electronic Industrial Solutions Group (EISG)1,559 1,6171,4181,089
Total4,979 5,4204,9414,221


Operating Income by Segment
$ Mil20252024202320222021
Communications Solutions Group (CSG)921 1,085932773
Electronic Industrial Solutions Group (EISG)357 501444296
Restructuring and other-70 -14-9-6
Acquisition and integration costs-91 -9-9-13
Amortization of acquisition-related balances-139 -103-174-224
Share-based compensation-145 -126-104-93
Gain on insurance settlement    32
Total833 1,3341,080765


Assets by Segment
$ Mil20252024202320222021
Communications Solutions Group (CSG)4,7214,4104,3124,1223,832
Electronic Industrial Solutions Group (EISG)2,9521,9201,7151,5231,334
Cash and cash equivalents1,7962,4722,0422,0521,756
Pension and other assets540468549449467
Long-term deferred tax assets378671667711740
Tax receivables249    
Long-term investments11081627061
Accumulated amortization of other intangibles-1,477-1,339-1,249-1,146-972
Total9,2698,6838,0987,7817,218


Price Behavior

Price Behavior
Market Price$203.71 
Market Cap ($ Bil)35.0 
First Trading Date10/20/2014 
Distance from 52W High-4.9% 
   50 Days200 Days
DMA Price$185.51$166.01
DMA Trendupup
Distance from DMA9.8%22.7%
 3M1YR
Volatility35.7%33.7%
Downside Capture176.54127.79
Upside Capture220.92130.27
Correlation (SPY)66.1%76.5%
KEYS Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta2.241.851.771.781.301.28
Up Beta1.971.421.481.921.191.24
Down Beta2.322.222.071.971.461.28
Up Capture354%233%222%186%149%169%
Bmk +ve Days12253873141426
Stock +ve Days10213669133382
Down Capture166%152%144%154%116%107%
Bmk -ve Days7162452107323
Stock -ve Days9192554113364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 Comparison of KEYS With Other Asset Classes (Last 1Y)
 KEYSSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return22.5%21.7%14.7%67.3%6.8%-0.5%-16.6%
Annualized Volatility33.7%27.8%19.7%19.3%15.2%17.6%35.4%
Sharpe Ratio0.640.690.572.540.23-0.18-0.25
Correlation With Other Assets 73.5%76.9%2.3%29.8%49.7%38.9%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 Comparison of KEYS With Other Asset Classes (Last 5Y)
 KEYSSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return10.5%19.4%15.0%18.9%11.8%5.1%35.8%
Annualized Volatility30.3%24.7%17.1%15.5%18.7%18.9%48.9%
Sharpe Ratio0.370.710.710.980.510.180.63
Correlation With Other Assets 68.4%69.0%8.9%14.3%48.1%28.9%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 Comparison of KEYS With Other Asset Classes (Last 10Y)
 KEYSSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return22.0%22.4%14.9%14.9%6.7%5.5%69.9%
Annualized Volatility31.4%24.2%18.0%14.8%17.6%20.8%55.8%
Sharpe Ratio0.710.850.710.840.300.230.90
Correlation With Other Assets 66.9%66.4%1.4%21.6%44.3%18.9%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date11282025
Short Interest: Shares Quantity3,422,836
Short Interest: % Change Since 111520252.7%
Average Daily Volume1,689,311
Days-to-Cover Short Interest2.03
Basic Shares Quantity172,000,000
Short % of Basic Shares2.0%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/24/202510.0%16.3% 
8/19/2025-3.0%0.6%8.4%
5/20/2025-0.2%-2.6%-2.1%
2/25/2025-6.9%-11.1%-9.2%
11/19/20248.8%13.0%5.1%
8/20/202413.9%11.2%12.1%
5/20/2024-8.4%-10.8%-15.2%
2/20/2024-6.7%-1.1%-2.4%
...
SUMMARY STATS   
# Positive111410
# Negative131014
Median Positive3.5%4.7%8.4%
Median Negative-4.0%-6.3%-6.4%
Max Positive13.9%16.3%16.1%
Max Negative-13.8%-14.9%-15.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
103120251217202510-K 10/31/2025
7312025829202510-Q 7/31/2025
4302025603202510-Q 4/30/2025
1312025306202510-Q 1/31/2025
103120241217202410-K 10/31/2024
7312024829202410-Q 7/31/2024
4302024531202410-Q 4/30/2024
1312024305202410-Q 1/31/2024
103120231215202310-K 10/31/2023
7312023830202310-Q 7/31/2023
4302023531202310-Q 4/30/2023
1312023303202310-Q 1/31/2023
103120221215202210-K 10/31/2022
7312022830202210-Q 7/31/2022
4302022601202210-Q 4/30/2022
1312022301202210-Q 1/31/2022