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.

• 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.

• 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

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.

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.

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%.

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.

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.