Keysight Technologies (KEYS)
Market Price (10/21/2026): $337.87 | Market Cap: $57.8 BilInvestor Relations Sector: Information Technology | Industry: Electronic Equipment & Instruments
Keysight Technologies (KEYS)
Market Price (10/21/2026): $337.87Market Cap: $57.8 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% Stock buyback supportStock Buyback 3Y Total is 1.8 Bil Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Telecom Infrastructure, Show more. | Stock price has recently run up significantly12M Rtn12 month market price return is 103% Key risksKEYS key risks include [1] unpredictable demand and revenue volatility stemming from its dependence on cyclical end markets, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Stock buyback supportStock Buyback 3Y Total is 1.8 Bil |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include Telecom Infrastructure, Show more. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 103% |
| Key risksKEYS key risks include [1] unpredictable demand and revenue volatility stemming from its dependence on cyclical end markets, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 10/16/2026
Keysight Technologies (KEYS) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Persistent overvaluation concerns led to significant price corrections despite strong financial performance.
Keysight Technologies' stock was deemed significantly overvalued during the period. On October 14, 2026, the stock traded at $357.62, approximately 58.4% above its estimated intrinsic value (GF Value™) of $225.81. Its P/E ratio of 49.3x was notably higher than its 5-year median P/E of 30.8x. This overvaluation continued, with the stock priced at $342.08 on October 15, 2026, still 51.4% above its GF Value™ estimate of $225.99 and a P/E ratio of 47.1x, 53% above its 5-year median.
2. The stock experienced sharp declines following positive earnings reports and strategic product announcements, indicating "sell the news" behavior amidst high valuation.
Despite Keysight Technologies reporting strong fiscal Q3 2026 results on August 18, 2026 (fiscal Q3 2026 ended July 31, 2026), with EPS of $3.07 (beating consensus of $2.48 by 23.7%) and revenue of $1.85 billion (beating estimates of $1.75 billion by 5.6%), the stock dropped 7.2% on the earnings day. This strong performance, driven by a 56% jump in commercial communications revenue due to AI data center test demand, also led management to raise its fiscal Q4 2026 outlook for revenue to $1.93 billion-$1.95 billion and EPS to $3.34-$3.40. However, even with further company-specific positive news, such as expanding AI infrastructure validation solutions in mid-October 2026, the stock fell 8.4% on October 15, 2026.
Show more
Keysight Technologies (KEYS) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Persistent overvaluation concerns led to significant price corrections despite strong financial performance.
Keysight Technologies' stock was deemed significantly overvalued during the period. On October 14, 2026, the stock traded at $357.62, approximately 58.4% above its estimated intrinsic value (GF Value™) of $225.81. Its P/E ratio of 49.3x was notably higher than its 5-year median P/E of 30.8x. This overvaluation continued, with the stock priced at $342.08 on October 15, 2026, still 51.4% above its GF Value™ estimate of $225.99 and a P/E ratio of 47.1x, 53% above its 5-year median.
2. The stock experienced sharp declines following positive earnings reports and strategic product announcements, indicating "sell the news" behavior amidst high valuation.
Despite Keysight Technologies reporting strong fiscal Q3 2026 results on August 18, 2026 (fiscal Q3 2026 ended July 31, 2026), with EPS of $3.07 (beating consensus of $2.48 by 23.7%) and revenue of $1.85 billion (beating estimates of $1.75 billion by 5.6%), the stock dropped 7.2% on the earnings day. This strong performance, driven by a 56% jump in commercial communications revenue due to AI data center test demand, also led management to raise its fiscal Q4 2026 outlook for revenue to $1.93 billion-$1.95 billion and EPS to $3.34-$3.40. However, even with further company-specific positive news, such as expanding AI infrastructure validation solutions in mid-October 2026, the stock fell 8.4% on October 15, 2026.
Show more
Updated on 10/16/2026
Keysight Technologies (KEYS) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Persistent overvaluation concerns led to significant price corrections despite strong financial performance.
Keysight Technologies' stock was deemed significantly overvalued during the period. On October 14, 2026, the stock traded at $357.62, approximately 58.4% above its estimated intrinsic value (GF Value™) of $225.81. Its P/E ratio of 49.3x was notably higher than its 5-year median P/E of 30.8x. This overvaluation continued, with the stock priced at $342.08 on October 15, 2026, still 51.4% above its GF Value™ estimate of $225.99 and a P/E ratio of 47.1x, 53% above its 5-year median.
2. The stock experienced sharp declines following positive earnings reports and strategic product announcements, indicating "sell the news" behavior amidst high valuation.
Despite Keysight Technologies reporting strong fiscal Q3 2026 results on August 18, 2026 (fiscal Q3 2026 ended July 31, 2026), with EPS of $3.07 (beating consensus of $2.48 by 23.7%) and revenue of $1.85 billion (beating estimates of $1.75 billion by 5.6%), the stock dropped 7.2% on the earnings day. This strong performance, driven by a 56% jump in commercial communications revenue due to AI data center test demand, also led management to raise its fiscal Q4 2026 outlook for revenue to $1.93 billion-$1.95 billion and EPS to $3.34-$3.40. However, even with further company-specific positive news, such as expanding AI infrastructure validation solutions in mid-October 2026, the stock fell 8.4% on October 15, 2026.
3. Broader macroeconomic headwinds and semiconductor industry turbulence contributed to investor caution.
The period was marked by "Tougher Macro Headwinds" in the broader market, including central banks tightening monetary policy, US Treasury yields rising above 5%, and persistent inflation pressure. The semiconductor sector, in which Keysight operates, faced "turbulence" and uncertainty regarding a potential oversupply versus long-term excess demand, despite the AI boom. High interest rates continued to weigh on market valuations, with the substantial capital requirements of the AI boom intensifying competition for available capital and driving up financing costs across industries.
4. Aggregate insider selling activity exceeded $5 million, signaling a lack of confidence at current price levels.
Over the trailing six months (leading up to October 2, 2026), Keysight Technologies insiders demonstrated a bearish sentiment by net selling $6.0 million worth of shares, with no open-market purchases. More broadly, insiders sold $33.4 million worth of shares over the past 12 months (as of October 14, 2026), without any buying activity, indicating a consistent trend of divestment from those with the most intimate knowledge of the company.
Show less
Keysight Technologies (KEYS) stock has lost about 5% since 6/30/2026 because of the following key factors:
1. Persistent overvaluation concerns led to significant price corrections despite strong financial performance.
Keysight Technologies' stock was deemed significantly overvalued during the period. On October 14, 2026, the stock traded at $357.62, approximately 58.4% above its estimated intrinsic value (GF Value™) of $225.81. Its P/E ratio of 49.3x was notably higher than its 5-year median P/E of 30.8x. This overvaluation continued, with the stock priced at $342.08 on October 15, 2026, still 51.4% above its GF Value™ estimate of $225.99 and a P/E ratio of 47.1x, 53% above its 5-year median.
2. The stock experienced sharp declines following positive earnings reports and strategic product announcements, indicating "sell the news" behavior amidst high valuation.
Despite Keysight Technologies reporting strong fiscal Q3 2026 results on August 18, 2026 (fiscal Q3 2026 ended July 31, 2026), with EPS of $3.07 (beating consensus of $2.48 by 23.7%) and revenue of $1.85 billion (beating estimates of $1.75 billion by 5.6%), the stock dropped 7.2% on the earnings day. This strong performance, driven by a 56% jump in commercial communications revenue due to AI data center test demand, also led management to raise its fiscal Q4 2026 outlook for revenue to $1.93 billion-$1.95 billion and EPS to $3.34-$3.40. However, even with further company-specific positive news, such as expanding AI infrastructure validation solutions in mid-October 2026, the stock fell 8.4% on October 15, 2026.
3. Broader macroeconomic headwinds and semiconductor industry turbulence contributed to investor caution.
The period was marked by "Tougher Macro Headwinds" in the broader market, including central banks tightening monetary policy, US Treasury yields rising above 5%, and persistent inflation pressure. The semiconductor sector, in which Keysight operates, faced "turbulence" and uncertainty regarding a potential oversupply versus long-term excess demand, despite the AI boom. High interest rates continued to weigh on market valuations, with the substantial capital requirements of the AI boom intensifying competition for available capital and driving up financing costs across industries.
4. Aggregate insider selling activity exceeded $5 million, signaling a lack of confidence at current price levels.
Over the trailing six months (leading up to October 2, 2026), Keysight Technologies insiders demonstrated a bearish sentiment by net selling $6.0 million worth of shares, with no open-market purchases. More broadly, insiders sold $33.4 million worth of shares over the past 12 months (as of October 14, 2026), without any buying activity, indicating a consistent trend of divestment from those with the most intimate knowledge of the company.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -4.5% change in KEYS stock from 6/30/2026 to 10/20/2026 was primarily driven by a -20.2% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10202026 | Change |
|---|---|---|---|
| Stock Price ($) | 350.07 | 334.16 | -4.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,088 | 6,582 | 8.1% |
| Net Income Margin (%) | 17.3% | 19.1% | 10.6% |
| P/E Multiple | 56.8 | 45.4 | -20.2% |
| Shares Outstanding (Mil) | 171 | 171 | 0.0% |
| Cumulative Contribution | -4.5% |
Market Drivers
6/30/2026 to 10/20/2026| Return | Correlation | |
|---|---|---|
| KEYS | -4.5% | |
| Market (SPY) | 3.0% | 50.9% |
| Sector (XLK) | -2.7% | 81.1% |
Fundamental Drivers
The 18.3% change in KEYS stock from 3/31/2026 to 10/20/2026 was primarily driven by a 15.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10202026 | Change |
|---|---|---|---|
| Stock Price ($) | 282.37 | 334.16 | 18.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,677 | 6,582 | 15.9% |
| Net Income Margin (%) | 16.9% | 19.1% | 13.0% |
| P/E Multiple | 50.5 | 45.4 | -10.2% |
| Shares Outstanding (Mil) | 172 | 171 | 0.6% |
| Cumulative Contribution | 18.3% |
Market Drivers
3/31/2026 to 10/20/2026| Return | Correlation | |
|---|---|---|
| KEYS | 18.3% | |
| Market (SPY) | 18.6% | 55.6% |
| Sector (XLK) | 39.7% | 71.5% |
Fundamental Drivers
The 91.0% change in KEYS stock from 9/30/2025 to 10/20/2026 was primarily driven by a 84.5% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10202026 | Change |
|---|---|---|---|
| Stock Price ($) | 174.92 | 334.16 | 91.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,243 | 6,582 | 25.5% |
| Net Income Margin (%) | 10.4% | 19.1% | 84.5% |
| P/E Multiple | 55.3 | 45.4 | -18.0% |
| Shares Outstanding (Mil) | 172 | 171 | 0.6% |
| Cumulative Contribution | 91.0% |
Market Drivers
9/30/2025 to 10/20/2026| Return | Correlation | |
|---|---|---|
| KEYS | 91.0% | |
| Market (SPY) | 16.4% | 53.9% |
| Sector (XLK) | 32.1% | 60.9% |
Fundamental Drivers
The 152.6% change in KEYS stock from 9/30/2023 to 10/20/2026 was primarily driven by a 117.6% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10202026 | Change |
|---|---|---|---|
| Stock Price ($) | 132.31 | 334.16 | 152.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,596 | 6,582 | 17.6% |
| Net Income Margin (%) | 20.2% | 19.1% | -5.2% |
| P/E Multiple | 20.8 | 45.4 | 117.6% |
| Shares Outstanding (Mil) | 178 | 171 | 4.1% |
| Cumulative Contribution | 152.6% |
Market Drivers
9/30/2023 to 10/20/2026| Return | Correlation | |
|---|---|---|
| KEYS | 152.6% | |
| Market (SPY) | 86.1% | 61.1% |
| Sector (XLK) | 130.3% | 63.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KEYS Return | 56% | -17% | -7% | 1% | 26% | 65% | 154% |
| Peers Return | 18% | -32% | 14% | 5% | 38% | 46% | 94% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| KEYS Win Rate | 75% | 50% | 50% | 50% | 67% | 60% | |
| Peers Win Rate | 57% | 37% | 55% | 57% | 60% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| KEYS Max Drawdown | -14% | -37% | -37% | -26% | -31% | -21% | |
| Peers Max Drawdown | -19% | -45% | -29% | -30% | -36% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 10/20/2026 (YTD)
How Low Can It Go
| Event | KEYS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.4% | -18.8% |
| % Gain to Breakeven | 45.7% | 23.1% |
| Time to Breakeven | 213 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -12.8% | -7.8% |
| % Gain to Breakeven | 14.7% | 8.5% |
| Time to Breakeven | 12 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.5% | -9.5% |
| % Gain to Breakeven | 41.8% | 10.5% |
| Time to Breakeven | 391 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.2% | -6.7% |
| % Gain to Breakeven | 30.3% | 7.1% |
| Time to Breakeven | 664 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.6% | -24.5% |
| % Gain to Breakeven | 55.2% | 32.4% |
| Time to Breakeven | 1301 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -20.5% | -33.7% |
| % Gain to Breakeven | 25.8% | 50.9% |
| Time to Breakeven | 33 days | 140 days |
In The Past
Keysight Technologies's stock fell -31.4% during the 2025 US Tariff Shock. Such a loss loss requires a 45.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | KEYS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.4% | -18.8% |
| % Gain to Breakeven | 45.7% | 23.1% |
| Time to Breakeven | 213 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.5% | -9.5% |
| % Gain to Breakeven | 41.8% | 10.5% |
| Time to Breakeven | 391 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.2% | -6.7% |
| % Gain to Breakeven | 30.3% | 7.1% |
| Time to Breakeven | 664 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -35.6% | -24.5% |
| % Gain to Breakeven | 55.2% | 32.4% |
| Time to Breakeven | 1301 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -20.5% | -33.7% |
| % Gain to Breakeven | 25.8% | 50.9% |
| Time to Breakeven | 33 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.3% | -12.2% |
| % Gain to Breakeven | 43.4% | 13.9% |
| Time to Breakeven | 105 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.0% | -6.8% |
| % Gain to Breakeven | 33.4% | 7.3% |
| Time to Breakeven | 101 days | 15 days |
In The Past
Keysight Technologies's stock fell -31.4% during the 2025 US Tariff Shock. Such a loss loss requires a 45.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Keysight Technologies (KEYS)
Keysight Technologies, Inc. (KEYS) is a leading provider of electronic design and test solutions for a wide array of industries globally. The company's core business revolves around enabling engineers and organizations to accelerate innovation by designing, developing, testing, and validating electronic components, systems, and networks. Essentially, Keysight provides the crucial tools and software that ensure modern electronics and communication technologies function correctly and meet performance standards.
The company's product portfolio is extensive, spanning two main segments. Its Communications Solutions Group offers sophisticated electronic design automation (EDA) software, radio frequency and microwave test solutions, and advanced platforms for testing network infrastructure, cybersecurity, and optical components. Meanwhile, the Electronic Industrial Solutions Group provides a broad range of general-purpose and specialized test and measurement instruments, including digital multimeters, power supplies, thermal imagers, and precise tools for semiconductor and printed circuit board assembly testing, alongside design verification tools.
Keysight serves a diverse and critical customer base across the Americas, Europe, and Asia Pacific. Its primary markets include commercial communications (e.g., 5G development), networking, aerospace, defense and government, automotive, energy, and the semiconductor industry. The company also supports the broader electronics sector and educational institutions, offering product support, technical assistance, and consulting services.
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Here are 1-2 brief analogies for Keysight Technologies:
- Like Thermo Fisher Scientific, but for the electronics and communication industries. (Keysight provides essential, high-precision tools, software, and services for designing, testing, and verifying electronic products, similar to how Thermo Fisher equips scientific and medical research.)
- Like AWS (Amazon Web Services), but for validating and testing physical electronic products and communication networks. (Keysight provides the critical, complex infrastructure and tools that companies use to ensure their electronic hardware and communication systems work correctly, much like AWS provides cloud infrastructure.)
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- Electronic Design Automation (EDA) Software: Provides software for designing electronic components and systems.
- RF and Microwave Test Solutions: Offers hardware and software for testing radio frequency and microwave devices.
- Network Test Platforms and Software: Supplies platforms and applications for testing data center, routing, switching, SDN, security, and encryption networks.
- General Purpose Test Equipment: Includes oscilloscopes, logic analyzers, signal sources, waveform generators, and bit error rate testers.
- Optical Test Solutions: Provides tools like optical modulation analyzers, component analyzers, power meters, and laser sources.
- Electronic Industrial Design and Verification Tools: Offers software and hardware for designing and verifying electronic industrial products.
- Benchtop Measurement Instruments: Encompasses digital multimeters, function generators, frequency counters, data acquisition systems, and LCR meters.
- Power Supplies and Loads: Manufactures AC/DC modular power supplies and electronically programmable loads.
- Specialized Industrial Testers: Includes printed-circuit-board-assembly testers and integrated circuit parametric testers.
- Product Support Services: Provides ongoing assistance and maintenance for its products.
- Technical Support Services: Offers expert help for technical issues and product usage.
- Training and Consulting Services: Delivers educational programs and advisory services related to its solutions.
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Major Customers of Keysight Technologies (KEYS)
Keysight Technologies, Inc. primarily sells its electronic design and test solutions to other companies and organizations, operating on a business-to-business (B2B) model. The provided company description indicates that it serves a broad range of industries and sectors rather than individual consumers.
The background information does not specify individual major customer companies by name or symbol. However, it clearly identifies the following industries and sectors as Keysight's primary customer base:
- Commercial Communications Industry
- Networking Industry
- Aerospace Industry
- Defense and Government Sector
- Automotive Industry
- Energy Industry
- Semiconductor Industry
- Electronic Industry (general)
- Education Industry
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Satish Dhanasekaran, President and Chief Executive Officer
Satish Dhanasekaran became Keysight's President and Chief Executive Officer in May 2022. He joined Agilent, Keysight's predecessor company, in 2006. During his tenure, he has held multiple leadership roles, including senior vice president and chief operating officer, and president of Keysight's Communications Solutions Group. He has been instrumental in shaping the company's strategy and establishing Keysight's leadership in 5G, as well as making significant contributions to accelerate technology adoptions in areas such as 400G, quantum, and electromagnetic spectrum operations.
Neil Dougherty, Executive Vice President and Chief Financial Officer
Neil Dougherty is the Executive Vice President and Chief Financial Officer of Keysight Technologies, responsible for the company's global finance operations, including tax, treasury, and investor relations. Before Keysight's separation from Agilent Technologies in 2014, he held various roles at Agilent, including assistant treasurer, vice president, and treasurer. He also served as senior director of corporate development, where he was responsible for domestic and international acquisitions and divestitures. Dougherty joined Agilent in 1996 as a Financial Analyst and held numerous finance management positions at Hewlett-Packard, Agilent's predecessor.
Jason Kary, Senior Vice President and President, Electronic Industrial Solutions Group
Jason Kary is the Senior Vice President and President of the Electronic Industrial Solutions Group at Keysight Technologies. He leads a global business valued at approximately $2 billion, which serves the automotive, energy, general electronics, manufacturing, education, and semiconductor industries. Kary brings nearly three decades of industry experience and has held various finance leadership positions in markets including wireless communications, electronic industrial, and life sciences. He previously served as Keysight's treasurer and head of investor relations, and prior to that, was the group chief financial officer for Agilent's Life Sciences Group.
Kailash Narayanan, Senior Vice President and President, Communications Solutions Group
Kailash Narayanan is the Senior Vice President and President of Keysight's Communications Solutions Group. In this role, he leads a multi-billion dollar global business focused on the end-to-end communications industry, encompassing wireless and wireline segments, as well as aerospace and defense. His team has significantly contributed to accelerating technology adoptions in areas such as 5G, 400/800G, electromagnetic spectrum operations, and space and satellite modernization. Narayanan's tenure with Keysight and its predecessors, Agilent and Hewlett-Packard, spans more than 20 years.
Ingrid Estrada, Senior Vice President and Chief Supply Chain and Operations Officer
Ingrid Estrada is the Senior Vice President and Chief Supply Chain and Operations Officer at Keysight Technologies. She leads the global team responsible for Keysight's corporate infrastructure and operations, focusing on aligning supply chain strategies with business objectives to enhance operational efficiency and customer satisfaction. Estrada has held leadership roles in HR, supply chain, manufacturing, and sourcing across HP, Agilent, and Keysight. Her previous roles include senior vice president of Human Resources and vice president and general manager of Global Sourcing and the Remarketing Solutions Division at Agilent.
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Key Risks to Keysight Technologies (KEYS)
- Risk of technological obsolescence due to rapid advancements in served industries. Keysight Technologies operates in dynamic sectors such as commercial communications, networking, semiconductors, and automotive, which are characterized by swift technological evolution. The company's core business of providing electronic design and test solutions, including EDA software, RF/microwave test solutions, and advanced analyzers, necessitates continuous innovation to meet the demands of evolving industry standards (e.g., next-generation wireless technologies, advanced semiconductor designs, complex automotive electronics). A failure to rapidly develop and deliver cutting-edge solutions could render its products and services obsolete, impacting demand.
- Exposure to cyclical capital expenditures of high-tech industries. Keysight Technologies serves a range of industries like aerospace, defense, government, automotive, and semiconductors, which can be sensitive to macroeconomic conditions and investment cycles. Demand for the company's test and measurement equipment and software often correlates with the research and development (R&D) and capital expenditure budgets of its customers. During economic downturns or industry-specific slowdowns, reduced spending by these customers on new projects and infrastructure can directly diminish sales of Keysight's solutions.
- Intense competition in the electronic design and test solutions market. The market for electronic design automation (EDA) software and sophisticated test and measurement equipment is specialized yet competitive. Keysight Technologies faces competition in various segments, including network test platforms, oscilloscopes, signal generators, and optical solutions. Maintaining market share and profitability requires sustained investment in research and development, effective product differentiation, and competitive pricing strategies. Failure to effectively compete on technology, features, or cost could lead to a loss of market position.
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Keysight Technologies (symbol: KEYS) operates in several significant addressable markets globally, providing electronic design and test solutions.
Here are the estimated market sizes for Keysight's main products and services:
* Electronic Design Automation (EDA) Software Market: The global electronic design automation (EDA) tools market was valued at approximately USD 12.72 billion in 2024 and is projected to reach USD 21.93 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 11.88% during the forecast period. Another report estimates the global EDA market at US$ 17.59 billion in 2025, anticipated to rise to US$ 32.88 billion by 2032 with a CAGR of 9.4%.
* Test and Measurement Equipment Market (Overall): The global test and measurement equipment market was estimated at USD 35.31 billion in 2025 and is projected to reach USD 50.63 billion by 2033, demonstrating a CAGR of 4.8% from 2026 to 2033. Other estimates place the global market size at USD 37.62 billion in 2025, reaching USD 58.66 billion by 2035 with a CAGR of 4.54%, or USD 38.06 billion in 2025, projected to reach USD 62.55 billion by 2034 with a 5.70% CAGR.
* Oscilloscope Market: The global oscilloscope market was valued at approximately USD 2.5 billion in 2025 and is estimated to reach USD 3.5 billion by 2034, with a CAGR of 3.86% from 2026-2034. Another source indicates the global oscilloscope market size was USD 2.68 billion in 2025 and is projected to grow to USD 5.15 billion by 2034, exhibiting a CAGR of 7.6%. The digital storage oscilloscope market, a segment within this, was valued at USD 921.66 million in 2025 and is projected to reach USD 1548.42 million by 2033.
* Radio Frequency (RF) Test Equipment Market: The global RF test equipment market was valued at USD 3.9 billion in 2024 and is estimated to grow to USD 7.3 billion by 2034, at a CAGR of 6.5%. Another analysis estimates the RF test equipment market at USD 4.27 billion in 2026, projected to reach USD 5.79 billion by 2031 with a 6.28% CAGR.
* Network Monitoring and Performance Monitoring Market: The global network performance monitoring market was valued at USD 2.1 billion in 2021 and is projected to reach USD 4.2 billion by 2031, with a CAGR of 7.1%. More recently, the global network monitoring market was valued at USD 4.13 billion in 2025 and is projected to reach USD 9.52 billion by 2034, exhibiting a CAGR of 9.50%.
* Semiconductor Test Equipment Market: The global semiconductor test equipment market size was valued at USD 7.65 billion in 2025 and is projected to grow to USD 14.38 billion by 2034, exhibiting a CAGR of 7.35%. Another report estimated the market size at USD 15.06 billion in 2025, reaching USD 21.59 billion by 2031 with a CAGR of 6.12%. The Semiconductor Automated Test Equipment (ATE) market, a key segment, was valued at USD 5.46 billion in 2024 and is expected to reach USD 8.35 billion by 2032 globally.
* Optical Test Equipment Market: The global optical test equipment market size was valued at USD 1.04 billion in 2024 and is expected to reach USD 1.46 billion by 2032, with a CAGR of 4.42%. Within this, the global fiber optic test equipment market is set to be worth USD 2.1 billion in 2026 and reach USD 3.4 billion by 2036, witnessing a 4.9% CAGR.
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Keysight Technologies (KEYS) is expected to drive future revenue growth over the next 2-3 years through several key areas:
- AI Infrastructure Scaling and High-Speed Connectivity: Keysight anticipates sustained demand fueled by the rapid scaling of AI infrastructure. This includes growth in higher speeds for Ethernet-based AI networking, such as 800G and 1.6T, the increasing adoption of optical interconnects, and the critical need for system-level validation in complex AI clusters.
- Defense Modernization and Aerospace/Defense Sector Growth: Heightened global focus on deterrence and defense modernization priorities is driving record orders and revenue growth in Keysight's Aerospace, Defense, and Government (ADG) segment across all regions. This growth stems from program expansions, production automation, and new system deployments for spectrum operations, space and satellite, and radar applications.
- Next-Generation Connectivity Development: Beyond AI-specific networking, Keysight benefits from advancements in next-generation connectivity. This includes ongoing research and initiatives for 6G technology, as well as demand related to non-terrestrial networks. The company has also seen consistent wireline growth driven by R&D and manufacturing solutions for compute, memory, interconnect, and networking technologies.
- Rising Semiconductor Complexity and General Electronics: Increased complexity in semiconductors continues to drive demand for Keysight's design and test solutions. The Electronic Industrial Solutions Group (EISG) is experiencing growth across its semiconductor, general electronics, and automotive markets.
- Strategic Acquisitions and Expanding Software/Services Portfolio: Recent successful acquisitions, such as Spirent and the Optical Solutions Group, are contributing to Keysight's revenue growth and expanding its communications test and design software capabilities. Additionally, a growing mix of software and services, which accounts for approximately 40% of Keysight's revenue, with annual recurring revenue at 29%, provides a more resilient and higher-margin revenue stream.
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Share Repurchases
- Keysight Technologies authorized a new share repurchase program of up to $1.5 billion of its common stock in November 2025.
- The company repurchased approximately $375 million through buybacks in fiscal year 2025.
- Keysight has repurchased over $1.5 billion of shares since the start of 2023, with $702 million of annual share buybacks in 2023 alone.
Outbound Investments
- In March 2024, Keysight Technologies acquired British telecommunications testing company Spirent for approximately $1.5 billion, although the U.S. Department of Justice required the divestment of three of Spirent's businesses due to antitrust concerns.
- Keysight acquired France-based ESI Group for approximately $1 billion in 2023, enhancing its simulation capabilities in automotive and electronics markets.
- The company completed the acquisitions of Synopsys' Optical Solutions Group and Ansys' PowerArtist in October 2025, expanding its design engineering software portfolio and computer-aided engineering capabilities.
Capital Expenditures
- Capital expenditures were approximately $130 million in fiscal year 2025.
- Capital expenditures were approximately $140 million in fiscal year 2024.
- Capital expenditures were approximately $200 million in fiscal year 2023.
Peer Outperformance in Electronic Equipment & Instruments
KEYS has outperformed 92% of its 26 Electronic Equipment & Instruments peers over 5Y. Among the peers that beat it is PI. Electronic Equipment & Instruments ranks 8th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Electronic Equipment & Instruments constituents that KEYS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
100%
of 30 industry peers · 102.8% return
3Y
89%
of 27 industry peers · 172.1% return
5Y
92%
of 26 industry peers · 91.9% return
Electronic Equipment & Instruments peers with revenue growth within 4pp of KEYS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| KEYS | Keysight Technologies | 6.6% | 45.4x | 102.8% | 172.1% | 91.9% | — |
| PI | Impinj | 5.6% | -200.8x | -12.6% | 250.8% | 225.7% | +134pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Electronic Equipment & Instruments is KEYS's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 35.3% | 142.4% | 231.6% | TTMI 609% · FLEX 533% · JBL 362% |
| Technology Distributors | 9 | 41.3% | 89.4% | 80.3% | AVT 171% · SNX 152% · CNXN 109% |
| Semiconductor Materials & Equipment | 27 | 52.0% | 76.4% | 79.1% | AXTI 566% · KLAC 413% · LRCX 390% |
| Communications Equipment | 36 | 2.3% | 109.1% | 64.9% | AAOI 936% · LITE 863% · ANET 634% |
| Electronic Components | 26 | -2.9% | 72.8% | 50.6% | CLS 3143% · BELFA 1183% · APH 324% |
| Semiconductors | 54 | 7.7% | 40.9% | 31.0% | MU 1244% · NVDA 884% · AVGO 617% |
| Technology Hardware, Storage & Peripherals | 21 | 11.6% | 86.2% | 19.3% | STX 866% · SMCI 819% · DELL 805% |
| Electronic Equipment & Instruments ← | 27 | -15.9% | 23.1% | -2.0% | PI 226% · OSIS 106% · KEYS 92% |
| Internet Services & Infrastructure | 6 | -0.8% | 48.0% | -3.5% | GDDY 56% · VRSN 46% · DOCN 10% |
| IT Consulting & Other Services | 28 | -27.5% | -1.7% | -18.9% | CHRN 414637% · APLD 438% · ADEA 149% |
| Application Software | 126 | -20.7% | -9.9% | -46.1% | PLTR 695% · FROG 157% · AGYS 119% |
| Systems Software | 69 | -14.9% | 24.1% | -52.2% | ZETA 320% · CRWD 221% · FTNT 156% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 276.56 |
| Mkt Cap | 23.5 |
| Rev LTM | 4,406 |
| Op Inc LTM | 1,013 |
| FCF LTM | 920 |
| FCF 3Y Avg | 816 |
| CFO LTM | 1,058 |
| CFO 3Y Avg | 980 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.9% |
| Rev Chg 3Y Avg | 5.6% |
| Rev Chg Q | 32.4% |
| QoQ Delta Rev Chg LTM | 7.4% |
| Op Inc Chg LTM | 41.9% |
| Op Inc Chg 3Y Avg | 11.2% |
| Op Mgn LTM | 18.8% |
| Op Mgn 3Y Avg | 17.7% |
| QoQ Delta Op Mgn LTM | 1.9% |
| CFO/Rev LTM | 21.9% |
| CFO/Rev 3Y Avg | 22.0% |
| FCF/Rev LTM | 17.9% |
| FCF/Rev 3Y Avg | 17.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Communications Solutions Group (CSG) | 3,726 | 3,420 | 3,685 | 3,803 | 3,523 |
| Electronic Industrial Solutions Group (EISG) | 1,649 | 1,559 | 1,779 | 1,617 | 1,418 |
| Total | 5,375 | 4,979 | 5,464 | 5,420 | 4,941 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Communications Solutions Group (CSG) | 986 | 921 | 1,068 | 1,085 | 932 |
| Electronic Industrial Solutions Group (EISG) | 407 | 357 | 581 | 501 | 444 |
| Restructuring and other | -48 | -70 | -52 | -14 | -9 |
| Amortization of acquisition-related balances | -141 | -139 | -90 | -103 | -174 |
| Acquisition and integration costs | -152 | -91 | -13 | -9 | -9 |
| Share-based compensation | -176 | -145 | -136 | -126 | -104 |
| Total | 876 | 833 | 1,358 | 1,334 | 1,080 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Communications Solutions Group (CSG) | 6,144 | 4,721 | 4,410 | 4,312 | 4,122 |
| Electronic Industrial Solutions Group (EISG) | 3,524 | 2,952 | 1,920 | 1,715 | 1,523 |
| Cash and cash equivalents | 1,873 | 1,796 | 2,472 | 2,042 | 2,052 |
| Pension and other assets | 644 | 540 | 468 | 549 | 449 |
| Long-term deferred tax assets | 373 | 378 | 671 | 667 | 711 |
| Long-term investments | 211 | 110 | 81 | 62 | 70 |
| Tax receivables | 146 | 249 | |||
| Accumulated amortization of other intangibles | -1,614 | -1,477 | -1,339 | -1,249 | -1,146 |
| Total | 11,301 | 9,269 | 8,683 | 8,098 | 7,781 |
Price Behavior
Price Behavior
| Market Price | $334.16 | |
| Market Cap ($ Bil) | 57.1 | |
| First Trading Date | 10/20/2014 | |
| Distance from 52W High | -13.9% | |
| 50 Days | 200 Days | |
| DMA Price | $343.73 | $312.09 |
| DMA Trend | up | up |
| Distance from DMA | -2.8% | 7.1% |
| 3M | 1YR | |
| Volatility | 39.8% | 44.8% |
| Downside Capture | 156.07 | 146.72 |
| Upside Capture | 144.17 | 208.17 |
| Correlation (S&P 500) | 53.2% | 51.4% |
KEYS Betas & Captures as of 9/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.38 | 1.67 | 1.83 | 1.81 | 1.84 | 1.45 |
| Up Beta | 0.95 | 2.43 | 3.28 | 2.27 | 1.89 | 1.34 |
| Down Beta | 2.40 | 2.18 | 0.77 | 1.43 | 1.62 | 1.41 |
| Up Capture | 208% | 176% | 169% | 206% | 405% | 480% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 16 | 27 | 35 | 72 | 144 | 408 |
| Down Capture | -28% | 71% | 149% | 160% | 133% | 109% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 6 | 15 | 29 | 54 | 107 | 341 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KEYS | |
|---|---|---|---|---|
| KEYS | 106.6% | 44.8% | 1.73 | - |
| Sector ETF (XLK) | 30.8% | 26.4% | 0.98 | 60.2% |
| Equity (SPY) | 16.8% | 12.7% | 0.93 | 52.4% |
| Gold (GLD) | -2.9% | 29.3% | -0.10 | 17.1% |
| Commodities (DBC) | 52.5% | 20.7% | 1.93 | -7.2% |
| Real Estate (VNQ) | 5.1% | 13.8% | 0.11 | 5.2% |
| Bitcoin (BTCUSD) | -23.7% | 43.6% | -0.50 | 13.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KEYS | |
|---|---|---|---|---|
| KEYS | 16.1% | 34.5% | 0.49 | - |
| Sector ETF (XLK) | 20.7% | 26.0% | 0.71 | 66.4% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 64.4% |
| Gold (GLD) | 18.1% | 18.9% | 0.77 | 12.1% |
| Commodities (DBC) | 9.7% | 19.5% | 0.38 | 9.1% |
| Real Estate (VNQ) | 1.4% | 18.9% | -0.03 | 40.6% |
| Bitcoin (BTCUSD) | 7.7% | 51.7% | 0.33 | 28.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with KEYS | |
|---|---|---|---|---|
| KEYS | 26.9% | 32.9% | 0.80 | - |
| Sector ETF (XLK) | 24.0% | 25.0% | 0.87 | 66.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 64.3% |
| Gold (GLD) | 12.1% | 16.4% | 0.60 | 6.2% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 16.5% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 40.3% |
| Bitcoin (BTCUSD) | 62.9% | 66.2% | 1.03 | 16.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/18/2026 | -6.3% | -6.1% | -2.8% |
| 5/19/2026 | -0.6% | 1.0% | 5.7% |
| 2/23/2026 | 23.1% | 27.9% | 21.9% |
| 11/24/2025 | 10.0% | 16.3% | 16.4% |
| 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% |
| 11/19/2024 | 8.8% | 13.0% | 5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 13 |
| # Negative | 13 | 10 | 11 |
| Median Positive | 5.9% | 4.7% | 8.4% |
| Median Negative | -4.0% | -5.9% | -6.6% |
| Max Positive | 23.1% | 27.9% | 21.9% |
| Max Negative | -13.8% | -14.9% | -15.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/18/2026 | -6.3% | -6.1% | -2.8% |
| 5/19/2026 | -0.6% | 1.0% | 5.7% |
| 2/23/2026 | 23.1% | 27.9% | 21.9% |
| 11/24/2025 | 10.0% | 16.3% | 16.4% |
| 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% |
| 11/19/2024 | 8.8% | 13.0% | 5.1% |
| 8/20/2024 | 13.9% | 11.2% | 12.1% |
| 5/20/2024 | -8.4% | -10.8% | -15.2% |
| 2/20/2024 | -6.7% | -1.1% | -2.4% |
| 11/20/2023 | -0.3% | 1.0% | 16.1% |
| 8/17/2023 | -13.8% | -14.9% | -11.5% |
| 5/16/2023 | 7.6% | 7.5% | 12.9% |
| 2/21/2023 | -12.7% | -12.6% | -15.4% |
| 11/17/2022 | 3.5% | 6.4% | 3.2% |
| 8/17/2022 | 5.9% | 0.9% | -2.3% |
| 5/17/2022 | -3.1% | -1.1% | -6.6% |
| 2/17/2022 | -3.0% | -3.3% | -3.2% |
| 11/22/2021 | 1.7% | 1.3% | 4.5% |
| 8/18/2021 | 1.9% | 6.7% | 8.4% |
| 5/19/2021 | 2.1% | 2.3% | 6.8% |
| 2/18/2021 | -4.0% | -5.7% | -9.0% |
| 11/18/2020 | 2.4% | 2.9% | 11.4% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 13 |
| # Negative | 13 | 10 | 11 |
| Median Positive | 5.9% | 4.7% | 8.4% |
| Median Negative | -4.0% | -5.9% | -6.6% |
| Max Positive | 23.1% | 27.9% | 21.9% |
| Max Negative | -13.8% | -14.9% | -15.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/02/2026 | 10-Q |
| 04/30/2026 | 06/04/2026 | 10-Q |
| 01/31/2026 | 03/05/2026 | 10-Q |
| 10/31/2025 | 12/17/2025 | 10-K |
| 07/31/2025 | 08/29/2025 | 10-Q |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 03/06/2025 | 10-Q |
| 10/31/2024 | 12/17/2024 | 10-K |
| 07/31/2024 | 08/29/2024 | 10-Q |
| 04/30/2024 | 05/31/2024 | 10-Q |
| 01/31/2024 | 03/05/2024 | 10-Q |
| 10/31/2023 | 12/15/2023 | 10-K |
| 07/31/2023 | 08/30/2023 | 10-Q |
| 04/30/2023 | 05/31/2023 | 10-Q |
| 01/31/2023 | 03/03/2023 | 10-Q |
| 10/31/2022 | 12/15/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 09/02/2026 | 10-Q |
| 04/30/2026 | 06/04/2026 | 10-Q |
| 01/31/2026 | 03/05/2026 | 10-Q |
| 10/31/2025 | 12/17/2025 | 10-K |
| 07/31/2025 | 08/29/2025 | 10-Q |
| 04/30/2025 | 06/03/2025 | 10-Q |
| 01/31/2025 | 03/06/2025 | 10-Q |
| 10/31/2024 | 12/17/2024 | 10-K |
| 07/31/2024 | 08/29/2024 | 10-Q |
| 04/30/2024 | 05/31/2024 | 10-Q |
| 01/31/2024 | 03/05/2024 | 10-Q |
| 10/31/2023 | 12/15/2023 | 10-K |
| 07/31/2023 | 08/30/2023 | 10-Q |
| 04/30/2023 | 05/31/2023 | 10-Q |
| 01/31/2023 | 03/03/2023 | 10-Q |
| 10/31/2022 | 12/15/2022 | 10-K |
| 07/31/2022 | 08/30/2022 | 10-Q |
| 04/30/2022 | 06/01/2022 | 10-Q |
| 01/31/2022 | 03/01/2022 | 10-Q |
| 10/31/2021 | 12/17/2021 | 10-K |
| 07/31/2021 | 08/31/2021 | 10-Q |
| 04/30/2021 | 05/28/2021 | 10-Q |
| 01/31/2021 | 03/03/2021 | 10-Q |
| 10/31/2020 | 12/17/2020 | 10-K |
| 07/31/2020 | 09/01/2020 | 10-Q |
| 04/30/2020 | 06/02/2020 | 10-Q |
| 01/31/2020 | 03/05/2020 | 10-Q |
| 10/31/2019 | 12/18/2019 | 10-K |
Recent Forward Guidance
Updated 8/19/2026Latest: Q3 2026 Earnings Reported 8/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 1.93 Bil | 1.94 Bil | 1.95 Bil | 11.5% | Higher New | Guidance: 1.74 Bil for Q3 2026 | |
| Q4 2026 Non-GAAP EPS | Reported | 3.34 | 3.37 | 3.4 | 37.0% | Higher New | Guidance: 2.46 for Q3 2026 | |
Prior: Q2 2026 Earnings Reported 5/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 1.73 Bil | 1.74 Bil | 1.75 Bil | 2.4% | Higher New | Guidance: 1.70 Bil for Q2 2026 | |
| Q3 2026 Non-GAAP EPS | Reported | 2.43 | 2.46 | 2.49 | 7.0% | Higher New | Guidance: 2.3 for Q2 2026 | |
Q1 2026 Earnings Reported 2/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 1.69 Bil | 1.70 Bil | 1.71 Bil | 10.4% | Higher New | Guidance: 1.54 Bil for Q1 2026 | |
| Q2 2026 Non-GAAP EPS | Reported | 2.27 | 2.3 | 2.33 | 16.2% | Higher New | Guidance: 1.98 for Q1 2026 | |
Q4 2025 Earnings Reported 11/24/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 1.53 Bil | 1.54 Bil | 1.55 Bil | 11.6% | Higher New | Actual: 1.38 Bil for Q4 2025 | |
| Q1 2026 Non-GAAP EPS | Reported | 1.95 | 1.98 | 2.01 | 8.8% | Higher New | Actual: 1.82 for Q4 2025 | |
Insider Activity
Updated 10/20/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dhanasekaran, Satish | President and CEO | Direct | Sell | 10022026 | 364.13 | 3,000 | 1,092,390 | 43,109,561 | Form |
| 2 | Poole, Lisa M | VP and Controller | Direct | Sell | 9252026 | 348.01 | 200 | 69,602 | 2,134,693 | Form |
| 3 | Dougherty, Neil | EVP and CFO | Direct | Sell | 9232026 | 340.79 | 2,000 | 681,570 | 42,049,307 | Form |
| 4 | Estrada, Ingrid A | SVP | Direct | Sell | 9092026 | 326.10 | 2,000 | 652,200 | 33,216,934 | Form |
| 5 | Nye, Jean McClung | Direct | Sell | 8252026 | 319.22 | 3,000 | 957,660 | 11,412,603 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dhanasekaran, Satish | President and CEO | Direct | Sell | 10022026 | 364.13 | 3,000 | 1,092,390 | 43,109,561 | Form |
| 2 | Poole, Lisa M | VP and Controller | Direct | Sell | 9252026 | 348.01 | 200 | 69,602 | 2,134,693 | Form |
| 3 | Dougherty, Neil | EVP and CFO | Direct | Sell | 9232026 | 340.79 | 2,000 | 681,570 | 42,049,307 | Form |
| 4 | Estrada, Ingrid A | SVP | Direct | Sell | 9092026 | 326.10 | 2,000 | 652,200 | 33,216,934 | Form |
| 5 | Nye, Jean McClung | Direct | Sell | 8252026 | 319.22 | 3,000 | 957,660 | 11,412,603 | Form | |
| 6 | Estrada, Ingrid A | SVP | Direct | Sell | 8242026 | 314.66 | 2,000 | 629,320 | 32,680,962 | Form |
| 7 | Estrada, Ingrid A | SVP | Direct | Sell | 7022026 | 340.87 | 2,000 | 681,740 | 36,084,904 | Form |
| 8 | Dhanasekaran, Satish | President and CEO | Direct | Sell | 6292026 | 361.32 | 507 | 183,189 | 43,860,844 | Form |
| 9 | Cullen, James | Direct | Sell | 6042026 | 346.58 | 3,000 | 1,039,741 | 7,562,729 | Form | |
| 10 | Hamada, Richard P | Direct | Sell | 4012026 | 275.78 | 870 | 239,929 | 11,627,000 | Form | |
| 11 | Dhanasekaran, Satish | President and CEO | Direct | Sell | 3262026 | 300.00 | 1,667 | 500,100 | 36,719,273 | Form |
| 12 | Li, Jeffrey K | SVP and Secretary | Direct | Sell | 3262026 | 297.19 | 2,000 | 594,380 | 10,252,801 | Form |
| 13 | Dougherty, Neil | EVP and CFO | Direct | Sell | 3262026 | 298.37 | 2,000 | 596,740 | 37,377,493 | Form |
| 14 | Dhanasekaran, Satish | President and CEO | Direct | Sell | 3232026 | 290.00 | 1,667 | 483,430 | 35,978,728 | Form |
| 15 | Nersesian, Ronald S | Direct | Sell | 3192026 | 285.96 | 30,000 | 8,578,920 | 46,719,866 | Form | |
| 16 | Juskie, Jo Ann | SVP | Direct | Sell | 3032026 | 304.42 | 1,000 | 304,423 | 3,821,032 | Form |
| 17 | Estrada, Ingrid A | SVP | Direct | Sell | 2242026 | 237.68 | 2,000 | 475,360 | 25,636,448 | Form |
| 18 | Yoon, Sung | SVP | Direct | Sell | 1022026 | 206.66 | 889 | 183,678 | 3,503,512 | Form |
| 19 | Dougherty, Neil | EVP and CFO | Direct | Sell | 12292025 | 203.72 | 1,000 | 203,719 | 26,042,053 | Form |
| 20 | Page, John | SVP | Direct | Sell | 12122025 | 213.48 | 15,000 | 3,202,185 | 4,566,871 | Form |
| 21 | Dhanasekaran, Satish | President and CEO | Direct | Sell | 12112025 | 211.43 | 4,230 | 894,349 | 27,090,791 | Form |
| 22 | Li, Jeffrey K | SVP and Secretary | Direct | Sell | 12052025 | 200.84 | 3,934 | 790,105 | 7,370,656 | Form |
| 23 | Page, John | SVP | Direct | Sell | 12032025 | 196.42 | 3,175 | 623,634 | 7,148,234 | Form |
| 24 | Estrada, Ingrid A | SVP | Direct | Sell | 12032025 | 196.42 | 4,827 | 948,119 | 21,621,754 | Form |
| 25 | Dhanasekaran, Satish | President and CEO | Direct | Sell | 12032025 | 196.42 | 12,528 | 2,460,750 | 25,998,398 | Form |
| 26 | Narayanan, Kailash | SVP | Direct | Sell | 12032025 | 196.42 | 3,201 | 628,740 | 8,626,177 | Form |
| 27 | Nersesian, Ronald S | Direct | Sell | 12022025 | 196.88 | 30,000 | 5,906,310 | 39,058,243 | Form |
Investor Activity (13F)
Updated Oct 21, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Highlander Partners, L.P. | $22.4 Mil | 8.8% | 47 | Hold | 13F |
| Weybosset Research & Management LLC | $28.7 Mil | 8.3% | 33 | Hold | 13F |
| Science & Technology Partners, L.P. | $24.4 Mil | 6.4% | 42 | New | 13F |
| Talos Eurisko Asset Management LP | $36.9 Mil | 6.3% | 23 | ADD +43.9% | 13F |
| Styrax Capital, LP | $70.6 Mil | 4.9% | 17 | New | 13F |
| Central Securities Corp | $56.5 Mil | 4.7% | 30 | Hold | 13F |
| Oribel Capital Management, LP | $29.9 Mil | 4.6% | 41 | TRIM -10.1% | 13F |
| Firetrail Investments PTY LTD | $10.9 Mil | 3.7% | 28 | ADD +5.1% | 13F |
| WT Asset Management Ltd | $163.0 Mil | 3.4% | 32 | New | 13F |
| Iyo Bank, Ltd. | $8.7 Mil | 3.1% | 35 | Hold | 13F |
| Cartenna Capital, LP | $53.7 Mil | 2.3% | 41 | TRIM -45.7% | 13F |
| Electron Capital Partners, LLC | $46.6 Mil | 2.2% | 44 | Hold | 13F |
| Tairen Capital Ltd | $14.2 Mil | 1.5% | 44 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| WT Asset Management Ltd | $163.0 Mil | 3.4% | 32 | New | 13F |
| Styrax Capital, LP | $70.6 Mil | 4.9% | 17 | New | 13F |
| Science & Technology Partners, L.P. | $24.4 Mil | 6.4% | 42 | New | 13F |
| Tairen Capital Ltd | $14.2 Mil | 1.5% | 44 | New | 13F |
| Talos Eurisko Asset Management LP | $36.9 Mil | 6.3% | 23 | ADD +43.9% | 13F |
| Firetrail Investments PTY LTD | $10.9 Mil | 3.7% | 28 | ADD +5.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Blue Grotto Capital, LLC | $47.8 Mil | 4.9% | 24 | Exited | Dec 31, 2025 | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $8.8 Mil | 0.8% | 43 | Exited | Dec 31, 2025 | 13F |
| Benson Investment Management Company, Inc. | $6.4 Mil | 2.2% | 50 | Exited | Dec 31, 2025 | 13F |
| Cartenna Capital, LP | $53.7 Mil | 2.3% | 41 | TRIM -45.7% | Mar 31, 2026 | 13F |
| Oribel Capital Management, LP | $29.9 Mil | 4.6% | 41 | TRIM -10.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| WT Asset Management Ltd | $163.0 Mil | 3.4% | 32 | New | 13F |
| Styrax Capital, LP | $70.6 Mil | 4.9% | 17 | New | 13F |
| Central Securities Corp | $56.5 Mil | 4.7% | 30 | Hold | 13F |
| Cartenna Capital, LP | $53.7 Mil | 2.3% | 41 | TRIM -45.7% | 13F |
| Electron Capital Partners, LLC | $46.6 Mil | 2.2% | 44 | Hold | 13F |
| Talos Eurisko Asset Management LP | $36.9 Mil | 6.3% | 23 | ADD +43.9% | 13F |
| Oribel Capital Management, LP | $29.9 Mil | 4.6% | 41 | TRIM -10.1% | 13F |
| Weybosset Research & Management LLC | $28.7 Mil | 8.3% | 33 | Hold | 13F |
| Science & Technology Partners, L.P. | $24.4 Mil | 6.4% | 42 | New | 13F |
| Highlander Partners, L.P. | $22.4 Mil | 8.8% | 47 | Hold | 13F |
| Tairen Capital Ltd | $14.2 Mil | 1.5% | 44 | New | 13F |
| Firetrail Investments PTY LTD | $10.9 Mil | 3.7% | 28 | ADD +5.1% | 13F |
| Iyo Bank, Ltd. | $8.7 Mil | 3.1% | 35 | Hold | 13F |
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