Keysight Technologies makes electronic design and test equipment, software and services that engineers use to develop, verify and manage electronic products and networks. Its instruments and simulation tools are used in communications, aerospace and defence, automotive, semiconductor and general electronics. Customers include network equipment makers, wireless carriers, chip makers, carmakers and government laboratories. The company was spun out of Agilent and is organised into communications and electronic industrial solutions groups.
Keysight earns revenue from instruments and software licences, along with services such as calibration, repair and support. Revenue is $6.6 billion over the last twelve months, with revenue growth over three years of -0.3% a year. The operating margin is 20.3%, and the business earns a profit of 19% on the capital invested in it. The company has net debt of -0.1 times EBITDA, so it holds slightly more cash than debt, and it pays no dividend. On the site's X-Ray Score it receives 40 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
52-wk range $161.17 – $389.93Volume 1,288,500Daily, split-adjusted
Vitals
Market cap$57.3B
52-week range$161.17 – $389.93
Volume (last day)1,288,500
P/E (TTM)45.5
EBIT / EV yield2.3%
Free-cash-flow yield2.6%
Dividend yieldNo dividend
Revenue (TTM)$6.6B
Net income (TTM)$1.3B
Operating margin20.3%
Return on capital18.5%
Debt incl. leases$2.5B
Cash & securities$2.6B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$199model spread $192 – $208
Overvalued−39.8% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Weak business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
ValuationWeak
36/100
Expensive against its sector on earnings and cash flow.
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EBIT / EV yield2.3%
Free-cash-flow yield2.6%
Fair value vs price0.6×
GrowthWeak
25/100
Growing slower than most of its sector.
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Revenue growth (3y)-0.3%
EPS growth (3y)-7.4%
Growth consistency70%
ProfitabilityWeak
48/100
Earns lower returns on its capital than most peers.
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Return on invested capital18.5%
Operating margin20.3%
Gross profitability35.7%
Financial healthWeak
49/100
Balance sheet is more stretched than most peers.
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Piotroski F-Score5 / 9
Net debt / EBITDA-0.1×
Interest cover12.3×
DividendsNone
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+7.4%Apr '25
+11.1%Jul '25
+10.3%Oct '25
+23.3%Jan '26
+31.5%Apr '26
+36.5%Jul '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.8B, diluted EPS $2.30.
Other Electronic Equipment & Instruments companies by X-Ray Score.
Fundamentals checklist
● 2 Good · ● 9 Average · ● 5 Bad
Cash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 42/100.
Financials
FY21
FY22
FY23
FY24
FY25
Revenue
$4.9B
$5.4B
$5.5B
$5.0B
$5.4B
Operating income
$1.1B
$1.3B
$1.4B
$833M
$876M
Net income
$894M
$1.1B
$1.1B
$614M
$850M
Operating cash flow
$1.3B
$1.1B
$1.4B
$1.1B
$1.4B
Operating margin
21.9%
24.6%
24.9%
16.7%
16.3%
Free cash flow
$1.1B
$959M
$1.2B
$898M
$1.3B
Diluted EPS
$4.78
$6.18
$5.91
$3.51
$4.91
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
6 bullish · 1 neutral · 9 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
SMA 10
369.0
Bearish
EMA 10
359.5
Bearish
SMA 20
364.8
Bearish
EMA 20
359.0
Bearish
SMA 50
343.9
Bearish
EMA 50
348.3
Bearish
SMA 100
338.1
Bearish
EMA 100
336.2
Bearish
SMA 200
310.8
Bullish
EMA 200
307.8
Bullish
Oscillators (daily)
RSI (14)
37.10
Neutral
MACD (12, 26)
3.88
Bullish
Momentum (12)
-9.02
Bearish
Stochastic %K (14)
12.17
Bullish
Williams %R (14)
-87.83
Bullish
CCI (20)
-146.7
Bullish
Pivot points (classic, last session)
S3
317.7
S2
324.1
S1
327.6
Pivot
334.0
R1
337.6
R2
344.0
R3
347.6
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.