Information Technology · Electronic Equipment & Instruments · US stock · price as of 16 Oct 2026
Key indicators
Price
$331.21
52-week range
$161.17 – $389.93
Market cap
$57.3B
P/E (trailing)
45.5×
EV / EBITDA
42.9×
Free-cash-flow yield
2.6%
Dividend yield
–
Revenue (last 12 months)
$6.6B
Revenue growth (3y a year)
−0.3%
Operating margin
20.3%
Return on invested capital
18.5%
Net debt / EBITDA
-0.1×
Fair value
Blended fair value$199.40 range $192 – $208
Versus priceOvervalued−40% to fair value
Peer multiples
$247.62
Fundamentals-adjusted multiple
$177.85
10-year DCF (market-scaled)
$172.72
Earnings power value (floor, not blended)
$79.56
Model uncertainty
Medium
X-Ray Score
40/ 100 · High confidence · ahead of 23% of sector peers
Valuation36
Growth25
Profitability48
Financial health49
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Keysight Technologies, Inc. an X-Ray Score of 40 out of 100 (high confidence), ahead of 23% of the S&P 500 stocks in its sector. Its strongest lens is financial health (49) and its weakest is growth (25).
Our fair value blend is $199.40 (range $191.88 to $207.64). At $331.21 the stock trades 66% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Keysight Technologies, Inc. (KEYS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$180.02
$174.15
$122.05
$149.01
$182.96
$331.21
Market cap
$33.7B
$31.7B
$21.8B
$26.1B
$31.7B
$57.3B
P/E
37.7×
28.2×
20.7×
42.5×
37.3×
45.5×
EV / revenue
6.8×
5.8×
3.9×
5.2×
6.0×
8.7×
EV / EBITDA
30.9×
23.6×
15.6×
31.3×
36.9×
42.9×
Price / free cash flow
29.3×
33.1×
18.0×
29.0×
24.7×
39.0×
Free-cash-flow yield
3.4%
3.0%
5.5%
3.4%
4.0%
2.6%
Price / book
8.9×
7.6×
4.7×
5.1×
5.4×
8.7×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 2 Good · ● 9 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.9%Average
Free-cash-flow yield2.6%Average
Risk models
Altman Z score5.7×Good
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)−7.4%Bad
Free-cash-flow growth (3y)10.1%Average
Revenue growth (3y)−0.3%Bad
Growth consistency70%Bad
Balance sheet
Current ratio2.0×Average
Net debt / EBITDA-0.1×Good
Interest cover12.3×Average
Valuation
Fair value vs price0.6×Average
EBIT / EV yield2.3%Bad
Profitability
Return on invested capital18.5%Average
Operating margin20.3%Average
Gross profitability35.7%Average
XStocksXray
Keysight Technologies, Inc. (KEYS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
4,941
5,420
5,464
4,979
5,375
6,582
Gross profit
3,069
3,450
3,532
3,133
3,337
4,258
Operating income
1,080
1,334
1,358
833
876
1,333
Net income
894
1,124
1,057
614
850
1,260
Diluted EPS ($)
4.78
6.18
5.91
3.51
4.91
7.28
Free cash flow
1,148
959
1,211
898
1,281
1,469
Gross margin
62.1%
63.7%
64.6%
62.9%
62.1%
64.7%
Operating margin
21.9%
24.6%
24.9%
16.7%
16.3%
20.3%
Net margin
18.1%
20.7%
19.3%
12.3%
15.8%
19.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
7,781
8,098
8,683
9,269
11,301
11,921
Cash
2,052
2,042
2,472
1,796
1,873
2,605
Total debt
1,791
1,793
1,794
1,790
2,534
2,517
Equity
3,784
4,161
4,654
5,105
5,881
6,571
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.