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Keysight Technologies

KEYS NYSE Electronic Equipment & Instruments Financials FY2016–FY2025

Keysight Technologies' revenue rose 8.0% to $5.4 billion in fiscal 2025. Its operating margin was 16.3%, down from 16.7% a year earlier. Free cash flow was $1.3 billion, up 42.6%. It paid out $375 million in dividends and buybacks, 29% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$314.77

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$5.4B
8.0% vs prior year
Operating margin Operating income as a share of revenue.
16.3%
0.4 pts
Net income Profit after all expenses, interest and tax.
$850M
38.4%
Free cash flow Cash from operations minus capital spending.
$1.3B
42.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.1%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$54.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
43.1x
On $7.30 EPS (TTM)

What Keysight Technologies does

No business description yet.

Legal name
KEYSIGHT TECHNOLOGIES, INC.
Fiscal year ends
October 31, 2025
Latest annual report
—
Accession · CIK
0001601046-25-000127
0001601046

Revenue and margins

Keysight Technologies had $5.4B of revenue in fiscal 2025, up 8.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.3B in fiscal 2025, 23.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Keysight Technologies returned $375M to shareholders in fiscal 2025, 29% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Keysight Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$661M and divides by 173.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 43.1x · peers 23.4x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Keysight Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.1B$2.0B$2.5B$1.8B$1.9B
Debt incl. finance leases $1.8B$1.8B$1.8B$1.8B$2.5B
Net debt / EBITDA −0.2x−0.2x−0.4x−0.0x0.6x
Debt / equity 0.5x0.4x0.4x0.4x0.4x
Interest coverage 13.7x16.9x17.4x9.9x9.1x
Current ratio 2.9x3.0x2.4x3.0x2.4x
Quick ratio 2.3x2.4x1.9x2.3x1.8x
Total assets $7.8B$8.1B$8.7B$9.3B$11.3B
Total liabilities $4.0B$3.9B$4.0B$4.2B$5.4B
Shareholders' equity $3.8B$4.2B$4.7B$5.1B$5.9B
Net debt (− = net cash) −$261M−$249M−$678M−$6.0M$661M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.4M

8 insiders

Of sales under plans

20%

$1.5M

DateInsiderTradeSharesPriceValueFiling
Sep 30, 2026 Satish DhanasekaranPresident and CEO, Director Sold 3,000 $364.13 $1.1M Form 4
Sep 23, 2026 Lisa M. PooleVP and Controller Sold 200 $348.01 $0.1M Form 4
Sep 21, 2026 Neil DoughertyEVP and CFO Sold 2,000 $340.79 $0.7M Form 4
Sep 4, 2026 Ingrid A EstradaSVP Sold 2,000 $326.10 $0.7M Form 4
Aug 21, 2026 Jean McClung NyeDirector Sold 3,000 $319.22 $1.0M Form 4
Aug 20, 2026 Ingrid A EstradaSVP Sold plan 2,000 $314.66 $0.6M Form 4
Jun 30, 2026 Ingrid A EstradaSVP Sold plan 2,000 $340.87 $0.7M Form 4
Jun 25, 2026 Satish DhanasekaranPresident and CEO, Director Sold plan 507 $361.32 $0.2M Form 4
Jun 2, 2026 James CullenDirector Sold 3,000 $346.58 $1.0M Form 4
Mar 30, 2026 Richard P HamadaDirector Sold 870 $275.78 $0.2M Form 4
Mar 24, 2026 Jeffrey K LiSVP and Secretary Sold 2,000 $297.19 $0.6M Form 4
Mar 24, 2026 Neil DoughertyEVP and CFO Sold 2,000 $298.37 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 96 / 96 / 9
Accruals ratio −4.2%−4.9%−5.4%
Altman Z'' 6.466.085.15

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Keysight Technologies KEYS $54.5B 8.0% 16.3% 23.8% 12.1% 43.1x 6
Zebra Technologies ZBRA $18.6B 8.3% 13.0% 15.4% 9.7% 35.3x 4 Compare →
Teledyne Technologies TDY $29.3B 7.9% 18.8% 17.6% 7.8% 28.6x 7 Compare →
Roper Technologies ROP $44.1B 12.3% 28.3% 31.6% 6.4% 18.2x 5 Compare →
Vontier VNT $4.8B 3.2% 18.3% 14.3% 15.8% 14.2x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.9B $3.2B $3.9B $4.3B $4.2B $4.9B $5.4B $5.5B $5.0B $5.4B
Gross profit $1.6B $1.7B $2.1B $2.5B $2.5B $3.1B $3.5B $3.5B $3.1B $3.3B
Research and development $425M $507M $624M $688M $715M $811M $841M $882M $919M $1.0B
Operating income $406M $148M −$394M $711M $765M $1.1B $1.3B $1.4B $833M $876M
Interest expense $47.0M $80.0M $83.0M $80.0M $78.0M $79.0M $79.0M $78.0M $84.0M $96.0M
Pretax income $546M $598M $735M $715M $761M $1.0B $1.3B $1.4B $865M $1.1B
Income tax $31.0M $77.0M −$576M $94.0M $134M $116M $161M $300M $251M $213M
Net income $335M $102M $165M $621M $627M $894M $1.1B $1.1B $614M $850M
Diluted EPS $1.95 $0.56 $0.86 $3.25 $3.31 $4.78 $6.18 $5.91 $3.51 $4.91
Diluted shares 0.17B 0.18B 0.19B 0.19B 0.19B 0.19B 0.18B 0.18B 0.18B 0.17B
Cash flow
Cash from operations $420M $328M $555M $998M $1.0B $1.3B $1.1B $1.4B $1.1B $1.4B
Capital expenditure $91.0M $72.0M $132M $120M $117M $174M $185M $197M $154M $128M
Free cash flow $329M $256M $423M $878M $899M $1.1B $959M $1.2B $898M $1.3B
Depreciation and amortization $134M $225M $307M $306M $324M $291M $220M $210M $264M $268M
Stock-based compensation $49.0M $56.0M $59.0M $82.0M $92.0M $103M $125M $135M $137M $162M
Acquisitions $10.0M $1.7B $5.0M $88.0M $357M $178M $33.0M $85.0M $681M $2.0B
Share buybacks $62.0M $0.0M $120M $159M $411M $673M $849M $702M $439M $375M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $62.0M $0.0M $120M $159M $411M $673M $849M $702M $439M $375M
Balance sheet
Cash and short-term investments $783M $818M $913M $1.6B $1.8B $2.1B $2.0B $2.5B $1.8B $1.9B
Total debt $1.1B $2.0B $1.3B $1.8B $1.8B $1.8B $1.8B $1.8B $1.8B $2.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.9B $2.2B $2.4B $3.2B $3.4B $3.8B $4.2B $4.8B $4.3B $4.3B
Current liabilities $644M $819M $1.5B $1.0B $1.1B $1.3B $1.4B $2.0B $1.4B $1.9B
Inventory $474M $588M $619M $705M $757M $777M $858M $985M $1.0B $1.1B
Property and equipment, net $512M $530M $555M $576M $595M $650M $690M $761M $774M $795M
Total assets $3.8B $5.9B $5.8B $6.6B $7.2B $7.8B $8.1B $8.7B $9.3B $11.3B
Total liabilities $2.3B $3.6B $3.4B $3.6B $3.9B $4.0B $3.9B $4.0B $4.2B $5.4B
Shareholders' equity $1.5B $2.3B $2.4B $3.0B $3.3B $3.8B $4.2B $4.7B $5.1B $5.9B
Margins
Gross margin 55.7% 53.4% 54.4% 58.9% 60.0% 62.1% 63.7% 64.6% 62.9% 62.1%
Operating margin 13.9% 4.6% −10.2% 16.5% 18.1% 21.9% 24.6% 24.9% 16.7% 16.3%
EBITDA margin 18.5% 11.7% −2.2% 23.6% 25.8% 27.8% 28.7% 28.7% 22.0% 21.3%
Net margin 11.5% 3.2% 4.3% 14.4% 14.9% 18.1% 20.7% 19.3% 12.3% 15.8%
FCF margin 11.3% 8.0% 10.9% 20.4% 21.3% 23.2% 17.7% 22.2% 18.0% 23.8%
Returns
Return on capital 20.5% 4.8% −12.4% 20.6% 19.3% 27.9% 31.4% 26.8% 13.0% 12.1%
Return on capital employed 13.6% 3.6% −8.3% 14.3% 13.0% 17.1% 20.3% 20.4% 11.5% 10.1%
Return on equity 23.8% 5.3% 7.0% 22.8% 19.9% 25.3% 28.3% 24.0% 12.6% 15.5%
Return on assets 9.2% 2.1% 2.8% 10.0% 9.1% 11.9% 14.2% 12.6% 6.8% 8.3%
Growth
Revenue growth 2.2% 9.3% 21.6% 11.0% −1.9% 17.1% 9.7% 0.8% −8.9% 8.0%
Net income growth −34.7% −69.6% 61.8% 276.4% 1.0% 42.6% 25.7% −6.0% −41.9% 38.4%
EPS growth −35.0% −71.3% 53.6% 277.9% 1.9% 44.4% 29.3% −4.4% −40.6% 39.9%
FCF growth 15.9% −22.2% 65.2% 107.6% 2.4% 27.7% −16.5% 26.3% −25.9% 42.7%
Share count change 0.6% 5.8% 5.0% 0.0% −1.1% −1.1% −2.7% −1.7% −2.2% −1.1%
Financial health
Net debt / EBITDA 0.6x 3.3x — 0.2x 0.0x −0.2x −0.2x −0.4x −0.0x 0.6x
Debt / equity 0.7x 0.9x 0.5x 0.6x 0.5x 0.5x 0.4x 0.4x 0.4x 0.4x
Interest coverage 8.6x 1.9x −4.8x 8.9x 9.8x 13.7x 16.9x 17.4x 9.9x 9.1x
Current ratio 2.9x 2.7x 1.6x 3.2x 3.1x 2.9x 3.0x 2.4x 3.0x 2.4x
Quick ratio 2.1x 1.9x 1.2x 2.5x 2.4x 2.3x 2.4x 1.9x 2.3x 1.8x
Capital allocation
Capex / revenue 3.1% 2.3% 3.4% 2.8% 2.8% 3.5% 3.4% 3.6% 3.1% 2.4%
Stock comp / revenue 1.7% 1.8% 1.5% 1.9% 2.2% 2.1% 2.3% 2.5% 2.8% 3.0%
Payouts / FCF 18.8% 0.0% 28.4% 18.1% 45.7% 58.6% 88.5% 58.0% 48.9% 29.3%
Quality scores
Piotroski F-score 6.0 4.0 6.0 8.0 6.0 8.0 9.0 6.0 6.0 6.0
Altman Z'' 4.3 2.9 2.0 4.7 4.8 5.5 6.3 6.5 6.1 5.2
Accruals ratio −2.3% −4.7% −6.6% −6.1% −5.6% −5.7% −0.3% −4.2% −4.9% −5.4%

Source: SEC EDGAR XBRL filings (CIK 0001601046). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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