Keysight Technologies vs Novanta
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The short version
- Keysight Technologies is the larger business, with $5.4B of revenue in fiscal 2025 against $981M for Novanta, about 5.5 times as much.
- Keysight Technologies grew revenue faster (8.0%, against 3.3%).
- Keysight Technologies kept more of each dollar of sales as operating profit (16.3% operating margin, against 9.6%).
- Keysight Technologies turned more of its sales into free cash flow (23.8% FCF margin, against 4.9%).
- Keysight Technologies earned a higher return on the capital invested in it (12.1%, against 6.5%).
- Investors pay more for each dollar of Novanta’s earnings: a P/E of 89.7x against 43.1x for Keysight Technologies.
| Latest fiscal year | KEYS · FY25 | NOVT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $54.5B | $5.8B |
| Revenue | $5.4B | $981M |
| Free cash flow | $1.3B | $48.4M |
| Net income | $850M | $53.8M |
| Growth | ||
| Revenue growth | 8.0% | 3.3% |
| 5-year growth | 5.0% | 10.7% |
| Share count change | −1.1% | 1.6% |
| Profitability | ||
| Gross margin | 62.1% | 44.4% |
| Operating margin | 16.3% | 9.6% |
| Net margin | 15.8% | 5.5% |
| FCF margin | 23.8% | 4.9% |
| Return on capital | 12.1% | 6.5% |
| Return on equity | 15.5% | 5.2% |
| Balance sheet | ||
| Net debt | $661M | −$127M |
| Net debt / EBITDA | 0.6x | −0.8x |
| Dividends and buybacks | $375M | $39.3M |
| Valuation & quality | ||
| P/E | 43.1x | 89.7x |
| Piotroski F-score | 6 | 5 |
FY16
KEYS $2.9B
NOVT $385M
FY17
KEYS $3.2B
NOVT $521M
FY18
KEYS $3.9B
NOVT $614M
FY19
KEYS $4.3B
NOVT $626M
FY20
KEYS $4.2B
NOVT $591M
FY21
KEYS $4.9B
NOVT $707M
FY22
KEYS $5.4B
NOVT $861M
FY23
KEYS $5.5B
NOVT $882M
FY24
KEYS $5.0B
NOVT $949M
FY25
KEYS $5.4B
NOVT $981M
KEYS
NOVT
FY16
KEYS 13.9%
NOVT 8.6%
FY17
KEYS 4.6%
NOVT 11.0%
FY18
KEYS −10.2%
NOVT 11.6%
FY19
KEYS 16.5%
NOVT 8.8%
FY20
KEYS 18.1%
NOVT 9.5%
FY21
KEYS 21.9%
NOVT 9.1%
FY22
KEYS 24.6%
NOVT 12.0%
FY23
KEYS 24.9%
NOVT 12.5%
FY24
KEYS 16.7%
NOVT 11.7%
FY25
KEYS 16.3%
NOVT 9.6%
KEYS
NOVT
FY16
KEYS $329M
NOVT $39.3M
FY17
KEYS $256M
NOVT $54.3M
FY18
KEYS $423M
NOVT $75.0M
FY19
KEYS $878M
NOVT $52.5M
FY20
KEYS $899M
NOVT $130M
FY21
KEYS $1.1B
NOVT $74.7M
FY22
KEYS $959M
NOVT $71.1M
FY23
KEYS $1.2B
NOVT $100M
FY24
KEYS $898M
NOVT $141M
FY25
KEYS $1.3B
NOVT $48.4M
KEYS
NOVT
FY16
KEYS 20.5%
NOVT 8.1%
FY17
KEYS 4.8%
NOVT 13.2%
FY18
KEYS −12.4%
NOVT 12.6%
FY19
KEYS 20.6%
NOVT 9.2%
FY20
KEYS 19.3%
NOVT 9.0%
FY21
KEYS 27.9%
NOVT 8.1%
FY22
KEYS 31.4%
NOVT 9.9%
FY23
KEYS 26.8%
NOVT 10.4%
FY24
KEYS 13.0%
NOVT 9.1%
FY25
KEYS 12.1%
NOVT 6.5%
KEYS
NOVT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.