Keysight Technologies
KEYS · Electronic Equipment & Instruments
$314.77
1.0%Vontier
VNT · Electronic Equipment & Instruments
$34.36
0.5%The short version
- Keysight Technologies is the larger business, with $5.4B of revenue in fiscal 2025 against $3.1B for Vontier, about 1.7 times as much.
- Keysight Technologies grew revenue faster (8.0%, against 3.2%).
- Vontier kept more of each dollar of sales as operating profit (18.3% operating margin, against 16.3% operating margin).
- Keysight Technologies turned more of its sales into free cash flow (23.8% FCF margin, against 14.3% FCF margin).
- Vontier earned a higher return on the capital invested in it (15.8%, against 12.1%).
- Investors pay more for each dollar of Keysight Technologies’s earnings: a P/E of 43.1x against 14.2x for Vontier.
| Latest fiscal year | KEYS · FY25 | VNT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $54.5B | $4.8B |
| Revenue | $5.4B | $3.1B |
| Free cash flow | $1.3B | $441M |
| Net income | $850M | $406M |
| Growth | ||
| Revenue growth | 8.0% | 3.2% |
| 5-year growth | 5.0% | 2.6% |
| Share count change | −1.1% | −4.2% |
| Profitability | ||
| Gross margin | 62.1% | — |
| Operating margin | 16.3% | 18.3% |
| Net margin | 15.8% | 13.2% |
| FCF margin | 23.8% | 14.3% |
| Return on capital | 12.1% | 15.8% |
| Return on equity | 15.5% | 35.4% |
| Balance sheet | ||
| Net debt | $661M | $1.6B |
| Net debt / EBITDA | 0.6x | 2.6x |
| Dividends and buybacks | $375M | $315M |
| Valuation & quality | ||
| P/E | 43.1x | 14.2x |
| Piotroski F-score | 6 | 6 |
FY16
KEYS $2.9B
VNT —
FY17
KEYS $3.2B
VNT —
FY18
KEYS $3.9B
VNT $2.7B
FY19
KEYS $4.3B
VNT $2.8B
FY20
KEYS $4.2B
VNT $2.7B
FY21
KEYS $4.9B
VNT $3.0B
FY22
KEYS $5.4B
VNT $3.2B
FY23
KEYS $5.5B
VNT $3.1B
FY24
KEYS $5.0B
VNT $3.0B
FY25
KEYS $5.4B
VNT $3.1B
KEYS
VNT
FY16
KEYS 13.9%
VNT —
FY17
KEYS 4.6%
VNT —
FY18
KEYS −10.2%
VNT 18.7%
FY19
KEYS 16.5%
VNT 20.3%
FY20
KEYS 18.1%
VNT 17.3%
FY21
KEYS 21.9%
VNT 19.5%
FY22
KEYS 24.6%
VNT 18.2%
FY23
KEYS 24.9%
VNT 17.6%
FY24
KEYS 16.7%
VNT 18.0%
FY25
KEYS 16.3%
VNT 18.3%
KEYS
VNT
FY16
KEYS $329M
VNT —
FY17
KEYS $256M
VNT —
FY18
KEYS $423M
VNT $379M
FY19
KEYS $878M
VNT $507M
FY20
KEYS $899M
VNT $656M
FY21
KEYS $1.1B
VNT $433M
FY22
KEYS $959M
VNT $261M
FY23
KEYS $1.2B
VNT $395M
FY24
KEYS $898M
VNT $345M
FY25
KEYS $1.3B
VNT $441M
KEYS
VNT
FY16
KEYS 20.5%
VNT —
FY17
KEYS 4.8%
VNT —
FY18
KEYS −12.4%
VNT —
FY19
KEYS 20.6%
VNT —
FY20
KEYS 19.3%
VNT 20.1%
FY21
KEYS 27.9%
VNT 21.4%
FY22
KEYS 31.4%
VNT 15.8%
FY23
KEYS 26.8%
VNT 14.6%
FY24
KEYS 13.0%
VNT 16.0%
FY25
KEYS 12.1%
VNT 15.8%
KEYS
VNT
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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.