Keysight Technologies
KEYS · Electronic Equipment & Instruments
$314.77
1.0%Zebra Technologies
ZBRA · Electronic Equipment & Instruments
$386.45
0.6%The short version
- Zebra Technologies is the larger business, with $5.4B of revenue in fiscal 2025 against $5.4B for Keysight Technologies.
- Keysight Technologies kept more of each dollar of sales as operating profit (16.3% operating margin, against 13.0% operating margin).
- Keysight Technologies turned more of its sales into free cash flow (23.8% FCF margin, against 15.4% FCF margin).
- Keysight Technologies earned a higher return on the capital invested in it (12.1%, against 9.7%).
- Investors pay more for each dollar of Keysight Technologies’s earnings: a P/E of 43.1x against 35.3x for Zebra Technologies.
| Latest fiscal year | KEYS · FY25 | ZBRA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $54.5B | $18.6B |
| Revenue | $5.4B | $5.4B |
| Free cash flow | $1.3B | $831M |
| Net income | $850M | $419M |
| Growth | ||
| Revenue growth | 8.0% | 8.3% |
| 5-year growth | 5.0% | 3.9% |
| Share count change | −1.1% | −1.3% |
| Profitability | ||
| Gross margin | 62.1% | 48.1% |
| Operating margin | 16.3% | 13.0% |
| Net margin | 15.8% | 7.8% |
| FCF margin | 23.8% | 15.4% |
| Return on capital | 12.1% | 9.7% |
| Return on equity | 15.5% | 11.7% |
| Balance sheet | ||
| Net debt | $661M | $2.4B |
| Net debt / EBITDA | 0.6x | 2.7x |
| Dividends and buybacks | $375M | $587M |
| Valuation & quality | ||
| P/E | 43.1x | 35.3x |
| Piotroski F-score | 6 | 4 |
FY16
KEYS $2.9B
ZBRA $3.6B
FY17
KEYS $3.2B
ZBRA $3.7B
FY18
KEYS $3.9B
ZBRA $4.2B
FY19
KEYS $4.3B
ZBRA $4.5B
FY20
KEYS $4.2B
ZBRA $4.4B
FY21
KEYS $4.9B
ZBRA $5.6B
FY22
KEYS $5.4B
ZBRA $5.8B
FY23
KEYS $5.5B
ZBRA $4.6B
FY24
KEYS $5.0B
ZBRA $5.0B
FY25
KEYS $5.4B
ZBRA $5.4B
KEYS
ZBRA
FY16
KEYS 13.9%
ZBRA 2.2%
FY17
KEYS 4.6%
ZBRA 8.7%
FY18
KEYS −10.2%
ZBRA 14.5%
FY19
KEYS 16.5%
ZBRA 15.4%
FY20
KEYS 18.1%
ZBRA 14.6%
FY21
KEYS 21.9%
ZBRA 17.4%
FY22
KEYS 24.6%
ZBRA 9.2%
FY23
KEYS 24.9%
ZBRA 10.5%
FY24
KEYS 16.7%
ZBRA 14.9%
FY25
KEYS 16.3%
ZBRA 13.0%
KEYS
ZBRA
FY16
KEYS $329M
ZBRA $303M
FY17
KEYS $256M
ZBRA $428M
FY18
KEYS $423M
ZBRA $721M
FY19
KEYS $878M
ZBRA $624M
FY20
KEYS $899M
ZBRA $895M
FY21
KEYS $1.1B
ZBRA $1.0B
FY22
KEYS $959M
ZBRA $413M
FY23
KEYS $1.2B
ZBRA −$91.0M
FY24
KEYS $898M
ZBRA $954M
FY25
KEYS $1.3B
ZBRA $831M
KEYS
ZBRA
FY16
KEYS 20.5%
ZBRA 1.8%
FY17
KEYS 4.8%
ZBRA 5.2%
FY18
KEYS −12.4%
ZBRA 16.8%
FY19
KEYS 20.6%
ZBRA 25.4%
FY20
KEYS 19.3%
ZBRA 22.1%
FY21
KEYS 27.9%
ZBRA 24.7%
FY22
KEYS 31.4%
ZBRA 10.9%
FY23
KEYS 26.8%
ZBRA 8.7%
FY24
KEYS 13.0%
ZBRA 12.4%
FY25
KEYS 12.1%
ZBRA 9.7%
KEYS
ZBRA
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