Keysight Technologies vs Teledyne Technologies
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The short version
- Teledyne Technologies is the larger business, with $6.1B of revenue in fiscal 2025 against $5.4B for Keysight Technologies.
- Teledyne Technologies kept more of each dollar of sales as operating profit (18.8% operating margin, against 16.3%).
- Keysight Technologies turned more of its sales into free cash flow (23.8% FCF margin, against 17.6%).
- Keysight Technologies earned a higher return on the capital invested in it (12.1%, against 7.8%).
- Investors pay more for each dollar of Keysight Technologies’s earnings: a P/E of 43.1x against 28.6x for Teledyne Technologies.
| Latest fiscal year | KEYS · FY25 | TDY · FY25 |
|---|---|---|
| Size | ||
| Market cap | $54.5B | $29.3B |
| Revenue | $5.4B | $6.1B |
| Free cash flow | $1.3B | $1.1B |
| Net income | $850M | $895M |
| Growth | ||
| Revenue growth | 8.0% | 7.9% |
| 5-year growth | 5.0% | 14.7% |
| Share count change | −1.1% | −0.4% |
| Profitability | ||
| Gross margin | 62.1% | 42.8% |
| Operating margin | 16.3% | 18.8% |
| Net margin | 15.8% | 14.6% |
| FCF margin | 23.8% | 17.6% |
| Return on capital | 12.1% | 7.8% |
| Return on equity | 15.5% | 8.9% |
| Balance sheet | ||
| Net debt | $661M | $2.1B |
| Net debt / EBITDA | 0.6x | 1.4x |
| Dividends and buybacks | $375M | $403M |
| Valuation & quality | ||
| P/E | 43.1x | 28.6x |
| Piotroski F-score | 6 | 7 |
FY16
KEYS $2.9B
TDY $2.1B
FY17
KEYS $3.2B
TDY $2.6B
FY18
KEYS $3.9B
TDY $2.9B
FY19
KEYS $4.3B
TDY $3.2B
FY20
KEYS $4.2B
TDY $3.1B
FY21
KEYS $4.9B
TDY $4.6B
FY22
KEYS $5.4B
TDY $5.5B
FY23
KEYS $5.5B
TDY $5.6B
FY24
KEYS $5.0B
TDY $5.7B
FY25
KEYS $5.4B
TDY $6.1B
KEYS
TDY
FY16
KEYS 13.9%
TDY 11.2%
FY17
KEYS 4.6%
TDY 12.4%
FY18
KEYS −10.2%
TDY 14.4%
FY19
KEYS 16.5%
TDY 15.5%
FY20
KEYS 18.1%
TDY 15.6%
FY21
KEYS 21.9%
TDY 13.5%
FY22
KEYS 24.6%
TDY 17.8%
FY23
KEYS 24.9%
TDY 18.4%
FY24
KEYS 16.7%
TDY 17.4%
FY25
KEYS 16.3%
TDY 18.8%
KEYS
TDY
FY16
KEYS $329M
TDY $229M
FY17
KEYS $256M
TDY $316M
FY18
KEYS $423M
TDY $360M
FY19
KEYS $878M
TDY $394M
FY20
KEYS $899M
TDY $548M
FY21
KEYS $1.1B
TDY $723M
FY22
KEYS $959M
TDY $394M
FY23
KEYS $1.2B
TDY $721M
FY24
KEYS $898M
TDY $1.1B
FY25
KEYS $1.3B
TDY $1.1B
KEYS
TDY
FY16
KEYS 20.5%
TDY 9.6%
FY17
KEYS 4.8%
TDY 10.4%
FY18
KEYS −12.4%
TDY 12.2%
FY19
KEYS 20.6%
TDY 13.5%
FY20
KEYS 19.3%
TDY 12.3%
FY21
KEYS 27.9%
TDY 7.1%
FY22
KEYS 31.4%
TDY 7.4%
FY23
KEYS 26.8%
TDY 8.2%
FY24
KEYS 13.0%
TDY 7.4%
FY25
KEYS 12.1%
TDY 7.8%
KEYS
TDY
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.