Keysight Technologies vs Zebra Technologies
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KIRA’s take AI analyst
I put Keysight Technologies and Zebra Technologies side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Keysight Technologies turned more of its sales into free cash flow (23.8% FCF margin, against 15.4%).
- 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 44.7x against 35.1x for Zebra Technologies.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Keysight Technologies
KEYS
9/11
5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
Zebra Technologies
ZBRA
2/11
Revenue growthShare count change
Side by side
Best in the row
| Latest fiscal year | KEYS FY25 | ZBRA FY25 |
|---|---|---|
| Size | ||
| Market cap | $56.4B | $18.5B |
| 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 | 44.7x | 35.1x |
| Piotroski F-score | 6 | 4 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.