Cognex vs Keysight Technologies
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The short version
- Keysight Technologies is the larger business, with $5.4B of revenue in fiscal 2025 against $994M for Cognex, about 5.4 times as much.
- Cognex grew revenue faster (8.7%, against 8.0%).
- Keysight Technologies earned a higher return on the capital invested in it (12.1%, against 8.4%).
- Investors pay more for each dollar of Cognex’s earnings: a P/E of 53.4x against 43.1x for Keysight Technologies.
| Latest fiscal year | CGNX · FY25 | KEYS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.4B | $54.5B |
| Revenue | $994M | $5.4B |
| Free cash flow | $237M | $1.3B |
| Net income | $114M | $850M |
| Growth | ||
| Revenue growth | 8.7% | 8.0% |
| 5-year growth | 4.2% | 5.0% |
| Share count change | −1.9% | −1.1% |
| Profitability | ||
| Gross margin | 66.9% | 62.1% |
| Operating margin | 16.4% | 16.3% |
| Net margin | 11.5% | 15.8% |
| FCF margin | 23.8% | 23.8% |
| Return on capital | 8.4% | 12.1% |
| Return on equity | 7.6% | 15.5% |
| Balance sheet | ||
| Net debt | −$337M | $661M |
| Net debt / EBITDA | −1.7x | 0.6x |
| Dividends and buybacks | $206M | $375M |
| Valuation & quality | ||
| P/E | 53.4x | 43.1x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
CGNX $530M
KEYS $2.9B
FY17
CGNX $766M
KEYS $3.2B
FY18
CGNX $806M
KEYS $3.9B
FY19
CGNX $726M
KEYS $4.3B
FY20
CGNX $811M
KEYS $4.2B
FY21
CGNX $1.0B
KEYS $4.9B
FY22
CGNX $1.0B
KEYS $5.4B
FY23
CGNX $838M
KEYS $5.5B
FY24
CGNX $915M
KEYS $5.0B
FY25
CGNX $994M
KEYS $5.4B
CGNX
KEYS
Operating margin
FY16
CGNX 29.1%
KEYS 13.9%
FY17
CGNX 33.8%
KEYS 4.6%
FY18
CGNX 27.4%
KEYS −10.2%
FY19
CGNX 19.7%
KEYS 16.5%
FY20
CGNX 21.0%
KEYS 18.1%
FY21
CGNX 30.4%
KEYS 21.9%
FY22
CGNX 24.5%
KEYS 24.6%
FY23
CGNX 15.6%
KEYS 24.9%
FY24
CGNX 12.6%
KEYS 16.7%
FY25
CGNX 16.4%
KEYS 16.3%
CGNX
KEYS
Free cash flow
FY16
CGNX $169M
KEYS $329M
FY17
CGNX $196M
KEYS $256M
FY18
CGNX $186M
KEYS $423M
FY19
CGNX $232M
KEYS $878M
FY20
CGNX $229M
KEYS $899M
FY21
CGNX $299M
KEYS $1.1B
FY22
CGNX $224M
KEYS $959M
FY23
CGNX $89.8M
KEYS $1.2B
FY24
CGNX $134M
KEYS $898M
FY25
CGNX $237M
KEYS $1.3B
CGNX
KEYS
Return on capital
FY16
CGNX 26.7%
KEYS 20.5%
FY17
CGNX 27.8%
KEYS 4.8%
FY18
CGNX 32.0%
KEYS −12.4%
FY19
CGNX 18.5%
KEYS 20.6%
FY20
CGNX 17.5%
KEYS 19.3%
FY21
CGNX 27.7%
KEYS 27.9%
FY22
CGNX 19.7%
KEYS 31.4%
FY23
CGNX 9.9%
KEYS 26.8%
FY24
CGNX 7.6%
KEYS 13.0%
FY25
CGNX 8.4%
KEYS 12.1%
CGNX
KEYS
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.