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Keysight Technologies Inc (KEYS)

Overvalued
TechnologyScientific & Technical InstrumentsUnited States

Fundamental

65

Price

$372.23

Market Cap

$61.24B

Part 1 · What the company is worth

Overview

Keysight Technologies, Inc. provides electronic design and test solutions worldwide. The company operates through Communications Solutions Group and Electronic Industrial Solutions Group segments. It offers electronic design and test software, instrumentation, systems, and related services used in the design, simulation, validation, manufacturing, installation, and optimization of communication systems in wireless, data center ecosystem, enterprise, and aerospace, defense, and government end markets. The company also develops and deploys communications products and services; and operates communications networks. In addition, it provides electronic design, test and simulation software, instrumentation, systems, computer-aided engineering solutions, and related services used in the design, simulation, validation, manufacturing, installation, and optimization of electronic equipment in the automotive and energy, semiconductor solutions, and general electronics industries. Further, the company offers product support; technical and application support for hardware, software, and solutions; and professional services, such as installation, training, engineering, optimization of equipment and solution adoption, utilization, and integration services. Additionally, it provides oscilloscopes; generators, sources and power supplies; software products; analyzers; wireless products; network test and security; modular instruments; meters; network visibility; and other products, as well as KeysightCare support plans, calibration, repair, technology refresh, test as a service, network/security, consulting, financial alternatives, education, software testing, support, managed, device vulnerability analysis, support portal, and used equipment services. Keysight Technologies, Inc. was founded in 1939 and is headquartered in Santa Rosa, California.

No editorial profile for this company yet

Direct competitors

Who this company fights with for the same customers

Compare

Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users

P/E: —Score: 58Market cap: $10.34B

Viavi competes for the network operator and data-centre budgets Keysight addresses with its network test and visibility lines, in fibre-optic, 5G radio access and high-speed Ethernet test.

P/E: 33.9Score: 64Market cap: $88.91B

Through the NI business it bought in 2023, Emerson sells modular PXI instruments and automated test software to the same automotive, semiconductor and defence manufacturing-test customers Keysight serves.

Rohde & Schwarz GmbH & Co. KGNot tracked

The privately held German group is Keysight's closest rival across high-end RF and microwave instruments, signal and spectrum analyzers and 5G/6G wireless conformance test, selling to the same chipmakers, handset vendors and aerospace and defence programmes.

Anritsu Corporation (アンリツ株式会社)6754.T

Anritsu sells signal generators, signal analyzers, bit error rate testers and mobile network field test gear to the same telecom operators, handset makers and optical-component suppliers Keysight targets with its communications solutions business.

Ralliant Corporation (Tektronix, Keithley)RAL

Spun off from Fortive in June 2025, Ralliant's Test and Measurement segment sells Tektronix oscilloscopes and Keithley source-measure instruments to the same electronics design labs that buy Keysight's bench instrumentation.

Balance Sheet & Liquidity

Revenue

$6.58B

Trailing 12 months (through 7/31/2026)

Net Income

$1.26B

Trailing 12 months (through 7/31/2026)

Free Cash Flow

$1.28B

Total Equity

$5.88B

Total Liabilities

$5.42B

Current Ratio

2.02

Interest Coverage

12.34

Debt/EBITDA

1.62

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

General caseOvervalued

Fair Value

$245.16

Current Price

$372.23

Margin of Safety

-51.8%

Fair Value Range

$159.35 - $330.97

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$415.08
Discounted cash flow (DCF):$122.91
Earnings multiple (P/E):$232.01
Graham growth formula:$161.54
Earnings power value (EPV):$55.28
Justified P/B:$71.33
Dividend discount (Gordon):Not enough data to compute it
P/FFO, funds from operations:Not enough data to compute it
Mid-cycle earnings:$156.38
Revenue multiple:$194.20
Analyst Consensus:Strong Buy (17B / 2H / 0S)
Last Earnings Surprise:+21.59%

Valuation Metrics

P/E Ratio

49.87

ROE

14.5%

P/B Ratio

9.43

P/FCF

42.19

Gross Margin

64.7%

ROIC

11.3%

Profitability Radar

Value Creation (Economic Moat)

ROIC

11.3%

WACC

10.7%

ROIC − WACC

+0.7 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Fundamental Analysis Criteria

Passed (19)

  • EPS shows upward trend
  • Price CAGR 24.93%
  • ROIC 11.3%
  • Gross Margin 64.7%
  • Debt/Equity ratio
  • Operating Margin 20.3%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 20.2%
  • Analyst Consensus 89% Buy
  • Earnings Surprise avg 12.9%
  • Earnings Quality (OCF/NI) 1.27
  • Share Dilution -1.0%
  • Net Margin Trend 19.1% vs 10.4%
  • Piotroski F-Score 5/9

Failed (8)

  • EPS CAGR 4.98%
  • P/FCF 42.19
  • P/B Ratio 9.43
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y 5.0%
  • PEG Ratio 5.99

Unavailable (1)

  • Dividend Payout NaN%

Piotroski F-Score

5/9

Mixed signals: some areas need attention

score
criteria

Earnings Quality

1.27

High quality: earnings backed by cash

Share Dilution

-1.0%

Buying back shares. Shareholder friendly

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. Satish C. DhanasekaranPresident, CEO & Director52
Mr. Neil P. DoughertyExecutive VP & CFO56
Ms. Ingrid A. EstradaSVP and Chief of Supply Chain & Operations Officer60
Mr. Kailash NarayananSenior VP & President of Communications Solutions Group51
Ms. Lisa M. PooleVP, Principal Accounting Officer & Corporate Controller59
Ms. Liz MoraliHead of Investor Relations-
Mr. Jeffrey K. Li J.D.Senior VP, General Counsel & Secretary55
Ms. Marie HattarChief Marketing Officer & Senior VP57
Mr. Sung J. YoonSenior Vice President of Global Sales58
Ms. Jo Ann Juskie J.D.Senior VP & Chief People Officer-

Audit Risk

6

Board Risk

4

Compensation Risk

3

Shareholder Rights Risk

8

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2025-12-17

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-09-02

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-08-26

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Latest News

Recent headlines for KEYS, sourced from Markets Gazette.

  • 6/18/2026POSITIVE
    $100 Invested In Keysight Techs 10 Years Ago Would Be Worth This Much Today

    An investment of $100 in Keysight Technologies (KEYS) ten years ago would have yielded a significant return, illustrating the company's strong long-term performance. While specific figures are not provided in this snippet, such a substantial gain typically reflects consistent revenue growth, successful product innovation, and effective market positioning. Investors who held KEYS stock over the past decade likely benefited from the company's expansion in areas like electronic test and measurement, crucial for emerging technologies such as 5G and AI. This historical performance suggests a robust business model and positive outlook for shareholders.

  • 5/19/2026NEUTRAL
    Keysight Techs Q2 2026 Earnings Call Transcript

    Keysight Technologies Inc. has released its Q2 2026 Earnings Call Transcript. While the transcript itself is a factual record of the discussion, it does not inherently contain forward-looking statements or specific financial results that would immediately dictate a positive or negative market reaction. Investors will need to analyze the details within the transcript, such as management's commentary on revenue, profitability, backlog, and future guidance, to form an opinion on the company's performance and outlook. The transcript serves as a source of information for deeper due diligence.

  • 3/4/2026POSITIVE
    If You Invested $1000 In Keysight Techs Stock 10 Years Ago, You Would Have This Much Today

    An investment of $1000 in Keysight Technologies stock ten years ago would have grown to approximately $3500 today, excluding reinvested dividends. This return, exceeding 250% over a decade, indicates exceptional performance for the stock, which operates in the electronic test and measurement equipment sector. The steady growth suggests strong demand for its products and services, tied to technological innovation in areas like 5G, aerospace, and defense. For investors, Keysight exemplifies how a company focused on high-value technological niches can generate significant long-term returns.

  • 2/23/2026POSITIVE
    Keysight Stock Rallies After Q1 Earnings Beat Estimates

    Keysight Technologies saw its stock rally significantly after releasing its first-quarter earnings report, which surpassed analyst estimates. The electronic measurement solutions leader demonstrated a strong ability to generate profits and revenues above market consensus. This result, known as an 'earnings beat,' is a very strong bullish signal for investors, as it indicates robust operational health and sustained demand for its products and services. The market's immediate positive reaction, with the stock rallying, reflects growing confidence in the company's strategy and future growth prospects. Investors are rewarding Keysight's ability to successfully navigate the complex macroeconomic environment, positioning it favorably against competitors in the technology sector.

via Markets Gazette