Keysight Technologies, Inc.

KEYS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Valuation
Market cap	$31,443	$25,860	$21,673	$31,137	$32,951	$19,196	$18,471	$10,448	$8,177	$6,004	$6,055	–	–	–	–
Enterprise value	$32,541	$26,094	$21,227	$31,113	$32,922	$19,421	$18,661	$11,325	$9,407	$6,314	$6,671	–	–	–	–
P/E (TTM) at period end	36.99×	42.12×	20.50×	27.70×	36.86×	30.62×	29.74×	63.32×	80.16×	17.92×	11.80×	–	–	–	–
P/S (TTM) at period end	5.85×	5.19×	3.97×	5.74×	6.67×	4.55×	4.29×	2.69×	2.56×	2.06×	2.12×	–	–	–	–
P/B at period end	5.35×	5.07×	4.66×	7.48×	8.71×	5.82×	6.15×	4.29×	3.54×	3.97×	4.65×	–	–	–	–
EV / EBITDA (TTM)	32.31×	27.21×	14.36×	21.44×	27.50×	22.35×	23.12×	–	25.22×	12.40×	12.59×	–	–	–	–
EV / Sales (TTM)	6.05×	5.24×	3.88×	5.74×	6.66×	4.60×	4.34×	2.92×	2.95×	2.16×	2.34×	–	–	–	–
Returns
Return on equity	14.5%	12.0%	22.7%	27.0%	23.6%	19.0%	20.7%	6.8%	4.4%	22.1%	39.4%	51.0%	36.7%	64.4%	–
Return on invested capital	10.1%	11.1%	25.1%	28.2%	25.5%	17.9%	19.3%	–	2.4%	18.8%	22.5%	38.2%	36.8%	56.2%	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.35×	2.98×	2.35×	3.01×	2.93×	3.12×	3.21×	1.63×	2.66×	2.88×	2.30×	2.41×	1.74×	1.67×	–
Debt / equity	0.43×	0.35×	0.39×	0.43×	0.47×	0.54×	0.60×	0.74×	0.89×	0.72×	0.84×	1.43×	–	–	–
Effective tax rate	19.7%	29.0%	22.1%	12.5%	11.5%	17.6%	13.1%	140.1%	43.0%	8.5%	(32.2%)	13.8%	7.5%	(12.7%)	(5.1%)
Share count
Diluted shares outstanding	173	175	179	182	187	189	191	191	182	172	171	167	167	167	167

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Revenue and gross profit
Revenue	$6,582	$5,375	$4,979	$5,464	$5,420	$4,941	$4,221	$4,303	$3,878	$3,189	$2,918	$2,856	$2,933	$2,888	$3,315	$3,316
Cost of revenue	($2,324)	($2,038)	($1,846)	($1,932)	($1,970)	($1,872)	($1,688)	($1,769)	($1,767)	($1,487)	($1,294)	($1,269)	($1,313)	($1,265)	($1,434)	($1,392)
Gross profit	$4,258	$3,337	$3,133	$3,532	$3,450	$3,069	$2,533	$2,534	$2,111	$1,702	$1,624	$1,587	$1,620	$1,623	$1,881	$1,924
Operating expenses
Research and development	($1,193)	($1,007)	($919)	($882)	($841)	($811)	($715)	($688)	($624)	($507)	($434)	($387)	($361)	($375)	($377)	($381)
Selling, general and administrative	($1,748)	($1,474)	($1,395)	($1,307)	($1,283)	($1,195)	($1,097)	($1,155)	($1,205)	($1,058)	($832)	($787)	($790)	($752)	($771)	($806)
Total operating expenses	($2,925)	($2,461)	($2,300)	($2,174)	($2,116)	($1,989)	($1,768)	($1,823)	($2,505)	($1,554)	($1,249)	($1,156)	($1,151)	($1,127)	($1,148)	($1,187)
Total costs and expenses	($5,249)	($4,499)	($4,146)	($4,106)	($4,086)	($3,861)	($3,456)	($3,592)	($4,272)	($3,041)	($2,543)	($2,425)	($2,464)	($2,392)	($2,582)	($2,579)
Operating income	$1,333	$876	$833	$1,358	$1,334	$1,080	$765	$711	($394)	$148	$375	$431	$469	$496	$733	$737
Earnings
EBITDA	$1,483	$1,007	$959	$1,478	$1,451	$1,197	$869	$807	($291)	$373	$509	$530	$553	$573	$798	$793
Interest income	$85	$102	$81	$102	$16	$3	$11	$23	$12	$7	$3	$1	–	–	–	–
Interest expense	($108)	($96)	($84)	($78)	($79)	($79)	($78)	($80)	($83)	($80)	($47)	($46)	($3)	–	–	–
Pre-tax income	$1,415	$1,082	$865	$1,357	$1,285	$1,010	$761	$715	($411)	$179	$366	$388	$601	$583	$746	$749
Income tax expense	($136)	($213)	($251)	($300)	($161)	($116)	($134)	($94)	$576	($77)	($31)	$125	($83)	($44)	$95	$38
Net income	$1,260	$850	$614	$1,057	$1,124	$894	$627	$621	$165	$102	$335	$513	$392	$457	$841	$787
Per share
Diluted EPS (GAAP)	$7.27	$4.91	$3.51	$5.91	$6.18	$4.78	$3.31	$3.25	$0.86	$0.56	$1.95	$3.00	$2.35	$2.74	$5.04	$4.72
Basic EPS (GAAP)	$7.33	$4.93	$3.53	$5.95	$6.23	$4.84	$3.35	$3.31	$0.88	$0.57	$1.97	$3.04	$2.35	$2.74	$5.04	$4.72
Basic shares outstanding	172	172	174	178	180	185	187	188	187	180	170	169	167	167	167	167
Margins
Gross margin	64.7%	62.1%	62.9%	64.6%	63.7%	62.1%	60.0%	58.9%	54.4%	53.4%	55.7%	55.6%	55.2%	56.2%	56.7%	58.0%
Operating margin	20.3%	16.3%	16.7%	24.9%	24.6%	21.9%	18.1%	16.5%	(10.2%)	4.6%	12.9%	15.1%	16.0%	17.2%	22.1%	22.2%
Net margin	19.1%	15.8%	12.3%	19.3%	20.7%	18.1%	14.9%	14.4%	4.3%	3.2%	11.5%	18.0%	13.4%	15.8%	25.4%	23.7%

Analyst consensus

Buy16 analysts

Bearish · 0 · Hold · 3 · Bullish · 13

Earnings history

	EPS	Estimate
Q4 2024	$1.65	$1.57	Beat
Q1 2025	$1.82	$1.69	Beat
Q2 2025	$1.70	$1.65	Beat
Q3 2025	$1.72	$1.67	Beat
Q4 2025	$1.91	$1.83	Beat
Q1 2026	$2.17	$2.00	Beat
Q2 2026	$2.87	$2.32	Beat
Q3 2026	$3.07	$2.48	Beat

Peers

Company overview

IPO dateOct 20, 2014

CEOSatish C. Dhanasekaran

Employees16,600

SectorTechnology

IndustryHardware, Equipment & Parts

CountryUS

ExchangeNew York Stock Exchange

Websitewww.keysight.com

Keysight Technologies, Inc. specializes in providing advanced electronic design and testing solutions to a diverse array of global industries, spanning commercial communications, networking, aerospace, defense, government, automotive, energy, semiconductor manufacturing, general electronics, and education. The company's operations extend across the Americas, Europe, and the Asia Pacific region. Its Communications Solutions Group focuses on electronic design automation (EDA) software and sophisticated radio frequency (RF) and microwave testing systems, along with associated software. This segment also delivers cutting-edge hardware and virtual platforms for network testing, addressing areas such as data centers, routing and switching, software-defined networking (SDN), security, and encryption. Furthermore, it supplies a range of precision measurement instruments including oscilloscopes, logic and serial protocol analyzers, signal sources, arbitrary waveform generators, bit error rate testers, and optical analysis equipment like modulation analyzers, component analyzers, power meters, and laser sources. The group also facilitates the sale of certified refurbished Keysight equipment. Conversely, the Electronic Industrial Solutions Group offers a comprehensive suite of design and verification tools for industrial applications. Its product lineup encompasses essential laboratory and industrial instruments such as digital multimeters, function generators, frequency counters, data acquisition systems, audio analyzers, LCR meters, thermal imagers, source measure units, and ultra-high precision device current analyzers, alongside test executive software platforms. This segment also provides various power supply units, including AC/DC modular and electronically programmable loads, as well as printed-circuit-board-assembly testers, integrated circuit parametric testers, and sub-nanometer positioning sub-assemblies, complemented by general test and measurement products and software. Beyond its core products, Keysight provides extensive support services, including technical assistance, training, and consulting. The company employs a multifaceted distribution strategy, leveraging a direct sales force, distributors, resellers, and manufacturer's representatives. Keysight Technologies, Inc. was established in 1939 and is headquartered in Santa Rosa, California.

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