Keysight Technologies, Inc.
- Open
- 340.87
- Day high
- 345.10
- Day low
- 334.11
- Prev close
- 350.07
- Volume
- 110K
- Mkt cap
- $57.2B
- P/E (TTM)
- 54.9
- EPS (TTM)
- $6.25
- P/B
- 9.0
- P/S
- 9.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.2M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Keysight Technologies, Inc. (KEYS) is a Technology company listed on NYSE. The stock is up 103% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Keysight Technologies, Inc. (KEYS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 10 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
KEYS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 19, 2026 | $2.32 | $2.87 | +23.7% | $1.7B | +0.7% |
| Nov 24, 2025 | $1.83 | $1.91 | +4.4% | $1.4B | +2.5% |
| Aug 19, 2025 | $1.67 | $1.72 | +3.0% | $1.4B | +2.6% |
| May 20, 2025 | $1.65 | $1.70 | +3.0% | $1.3B | +1.9% |
| Nov 19, 2024 | $1.57 | $1.65 | +5.1% | $1.3B | +2.3% |
| Aug 20, 2024 | $1.35 | $1.57 | +16.3% | $1.2B | +1.9% |
| May 20, 2024 | $1.39 | $1.41 | +1.4% | $1.2B | +1.1% |
| Feb 20, 2024 | $1.59 | $1.63 | +2.5% | $1.3B | +0.9% |
| Nov 20, 2023 | $1.87 | $1.99 | +6.4% | $1.3B | +0.6% |
| Aug 17, 2023 | $2.04 | $2.19 | +7.4% | $1.4B | -0.1% |
| May 16, 2023 | $1.94 | $2.12 | +9.3% | $1.4B | +0.5% |
| Feb 21, 2023 | $1.85 | $2.02 | +9.2% | $1.4B | +0.8% |
KEYS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Dhanasekaran Satishdirector, officer: President and CEO | Sell | 507 | $361.32 |
| Jun 4, 2026 | CULLEN JAMESdirector | Sell | 3,000 | $346.58 |
| May 28, 2026 | JUSKIE JO ANNofficer: SVP | Tax | 136 | $355.74 |
| May 20, 2026 | Dhanasekaran Satishdirector, officer: President and CEO | Tax | 500 | $340.48 |
| Mar 26, 2026 | Dhanasekaran Satishdirector, officer: President and CEO | Sell | 1,667 | $300.00 |
| Mar 26, 2026 | Li Jeffrey Kofficer: SVP and Secretary | Sell | 2,000 | $297.19 |
| Mar 26, 2026 | Dougherty Neilofficer: EVP and CFO | Sell | 2,000 | $298.37 |
| Mar 24, 2026 | Olsen Joanne Bethdirector | Grant | 870 | — |
| Mar 24, 2026 | NYE JEAN MCCLUNGdirector | Grant | 870 | — |
| Mar 24, 2026 | Stephens Kevin Adirector | Grant | 870 | — |
| Mar 24, 2026 | Holthaus Michelle Johnstondirector | Grant | 870 | — |
| Mar 24, 2026 | Nersesian Ronald S.director | Grant | 870 | — |
| Mar 24, 2026 | HAMADA RICHARD Pdirector | Grant | 870 | — |
| Mar 24, 2026 | Jensen Keithdirector | Grant | 870 | — |
| Mar 24, 2026 | Dockendorff Charles Jdirector | Grant | 870 | — |
Source: KEYS SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full KEYS insider & 13F page →Keysight Technologies, Inc. company profile
Overview
Keysight Technologies, Inc. (NYSE:KEYS) is a leading provider of electronic design and test solutions, spun off from Agilent Technologies in 2014. The company traces its roots back to 1939 through its predecessor organizations, including the original Hewlett-Packard test and measurement division. Headquartered in Santa Rosa, California, Keysight serves commercial communications, networking, aerospace, defense, automotive, semiconductor, and education industries worldwide. The company has established itself as a critical enabler of technological advancement, providing the sophisticated measurement and testing equipment necessary for developing next-generation technologies including 5G/6G wireless networks, artificial intelligence infrastructure, electric vehicles, and quantum computing systems.
Business
Keysight operates in the electronic test and measurement industry, providing sophisticated instruments and software that engineers use to design, validate, and manufacture electronic products and systems. The company's solutions are essential for ensuring that electronic devices work properly before they reach consumers or are deployed in critical applications. The company operates through two primary business segments: Communications Solutions Group (CSG) represents approximately 69% of total revenue and focuses on communications technologies. This segment provides electronic design automation (EDA) software that helps engineers design circuits and systems, radio frequency and microwave test solutions for wireless communications, network test platforms for data centers and telecommunications infrastructure, and oscilloscopes and signal analyzers that measure electrical signals. The CSG segment serves two main markets: Commercial Communications (covering wireless infrastructure, data centers, and networking equipment) and Aerospace, Defense & Government (supporting military communications, radar systems, and satellite technologies). Electronic Industrial Solutions Group (EISG) accounts for approximately 31% of revenue and serves broader industrial markets. This segment offers design verification tools, digital multimeters and power supplies for basic electrical measurements, printed circuit board assembly testers that verify manufacturing quality, and parametric testers for semiconductor devices. Key end markets include automotive (particularly electric vehicles), semiconductor manufacturing, general electronics, and education. Across both segments, Keysight emphasizes software and services, which now represent approximately 40% of total revenue. This includes software that runs on their hardware instruments, cloud-based measurement solutions, calibration services, and technical support. The company also maintains a refurbishment business, reselling used equipment to cost-conscious customers.
Revenue model
Keysight generates revenue through multiple complementary business models. The primary revenue stream comes from product sales of sophisticated test and measurement instruments, ranging from basic multimeters costing hundreds of dollars to complex network analyzers and signal generators that can cost hundreds of thousands of dollars. These instruments are sold to engineers and technicians at technology companies, research institutions, and government agencies who need to test and validate electronic systems. The company also generates significant revenue from software licensing and subscriptions, including electronic design automation tools, measurement software applications, and cloud-based services. Additionally, Keysight provides service fees through calibration services (ensuring instruments maintain accuracy), technical support contracts, training programs, and consulting services. A growing portion of revenue comes from recurring sources, including software subscriptions, service contracts, and consumables, which now represents approximately 31% of total revenue. Several factors influence Keysight's profitability margins. Positive margin drivers include the company's focus on high-value, differentiated solutions that command premium pricing, the growing software content in its offerings (software typically has higher margins than hardware), its strong market position in specialized niches, and the recurring nature of an increasing portion of its revenue base. The company benefits from being an essential partner in technology development cycles, as customers require reliable measurement solutions regardless of economic conditions. Margin pressures can arise from component cost inflation affecting hardware manufacturing, competitive pricing pressure in commodity measurement categories, currency fluctuations given the company's global operations, and the need for continuous R&D investment (approximately 16% of revenue) to stay ahead of rapidly evolving technologies. Economic downturns can also impact demand as customers delay capital equipment purchases, though this is often temporary as technology development eventually resumes.
Competitive moat
Keysight possesses a strong competitive moat built on several reinforcing factors. The company benefits from significant switching costs, as engineers become deeply familiar with specific measurement tools and methodologies, making it expensive and time-consuming to change vendors. Additionally, Keysight's instruments often become integrated into customers' automated test systems and production lines, creating further lock-in effects. The company maintains technological leadership through substantial R&D investments and deep expertise in measurement science accumulated over decades. This expertise is particularly valuable in cutting-edge applications like 5G/6G wireless, high-speed digital communications, and quantum computing, where measurement challenges are extremely complex and few companies have the necessary capabilities. Keysight's solutions are often mission-critical for customers' product development and manufacturing processes, making reliability and accuracy more important than price. Network effects strengthen the moat as Keysight develops industry standards and reference designs that become widely adopted, making their solutions the de facto choice for compliance testing. The company also benefits from economies of scale in R&D, as the high fixed costs of developing sophisticated measurement solutions can be amortized across a global customer base. However, potential competitive threats exist. Large technology companies like National Instruments (now part of Emerson), Rohde & Schwarz, and Anritsu compete in various segments. Additionally, some customers develop internal measurement capabilities or use lower-cost alternatives for less demanding applications. The rise of software-defined measurement approaches could potentially commoditize certain hardware categories, though Keysight is actively investing in software solutions to address this trend.
Risks & safety
Keysight demonstrates a strong margin of safety with solid financial fundamentals and conservative capital structure. • Liquidity and Solvency: Strong cash position of $2.06 billion with minimal debt burden (debt-to-equity ratio of 0.39), providing substantial financial flexibility. Current ratio of 2.95 indicates excellent short-term liquidity. • Cash Generation: Robust free cash flow of $346 million in Q1 2025, with historically strong cash conversion from earnings. No significant cash burn concerns given profitable operations and strong working capital management. • Valuation Metrics: Trading at premium valuations with P/E ratio of 45.6 and EV/EBITDA of 27.0, reflecting market confidence but limiting margin of safety from a valuation perspective. Price-to-book ratio of 5.9 indicates significant premium to tangible assets. • Other Considerations: Diversified revenue base across multiple end markets and geographies provides some recession resilience. Recurring revenue component (31% of total) offers stability. However, cyclical nature of technology spending and premium valuation present risks during economic downturns.
Recent development
Over the past few years, Keysight has executed several strategic initiatives to position itself for emerging technology trends. The company has made significant investments in artificial intelligence infrastructure, developing test solutions for AI data centers and high-speed networking equipment. This includes new 400-gig and 800-gig network testing capabilities and collaborations with hyperscale cloud providers to validate AI training clusters and interconnect technologies. The company has also expanded its capabilities through strategic acquisitions, including ESI Group for simulation and emulation software, Riscure for security assessment tools, and announced intentions to acquire Spirent Communications and Spartan Communications to strengthen its network testing portfolio. These acquisitions support Keysight's strategy to increase software and services content, which has grown to approximately 40% of total revenue. In the wireless communications space, Keysight has invested heavily in 6G research and development, introducing new test solutions for next-generation wireless technologies and collaborating with industry partners on Open RAN initiatives. The company has also developed new solutions for automotive applications, particularly focusing on software-defined vehicle architectures and electric vehicle testing, though this market has faced recent softness. Recent financial strategy includes maintaining disciplined cost management while preserving R&D investments, returning significant capital to shareholders through share repurchases (approximately 50% of free cash flow), and focusing on profitable growth in high-value market segments. The company has successfully navigated a challenging demand environment by maintaining operational flexibility and continuing to invest in next-generation technologies that will drive future growth.
KEYS company profile · for informational purposes only — not investment advice.
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