Keysight Technologies, Inc.KEYS
NYSE•Technology•Scientific & Technical Instruments
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.
Keysight Technologies Inc. (KEYS) reported trailing twelve months revenue of $6.09B as of April 2026, a 19.2% increase year-over-year. Quarterly revenue reached $1.72B, reflecting continued top-line momentum.
Keysight Technologies Inc. generated $1.05B in TTM net income, with quarterly EBITDA of $407.00M. The operating margin expanded from 15.8% to 23.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (23.7%) and net margin (20.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 19.7% a year ago, signaling stronger bottom-line efficiency.
KEYS trades at a P/E of 54.4x (a premium multiple) and a P/S of 9.4x. The price-to-book ratio of 9.1x indicates a significant premium over book value.
The company generated $472.00M in free cash flow over the trailing twelve months, a 3.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $11.74B in total assets with $1.83B in long-term debt against $6.33B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~17.4%, suggesting durable pricing power and cost discipline.
ROE is positive at ~13.9% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~21.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~18.0% — no sign of cost or pricing stress.
FCF covers net income by 0.6x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation