KEYS
Keysight Technologies, Inc.
Next earnings Aug 17, 2026 (after close) · consensus $2.52 EPS, $1.77B rev
Last earnings +1.1% on 2026-05-19
$313.86
▼ -7.72%$313.86▲ +90.98%
over 1Y
L $158.51H $373.34
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-7.7%
1W-12.8%
1M-9.4%
3M+7.8%
YTD+51.9%
1Y+91.0%
Sell
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 20 analysts
Buy
World-class test franchise priced like a hypergrowth story: 74x EPS on flat 3-yr revenue and one-off-boosted profit leaves no margin of safety.
P/E (price / FY diluted EPS) 74.1 · FY2025
The read
Weak on both the fundamentals and the price — little to like at the current level.
Keysight is a high-quality measurement franchise with durable secular tailwinds — the 10-K outlook cites 5G/early 6G, AI data-center networks, satellite, defense modernization and EV/autonomous as customer R&D drivers, and the recent Spirent, Synopsys OSG and Ansys PowerArtist deals deepen its position. R&D of $1.01B (+9.6%) and a healthy balance sheet (current assets $4.35B vs current liabilities $1.85B, cash $1.87B, liabilities/equity 0.92x) confirm a well-run business. This is not a quality problem.
It is a price problem. At $363.67 the stock trades at 74.1x FY2025 diluted EPS of $4.91 and 11.6x sales — multiples that imply sustained 20%+ growth. The fundamentals don't support that. Revenue of $5.38B is still below the FY2023 peak of $5.46B and has gone essentially nowhere over three years (FY2024 fell 9% to $4.98B). Operating income grew just 5.2% to $876M, and operating margin is a modest 16.3% with ROE of only 14.5%. A mid-single-digit operating grower at 74x earnings has the rating math working hard against it.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 11:51 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $4.94B | $5.42B | $5.46B | $4.98B | $5.38B |
| Gross profit | — | — | — | — | — |
| Operating income | $1.08B | $1.33B | $1.36B | $833M | $876M |
| Net income | — | $1.12B | $1.06B | $614M | $850M |
| Diluted EPS | $4.78 | $6.18 | $5.91 | $3.51 | $4.91 |
| Net margin | — | 20.7% | 19.3% | 12.3% | 15.8% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$54.3B
EV / EBITDA49.3
EV / Sales10.1
EV / FCF42.4
P / FCF41.9
PEG (trailing)1.66
Earnings yield1.6%
FCF yield2.4%
Quality & risk
ROIC (est.)8.2%
Free cash flow$1.28B
Total debt$2.53B
Net cash-$661M
Altman Z-Score7.81 safe
Piotroski F-Score5/8
Capital returns
Buyback yield0.7%
Dividend yield (est.)—
Shareholder yield0.7%
Shares Δ YoY-0.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 10-Q Quarterly report2026-06-04
Q2 FY26 10-Q: Spirent integration, tariff mitigation, broad order growth
- 8-K Earnings results2026-05-19
Q2 FY26 results released; revenue/earnings momentum continues post-Spirent
- 8-K New financial obligation2026-04-23
New debt obligation incurred; long-term debt up ~42% YoY to fund acquisitions
- 8-K Shareholder vote2026-03-24
Annual meeting voting results (director elections, say-on-pay) disclosed
- 8-K Officer / director change2026-03-13
Executive/director change announced (officer appointment or departure)
- 10-Q Quarterly report2026-03-05
Q1 FY26 10-Q filed; continued top-line growth amid tariff headwinds
- 8-K Earnings results2026-02-23
Q1 FY26 earnings released; recovery trend intact
- DEF 14A Proxy statement2026-01-26
Proxy: board nominees and exec-comp plan for annual meeting
- 10-K Annual report2025-12-17
FY25 10-K: rev $5.38B +8%, NI $850M +38%; Spirent/OSG acquisitions closed
Recent filings
all on EDGAR ↗4Period ending 2026-06-302026-07-02open ↗144Filing2026-06-30open ↗4Period ending 2026-06-252026-06-29open ↗144Filing2026-06-25open ↗4Period ending 2026-06-022026-06-04open ↗10-QPeriod ending 2026-04-302026-06-04open ↗144Filing2026-06-02open ↗SDFiling2026-06-01open ↗4Period ending 2026-05-262026-05-28open ↗4Period ending 2026-05-182026-05-20open ↗8-KPeriod ending 2026-05-192026-05-19open ↗SCHEDULE 13G/AFiling2026-05-15open ↗
Frequently asked
- Is Keysight Technologies, Inc. (KEYS) a buy?
- KEYS currently carries a Sell rating with 4/5 conviction, derived from its latest SEC filings. World-class test franchise priced like a hypergrowth story: 74x EPS on flat 3-yr revenue and one-off-boosted profit leaves no margin of safety.
- What is KEYS's fair value?
- A Modified-Graham model based on KEYS's SEC fundamentals estimates a fair value of about $186.58. It is an estimate from reported earnings, not a price target.
- Is KEYS overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, KEYS currently appears overvalued relative to its SEC-grounded earnings power.
- What is Keysight Technologies, Inc.'s quality score?
- KEYS scores 66.86766983666386/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001601046, latest 10-Q filed 2026-06-04) · EODHD · Proprietary analysis · as of 6/21/2026, 3:51:40 PM.
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