Keysight Technologies Inc. (KEYS)

NYSE: KEYS · USD

$336

-0.07 (-0.0%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-02

Our latest published analysis: KEYS rated Sell

Keysight Technologies Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$215 / share

Potential value

$298 / share

Upside to FV

-44.3%

from $336

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$65.8B
Revenue (ttm)	6.6B
Net income (ttm)	1.3B
EPS (ttm)	$7.28
Shares out	170.2M
P/E (trailing)	46.2x
P/E (forward)	22.4x
Volume	870,590
Beta	1.18

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 6.6B
Net income (ttm): 1.3B
EPS (ttm): $7.28
P/E (trailing): 46.2x
P/E (forward): 22.4x
Market cap: $65.8B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-10-31	2022-10-31	2023-10-31	2024-10-31	2025-10-31	Trend
Revenue	$4.94B	$5.42B	$5.46B	$4.98B	$5.38B	+2.1%
Gross profit	$3.07B	$3.45B	$3.53B	$3.13B	$3.34B	+2.1%
Operating income	$1.08B	$1.33B	$1.36B	$833.0M	$876.0M	-5.1%
Net income	$894.0M	$1.12B	$1.06B	$614.0M	$850.0M	-1.3%
EPS (diluted)	$4.78	$6.18	$5.91	$3.51	$4.91	+0.7%
EBITDA	$1.38B	$1.38B	$1.65B	$1.22B	$1.43B	+0.8%
R&D	$811.0M	$841.0M	$882.0M	$919.0M	$1.01B	+5.6%
SG&A	$1.20B	$1.28B	$1.31B	$1.40B	$1.47B	+5.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	매도
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	매도
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	매도

Base and Bull scenarios

Base60%

Price target

$215.39

-44.3% from spot

In the base scenario, Keysight follows the modeled multi-year recovery path out of the FY2024-FY2025 cyclical trough. Supported by robust order growth in Q3 and wireline AI demand, FY2026 revenue rebounds and continues expanding in FY2027 before steadily normalizing toward steady-state rates by FY2030. Internal manufacturing bottlenecks ease over the planning horizon, allowing operating margins to expand from FY2025 levels across FY2026 toward long-term targets, aided by M&A synergies. Diluted EPS achieves consensus benchmarks in FY2026 and FY2027, arriving at $215.39.

Revenue growth rebounds in FY2026 and normalizes across FY2027 through FY2030 toward steady-state rates
Operating margin expands from cyclical trough levels in FY2025 across FY2026 and FY2027 toward long-term steady-state targets
Diluted EPS aligns with consensus expectations in FY2026 and advances in FY2027
Terminal exit multiple reflects baseline market multiples discounted at the moderate cost of equity

Bull15%

Price target

$298.15

-22.8% from spot

In the bull scenario, hyperscaler capital expenditure into AI cluster infrastructure accelerates aggressively, driving rapid commercial transitions toward next-generation optical interconnects. Keysight's internal manufacturing capacity debottlenecking and product redesign initiatives conclude ahead of schedule, unlocking rapid conversion of expanding order backlog into recognized revenue. Communications Solutions Group revenue growth accelerates in FY2026, while integration of Spirent yields operating cost synergies exceeding baseline targets. Operating leverage drives consolidated operating margins toward peak levels, and diluted EPS scales toward the upper guidance threshold in FY2027 and through FY2030, supporting valuation expansion toward $298.15.

Revenue growth accelerates substantially across FY2026 and FY2027, driven by high-speed optical and wireline ramps
Operating margins expand significantly in FY2027 and sustain long-term on full synergy capture
Diluted EPS achieves the high end of analyst guidance ranges across FY2027 through FY2030
Terminal exit valuation multiple expands, reflecting market premium for AI infrastructure leadership

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($215.39). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.5%	2.8%	3.0%	3.3%	3.5%
8.8%	$229	$233	$237	$241	$246
9.3%	$218	$221	$225	$228	$232
9.8%	$208	$211	$215	$217	$220
10.3%	$200	$202	$204	$207	$209
10.8%	$192	$194	$196	$198	$200

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E22.4

P25 n/aP50 n/aP75 n/a

Trailing P/E49.3

P25 n/aP50 n/aP75 n/a

ROE20.9

P25 n/aP50 n/aP75 n/a

ROIC17.6

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All KEYS indicators

Market & fundamental data

Available fields

271

Groups with data

Currency

USD

Showing 271 of 271 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001601046
Company name	Keysight Technologies, Inc.
Country	United States
Country code	US
CUSIP number	49338L103
Earnings date	2026-11-23
Earnings time	amc
Employees	16,600
Employees change	1,100
Employees growth	7.1%
Enterprise value	$57.4B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-07-31
First seen	2026-05-09
Fiscal year end	October
Founded	1939
In index	SP500
Industry	Scientific & Technical Instruments
Is primary listing	Yes
Is SPAC	No
ISIN number	US49338L1035
Last 10-K release date	2025-12-17
Last earnings date	2026-08-18
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$57.2B
Market cap category	Large-Cap
Next earnings date	2026-11-23
Options	Yes
Price	$336.02
Price currency	USD
Sector	Technology
SIC code	3823
Stock price date	2026-10-28
Symbol	KEYS
U.S. state	California
Website	https://www.keysight.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	33.53x
Average P/E ratio (10Y)	40.26x
Average P/E ratio (3Y)	38.39x
Average P/E ratio (5Y)	34.21x
Earnings yield	2.17%
EV/Earnings	45.53x
EV/EBIT	43.96x
EV/EBITDA	33.78x
EV/FCF	39.05x
EV/Sales	8.71x
FCF / EV yield	2.56%
FCF yield	2.57%
Forward EV/Sales	7.14x
Forward P/E	24.88x
Forward P/S	7.12x
Graham number	79.50109
Graham upside	-76.34%
Industry forward P/E	21.82x
Industry P/E	38.72x
Lynch fair value	$63.58
Lynch upside	-81.08%
P/(FCF - SBC) ratio	45.58x
P/(OCF - SBC) ratio	41.15x
P/B ratio	8.71x
P/E ratio	46.16x
P/FCF ratio	38.94x
P/OCF ratio	35.66x
P/S ratio	8.69x
PEG ratio	0.81x
Price / tangible book value	28.66x
Price/EBITDA ratio	33.69x
Sector forward P/E	18.38x
Sector P/E	32.76x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	19.83%
EBITDA margin	25.8%
Effective tax rate	9.61%
FCF margin	22.32%
Gross margin	63.28%
Operating margin	19.83%
Pretax margin	21.5%
Profit margin	19.14%
Profit per employee	$75,904
Profitable quarters	7
Profitable years	15
Revenue per employee	$396,506
ROA	7.23%
ROA (5Y)	8.37%
ROCE	14.02%
ROE	20.9%
ROE (5Y)	21.19%
ROIC	17.59%
ROIC (5Y)	21.59%
SBC / revenue	3.25%
Tax / revenue	2.07%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	132.13%
EPS growth (Q)	109.09%
EPS growth (QoQ)	13.86%
EPS growth 10Y	9.18%
EPS growth 3Y	4.99%
EPS growth 5Y	10.46%
EPS growth quarters	4
EPS growth years	1
FCF growth	3.82%
FCF growth (Q)	38.49%
FCF growth (QoQ)	-14.62%
FCF growth 3Y	6.62%
FCF growth 5Y	4.82%
Gross profit growth	27.37%
Gross profit growth (Q)	45.8%
Gross profit growth 3Y	5%
Gross profit growth 5Y	6.87%
Net income growth	131.62%
Net income growth (Q)	107.85%
Net income growth (QoQ)	13.75%
Net income growth 3Y	3.7%
Net income growth 5Y	8.73%
Net income growth quarters	4
Net income growth years	1
OCF growth	3.95%
OCF growth (Q)	35.71%
OCF growth (QoQ)	-12.77%
OCF growth 10Y	16.18%
OCF growth 3Y	3.95%
OCF growth 5Y	4.42%
Operating income growth	41.23%
Operating income growth (Q)	93.47%
Operating income growth 3Y	-3.18%
Operating income growth 5Y	4.97%
Revenue growth	25.54%
Revenue growth (Q)	36.54%
Revenue growth (QoQ)	7.51%
Revenue growth 10Y	8.48%
Revenue growth 3Y	5.56%
Revenue growth 5Y	6.22%
Revenue growth quarters	7
Revenue growth years	1

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-135M
Depreciation and amortization	$393M
EBIT	$1.3B
EBITDA	$1.7B
EPS	$7.28
FCF per share	$8.63
Financing cash flow	$-617M
Free cash flow	$1.5B
Free cash flow minus SBC	$1.3B
Gross profit	$4.2B
Income taxes	$136M
Investing cash flow	$-1.8B
Net cash flow	$-775M
Net income	$1.3B
Operating cash flow minus SBC	$1.4B
Operating income	$1.3B
Revenue	$6.6B
Stock-based compensation	$214M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	6.91
Book value per share	$38.59
Debt / EBITDA	1.55
Debt / equity	0.42
Debt / FCF	1.88
Goodwill	$3.5B
Interest coverage	12.08
Long-term assets	$6.6B
Long-term liabilities	$2.7B
Net cash (debt)	$-161M
Net cash / market cap	-0.28%
Net debt / EBITDA	0.09
Net debt / equity	0.02
Net debt / FCF	0.11
Piotroski F-Score	7
Property, plant and equipment	$956M
Shareholders' equity	$6.6B
Tangible book value	$2B
Tangible book value per share	$11.72
Total assets	$11.9B
Total cash	$2.6B
Total debt	$2.8B
Total liabilities	$5.4B
WACC	10.39%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.58
Current assets	$5.3B
Current liabilities	$2.6B
Current ratio	2.02
Inventory turnover	2.34
Net working capital	$822M
Quick ratio	1.43
Working capital	$2.7B
Working capital turnover	1.96

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	0.29%
Dividend yield	0%
Shareholder yield	0.29%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	918.91%
10Y return CAGR	26.13%
10Y total return	918.91%
150-day SMA	$336.13
1D price change	-0.02%
1M price change	-7.46%
1M total return	-7.46%
1W price change	0.29%
1W total return	0.29%
1Y price change	99.75%
1Y return CAGR	99.85%
1Y total return	99.75%
20-day SMA	$354.17
200-day SMA	$315.63
3M price change	6.84%
3M total return	6.84%
3Y price change	180.88%
3Y return CAGR	41.08%
3Y total return	180.88%
50-day SMA	$340.79
50-day SMA vs 200-day SMA	50over200
52-week high	$389.93
52-week high date	2026-10-06
52-week low	$165.06
52-week low date	2025-10-28
5Y price change	89.4%
5Y return CAGR	13.63%
5Y total return	89.4%
6M price change	-1.62%
6M total return	-1.62%
All-time high	$389.93
All-time high date	2026-10-06
All-time low	$21.07
All-time low date	2016-02-11
Average true range (ATR)	$12.98
Average volume	1.2M
Beta (1Y)	1.76
Beta (2Y)	1.62
Beta (5Y)	1.18
Change from 52-week high	-13.83%
Change from 52-week low	103.57%
Change from all-time high	-14.06%
Change from all-time low	1,490.43%
Change from open	-0.67%
Day's gap	0.65%
Dollar volume	$292.5M
High price	$338.54
Low price	$334.04
Monthly RSI	66.27
Open price	$338.27
Position in 52-week range	44%
Premarket change	2.19%
Premarket close	$336.10
Premarket price	$343.46
Premarket volume	921
Previous close	$336.10
Price vs 150-day SMA	-0.3%
Price vs 20-day SMA	-5.38%
Price vs 200-day SMA	6.18%
Price vs 50-day SMA	-1.66%
Relative volume	0.71
RSI	45.66
Sharpe ratio	1.65
Sharpe ratio (3Y)	0.99
Sharpe ratio (5Y)	0.43
Sortino ratio	2.85
Sortino ratio (3Y)	1.7
Sortino ratio (5Y)	0.81
Volume	870.6K
Weekly RSI	52.38
YTD price change	64.93%
YTD total return	64.93%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	169.1M
Float percentage	99.33%
Shares change (QoQ)	0%
Shares change (YoY)	-0.29%
Shares held by insiders	0.49%
Shares held by institutions	91.76%
Shares outstanding	170.2M
Short % of float	1.44%
Short % of shares	1.43%
Short ratio	2.4 days

Deeper analysis on KEYS

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this KEYS report

What is the latest published KEYS stock rating?

Keysight Technologies Inc. is shown with Sell in the latest published report, analyzed 2026-10-02. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full KEYS analysis?

The full latest published report, analyzed 2026-10-02, lives at /stocks/KEYS/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for KEYS?

The latest published report analyzed 2026-10-02 gives KEYS a fair value of USD 215 and a potential value of USD 298. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the KEYS page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-02). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellKEYS · Fair value $215-44.3%

Read full analysis →

Keysight Technologies Inc. (KEYS)

Our latest published analysis: KEYS rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · KEYS

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All KEYS indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on KEYS

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	7.5
Profitability	6.5
Revenue Growth	9.0
Risk Assessment	7.0
Competitive Moat	9.0
Earnings Quality	9.0
Capital Efficiency	3.5