NYSE: KEYS
Keysight Technologies
Technology · Industrial Instruments For Measurement, Display, and Control
52-week range
$167.23$389.93
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$54.3B
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| Period | Market cap |
|---|---|
| FY2016, ended Oct 31, 2016 | $5.62B |
| FY2017, ended Oct 31, 2017 | $8.37B |
| FY2018, ended Oct 31, 2018 | $10.7B |
| FY2019, ended Oct 31, 2019 | $19.0B |
| FY2020, ended Oct 31, 2020 | $19.5B |
| FY2021, ended Oct 31, 2021 | $33.0B |
| FY2022, ended Oct 31, 2022 | $31.1B |
| FY2023, ended Oct 31, 2023 | $21.4B |
| FY2024, ended Oct 31, 2024 | $25.8B |
| FY2025, ended Oct 31, 2025 | $31.4B |
| Trailing 12 months to Jul 31, 2026 (through Q3 FY2026) | $54.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$6.58B
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| Period | Revenue |
|---|---|
| FY2016, ended Oct 31, 2016 | $2.92B |
| FY2017, ended Oct 31, 2017 | $3.19B |
| FY2018, ended Oct 31, 2018 | $3.88B |
| FY2019, ended Oct 31, 2019 | $4.30B |
| FY2020, ended Oct 31, 2020 | $4.22B |
| FY2021, ended Oct 31, 2021 | $4.94B |
| FY2022, ended Oct 31, 2022 | $5.42B |
| FY2023, ended Oct 31, 2023 | $5.46B |
| FY2024, ended Oct 31, 2024 | $4.98B |
| FY2025, ended Oct 31, 2025 | $5.38B |
| Trailing 12 months to Jul 31, 2026 (through Q3 FY2026) | $6.58B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Oct 31, 2016 | $335M | $329M |
| FY2017, ended Oct 31, 2017 | $102M | $256M |
| FY2018, ended Oct 31, 2018 | $165M | $423M |
| FY2019, ended Oct 31, 2019 | $621M | $878M |
| FY2020, ended Oct 31, 2020 | $627M | $899M |
| FY2021, ended Oct 31, 2021 | $894M | $1.15B |
| FY2022, ended Oct 31, 2022 | $1.12B | $959M |
| FY2023, ended Oct 31, 2023 | $1.06B | $1.21B |
| FY2024, ended Oct 31, 2024 | $614M | $898M |
| FY2025, ended Oct 31, 2025 | $850M | $1.28B |
| Trailing 12 months to Jul 31, 2026 (through Q3 FY2026) | $1.26B | $1.47B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$2.60B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Oct 31, 2016 | $783M |
| FY2017, ended Oct 31, 2017 | $818M |
| FY2018, ended Oct 31, 2018 | $913M |
| FY2019, ended Oct 31, 2019 | $1.60B |
| FY2020, ended Oct 31, 2020 | $1.76B |
| FY2021, ended Oct 31, 2021 | $2.05B |
| FY2022, ended Oct 31, 2022 | $2.04B |
| FY2023, ended Oct 31, 2023 | $2.47B |
| FY2024, ended Oct 31, 2024 | $1.80B |
| FY2025, ended Oct 31, 2025 | $1.87B |
| Trailing 12 months to Jul 31, 2026 (through Q3 FY2026) | $2.60B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.$2.52B
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| Period | Total debt |
|---|---|
| FY2016, ended Oct 31, 2016 | $1.09B |
| FY2017, ended Oct 31, 2017 | $2.04B |
| FY2018, ended Oct 31, 2018 | $1.29B |
| FY2019, ended Oct 31, 2019 | $1.79B |
| FY2020, ended Oct 31, 2020 | $1.79B |
| FY2021, ended Oct 31, 2021 | $1.79B |
| FY2022, ended Oct 31, 2022 | $1.79B |
| FY2023, ended Oct 31, 2023 | $1.79B |
| FY2024, ended Oct 31, 2024 | $1.79B |
| FY2025, ended Oct 31, 2025 | $2.53B |
| Trailing 12 months to Jul 31, 2026 (through Q3 FY2026) | $2.52B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 0.7% since 2016.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.170M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Oct 31, 2016 | 171M |
| FY2017, ended Oct 31, 2017 | 187M |
| FY2018, ended Oct 31, 2018 | 188M |
| FY2019, ended Oct 31, 2019 | 188M |
| FY2020, ended Oct 31, 2020 | 186M |
| FY2021, ended Oct 31, 2021 | 183M |
| FY2022, ended Oct 31, 2022 | 179M |
| FY2023, ended Oct 31, 2023 | 175M |
| FY2024, ended Oct 31, 2024 | 173M |
| FY2025, ended Oct 31, 2025 | 172M |
| Trailing 12 months to Jul 31, 2026 (through Q3 FY2026) | 170M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jul 31, 2026. Hover or tap a column for another year.Net: $403M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Oct 31, 2016 | $62.0M | $49.0M | $0 |
| FY2017, ended Oct 31, 2017 | $0 | $56.0M | $444M |
| FY2018, ended Oct 31, 2018 | $120M | $59.0M | $0 |
| FY2019, ended Oct 31, 2019 | $159M | $82.0M | $0 |
| FY2020, ended Oct 31, 2020 | $411M | $92.0M | — |
| FY2021, ended Oct 31, 2021 | $673M | $103M | — |
| FY2022, ended Oct 31, 2022 | $849M | $125M | — |
| FY2023, ended Oct 31, 2023 | $702M | $135M | — |
| FY2024, ended Oct 31, 2024 | $439M | $137M | — |
| FY2025, ended Oct 31, 2025 | $375M | $162M | — |
| Trailing 12 months to Jul 31, 2026 (through Q3 FY2026) | $617M | $214M | — |
Revenue (TTM)
$6.58B
+25.5% YoY
Net income (TTM)
$1.26B
+132% YoY
Cash
$2.60B
−1.2% YoY
Total debt
$2.52B
−0.6% YoY
Valuation
At current price- Market Cap
- $52.3B
- P/E
- 41.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 7.9×
- Price / Book
- 8.0×
- EV / EBITDA
- 30.4×
Growth
Trailing 12 months- Revenue (TTM)
- $6.58B
- Revenue Growth YoY
- 25.5%
- Revenue CAGR 3Y
- −0.3%
- Revenue CAGR 5Y
- 5.0%
- EPS Growth YoY
- 131%
- Net Income Growth YoY
- 132%
Profitability
Trailing 12 months- Gross Margin
- 64.7%
- Operating Margin
- 20.3%
- Net Margin
- 19.1%
- FCF Margin
- 22.3%
- Return on Equity
- 20.6%
Earnings
Trailing 12 months- Net Income
- $1.26B
- EPS (diluted)
- $7.28
- EBITDA
- $1.72B
- Operating Income
- $1.33B
Balance Sheet
As of Jul 31, 2026- Cash and cash equivalents
- $2.60B
- Total Debt
- $2.52B
- Net Cash
- $88.0M
- Total Assets
- $11.9B
- Total Liabilities
- $5.35B
- Shareholders' Equity
- $6.57B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.60B
- Capital Expenditure
- $135M
- Free Cash Flow
- $1.47B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.17
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 25.5% over the last year, to $6.58B.
Strength
Operating margin widened 3.3 pts in a year, to 20.3%.
Strength
Holds more cash than debt, with $88.0M in net cash.
Strength
Turns 22.3% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Oct 31, 2025 · filed Dec 17, 2025
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K38Serious concerns
38Serious concerns
10-K for the fiscal year ended Oct 31, 2024
Filed Dec 17, 2024 · Read the filing on EDGAR
- Revenue fell 9% to $4,979 million and net income dropped 42% to $614 million. Demand was weaker and acquisition, restructuring and tax costs rose.
- Both segments shrank. The industrial group's operating profit fell 39% after growing the year before.
- Keysight bought ESI Group for $935 million in cash. It also agreed to buy Spirent for about $1,463 million, backed by a £1,232 million short-term bridge loan.
- Taxes were hit by a one-time $315 million Singapore charge, partly offset by a $165 million US tax benefit that could later be reversed.
Business momentum
Sharp deterioration
“Net income of $614 million for 2024 decreased 42 percent compared to 2023, primarily driven by lower revenue, higher acquisition and integration costs, restructuring costs and amortization of acquisition-related balances”
Outlook
Neutral
“We remain confident in the long-term secular growth trends of our markets and our ability to outperform in a variety of market conditions.”
Financial stress
Low
“As of October 31, 2024, we believe our cash and cash equivalents, cash generated from operations, and our ability to access capital markets and credit lines will satisfy our cash needs for the foreseeable future”
Tone against the previous report
More negative
Red flags
- Medium
Other
“The tax rate in 2024 was higher than the U.S. statutory rate primarily due to a one-time income tax charge of $315 million required to adjust Singapore deferred tax asset values to an incentive tax rate.”
- Minor
Other
“If we are ultimately unsuccessful in defending our position, we may be required to reverse the benefit previously recorded.”
Positives
Services revenue and margin grew
“Services and other $ 1,262 $ 1,128 $ 1,034 12% 9%”
AI data-center demand supporting communications sales
“We continued to see investments in high-speed networks due to increasing need for AI capabilities in the data center infrastructure ecosystem, which was driving demand for our 400G/800G/terabit Ethernet solutions”
Patent import-ban case resolved in Keysight's favour
“On December 5, 2023, the ITC issued its Notice of Determination that Keysight did not unfairly import products in violation of Section 337 and the investigation was terminated.”
Concerns
Orders fell again and sales dropped in both segments
“Orders of $5,033 million for 2024 decreased 3 percent compared to 2023. Acquisitions had a favorable impact of 4 percentage points on the order change for 2024 compared to 2023.”
Industrial segment profit collapsed
“Operating margin in 2024 decreased 10 percentage points compared to 2023, primarily driven by higher selling, general and administrative expense and R&D expense on lower revenue, coupled with gross margin declines.”
Operating cash flow and cash balance fell
“Net cash provided by operating activities decreased $356 million in 2024 compared to 2023”
New risks since the previous report
Large pending Spirent acquisition funded by a bridge loan
“On March 28, 2024, we announced our intention to acquire the entire share capital of Spirent Communications PLC (“Spirent”) for cash consideration of 199 pence per Spirent share, which reflects a valuation of $1,463 million”
$165 million US tax benefit could be reversed
“Keysight concluded that the U.S. Department of the Treasury exceeded its regulatory authority in issuing tax regulations disallowing these deductions under IRC § 951A.”
Global minimum tax may cancel out tax incentives in 2025
“Pillar Two could have a material impact on our effective tax rate in fiscal year 2025, primarily offsetting the reduction to our effective income tax rate from our tax incentives.”
New Centripetal patent suit covering European sales
“On August 21, 2024, Keysight was served in Germany with a complaint filed in the Unified Patent Court alleging that certain Keysight products sold in Germany, France, Italy and the Netherlands infringe a European Centripetal patent.”
Biggest risks named
- Weak demand and cautious customer spending
- Geopolitical tension and US-China trade restrictions
- Integrating and financing ESI, Spirent and other acquisitions
- Higher taxes from Pillar Two, expiring incentives and reversible benefits
- Centripetal patent litigation in the US and Europe
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | 0 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −2.7 | |
| New risks | −2 | |
| Score | 38 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Dec 17, 2025 | Pro | |||
| 10-K | Dec 17, 2024 | 38 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Dec 15, 2023 | 50 | Mixed | 1 minor | |
| 10-K | Dec 15, 2022 | 70 | Strong improvement | 1 medium1 minor | |
| 10-K | Dec 17, 2021 | 74 | Strong improvement | 1 minor | |
| 10-K | Dec 17, 2020 | 55 | Stable | None | |
| 10-K | Dec 18, 2019 | 76 | Strong improvement | None | |
| 10-K | Dec 18, 2018 | 44 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Dec 20, 2017 | 43 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Dec 19, 2016 | 53 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Jul 31, 2026), filed Sep 2, 2026. View filings on SEC EDGAR