olivLaw · US equity research
Keysight Technologies, Inc. KEYS
Industrial Instruments For Measurement, Display, and Control · SIC 3823 · Vertical: Industrial Instruments For Measurement, Display, and Control (SIC 3823)
Keysight Technologies, Inc. (KEYS) is a global provider of design and test solutions for electronics and communications, with revenue of 5375 million USD in fiscal 2025. In the third quarter of fiscal 2026 revenue reached 1.85 billion USD, up 43 percent in CSG, and guidance for the fourth quarter implies growth of about 37 percent at the midpoint.
At the close of 04 Nov 2026, Keysight Technologies, Inc. (KEYS) stock was 285.86 USD (−6.31% on the day), with market capitalisation 48.7 bn USD, P/E 39.2 on diluted EPS of 7.30 USD over the last 12 months, beta 1.51, 52-week range 169.67–388.03 USD. Latest reported quarter (Q3 2026): revenue of 1.8 bn USD (+36.5% YoY), net income of 397.0 m USD (+107.9% YoY), diluted EPS 2.30 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.1
- weak (30–45)
- Bollinger (20, 2)
- 282.04 – 387.81
- in the lower half of the band · %B 0.04 · band width 31.6%
- SMA 50 / 200
- 339.68 / 317.97
- mixed trend
- MACD (12, 26, 9)
- -13.53 / -8.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −25.6% | −1.1% | −24.5 pp | — |
| 3 months | −14.9% | −0.5% | −14.5 pp | — |
| 6 months | −22.0% | +4.4% | −26.4 pp | — |
| Year to date | +40.7% | +12.3% | +28.4 pp | — |
| 1 year | +59.6% | +13.5% | +46.1 pp | +24.7% |
| 3 years | +127.3% | +76.4% | +50.9 pp | +5.2% |
| 5 years | +55.6% | +63.7% | −8.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.6 bn | 1.7 bn | 1.8 bn |
| Cost of revenue | 485.0 m | 478.0 m | 492.0 m | 518.0 m | 550.0 m | 605.0 m | 539.0 m | 630.0 m |
| Research & development | 233.0 m | 249.0 m | 250.0 m | 250.0 m | 258.0 m | 303.0 m | 320.0 m | 312.0 m |
| SG&A | 343.0 m | 361.0 m | 360.0 m | 354.0 m | 399.0 m | 447.0 m | 456.0 m | 446.0 m |
| Operating income | 230.0 m | 218.0 m | 207.0 m | 234.0 m | 217.0 m | 248.0 m | 407.0 m | 461.0 m |
| Interest expense | 23.0 m | 20.0 m | 20.0 m | 28.0 m | 28.0 m | 29.0 m | 25.0 m | 26.0 m |
| Pre-tax income | 248.0 m | 199.0 m | 320.0 m | 241.0 m | 322.0 m | 198.0 m | 418.0 m | 477.0 m |
| Income tax | 321.0 m | 30.0 m | 63.0 m | 50.0 m | 70.0 m | -83.0 m | 69.0 m | 80.0 m |
| Net income | -73.0 m | 169.0 m | 257.0 m | 191.0 m | 233.0 m | 281.0 m | 349.0 m | 397.0 m |
| Diluted EPS | -0.42 ≈ | 0.97 | 1.49 | 1.10 | 1.35 ≈ | 1.63 | 2.02 | 2.30 |
| Operating cash flow | 359.0 m | 378.0 m | 484.0 m ≈ | 322.0 m ≈ | 225.0 m | 441.0 m | 501.0 m ≈ | 437.0 m ≈ |
| Capex | 38.0 m | 32.0 m | 27.0 m ≈ | 31.0 m ≈ | 38.0 m | 34.0 m | 29.0 m ≈ | 34.0 m ≈ |
| Share repurchases | 150.0 m | 75.0 m | 150.0 m ≈ | 50.0 m ≈ | 100.0 m | 87.0 m | 220.0 m ≈ | 210.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 43-quarter history (min 7.9, median 32.4, max 99.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.9 bn | 4.3 bn | 4.2 bn | 4.9 bn | 5.4 bn | 5.5 bn | 5.0 bn | 5.4 bn |
| Revenue YoY | +21.6% | +11.0% | −1.9% | +17.1% | +9.7% | +0.8% | −8.9% | +8.0% |
| Net income | 165.0 m | 621.0 m | 627.0 m | 894.0 m | 1.1 bn | 1.1 bn | 614.0 m | 850.0 m |
| Net income YoY | +61.8% | +276.4% | +1.0% | +42.6% | +25.7% | −6.0% | −41.9% | +38.4% |
| Diluted EPS | 0.86 | 3.25 | 3.31 | 4.78 | 6.18 | 5.91 | 3.51 | 4.91 |
| Diluted EPS YoY | +53.6% | +277.9% | +1.8% | +44.4% | +29.3% | −4.4% | −40.6% | +39.9% |
| net % | 4.3% | 14.4% | 14.9% | 18.1% | 20.7% | 19.3% | 12.3% | 15.8% |
| Free cash flow | 423.0 m | 878.0 m | 899.0 m | 1.1 bn | 959.0 m | 1.2 bn | 898.0 m | 1.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 1.9 bn USD
- Financial debt
- 2.5 bn USD
- Net debt
- 661.0 m USD
- Equity
- 5.9 bn USD
- Total assets
- 11.3 bn USD
- Debt / equity
- 0.43x
- Current ratio
- 2.35x
- ROE
- 15.5%
- ROA
- 8.3%
- FCF margin
- 23.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.2 bn | 4.9 bn | 5.4 bn | 5.5 bn | 5.0 bn | 5.4 bn | SEC (XBRL)· 17 Dec 2025verified |
| Cost of revenue | 1.7 bn | 1.9 bn | 2.0 bn | 1.9 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 17 Dec 2025verified |
| Gross profit | 2.5 bn ≈ | 3.1 bn ≈ | 3.5 bn ≈ | 3.5 bn ≈ | 3.1 bn ≈ | 3.3 bn ≈ | SEC (XBRL)· 17 Dec 2025derived |
| Research & development | 715.0 m | 811.0 m | 841.0 m | 882.0 m | 919.0 m | 1.0 bn | SEC (XBRL)· 17 Dec 2025verified |
| SG&A | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 17 Dec 2025verified |
| Operating income | 765.0 m | 1.1 bn | 1.3 bn | 1.4 bn | 833.0 m | 876.0 m | SEC (XBRL)· 17 Dec 2025verified |
| Interest expense | 78.0 m | 79.0 m | 79.0 m | 78.0 m | 84.0 m | 96.0 m | SEC (XBRL)· 17 Dec 2025verified |
| Pre-tax income | 761.0 m | 1.0 bn | 1.3 bn | 1.4 bn | 865.0 m | 1.1 bn | SEC (XBRL)· 17 Dec 2025verified |
| Income tax | 134.0 m | 116.0 m | 161.0 m | 300.0 m | 251.0 m | 213.0 m | SEC (XBRL)· 17 Dec 2025verified |
| Net income | 627.0 m | 894.0 m | 1.1 bn | 1.1 bn | 614.0 m | 850.0 m | SEC (XBRL)· 17 Dec 2025verified |
| Diluted EPS | 3.31 | 4.78 | 6.18 | 5.91 | 3.51 | 4.91 | SEC (XBRL)· 17 Dec 2025verified |
| Weighted average diluted shares | 189.0 m | 187.0 m | 182.0 m | 179.0 m | 175.0 m | 173.0 m | SEC (XBRL)· 17 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.8 bn | 2.1 bn | 2.0 bn | 2.5 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 17 Dec 2025verified |
| Receivables | 606.0 m | 735.0 m | 905.0 m | 900.0 m | 857.0 m | 939.0 m | SEC (XBRL)· 17 Dec 2025verified |
| Inventories | 757.0 m | 777.0 m | 858.0 m | 985.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 17 Dec 2025verified |
| Current assets | 3.4 bn | 3.8 bn | 4.2 bn | 4.8 bn | 4.3 bn | 4.3 bn | SEC (XBRL)· 17 Dec 2025verified |
| Property, plant & equipment, net | 595.0 m | 650.0 m | 690.0 m | 761.0 m | 774.0 m | 795.0 m | SEC (XBRL)· 17 Dec 2025verified |
| Goodwill | 1.5 bn | 1.6 bn | 1.6 bn | 1.6 bn | 2.4 bn | 3.4 bn | SEC (XBRL)· 17 Dec 2025verified |
| Intangibles (excl. goodwill) | 361.0 m | 272.0 m | 189.0 m | 155.0 m | 607.0 m | 1.3 bn | SEC (XBRL)· 17 Dec 2025verified |
| Total assets | 7.2 bn | 7.8 bn | 8.1 bn | 8.7 bn | 9.3 bn | 11.3 bn | SEC (XBRL)· 17 Dec 2025verified |
| Accounts payable | 224.0 m | 287.0 m | 348.0 m | 286.0 m | 313.0 m | 355.0 m | SEC (XBRL)· 17 Dec 2025verified |
| Short-term debt | — | — | 0 | 599.0 m | 0 | 0 | SEC (XBRL)· 04 Jun 2026verified |
| Long-term debt | 1.8 bn | 1.8 bn | 1.8 bn | 1.2 bn | 1.8 bn | 2.5 bn | SEC (XBRL)· 17 Dec 2025verified |
| Current liabilities | 1.1 bn | 1.3 bn | 1.4 bn | 2.0 bn | 1.4 bn | 1.9 bn | SEC (XBRL)· 17 Dec 2025verified |
| Total liabilities | 3.9 bn | 4.0 bn | 3.9 bn | 4.0 bn | 4.2 bn | 5.4 bn | SEC (XBRL)· 17 Dec 2025verified |
| Equity | 3.3 bn | 3.8 bn | 4.2 bn | 4.7 bn | 5.1 bn | 5.9 bn | SEC (XBRL)· 17 Dec 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.0 bn | 1.3 bn | 1.1 bn | 1.4 bn | 1.1 bn | 1.4 bn | SEC (XBRL)· 17 Dec 2025verified |
| Capex | 117.0 m | 174.0 m | 185.0 m | 197.0 m | 154.0 m | 128.0 m | SEC (XBRL)· 17 Dec 2025verified |
| Free cash flow | 899.0 m ≈ | 1.1 bn ≈ | 959.0 m ≈ | 1.2 bn ≈ | 898.0 m ≈ | 1.3 bn ≈ | SEC (XBRL)· 17 Dec 2025derived |
| Investing cash flow | -442.0 m | -353.0 m | -251.0 m | -288.0 m | -819.0 m | -1.7 bn | SEC (XBRL)· 17 Dec 2025verified |
| Financing cash flow | -413.0 m | -671.0 m | -861.0 m | -687.0 m | -913.0 m | 385.0 m | SEC (XBRL)· 17 Dec 2025verified |
| Share repurchases | 411.0 m | 673.0 m | 849.0 m | 702.0 m | 439.0 m | 375.0 m | SEC (XBRL)· 17 Dec 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 48.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation31
- Quality96
- Growth0
- Returns18
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 111.45 – 262.20 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)111.45 – 170.51 (Mid 134.33)WACC 9.1% · starting FCFF 1.6 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 36.0%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E184.42 – 262.20 (Mid 237.46)7 companies used · median multiple 32.5x · quartiles 25.3x – 35.9xAME, CGNX, DHR, FTV, MKSI, ROP, ST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.0% | 100 (vs peers) | 14% |
| Net margin · Quality | 19.1% | 87 (vs peers) | 8% |
| FCF conversion · Quality | 116.6% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -0.3% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -7.4% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 12.3x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 39.2x | 25 (vs peers) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 38 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 1.3% | 18 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality96/100 · 3/3 factors with a value
- Returns· partial18/100 · 1/2 factors with a value
- Valuation31/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
KEYSIGHT TECHNOLOGIES, INC. (KEYS). Latest full fiscal year: 2025; data up to 2026-07-31.
Figures computed from the financial statements: revenue 5.4 bn USD in 2025; YoY growth 8.0%; net margin 19.1%; ROE 20.6%.
The estimated value range is 147.94–216.36 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 185.89 USD, the price of 285.86 USD leaves a potential of -35.0% (value / price − 1) and a margin of safety of -53.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.0%
- Net margin: 19.1%
- FCF conversion: 116.6%
- Interest coverage: 12.3x
- Current ratio: 2.0x
What contradicts it
- Revenue CAGR 3Y: -0.3%
- EPS CAGR 3Y: -7.4%
- P/E (TTM): 39.2x
- Shareholder yield (distributions): 1.3%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Industrial Instruments For Measurement, Display, and Control (SIC 3823) · same industry (4-digit SIC) · compared with 15 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHRDanaher Corporation | 165.3 bn | 38.4 | 8.3% | 16.9% | +2.9% | +4% / +5% |
| AMEAMETEK, Inc. | 54.4 bn | 33.4 | 14.7% | 19.9% | +6.6% | +20% / +53% |
| ROPRoper Technologies, Inc. | 48.7 bn | 19.4 | 13.2% | 30.7% | +12.3% | +10% / −9% |
| KEYSKeysight Technologies, Inc. | 48.7 bn | 39.2 | 20.6% | 19.1% | +8.0% | +60% / +127% |
| FTVFortive Corporation | 20.3 bn | 32.5 | 10.5% | 14.8% | +1.9% | +28% / +31% |
| MKSIMks Inc. | 13.2 bn | 31.1 | 15.9% | 10.1% | +9.6% | +25% / +136% |
| CGNXCognex Corp | 8.9 bn | 51.3 | 11.1% | 16.1% | +8.7% | +39% / +41% |
| RALRalliant Corporation | 7.9 bn | — | -51.8% | -52.1% | −4.0% | +45% / unavailable |
| STSensata Technologies Holding PLC | 6.0 bn | 16.5 | 12.7% | 9.5% | −5.8% | +28% / +26% |
| MLABMesa Laboratories Inc | 706.1 m | 148.1 | 2.7% | 1.9% | +3.4% | +57% / +48% |
| SENSSenseonics Holdings, Inc. | 476.9 m | — | -118.2% | -225.3% | +56.9% | +46% / −24% |
| HURCHurco Companies, Inc. | 137.6 m | — | -3.3% | -3.6% | −4.3% | +31% / +1% |
| SYPRSypris Solutions, Inc. | 29.2 m | — | -69.9% | -9.2% | −14.5% | −42% / −33% |
| CLIRClearsign Technologies Corporation | 16.5 m | — | -51.7% | -96.1% | +45.6% | −67% / −80% |
| FCUVFocus Universal Inc. | 2.2 m | — | -106.0% | -637.2% | −35.9% | −98% / −99% |
| POASPhaos Technology Holdings (Cayman) Limited | — | — | -363.8% | -4,662.3% | −19.3% | −98% / unavailable |
1- and 3-year price returns: for KEYS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 163.15 Total return -43% · Per year -43% | 289.14 Total return 1% · Per year 1% | 436.48 Total return 53% · Per year 53% |
| 3 years | 143.50 Total return -50% · Per year -21% | 287.54 Total return 1% · Per year 0% | 478.68 Total return 67% · Per year 19% |
| 5 years | 126.22 Total return -56% · Per year -15% | 285.94 Total return 0% · Per year 0% | 524.96 Total return 84% · Per year 13% |
- Exit P/E± 71.88
- Net margin± 50.32
- Annual revenue growth± 43.29
- Annual dilution± 4.23
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Keysight Technologies, Inc. (KEYS) is a global provider of design and test solutions for electronics and communications, with revenue of 5375 million USD in fiscal 2025 1. In the third quarter of fiscal 2026 revenue reached 1.85 billion USD, up 43 percent in CSG 3, and guidance for the fourth quarter implies growth of about 37 percent at the midpoint 3.
SWOT
Strengths
- Broad portfolio of hardware, software and services, with a large installed base and long-term customer relationships 1.
- Sustained research and development capacity, including an in-house semiconductor fab and proprietary packaging technology 1.
- Strong recent order and revenue growth in the third quarter of fiscal 2026 23.
Weaknesses
Opportunities
- Demand for 6G, satellite, AI and electric vehicle technologies could expand the addressable market 1.
- Growing software and services content could raise recurring revenue and long-term margins 1.
- Recent acquisitions may open cross-selling opportunities with existing communications and design customers 1.
Risks
- Tariffs and trade policyhigh
Changes in US tariffs and retaliation by other countries could affect costs, demand and orders, and litigation over tariff validity remains open 12.
- Export restrictions and sanctionshigh
Sanctions could prevent sales to certain customers or countries, and replacing affected suppliers could be difficult 1.
- Cyclicality of customer marketsmedium
Revenue depends on the timing and volume of technology spending, which is hard to forecast and can be cancelled 1.
- Acquisition integrationmedium
Integrating recently acquired businesses could cost more or delay expected synergies 12.
- Recognition of tariff refundslow
Tariff refunds and customer obligations could change quarterly results until the process is completed 2.
Investment thesis
What would need to be true (bull case)
- If demand from AI infrastructure and advanced communications holds, recent order growth could continue in the coming quarters.
- A first-to-market portfolio and a growing software share could improve recurring revenue and margin stability.
- A balance sheet with substantial liquidity provides room for investment and shareholder returns if conditions remain favorable.
What would break the thesis
- If tariffs and sanctions widen, costs and demand could be hit and margins could fall.
- Part of recent growth reflects acquisitions, so slower integration or softer demand could reduce the growth rate.
- Customer markets are cyclical, and a pullback in research spending could reduce orders quickly.
What to watch
- Fourth quarter fiscal 2026 results against guidanceQ4 2026
- Integration of Spirent and other recent acquisitions2027
- Effect of new tariffs and trade litigation on gross margin2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Keysight serves approximately 40000 end customers each year in over 100 countries, offering hardware, software and services for designing, validating and manufacturing electronic products 1. The company reports two segments, Communications Solutions Group and Electronic Industrial Solutions Group, and revenue was 5375 million USD in 2025 1. Its strategy rests on first-to-market solutions, growing recurring software and services revenue, and disciplined capital allocation across investment, acquisitions and shareholder returns 1.
Market context
Keysight is focused on research and development spending, where demand is supported by technologies such as 5G, 6G, data center networks, satellites and artificial intelligence 1. The company reported orders of 5787 million USD in the first nine months of fiscal 2026, up 48 percent year over year 2. However, demand in these markets can be affected by economic volatility and trade policy, which could change the pace of orders 1.
Trends
- Demand for AI infrastructuretailwind
Customers are investing in AI compute cluster efficiency and new interconnect technologies for data centers, which could sustain demand for Keysight solutions 1.
- Tariffs and trade restrictionsheadwind
US tariffs and retaliatory measures could raise component costs and reduce customer demand, and litigation over tariffs remains unresolved 12.
- IEEPA tariff refundsmixed
After a Supreme Court ruling, the company recorded a recovery receivable and a liability to refund customer surcharges, so the net effect depends on the refund process 2.
- Integration of software acquisitionsmixed
Recent software and computer-aided engineering acquisitions could expand the recurring portfolio, but integration may bring additional costs in the coming period 1.
Competitive position
The electronic test and measurement market is competitive, and Keysight faces local competitors and frequent new product introductions 1. The company notes that failing to introduce new solutions quickly could make its offerings obsolete 1.
Keysight differentiates through its integrated technology chain, long customer relationships and first-to-market solutions, which can weigh against rivals offering isolated components 1.
- Viavi Solutions Inc.VIAV
Acquirer of certain Spirent business lines divested to meet regulatory conditions of the acquisition 1.
- Synopsys, Inc.SNPS
Seller of the Optical Solutions Group business acquired by Keysight in October 2025 1.
- Ansys, Inc.
Seller of the PowerArtist RTL business acquired by the company, reflecting overlap in design software 1.
- Smaller and regional test equipment providers
Companies offering competing instruments in local markets, referenced in the source materials as active competitors 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Keysight Technologies Sees AI Data-Center Boom, Targets 6G and Defense GrowthYahoo Finance — News · 19 Sept 2026 · EN
- Is Keysight Technologies Stock Outperforming the S&P 500?Yahoo Finance — News · 16 Sept 2026 · EN
- Do Wall Street Analysts Like Keysight Technologies Stock?Yahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 19 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report02 Sept 2026
- Current report26 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report18 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Jun 2026
- Current report19 May 2026Results of operations · Financial statements and exhibits
- Current report23 Apr 2026Creation of a direct financial obligation · Financial statements and exhibits
- Current report24 Mar 2026Shareholder vote
- Current report13 Mar 2026Departure or appointment of officers
- Quarterly report05 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-10-31 · SEC / Keysight Technologies, Inc. · 17 Dec 2025
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Keysight Technologies, Inc. · 02 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Keysight Technologies, Inc. · 18 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.