At a glance
Keysight Technologies Inc is worth $50.89B, about 61 times its fiscal 2025 earnings. Revenue grew 8.0% to $5.38B in fiscal 2025, with 15.8% kept as profit; over 5 years it has grown 5.0% a year. It pays no dividend; it spent $3.04B buying back its shares over FY2021–FY2025. The stock returned +63.4% over the past year with dividends reinvested and +10.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 17.7% in the 2020 crash (S&P 500: 33.7%) and 35.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 43 months after the lows.
The business in plain English
Keysight Technologies makes the equipment and software that engineers use to design and test electronic products. Its instruments include oscilloscopes, which show how an electrical signal changes over time. It also makes spectrum, signal, network and power analyzers and digital multimeters. It sells these on their own or combined with software and services for specific jobs. Most revenue comes from customers' research and development work, with less from manufacturing and operations. Keysight serves about 40,000 end customers a year in more than 100 countries. They work in industries such as communications, aerospace and defense, automotive, energy and semiconductors.
In the fiscal year ended October 31, 2025, revenue was $5.4 billion, up 8% from the year before. Products made up 75.6% of sales, and services and other made up 24.4%. Keysight reports two business segments, labeled CSG and EISG. CSG brought in $3.7 billion, or 69.3% of revenue, and EISG brought in $1.6 billion, or 30.7%. Most sales come from outside the US.
Keysight spent $1,007 million on research and development in fiscal 2025. It aims to grow recurring revenue, meaning sales that repeat, such as ongoing software and services. In October 2025 it acquired Spirent Communications, which adds to its communications testing business. In the same month it also acquired design-software units from Synopsys and Ansys. It acquired engineering software maker ESI Group in 2024.
Price history
The interactive chart needs JavaScript.
KEYS +63.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Products | $4.06B | 75.6% |
| Services and other | $1.31B | 24.4% |
By business segment
| CSG | $3.73B | 69.3% |
| EISG | $1.65B | 30.7% |
Latest results
- In Q3 FY2026 (ended Jul 31, 2026), revenue was $1.85B, up 36.5% from a year earlier, and net income was $397.0M (+107.9%).
- For fiscal 2025, revenue was $5.38B (+8.0% year over year; +5.0% a year from FY2020 to FY2025) with a 15.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.0% good |
|---|---|
| Operating margin | 16.3% good |
| Free cash flow margin | 23.8% good |
| Return on equity (FY2025) | 14.5% watch |
| Return on assets (FY2025) | 7.5% watch |
| Net cash (cash minus debt) | $276.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.22B | $627.0M | $899.0M |
| FY2021 | $4.94B | $894.0M | $1.15B |
| FY2022 | $5.42B | $1.12B | $959.0M |
| FY2023 | $5.46B | $1.06B | $1.21B |
| FY2024 | $4.98B | $614.0M | $898.0M |
| FY2025 | $5.38B | $850.0M | $1.28B |
Valuation snapshot
| Market value | $50.89B |
|---|---|
| P/E ratio | 60.9 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Keysight Technologies’s market value went from $6.27B at the end of 2016 to $50.89B on Nov 2, 2026, about 8.1 times as much; since the end of 2025 it is up 46%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $50.89B | +45.8% |
| 2025 | $34.91B | +25.5% |
| 2024 | $27.82B | -0.1% |
| 2023 | $27.85B | -9.0% |
| 2022 | $30.59B | -19.1% |
| 2021 | $37.80B | +53.8% |
| 2020 | $24.58B | +27.1% |
| 2019 | $19.34B | +66.0% |
| 2018 | $11.65B | +49.5% |
| 2017 | $7.79B | +24.3% |
| 2016 | $6.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KEYS price data to Nov 2, 2026 | +47.1% | +63.4% | +34.4% | +10.1% | +25.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +47.1% |
| 2025 | +26.5% |
| 2024 | +1.0% |
| 2023 | -7.0% |
| 2022 | -17.2% |
| 2021 | +56.3% |
| 2020 | +28.7% |
| 2019 | +65.3% |
| 2018 | +49.2% |
| 2017 | +13.8% |
| 2016 | +29.1% |
| 2015 | -16.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 17.6% over that stretch · deepest drop along the way 17.7%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.1% over that stretch · deepest drop along the way 35.6%, back to its old high 42.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 13 sales ($7.9M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 30, 2026 | Satish Dhanasekaran President and CEO, Director | sell | $1.1M |
| Jun 2, 2026 | James Cullen Director | sell | $1.0M |
| Aug 21, 2026 | Jean Mcclung Nye Director | sell | $958K |
| Jun 30, 2026 | Ingrid A Estrada SVP | sell (plan) | $682K |
| Sep 21, 2026 | Neil Dougherty EVP and CFO | sell | $682K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9% | Dec 31, 2024 |
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| T. Rowe Price Associates, Inc. | 5.6% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.03% | Mar 31, 2026 |
ETFs with the most weight in KEYS
| EQTY Kovitz Core Equity ETF | 3.16% |
| SSPX Janus Henderson U.S. Sustainable Equity ETF | 2.33% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 1.96% |
| CZA Invesco Zacks Mid-Cap ETF | 1.61% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.21% |
| SHOC Strive U.S. Semiconductor ETF | 1.1% |
| PSET Principal Quality ETF | 1.05% |
| SPHB Invesco S&P 500® High Beta ETF | 0.88% |
What could go wrong
- Tariffs and limits on chip-technology trade. Most sales are international. Sanctions, trade limits on advanced computing and chipmaking software, and broad US tariffs announced in fiscal 2025 can block sales to some customers or raise costs.
- Demand follows customers' R&D budgets. Most revenue comes from customers' research and development spending. When their markets slow, orders shrink or get canceled. Revenue fell from $5.5 billion in fiscal 2023 to $5.0 billion in fiscal 2024.
- Large acquisitions may not pay off. In October 2025 Keysight acquired Spirent plus software units from Synopsys and Ansys, after acquiring ESI Group in 2024. Combining them costs money, and results may differ from what the company expected.
- Falling behind fast-changing technology. Customers need test tools for new technologies and industry standards as they appear. If Keysight's products arrive late or miss the mark, competitors can win the business and older products can become obsolete.
- Reliance on outside manufacturers and offshore accounting. Keysight relies on contract manufacturers, outside suppliers and outsourced IT. Most of its accounting runs from two locations, India and Malaysia. Trouble at any of these could delay products or financial reporting.
- A volatile share price. As of October 28, 2026, the stock's one-year beta was 1.89, meaning it tended to move almost twice as much as the market. Its biggest fall in 12 years of price history was 45.5%.
Recent events
- Executive or board change
- Executive or board change
- Quarterly results released
- Quarterly results released
- New debt or financial obligation
- Shareholder vote results
- Executive or board change
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Keysight does not pay a dividend and paid none in fiscal 2021 through 2025. It provides no regular income, so any cash from the stock would have to come from selling shares. Instead, the company repurchases its own stock, spending about $3.0 billion over those five years. That helped cut shares outstanding by about 7%, from 183.0 million in December 2021 to 170.2 million in August 2026. Repurchases have shrunk, from $849 million in fiscal 2022 to $375 million in fiscal 2025.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 17.7% but was back at its peak in about 1.2 months. In the 2022 bear market it fell 35.6% from January 3 to May 12, 2022. It did not regain that peak until December 3, 2025, almost 43 months later. Its price history does not cover the 2008 financial crisis. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Keysight pay a dividend?
No. Keysight does not pay a dividend on its common stock and paid none in fiscal 2021 through 2025. It returns cash to shareholders by repurchasing its own shares instead, spending about $3.0 billion over those five fiscal years. For an income investor, that means the stock produces no regular cash payments. Any income would have to come from selling shares.
How does Keysight make money?
Keysight sells electronic design and test equipment, plus software and services. Engineers use its oscilloscopes, signal and network analyzers, power analyzers and multimeters to develop and check electronic products. In fiscal 2025, which ended October 31, 2025, revenue was $5.4 billion. Products made up 75.6% and services and other made up 24.4%. Most sales are tied to customers' research and development work. It serves about 40,000 end customers a year in communications, aerospace and defense, automotive, semiconductors and other industries.
How has Keysight stock performed?
Very well over 10 years, with deep drops along the way. As of October 28, 2026, the share price was up 97.3% over one year and 65.1% year to date. Over 10 years it gained an average of 26.2% a year. But it fell 17.2% in calendar 2022 and 7% in 2023, and its biggest drop in 12 years of price history was 45.5%. These are price returns only, because Keysight pays no dividend.
Is Keysight stock expensive?
On past earnings, it looks expensive. As of October 28, 2026, the stock traded at 68.3 times its fiscal 2025 diluted earnings of $4.91 per share. This is its P/E ratio, which is the share price divided by a year's earnings per share. A high P/E usually means investors expect strong growth. Profits have grown since fiscal 2025. Net income for the quarter ended July 31, 2026 was $397 million, up 107.9% from a year earlier, while revenue rose 36.5%.
How much debt does Keysight have?
Keysight has about $2.5 billion of debt but slightly more cash than that. As of July 31, 2026, it held $2.79 billion in cash and investments against $2.52 billion of total debt. That left about $276 million more cash than debt. It reported a new debt obligation in an April 23, 2026 filing. Its 10-K warns that debt could strain its finances. It also warns that future financing, such as for acquisitions, may not be available on favorable terms.