Keysight Technologies, Inc.
KEYS· NYSE· Industrial Instruments For Measurement, Display, and Control
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 23.8%
- ROIC, 5 yr avg
- 21.2%
- Revenue, 5 yr CAGR
- +5.0%
We record prices for the companies we cover; KEYS is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 173.0M
- Revenue
- $5.4B
- Free cash flow
- $1.3B
- Owner earnings
- $1.1B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 16.3%
- Net
- 15.8%
- Free cash flow
- 23.8%
- Owner earnings
- 20.8%
- Stock pay
- 3.0%
Returns
- ROIC, FY2025
- 10.8%
- ROIC, 5 yr avg
- 21.2%
- ROE, FY2025
- 14.5%
- ROE, 5 yr avg
- –
Growth (CAGR)
- Revenue, 3 yr
- -0.3%
- Revenue, 5 yr
- 5.0%
- Revenue, 9 yr
- 7.0%
- Diluted EPS, 3 yr
- -7.4%
- Diluted EPS, 5 yr
- 8.2%
- Diluted EPS, 9 yr
- 10.8%
- Free cash flow, 3 yr
- 10.1%
- Free cash flow, 5 yr
- 7.3%
- Free cash flow, 9 yr
- 16.3%
Financial health · FY2025
- Cash and investments
- $1.9B
- Total debt
- $2.5B
- Net debt
- $661.0M
- Debt/Equity
- 0.4x
- Debt/FCF
- 2.0x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- -1.8%
Financials: ten years from the 10-Ks
Revenue
$5.4B
+7.0% a year over 9 years
FY2016FY2025
Margins
Operating16.3%Net15.8%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$1.3BOwner earnings$1.1B
Free cash flow +16.3% a year
FY2016FY2025
Diluted shares
173.0M
+0.6% over 9 years, net dilution
FY2016FY2025
Return on invested capital
10.8%
FY2025
FY2016FY2025
Net debt (below zero)
-$661.0M
$661.0M more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $2.9B | $3.2B | $3.9B | $4.3B | $4.2B | $4.9B | $5.4B | $5.5B | $5.0B | $5.4B |
| Revenue growth | 2.2% | 9.3% | 21.6% | 11.0% | -1.9% | 17.1% | 9.7% | 0.8% | -8.9% | 8.0% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 13.9% | 4.6% | -10.2% | 16.5% | 18.1% | 21.9% | 24.6% | 24.9% | 16.7% | 16.3% |
| Net income | – | – | – | – | – | – | $1.1B | $1.1B | $614.0M | $850.0M |
| Net margin | – | – | – | – | – | – | 20.7% | 19.3% | 12.3% | 15.8% |
| Diluted EPS | $1.95 | $0.56 | $0.86 | $3.25 | $3.31 | $4.78 | $6.18 | $5.91 | $3.51 | $4.91 |
| Return on invested capital? | 21.0% | 3.6% | – | 19.3% | 18.9% | 27.1% | 29.8% | 26.6% | 11.6% | 10.8% |
| Cash | ||||||||||
| Operating cash flow | $420.0M | $328.0M | $555.0M | $998.0M | $1.0B | $1.3B | $1.1B | $1.4B | $1.1B | $1.4B |
| Capital expenditure | $91.0M | $72.0M | $132.0M | $120.0M | $117.0M | $174.0M | $185.0M | $197.0M | $154.0M | $128.0M |
| Free cash flow | $329.0M | $256.0M | $423.0M | $878.0M | $899.0M | $1.1B | $959.0M | $1.2B | $898.0M | $1.3B |
| Stock-based compensation | $49.0M | $56.0M | $59.0M | $82.0M | $92.0M | $103.0M | $125.0M | $135.0M | $137.0M | $162.0M |
| Owner earnings? | $280.0M | $200.0M | $364.0M | $796.0M | $807.0M | $1.0B | $834.0M | $1.1B | $761.0M | $1.1B |
| Free cash flow per share | $1.91 | $1.41 | $2.21 | $4.60 | $4.76 | $6.14 | $5.27 | $6.77 | $5.13 | $7.40 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | $62.0M | $0 | $120.0M | $159.0M | $411.0M | $673.0M | $849.0M | $702.0M | $439.0M | $375.0M |
| Diluted shares | 172.0M | 182.0M | 191.0M | 191.0M | 189.0M | 187.0M | 182.0M | 179.0M | 175.0M | 173.0M |
| Share count change? | 0.6% | 5.8% | 4.9% | 0.0% | -1.0% | -1.1% | -2.7% | -1.6% | -2.2% | -1.1% |
| Balance sheet | ||||||||||
| Cash and equivalents | $783.0M | $818.0M | $913.0M | $1.6B | $1.8B | $2.1B | $2.0B | $2.5B | $1.8B | $1.9B |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | $1.1B | $2.0B | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B | $1.8B | $2.5B |
| Net debt | $310.0M | $1.2B | $877.0M | $190.0M | $33.0M | -$261.0M | -$249.0M | -$678.0M | -$6.0M | $661.0M |
| Shareholders' equity | $1.5B | $2.3B | $2.4B | $3.0B | $3.3B | $3.8B | $4.2B | $4.7B | $5.1B | $5.9B |
Latest filings
| 2026-09-02 | 10-Q | Quarterly report |
| 2026-08-18 | 8-K | Earnings release |
| 2026-06-04 | 10-Q | Quarterly report |
| 2026-05-19 | 8-K | Earnings release |
| 2026-03-05 | 10-Q | Quarterly report |
| 2026-02-23 | 8-K | Earnings release |
| 2026-01-26 | DEF 14A | Proxy statement |
| 2025-12-17 | 10-K | Annual report |
| 2025-11-24 | 8-K | Earnings release |
| 2025-08-29 | 10-Q | Quarterly report |
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