Keysight Technologies, Inc. (KEYS) is listed on NYSE and operates in the Hardware, Equipment & Parts industry (Technology sector).
Keysight Technologies, Inc. provides electronic design and test solutions to commercial communications, networking, aerospace, defense and government, automotive, energy, semiconductor, electronic, and education industries in the Americas, Europe, and the Asia Pacific. Its Communications Solutions Group segment provides electronic design automation (EDA) software; radio frequency and microwave test solutions, and related software; hardware and virtual network test platforms and software applications, including data center, routing and switching, software defined networking, security, and encryption; oscilloscopes, logic and serial protocol analyzers, logic-signal sources, arbitrary waveform generators, and bit error rate testers; and optical modulation analyzers, optical component analyzers, optical power meters, and optical laser source solutions, as well as resells refurbished used Keysight equipment. The company's Electronic Industrial Solutions Group segment offers design tools; design verification tools; and digital multimeters, function generators, frequency counters, data acquisition systems, audio analyzers, LCR meters, thermal imagers, source measure units, ultra-high precision device current analyzers, and test executive software platforms, as well as various power supplies comprising AC/DC modular supplies and electronically programmable loads. This segment also provides printed-circuit-board-assembly testers, integrated circuit parametric testers, and sub-nano-...
| Rating | Analysts |
|---|---|
| Strong Buy | 0 |
| Buy | 12 |
| Hold | 3 |
| Sell | 0 |
| Strong Sell | 0 |
Keysight Technologies, Inc., founded in 1939 and headquartered in Santa Rosa, California, operates in the technology sector, specifically within the hardware, equipment, and parts industry. The company provides electronic design and test solutions across various industries, including commercial communications, networking, aerospace, defense, automotive, energy, semiconductor, and education in the Americas, Europe, and the Asia Pacific.
Keysight's Communications Solutions Group offers electronic design automation software, radio frequency and microwave test solutions, network test platforms, and software applications. This includes tools for data centers, routing, switching, and security, as well as oscilloscopes, analyzers, waveform generators, and optical test solutions.
The Electronic Industrial Solutions Group provides design and verification tools, digital multimeters, function generators, and power supplies. It also offers printed-circuit-board-assembly testers, integrated circuit testers, and test and measurement products. Keysight supports its products with technical support, training, and consulting services. The company distributes its products through a direct sales force, distributors, resellers, and manufacturer's representatives.
Over the past three fiscal years, the company has experienced a mixed performance across various financial metrics. Revenue showed inconsistency, declining at a CAGR of -0.8% from $5.46 billion in 2023 to $5.38 billion in 2025. Despite this revenue fluctuation, the company maintained strong cash generation, with free cash flow (FCF) increasing from $1.21 billion to $1.28 billion, reflecting a robust FCF margin expansion of 1.7pp to 23.8%. Profitability metrics, however, faced pressure; the operating margin decreased by 7.2pp from 24.9% to 17.6%, and the net margin declined by 3.6pp, ending at 15.7%. This margin compression was accompanied by a decrease in earnings per share (EPS), which fell from $5.91 to $4.88, a decline of 9.1% CAGR. The company's net debt position shifted significantly, increasing from a net cash position of -$446 million in 2023 to a net debt of $1.1 billion by 2025, indicating a substantial increase in leverage. Despite these challenges, the company demonstrated efficient capital management, with a consistent decrease in capex intensity to 2.4% and an improvement in working capital efficiency, as evidenced by a reduction in the cash conversion cycle to 187 days. The company's cash conversion ratio remained strong at 1.67, suggesting that earnings are well-supported by actual cash flows.
Recent news for Keysight Technologies centers around insider and institutional trading activity. Asset Management One Co. Ltd. sold 3,819 shares, while Fortis Capital Advisors LLC acquired 5,528 shares, valued at approximately $1,123,000. Additionally, Chicago Capital LLC reduced its stake by 3% during the fourth quarter, with holdings valued at $897,000. Empirical Financial Services LLC purchased 8,335 shares, and Compagnie Lombard Odier SCmA acquired 4,167 shares. These transactions reflect routine portfolio adjustments and do not necessarily indicate a shift in the company's outlook. Furthermore, Keysight reported a strong fiscal first quarter of 2026, with revenue reaching $1.6 billion, marking a 23% year-over-year increase, and record orders. The company's wireline revenue surpassed wireless revenue for the first time, driven by demand for 800G and 1. In strategic developments, Keysight and Sateliot won a European Space Agency and GSMA Foundry Challenge for 6G innovation, and the company added assembly simulation to its virtual manufacturing portfolio. These developments highlight Keysight's ongoing growth and strategic positioning in the technology sector.