Keysight Technologies (KEYS) stock
Information Technology · Electronic Equipment & Instruments
Keysight Technologies (KEYS) is an Electronic Equipment & Instruments company in the Information Technology sector, headquartered in Santa Rosa, California. As of October 23, 2026, KEYS closed at $314.77, a market capitalization of $53.59 billion, the 224th largest company in the S&P 500. Over the last twelve months it generated $6.58 billion in revenue (+36% year over year) and $1.47 billion in free cash flow. The stock trades at 42.6x trailing earnings and 22.6x forward earnings.
- 1-year total return: +86.9% (dividends reinvested)
- 5-year return: +12.3% a year
- 52-week range: $165.06 – $389.93
- Gross margin 63.3%, operating margin 25.7%
- FI Handbook report card: B across 10 metrics
- 43rd largest of 75 Information Technology stocks in the S&P 500
KEYS price chart
1Y price change: +86.9% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| KEYS | -10.9% | +54.9% | +86.9% | +37.2% | +12.3% | +25.5% | +22.2% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2014.
KEYS key statistics
- Market cap
- $53.6B
- #224 in S&P 500
- P/E (TTM)
- 42.6x
- Forward P/E
- 22.6x
- EPS (TTM)
- $7.39
- Revenue (TTM)
- $6.6B
- +37%
- Free cash flow
- $1.5B
- Gross margin
- 63.3%
- Operating margin
- 25.7%
- Return on equity
- 20.9%
- Dividend yield
- None
- 52-week range
- $165.06 – $389.93
- Beta
- 1.18
- Price / sales
- 8.1x
- EV / EBITDA
- 31.7x
- Debt / equity
- 0.42x
- Employees
- 16,600
KEYS report card
BTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth36.5%A
- Gross margin63.3%A
- Operating margin25.7%B
- FCF margin22.3%B
- Return on equity20.9%B
- Net debt / EBITDA0.1xB
- Forward P/E22.6xC
- PEG ratio0.7xA
- Shareholder yield0.7%D
- Share count change / yr-1.8%B
Keysight Technologies financials
Revenue went from $2.9B in fiscal 2016 to $5.4B in fiscal 2025, growing 7.0% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B | $3.2B | $3.9B | $4.3B | $4.2B | $4.9B | $5.4B | $5.5B | $5.0B | $5.4B |
| Gross profit | $1.6B | $1.7B | $2.1B | $2.5B | $2.5B | $3.1B | $3.5B | $3.5B | $3.1B | $3.3B |
| Operating income | $406.0M | $148.0M | -$394.0M | $711.0M | $765.0M | $1.1B | $1.3B | $1.4B | $833.0M | $876.0M |
| Net income | $335.0M | $102.0M | $165.0M | $621.0M | $627.0M | $894.0M | $1.1B | $1.1B | $614.0M | $850.0M |
| EPS (diluted) | $1.95 | $0.56 | $0.86 | $3.25 | $3.31 | $4.78 | $6.18 | $5.91 | $3.51 | $4.91 |
| Free cash flow | $329.0M | $256.0M | $423.0M | $878.0M | $899.0M | $1.1B | $959.0M | $1.2B | $898.0M | $1.3B |
| Buybacks | $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 |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into KEYS?
A reverse DCF asks what growth the current price requires. With an enterprise value of $53.7B and $1.5B of trailing free cash flow, Keysight Technologies needs to grow free cash flow about 26.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 7.3% a year over the last five years.
P/E ratio history
Current 64.1x vs. median 30.7x (10th–90th percentile 13.0x–100.0x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
KEYS analyst price targets
12 analysts' average 12-month target is $418.00 (+33% vs. $314.77). Targets range from $350.00 to $487.00. 83% rate it a buy.
KEYS earnings
Next report: November 24, 2026. Keysight Technologies has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $1.8B (+37% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 18, 2026 | $2.48 | $3.07 | +23.7% |
| May 19, 2026 | $2.32 | $2.87 | +23.7% |
| Feb 23, 2026 | $2.00 | $2.17 | +8.8% |
| Nov 24, 2025 | $1.85 | $1.91 | +3.0% |
| Aug 19, 2025 | $1.67 | $1.72 | +2.9% |
| May 20, 2025 | $1.65 | $1.70 | +3.3% |
| Feb 25, 2025 | $1.69 | $1.82 | +7.6% |
| Nov 19, 2024 | $1.57 | $1.65 | +5.0% |
Stocks like KEYS
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|---|---|---|---|---|---|
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KEYS news
- How Rare Is Keysight's Record Sales Growth? · Oct 23, 2026
- Keysight and KTL Advance NR-NTN Validation for Satellite Connectivity · Oct 22, 2026
- Why This AI Play — An Nvidia, Amazon Supplier — Is Outpacing The S&P · Oct 15, 2026
- Keysight Expands Active and Passive 1.6T Copper Interconnect Validation for Scale-Out Data Centers · Oct 14, 2026
- Keysight Expands 1.6T Ethernet Validation Across Edge Routing, High-Density Switching, and AI Workload Emulation · Oct 13, 2026
KEYS stock FAQ
What is KEYS's market cap?
Keysight Technologies's market capitalization is $53.59 billion as of October 23, 2026, ranking 224th in the S&P 500.
What is KEYS's P/E ratio?
KEYS trades at a trailing price-to-earnings ratio of 42.6x and a forward P/E of 22.6x. Its median P/E over the period we track is 30.7x.
Does KEYS pay a dividend?
No. Keysight Technologies does not currently pay a regular cash dividend.
How much has KEYS stock returned?
Including reinvested dividends, KEYS returned +86.9% over one year, +12.3% a year over five years, +25.5% a year over ten years through October 23, 2026.
Is KEYS stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Keysight Technologies must grow free cash flow about 26% a year for the next decade. Its free cash flow grew 7% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the KEYS price target?
12 analysts cover KEYS with an average 12-month price target of $418.00, +33% from the current price. 83% of them rate it a buy.
When does KEYS report earnings?
Keysight Technologies is expected to report earnings on November 24, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Keysight Technologies have?
Keysight Technologies has about 16,600 full-time employees, or $396,506 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology