FirmAtlas
Company handbook · KEYS · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
KEYS · CIK 1601046 · LATEST FILING: 10-Q JUL '26 · FILED SEP 2, 2026
KEYSIGHT TECHNOLOGIES, INC.
$331.21
−10.87 (−3.18%)
Close, Oct 16, 2026 · 52-week $161–390
Last fiscal year
KEYSIGHT TECHNOLOGIES, INC. reported revenue of $5.4B for the year ended Oct 31, 2025 (FY25), up 8.0% from FY24. Net income was $850M, operating cash flow $1.4B and free cash flow $1.3B. Source: 10-K filed Dec 17, 2025.
Market cap
$57.3B
P/E
45.5
EV/EBITDA
57.5x
P/B
8.7
ROIC
12.1%
Revenue 1Y
8.0%/yr
EPS 1Y
39.9%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOSatish C. Dhanasekaran
HQSanta Rosa, CA
AuditorPricewaterhouseCoopers LLP
Employees16,800
Year endsOctober
Revenue by segment · FY25
Communications Solutions Group69%
Electronic Industrial Solutions Group31%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
26.5%
14.4%
36.1%
103.9%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.8B deployed
Capex
$282M
7.4%
Acquisitions
$2.7B
71.2%
Buybacks
$814M
21.4%
Operating cash flow over the period: $2.5B. Total debt changed by +$744M. R&D of $1.9B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Oct 31, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jul '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
4,979
5,375+8.0%
6,582
YoY
+8.0%
Gross profit
3,133
3,337+6.5%
4,258
Gross margin
62.9%
62.1%−0.8 pp
—
Operating income
833
876+5.2%
1,333
Operating margin
16.7%
16.3%−0.4 pp
—
EBITDA
959
1,007+5.0%
—
EBITDA margin
19.3%
18.7%−0.5 pp
—
Interest expense
84
96+14.3%
—
Interest coverage
11.42x
10.49x−0.93x
—
Net income
614
850+38.4%
1,260
YoY
+38.4%
Net margin
12.3%
15.8%+3.5 pp
—
EPS (diluted, $)
3.51
4.91+39.9%
7.30
YoY
+39.9%
Balance sheet
Total assets
9,269
11,301+21.9%
11,921
Cash & short-term investments
1,814
1,890+4.2%
—
Accounts receivable
857
939+9.6%
—
Inventory
1,022
1,050+2.7%
—
Net PP&E
774
795+2.7%
—
Other assets
4,802
6,627+38.0%
—
Total liabilities
4,164
5,420+30.2%
5,350
Accounts payable
313
355+13.4%
—
Total debt
1,790
2,534+41.6%
3,217
Other liabilities
2,061
2,531+22.8%
—
Shareholders’ equity
5,105
5,881+15.2%
6,571
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,052
1,409+33.9%
1,604
Net income
618
850+37.5%
—
Depreciation & amortization
126
131+4.0%
—
Stock-based compensation
137
162+18.2%
—
Working capital & other
171
266+55.6%
—
Cash from investing
(819)
(1,727)n/m
—
Capex
(154)
(128)n/m
—
Acquisitions
(681)
(2,022)n/m
—
Investments bought
(11)
—
—
Other investing
27
423+1466.7%
—
Cash from financing
(913)
385n/m
—
Debt raised
599
748+24.9%
—
Debt repaid
(624)
0n/m
—
Buybacks
(439)
(375)n/m
—
Other financing
(449)
12n/m
—
Net change in cash
(674)
76n/m
—
Free cash flow (OCF − capex)
898
1,281+42.7%
1,469
Where the cash went
Operating cash flow
1,052
1,409+33.9%
1,604
Reinvested in the business
835
2,150+157.5%
—
% of operating cash flow
79.4%
152.6%
Capex
154
128−16.9%
135
Acquisitions
681
2,022+196.9%
—
R&D (memo, already in costs)
919
1,007+9.6%
—
Free cash flow
898
1,281+42.7%
1,469
YoY
+42.7%
Returned to shareholders
439
375−14.6%
—
% of free cash flow
48.9%
29.3%
Buybacks
439
375−14.6%
—
Change in total debt
—
744
—
Cash left over
—
(372)
—
FCF conversion (FCF ÷ net income)
146.3%
150.7%+4.5 pp
—
Owner earnings
—
785
—
Owner earnings margin
—
14.6%
—
Returns & ratios
ROIC (all capital)
11.6%
12.1%+0.5 pp
—
ROIC (operating)
25.3%
29.5%+4.2 pp
—
Net debt / EBITDA
−0.03x
0.64x+0.66x
—
Debt / equity
0.35x
0.43x+0.08x
—
Cash conversion cycle (days)
203
188−15 d
—
ROE
12.0%
14.5%+2.4 pp
—
ROA
6.6%
7.5%+0.9 pp
—
ROCE
10.6%
9.3%−1.4 pp
—
NOPAT
591
704+19.0%
—
Invested capital (operating)
2,340
2,429+3.8%
—
Invested capital (all)
5,081
6,525+28.4%
—
Reinvestment rate
—
12.7%
—
Debtor days
63
64+1 d
—
Inventory days
202
188−14 d
—
Days payable
62
64+2 d
—
Income
Oct '25
Jan '26
Apr '26
Jul '26
Revenue
1,419
1,600
1,717
1,846
vs year-ago quarter
Gross profit
869
995
1,178
1,216
Gross margin
61.2%
62.2%
68.6%
65.9%
Operating income
217
248
407
461
Net income
233
281
349
397
vs year-ago quarter
Net margin
16.4%
17.6%
20.3%
21.5%
EPS (diluted, $)
1.35
1.63
2.02
2.30
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
Apr '26
Jul '26
Total assets
11,301
11,481
11,738
11,921
Cash & equivalents
1,890
2,195
2,430
2,622
Total debt
2,534
2,534
3,230
3,217
Shareholders’ equity
5,881
6,205
6,331
6,571
Cash flow
Oct '25
Jan '26
Apr '26
Jul '26
Operating cash flow
225
441
501
437
Capex
38
34
29
34
Free cash flow
187
407
472
403
vs year-ago quarter