# Keysight Technologies, Inc. (KEYS) — Stock CV

Keysight Technologies, Inc. is a $65.2B technology company. Revenue grew 25.5% over the last year, it keeps 19¢ of every dollar of sales as profit, and its net debt equals ~0.4 years of free cash flow. It trades at 51.7× earnings — in the most expensive third of its own history.

> Keysight Technologies is a leader in the field of testing and measurement, helping electronics OEMs and suppliers alike bring products to market to fit industry standards and specifications.

## Identity

- **Ticker**: KEYS
- **Sector**: Technology
- **Industry**: Industrial Instruments For Measurement, Display, And Control
- **Headquarters**: SANTA ROSA, CA
- **Employees**: 16 600
- **Website**: https://www.keysight.com
- **Market cap**: $65.2B
- **Last price**: $382.75
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $6.58B
- **Net income**: $1.26B
- **Free cash flow**: $1.47B
- **Net debt**: $661M
- **P/E**: 51.7
- **Revenue growth (YoY)**: 25.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 17 |
| Growth | 43 |
| Profitability | 72 |
| Health | 70 |
| Quality | 85 |
| Moat | 82 |

## Qualifications (beginner checklist) — 7 of 10 passed

- [x] Revenue growing — +25.5% YoY
- [x] Profitable — $1.26B TTM
- [ ] Profit growing — -7.3% YoY
- [x] Generates cash — $1.47B TTM
- [x] Debt under control — ~0.4y of cash flow to repay
- [x] Established company — $65.2B market cap
- [x] Not printing shares — -8.5% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 50/100
- [ ] Valuation not extreme — P/E 51.7

## Experience (career milestones)

- **Oct 15, 2025** — The sale closed October 15, 2025, including the regulatory required spin-off of three divisions
- **2025** — Keysight acquired Synopsys Optical Solutions Group, an optical design and analysis software platform, from Synopsys,…
- **2024** — Keysight outbid Viavi Solutions in 2024 to acquire British telecommunications testing company Spirent for $1.5 billion
- **2023** — The company acquired France-based ESI Group for approximately $1 billion
- **FY2022** — Best year on record: $1.12B net income
- **FY2021** — Became debt-free: cash now exceeds total debt
- **2021** — It acquired California-based Scalable Network Technologies in 2021 to expand its software and digital twin capabilities
- **2019** — Additionally, Keysight acquired Prisma Telecom Testing Srl in 2019 for $90 million
- **2017** — Keysight acquired data technology company Ixia, including its network security solution BreakingPoint, for…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.92B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — It acquired Signadyne, a quantum-focused modular measuring equipment company incubated by the ICFO…
- **2015** — Keysight acquired British electronic measurement instrument maker Anite in 2015 for £388 million ($607 million)
- **2014** — ), Keysight expanded its multi-vendor calibration offerings by…

## Strengths

- High gross margin (64.7%)
- Revenue growing 25.5% year over year
- Strong cash conversion — FCF is 22.3% of revenue
- Interest covered 55.3× by operating earnings

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.94B | $894M | $1.15B |
| FY2022 | $5.42B | $1.12B | $959M |
| FY2023 | $5.46B | $1.06B | $1.21B |
| FY2024 | $4.98B | $614M | $898M |
| FY2025 | $5.38B | $850M | $1.28B |

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Source: https://stockcv.com/KEYS — derived from company filings; may be delayed or incomplete. Information, not investment advice.