KEYSNYSEIndustrial Instruments For Measurement, Display, and ControlFiscal year ends October 31
Keysight Technologies, Inc.
Financials through Q3 FY2026, quarter ended Jul 31, 2026Last filing: 10-Q on Sep 2, 2026
$335.86+4.65 (+1.40%)
Close on Oct 19, 2026
- Market cap
- $58.10B
- P/E (TTM)
- 46.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
62.1%+2.1 pts over 5 years
Operating margin
16.3%−1.8 pts over 5 years
Net margin
15.8%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.0% | -0.3% | +5.0% | +6.5% | |
| Gross profit | +6.5% | -1.1% | +5.7% | +7.7% | |
| Operating income | +5.2% | -13.1% | +2.7% | +7.4% | |
| Net income | +38.4% | -8.9% | – | – | |
| EPS, diluted | +39.9% | -7.4% | +8.2% | +5.0% | |
| Free cash flow | +42.7% | +10.1% | +7.3% | +16.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 15.5% | |
| Return on assets | – | – | 8.3% | |
| Current ratio | 2.88 | 3.12 | 2.35 | |
| Debt to equity | 0.72 | 0.54 | 0.43 | |
| Net debt to EBITDA | 0.57× | – | – | |
| Interest coverage | 8.6× | 9.8× | 9.1× | |
| Inventory turnover | 2.7× | 2.3× | 2.0× | |
| Capex to revenue | 3.1% | 2.8% | 2.4% | |
| Diluted shares | 172M | 189M | 173M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Keysight Technologies generated $6.34B from operations and spent $3.88B on capital expenditure, dividends and share buybacks. 22% of that went back into the business.
Generated
$6.34B
Used
$3.88B
Capital expenditure$838.00M22%Dividends$00%Share buybacks$3.04B78%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin15.8%
×Asset turnover0.52×
×Equity multiplier1.87×
=Return on equity, FY202515.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 15.8% | 0.52× | 1.87× | 15.5% |
| FY2024 | 12.3% | 0.55× | 1.84× | 12.6% |
| FY2023 | 19.3% | 0.65× | 1.90× | 24.0% |
| FY2022 | 20.7% | 0.68× | 2.00× | 28.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$850.00M
- Cash generatingOperating cash flow above zero$1.41B
- Return on assets improvedROA up on the prior year7.1% → 9.2%
- Earnings backed by cashOperating cash flow above net income$1.41B vs $850.00M
- Less leverageLong-term debt to assets fell19.3% → 22.4%
- Better liquidityCurrent ratio rose2.98 → 2.35
- No dilutionShare count did not rise175M → 173M
- Gross margin improvedGross margin up on the prior year62.92% → 62.08%
- More efficientAsset turnover rose0.57 → 0.58