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KEYS

Keysight Technologies, Inc.

KEYS

Keysight Technologies, Inc. • NYSE
$197.95 ▲ 0.90% (+1.76)
Market Cap $34.02 B
52w High $201.50
52w Low $121.43
Dividend Yield 0%
P/E 39.35
Volume 829.71K
Outstanding Shares 171.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $1.419B ▲ $652M ▲ $229M ▲ 16.138% ▲ $1.32 ▲ $397M ▲
Q3-2025 $1.352B ▲ $530M ▼ $191M ▼ 14.127% ▼ $1.11 ▼ $335M ▼
Q2-2025 $1.306B ▲ $607M ▲ $257M ▲ 19.678% ▲ $1.49 ▲ $408M ▲
Q1-2025 $1.298B ▲ $602M ▲ $169M ▲ 13.02% ▲ $0.98 ▲ $285M ▼
Q4-2024 $1.287B $572M $-73M -5.672% $-0.42 $339M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $1.873B ▼ $11.293B ▲ $5.416B ▲ $5.877B ▲
Q3-2025 $2.636B ▼ $10.651B ▲ $4.981B ▼ $5.67B ▲
Q2-2025 $3.118B ▲ $10.535B ▲ $5.058B ▲ $5.477B ▲
Q1-2025 $2.06B ▲ $9.387B ▲ $4.2B ▲ $5.187B ▲
Q4-2024 $1.796B $9.269B $4.164B $5.105B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $229M ▲ $225M ▼ $-1.63B ▼ $-102M ▼ $-746M ▼ $225M ▼
Q3-2025 $191M ▼ $322M ▼ $-31M ▲ $-28M ▼ $-482M ▼ $381M ▼
Q2-2025 $257M ▲ $484M ▲ $-33M $589M ▲ $1.058B ▲ $457M ▲
Q1-2025 $169M ▲ $378M ▲ $-33M ▲ $-74M ▲ $263M ▲ $346M ▲
Q4-2024 $-73M $359M $-38M $-160M $165M $321M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Communications Solutions Group
Communications Solutions Group
 $890.00M ▲$880.00M ▼$910.00M ▲$940.00M ▲
Electronic Industrial Solutions Group
Electronic Industrial Solutions Group
 $390.00M ▲$410.00M ▲$390.00M ▼$410.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the longer term but has recently dipped from its peak, suggesting a pause or slowdown after several strong years. Profitability is still healthy, but operating income and net income have fallen from prior highs, pointing to some pressure on margins and earnings. This pattern is typical of a company exposed to technology investment cycles: results can be very strong when customers are ramping up spending, and softer when they pause or adjust budgets. Overall, the income statement shows a solid, profitable business that is currently working through a weaker phase compared with its recent peak years.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and has been gradually strengthening. Total assets and shareholder equity have both been rising, which indicates that the company is building its asset base and net worth over time. Debt levels have been fairly steady, not racing ahead of growth, which suggests a measured approach to leverage. Cash levels are still sizable, even though they have come down from a previous high, so the company appears to have a reasonable financial cushion. In short, the balance sheet reflects a business with meaningful resources and moderate financial risk.

Cash Flow

Cash Flow Keysight consistently generates more cash from its operations than it spends on investments in property and equipment, which results in positive free cash flow every year shown. While cash flow from operations has eased from its strongest year, it remains robust relative to the size of the business. Capital spending is quite disciplined and does not appear to strain cash generation. This steady free cash flow gives the company flexibility to fund R&D, make acquisitions, and manage debt without relying heavily on external financing.

Competitive Edge

Competitive Edge Keysight occupies a strong niche in electronic design and test equipment, with particular strength in high‑frequency wireless, aerospace and defense, and advanced digital and optical communications. Its reputation for precision and reliability, built over decades from its Hewlett‑Packard roots, supports deep, long‑term relationships with engineering‑driven customers. The company’s broad portfolio—spanning instruments, software, and services—lets it act as a one‑stop partner rather than just a box supplier. High switching costs, due to entrenched workflows and training, help defend its position. The main competitive risks are intense global competition, rapid technology shifts, and the need to continually refresh its offerings to stay ahead.

Innovation and R&D

Innovation and R&D Keysight has deliberately shifted toward a software‑centric model, with platforms like PathWave tying together simulation, design, and test in a unified environment. This approach increases customer stickiness and turns what used to be one‑off hardware sales into more integrated, long‑term relationships. The company is investing in frontier areas such as 6G, quantum computing, EVs and autonomous vehicles, and high‑speed data centers, aiming to be the test partner of choice as these technologies mature. In‑house chip fabrication and a series of targeted acquisitions in software, networking, and optical design deepen its technology stack. The opportunity is significant, but so are the execution risks—particularly integrating acquisitions and keeping up with very fast innovation cycles.

Summary

Keysight looks like a fundamentally strong, cash‑generative technology company that has moved beyond being a traditional instrument maker toward a software‑driven solutions provider. Financially, it shows a pattern of solid growth and profitability over time, with a recent cooling from peak revenue and earnings levels that likely reflects the ebb and flow of customer investment cycles rather than a structural breakdown. The balance sheet and cash flows provide resilience and flexibility. Strategically, its competitive moat rests on technical leadership, integrated software, and high switching costs, all focused on major long‑term themes like 6G, AI‑driven data centers, EVs, and quantum. Key things to watch are how quickly demand rebounds from current softness, the pace of adoption in these emerging areas, and the company’s ability to continually innovate without overreaching on acquisitions or stretching its resources.

NEWS

November 24, 2025 · 4:05 PM UTC

Keysight Technologies Reports Fourth Quarter and Fiscal Year 2025 Results

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November 20, 2025 · 4:05 PM UTC

Keysight Announces New Board Member

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November 19, 2025 · 11:00 AM UTC

Keysight Introduces Scalable In-Line Flash Programming System for High-Volume Electronics Manufacturing

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November 18, 2025 · 11:00 AM UTC

Keysight Introduces Scalable, Modular, All-in-One Testing Solution to Accelerate High-Volume PCBA Manufacturing

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November 18, 2025 · 8:00 AM UTC

Armis Streamlines Network and Security Operations by Utilizing Keysight's Application Fusion Platform

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