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Keysight Technologies

KEYS on NYSE. Keysight sells design and test tools, software, and services to electronics and communications companies. Market value $65.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to October 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Technology stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to July 2026
2.2%low

For every $100 of what the whole company costs, it produced $2.22 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to July 2026
49.5×full

You pay 49.5 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to October 2025
24.2%five-year median

Each dollar kept in the business earns 24 cents a year. Above 10 is good.

Quality score: 99 of 100. Price score: 22 of 100. Our list needs 70 on quality and 60 on price.

$388.03 a share, 144% above its 1-year low

Over the past year the price has ranged from $158.79 to $389.93.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

1.1
1.0
1.2
0.9
1.3
1.5
2021202220232024202512 monthsto Jul '26
Revenue
$4.9bn$5.4bn$5.5bn$5.0bn$5.4bn
Operating margin
21.9%24.6%24.9%16.7%16.3%
Debt to equity
0.470.430.390.350.43
Shares outstanding
0.18bn0.18bn0.17bn0.17bn0.17bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)4 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.43× equity
  • Revenue growth, five yearsSlow, 5.0% a year
  • Buying back its own sharesYes, 5% fewer since 2021

The quarter to July 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $1.8 billion last quarter, up 37% on a year ago.
  • Profit: $397 million, up 108% on a year ago.
  • It keeps 20 cents of each $1 of sales as operating profit, up from 17 cents a year earlier.
  • Spare cash over the past 12 months: $1.5 billion, up from $1.4 billion.
  • About the same number of shares as a year ago.
  • It has $88 million more cash than debt, down from $103 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
October 2024$1.3bn
January 2025$1.3bn
April 2025$1.3bn
July 2025$1.4bn
October 2025$1.4bn
January 2026$1.6bn
April 2026$1.7bn
July 2026$1.8bn
Profit by quarter
Profit by quarter
Quarter toAmount
October 2024-$73m
January 2025$169m
April 2025$257m
July 2025$191m
October 2025$233m
January 2026$281m
April 2026$349m
July 2026$397m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
24 November 2026
Last annual report (10-K)
17 December 2025
Next quarterly (estimated, 10-Q)
2 December 2026

Who owns it

12 long-term investors we follow own it, up from 10 last quarter. 1,253 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 13 sold $34m, $16m of it under preset trading plans.

  • Dhanasekaran Satish
    President and CEO, Director
    Sold
    Date
    30 September 2026
    Shares
    3,000
    Price
    $364.13
    Value
    $1m
  • POOLE LISA M.
    VP and Controller
    Sold
    Date
    23 September 2026
    Shares
    200
    Price
    $348.01
    Value
    $69,602
  • Dougherty Neil
    EVP and CFO
    Sold
    Date
    21 September 2026
    Shares
    2,000
    Price
    $340.79
    Value
    $681,570
  • Estrada Ingrid A
    SVP
    Sold
    Date
    4 September 2026
    Shares
    2,000
    Price
    $326.10
    Value
    $652,200
  • NYE JEAN MCCLUNG
    Director
    Sold
    Date
    21 August 2026
    Shares
    3,000
    Price
    $319.22
    Value
    $957,660
  • Estrada Ingrid A
    SVP
    Sold
    under a preset trading plan
    Date
    20 August 2026
    Shares
    2,000
    Price
    $314.66
    Value
    $629,320
  • Estrada Ingrid A
    SVP
    Sold
    under a preset trading plan
    Date
    30 June 2026
    Shares
    2,000
    Price
    $340.87
    Value
    $681,740
  • Dhanasekaran Satish
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    25 June 2026
    Shares
    507
    Price
    $361.32
    Value
    $183,189
  • CULLEN JAMES
    Director
    Sold
    Date
    2 June 2026
    Shares
    3,000
    Price
    $346.58
    Value
    $1m
  • HAMADA RICHARD P
    Director
    Sold
    Date
    30 March 2026
    Shares
    870
    Price
    $275.78
    Value
    $239,929

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Dec 2025, plus the 10-Q filed 2 Sep 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 49.5× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.