# Keysight Technologies, Inc. (KEYS)

> Source: Nexqual · https://nexqual.com/KEYS · data as of 2026-10-22 20:01 UTC · cite as "Nexqual, Keysight Technologies, Inc. (KEYS), nexqual.com/KEYS" · informational, not investment advice.

**Price:** USD 311.52 (-8.74% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 341.35 · day 309.53–332.42 · 52w 164.53–389.93 · market cap $53.0B · NYQ

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $6.58B, net income $1.26B (19.1% margin), free cash flow $1.47B (SEC filings).
- Valuation: P/E 42.1x (avg 33.5x at the last 3 fiscal year-ends), EV/EBITDA 35.7x, net cash $88.0M.
- 5 of 80 tracked superinvestors hold KEYS (13F, Q2 2026): 2 new, 0 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $6.0M; 6 not under a Rule 10b5-1 plan ($4.5M); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.92 on a 1–5 scale) (12 analysts), mean target USD 418 (range 350–487).
- Total return with dividends: 1Y +85.0% vs S&P 500 +14.9%; 5Y +76.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-24, EPS estimate USD 3.38, revenue estimate $1.95B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.94B | $5.42B | $5.46B | $4.98B | $5.38B | $6.58B |
| Gross profit | $3.07B | $3.45B | $3.53B | $3.13B | $3.34B | — |
| Operating income | $1.08B | $1.33B | $1.36B | $833M | $876M | $1.33B |
| Net income | $894M | $1.12B | $1.06B | $614M | $850M | $1.26B |
| EPS (diluted) | $4.78 | $6.18 | $5.91 | $3.51 | $4.91 | — |
| Free cash flow | $1.15B | $959M | $1.21B | $898M | $1.28B | $1.47B |
| Gross margin | 62.1% | 63.7% | 64.6% | 62.9% | 62.1% | — |
| Operating margin | 21.9% | 24.6% | 24.9% | 16.7% | 16.3% | 20.3% |
| Net margin | 18.1% | 20.7% | 19.3% | 12.3% | 15.8% | 19.1% |
| Revenue growth | +17.1% | +9.7% | +0.8% | -8.9% | +8.0% | — |
| Cash + short-term investments | $2.05B | $2.04B | $2.47B | $1.80B | $1.87B | — |
| Total debt | $1.79B | $1.79B | $1.79B | $1.79B | $2.53B | — |
Fiscal years end Oct. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 42.1x · P/S 8.1x · EV/EBITDA 35.7x · EV/Sales 8.0x · P/FCF 36.1x · P/B 8.1x · FCF yield 2.77% · Earnings yield 2.38% · Buyback yield (TTM) 1.16% · Net cash $88.0M · EV $52.9B
P/E at fiscal year-ends: Oct 2025 37.2x, Oct 2024 42.5x, Oct 2023 20.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold KEYS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Daniel Loeb | Third Point | 4.41% | $205M | New position |
| Francois Rochon | Giverny Capital | 1.68% | $50.1M | Reduced -55.7% |
| John Rogers | Ariel Investments | 0.51% | $51.0M | Reduced -28.7% |
| Jensen Investment Management |  | 0.08% | $3.2M | Reduced -46.2% |
| Lee Ainslie | Maverick Capital | 0.01% | $801K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-30 | Dhanasekaran Satish | President and CEO | 3,000 | $1.1M | 2.5% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-23 | Poole Lisa M. | VP and Controller | 200 | $70K | 3.2% | No | Too little history (no open-market trades in 2023) |
| 2026-09-21 | Dougherty Neil | EVP and CFO | 2,000 | $682K | 1.6% | No | Too little history (no open-market trades in 2024) |
| 2026-09-04 | Estrada Ingrid A | SVP | 2,000 | $652K | 1.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-21 | Nye Jean McClung | Director | 3,000 | $958K | 7.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-20 | Estrada Ingrid A | SVP | 2,000 | $629K | 1.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-30 | Estrada Ingrid A | SVP | 2,000 | $682K | 1.9% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-25 | Dhanasekaran Satish | President and CEO | 507 | $183K | 0.4% | Yes (adopted March 26, 2026) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-02 | Cullen James | Director | 3,000 | $1.0M | 12.1% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.92 on a 1–5 scale), 12 analysts; mean target USD 418 (low 350, high 487).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | Goldman Sachs | Target raised | Buy | $452 → $487 |
| 2026-08-19 | JP Morgan | Target raised | Overweight | $400 → $425 |
| 2026-08-19 | Morgan Stanley | Target raised | Overweight | $400 → $425 |
| 2026-08-19 | UBS | Target raised | Buy | $420 → $440 |
| 2026-08-19 | Truist Securities | Target raised | Hold | $376 → $400 |
| 2026-08-19 | Barclays | Target raised | Overweight | $387 → $429 |
| 2026-08-19 | Wells Fargo | Target raised | Overweight | $390 → $405 |
| 2026-08-19 | Susquehanna | Target raised | Positive | $425 → $440 |
| 2026-08-19 | Baird | Target raised | Outperform | $385 → $410 |
| 2026-07-13 | Morgan Stanley | Upgrade | Equal-Weight → Overweight | $350 → $400 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +85.0% | +76.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +85.4% | +12.0% |
| Volatility (annualized) | 44.8% | 35.4% |
| Max drawdown | -20.5% (Jun 2026→Jul 2026) | -42.2% (Dec 2021→Oct 2023) |

## Peers (Scientific & Technical Instruments)
GRMN (Garmin Ltd.) USD 295.4 +1.47% · COHR (Coherent Corp.) USD 207.82 -12.51% · TDY (Teledyne Technologies Incorpora) USD 620.47 -1.53% · FTV (Fortive Corporation) USD 60.05 +2.40% · MKSI (MKS Inc.) USD 196.11 -9.25% · TRMB (Trimble Inc.) USD 64.01 +2.27%

## More
Full page: https://nexqual.com/KEYS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name KEYS in their own reports (relationship from KEYS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | SYNOPSYS INC (SNPS) | 10-K 2025-12-22 | "Our Other product group also includes revenue from Synopsys' Optical Solutions Group through October 17, 2025, the date it was divested to Keysight Technologies, Inc." |

## Revenue by business segment (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Total Segments | $1.85B | 100.0% | +36.5% | $613.0M | 33.2% |
| — Communications Solutions Group (part of Total Segments) | $1.34B | 72.9% | +43.1% | $458.0M | 34.1% |
| — Electronic Industrial Solutions Group (part of Total Segments) | $501.0M | 27.1% | +21.6% | $155.0M | 30.9% |
| Total revenue | $1.85B | 100% | — | $461.0M | 25.0% |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $1.46B | 79.3% | +43.1% |
| Service | $382.0M | 20.7% | +16.1% |
| Total revenue | $1.85B | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific | $810.0M | 43.9% | +42.4% |
| Americas | $729.0M | 39.5% | +28.8% |
| Europe | $307.0M | 16.6% | +41.5% |
| Total revenue | $1.85B | 100% | — |

## Company outlook (8-K filed 2026-08-18)

- "Keysight's fourth fiscal quarter of 2026 revenue is expected to be in the range of $1.930 billion to $1.950 billion."
- "Non-GAAP earnings per share for the fourth fiscal quarter of 2026 are expected to be in the range of $3.34 to $3.40, based on a weighted diluted share count of approximately 172 million shares."
- "Webcast Keysight's management will present more details about its third quarter FY2026 financial results and its fourth quarter FY2026 outlook on a conference call with investors today at 1:30 p.m."

Analysts expect $1.95B for the current quarter, +0.5% vs the guidance midpoint $1.94B. Source: https://www.sec.gov/Archives/edgar/data/1601046/000160104626000029/exhibit991-q326pressrelease.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $3.38 | $2.68 | +26.0% | $1.95B | 12 |
| Next quarter (ends 2027-01-31) | $3.25 | $2.74 | +18.8% | $1.98B | 11 |
| Current fiscal year (ends 2026-10-31) | $11.47 | $10.24 | +12.1% | $7.12B | 12 |
| Next fiscal year (ends 2027-10-31) | $13.93 | $11.86 | +17.5% | $8.21B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-24): ±16.6%; last 8 reports averaged ±8.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 53.9% | ±12.1% |
| 2026-12-18 | 56 | 52.9% | ±16.6% |
| 2027-01-15 | 84 | 49.2% | ±18.9% |
| 2027-02-19 | 119 | 48.0% | ±21.8% |
| 2027-05-21 | 210 | 47.3% | ±28.5% |