NYSE : KEYS
Keysight Technologies, Inc. — Financial statements
Technology · Scientific & Technical Instruments · United States
Last price 329.84 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 56.15B
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Financial statements
Keysight Technologies, Inc. (KEYS) reported revenue of 6.58B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.58B | 5.38B | 4.98B | 5.46B | 5.42B | 4.94B |
| Cost of Revenue | 2.42B | 2.04B | 1.85B | 1.93B | 1.97B | 1.87B |
| Gross Profit | 4.17B | 3.34B | 3.13B | 3.53B | 3.45B | 3.07B |
| Selling, General & Admin | 1.68B | 1.41B | 1.38B | 1.29B | 1.24B | 1.19B |
| Research & Development | 1.19B | 1.01B | 919.00M | 882.00M | 841.00M | 811.00M |
| Other Operating Expenses | -16.00M | -20.00M | -14.00M | -15.00M | -15.00M | -17.00M |
| Operating Expenses | 2.86B | 2.40B | 2.29B | 2.15B | 2.06B | 1.98B |
| Operating Income | 1.30B | 938.00M | 844.00M | 1.38B | 1.39B | 1.09B |
| Interest Expense | -108.00M | -96.00M | -84.00M | -78.00M | -79.00M | -79.00M |
| Interest & Investment Income | 85.00M | 102.00M | 81.00M | 102.00M | 16.00M | 3.00M |
| Currency Exchange Gain (Loss) | 25.00M | 65.00M | 8.00M | -44.00M | 22.00M | -3.00M |
| Other Non Operating Income (Expenses) | -20.00M | -28.00M | 1.00M | -9.00M | -18.00M | -4.00M |
| EBT Excluding Unusual Items | 1.29B | 981.00M | 850.00M | 1.35B | 1.33B | 1.01B |
| Merger & Restructuring Charges | -18.00M | -18.00M | ||||
| Gain (Loss) on Sale of Investments | 49.00M | 119.00M | 15.00M | 7.00M | -36.00M | 4.00M |
| Asset Writedown | -7.00M | |||||
| Other Unusual Items | 97.00M | |||||
| Pretax Income | 1.42B | 1.08B | 865.00M | 1.36B | 1.28B | 1.01B |
| Income Tax Expense | 136.00M | 213.00M | 251.00M | 300.00M | 161.00M | 116.00M |
| Earnings From Continuing Operations | 1.28B | 869.00M | 614.00M | 1.06B | 1.12B | 894.00M |
| Earnings From Discontinued Operations | -19.00M | -19.00M | ||||
| Net Income | 1.26B | 850.00M | 614.00M | 1.06B | 1.12B | 894.00M |
| Net Income to Common | 1.26B | 850.00M | 614.00M | 1.06B | 1.12B | 894.00M |
| Shares Outstanding (Basic) | 171.25M | 172.00M | 174.00M | 178.00M | 180.00M | 185.00M |
| Shares Outstanding (Diluted) | 173.00M | 173.00M | 175.00M | 179.00M | 182.00M | 187.00M |
| EPS (Basic) | 7.36 | 4.94 | 3.53 | 5.94 | 6.24 | 4.83 |
| EPS (Diluted) | 7.28 | 4.91 | 3.51 | 5.91 | 6.18 | 4.78 |
| Free Cash Flow | 1.47B | 1.28B | 898.00M | 1.21B | 959.00M | 1.15B |
| Free Cash Flow Per Share | 8.49 | 7.41 | 5.13 | 6.76 | 5.27 | 6.14 |
| Gross Margin | 63.28% | 62.08% | 62.92% | 64.64% | 63.65% | 62.11% |
| Operating Margin | 19.83% | 17.45% | 16.95% | 25.24% | 25.59% | 22.04% |
| Profit Margin | 19.14% | 15.81% | 12.33% | 19.35% | 20.74% | 18.09% |
| Free Cash Flow Margin | 22.32% | 23.83% | 18.04% | 22.16% | 17.69% | 23.23% |
| EBITDA | 1.70B | 1.21B | 1.11B | 1.59B | 1.61B | 1.38B |
| EBITDA Margin | 25.80% | 22.59% | 22.37% | 29.12% | 29.70% | 27.97% |
| D&A For EBITDA | 393.00M | 276.00M | 270.00M | 212.00M | 223.00M | 293.00M |
| EBIT | 1.30B | 938.00M | 844.00M | 1.38B | 1.39B | 1.09B |
| EBIT Margin | 19.83% | 17.45% | 16.95% | 25.24% | 25.59% | 22.04% |
| Effective Tax Rate | 9.61% | 19.69% | 29.02% | 22.11% | 12.53% | 11.48% |
| Revenue as Reported | 6.58B | 5.38B | 4.98B | 5.46B | 5.42B | 4.94B |
| Advertising Expenses | 14.00M | 18.00M | 24.00M | 27.00M | 21.00M |
Balance sheet
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.60B | 1.87B | 1.80B | 2.47B | 2.04B | 2.05B |
| Cash & Short-Term Investments | 2.60B | 1.87B | 1.80B | 2.47B | 2.04B | 2.05B |
| Accounts Receivable | 1.07B | 939.00M | 857.00M | 900.00M | 905.00M | 735.00M |
| Other Receivables | 64.00M | 35.00M | 138.00M | 44.00M | ||
| Receivables | 1.13B | 974.00M | 995.00M | 944.00M | 905.00M | 735.00M |
| Inventory | 1.05B | 1.05B | 1.02B | 985.00M | 858.00M | 777.00M |
| Prepaid Expenses | 123.00M | 109.00M | 87.00M | 74.00M | 81.00M | 63.00M |
| Other Current Assets | 380.00M | 342.00M | 357.00M | 334.00M | 348.00M | 207.00M |
| Total Current Assets | 5.29B | 4.35B | 4.26B | 4.81B | 4.23B | 3.83B |
| Property, Plant & Equipment | 956.00M | 1.03B | 1.01B | 987.00M | 910.00M | 877.00M |
| Long-Term Investments | 188.00M | 211.00M | 110.00M | 81.00M | 195.00M | 118.00M |
| Goodwill | 3.46B | 3.42B | 2.39B | 1.64B | 1.58B | 1.63B |
| Other Intangible Assets | 1.11B | 1.30B | 607.00M | 155.00M | 189.00M | 272.00M |
| Long-Term Deferred Tax Assets | 327.00M | 373.00M | 378.00M | 671.00M | 667.00M | 711.00M |
| Other Long-Term Assets | 589.00M | 610.00M | 521.00M | 340.00M | 321.00M | 341.00M |
| Total Assets | 11.92B | 11.30B | 9.27B | 8.68B | 8.10B | 7.78B |
| Accounts Payable | 424.00M | 355.00M | 313.00M | 286.00M | 348.00M | 287.00M |
| Accrued Expenses | 499.00M | 558.00M | 395.00M | 417.00M | 435.00M | 434.00M |
| Current Portion of Long-Term Debt | 700.00M | 599.00M | ||||
| Current Portion of Leases | 53.00M | 51.00M | 43.00M | 40.00M | 39.00M | 41.00M |
| Current Income Taxes Payable | 163.00M | 207.00M | 90.00M | 90.00M | 58.00M | 44.00M |
| Current Unearned Revenue | 707.00M | 652.00M | 561.00M | 541.00M | 495.00M | 478.00M |
| Other Current Liabilities | 66.00M | 27.00M | 25.00M | 76.00M | 32.00M | 25.00M |
| Total Current Liabilities | 2.61B | 1.85B | 1.43B | 2.05B | 1.41B | 1.31B |
| Long-Term Debt | 1.84B | 2.53B | 1.79B | 1.20B | 1.79B | 1.79B |
| Long-Term Leases | 176.00M | 193.00M | 197.00M | 192.00M | 186.00M | 191.00M |
| Long-Term Unearned Revenue | 250.00M | 232.00M | 206.00M | 216.00M | 197.00M | 187.00M |
| Pension & Post-Retirement Benefits | 76.00M | 75.00M | 81.00M | 64.00M | 58.00M | 167.00M |
| Long-Term Deferred Tax Liabilities | 168.00M | |||||
| Other Long-Term Liabilities | 231.00M | 536.00M | 463.00M | 313.00M | 296.00M | 352.00M |
| Total Liabilities | 5.35B | 5.42B | 4.16B | 4.03B | 3.94B | 4.00B |
| Common Stock | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M | 2.00M |
| Additional Paid-In Capital | 3.06B | 2.85B | 2.66B | 2.49B | 2.33B | 2.22B |
| Retained Earnings | 8.10B | 7.08B | 6.22B | 5.61B | 4.55B | 3.43B |
| Treasury Stock | -4.32B | -3.80B | -3.42B | -2.98B | -2.27B | -1.43B |
| Comprehensive Income & Other | -272.00M | -248.00M | -364.00M | -466.00M | -454.00M | -442.00M |
| Shareholders' Equity | 6.57B | 5.88B | 5.11B | 4.65B | 4.16B | 3.78B |
| Total Liabilities & Equity | 11.92B | 11.30B | 9.27B | 8.68B | 8.10B | 7.78B |
| Total Debt | 2.77B | 2.78B | 2.03B | 2.03B | 2.02B | 2.02B |
| Net Cash (Debt) | -161.00M | -905.00M | -234.00M | 446.00M | 24.00M | 29.00M |
| Net Cash Per Share | -0.93 | -5.23 | -1.34 | 2.49 | 0.13 | 0.16 |
| Filing Date Shares Outstanding | 170.24M | 171.82M | 173.17M | 175.04M | 178.80M | 183.04M |
| Total Common Shares Outstanding | 170.30M | 171.27M | 172.58M | 174.32M | 178.03M | 182.15M |
| Working Capital | 2.67B | 2.50B | 2.83B | 2.76B | 2.83B | 2.52B |
| Book Value Per Share | 38.59 | 34.34 | 29.58 | 26.70 | 23.37 | 20.77 |
| Tangible Book Value | 2.00B | 1.15B | 2.11B | 2.86B | 2.39B | 1.88B |
| Tangible Book Value Per Share | 11.72 | 6.73 | 12.23 | 16.40 | 13.42 | 10.34 |
| Land | 48.00M | 48.00M | 48.00M | 48.00M | 61.00M | |
| Buildings | 879.00M | 851.00M | 828.00M | 798.00M | 785.00M | |
| Machinery | 1.67B | 1.58B | 1.51B | 1.39B | 1.33B | |
| Order Backlog | 2.70B | 2.38B |
Cash flow statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.26B | 850.00M | 614.00M | 1.06B | 1.12B | 894.00M |
| Depreciation & Amortization | 393.00M | 276.00M | 270.00M | 212.00M | 223.00M | 293.00M |
| Loss (Gain) From Sale of Investments | -43.00M | -114.00M | -8.00M | -5.00M | ||
| Stock-Based Compensation | 214.00M | 162.00M | 137.00M | 135.00M | 125.00M | 103.00M |
| Other Operating Activities | -30.00M | -67.00M | 310.00M | 28.00M | 76.00M | -4.00M |
| Change in Accounts Receivable | -288.00M | 23.00M | 71.00M | 14.00M | -204.00M | -122.00M |
| Change in Inventory | -29.00M | -24.00M | -49.00M | -148.00M | -125.00M | -43.00M |
| Change in Accounts Payable | 69.00M | 26.00M | 26.00M | -62.00M | 56.00M | 53.00M |
| Change in Unearned Revenue | 111.00M | 35.00M | -12.00M | 61.00M | 79.00M | 96.00M |
| Change in Income Taxes | 105.00M | 210.00M | -172.00M | -44.00M | -44.00M | 34.00M |
| Change in Other Net Operating Assets | -158.00M | 32.00M | -135.00M | 160.00M | -166.00M | 18.00M |
| Operating Cash Flow | 1.60B | 1.41B | 1.05B | 1.41B | 1.14B | 1.32B |
| Capital Expenditures | -135.00M | -128.00M | -154.00M | -197.00M | -185.00M | -174.00M |
| Cash Acquisitions | -2.05B | -2.02B | -681.00M | -85.00M | -33.00M | -178.00M |
| Divestitures | 399.00M | 399.00M | ||||
| Investment in Securities | 29.00M | 30.00M | 11.00M | -33.00M | -1.00M | |
| Other Investing Activities | -6.00M | -6.00M | 5.00M | -6.00M | ||
| Investing Cash Flow | -1.76B | -1.73B | -819.00M | -288.00M | -251.00M | -353.00M |
| Long-Term Debt Issued | 748.00M | 599.00M | ||||
| Total Debt Issued | 748.00M | 599.00M | ||||
| Long-Term Debt Repaid | -624.00M | |||||
| Net Debt Issued (Repaid) | 748.00M | -25.00M | ||||
| Issuance of Common Stock | 68.00M | 63.00M | 66.00M | 67.00M | 63.00M | 59.00M |
| Repurchase of Common Stock | -661.00M | -416.00M | -474.00M | -751.00M | -923.00M | -726.00M |
| Other Financing Activities | -24.00M | -10.00M | -480.00M | -3.00M | -1.00M | -4.00M |
| Financing Cash Flow | -617.00M | 385.00M | -913.00M | -687.00M | -861.00M | -671.00M |
| Foreign Exchange Rate Adjustments | 3.00M | 9.00M | 6.00M | -2.00M | -43.00M | 3.00M |
| Net Cash Flow | -775.00M | 76.00M | -674.00M | 431.00M | -11.00M | 301.00M |
| Free Cash Flow | 1.47B | 1.28B | 898.00M | 1.21B | 959.00M | 1.15B |
| Free Cash Flow Margin | 22.32% | 23.83% | 18.04% | 22.16% | 17.69% | 23.23% |
| Free Cash Flow Per Share | 8.49 | 7.41 | 5.13 | 6.76 | 5.27 | 6.14 |
| Levered Free Cash Flow | 1.87B | 1.25B | 586.00M | 861.12M | 671.50M | 920.25M |
| Unlevered Free Cash Flow | 1.93B | 1.31B | 638.50M | 909.88M | 720.88M | 969.62M |
| Cash Interest Paid | 128.00M | 77.00M | 75.00M | 75.00M | 75.00M | 75.00M |
| Cash Income Tax Paid | 173.00M | 120.00M | 146.00M | 343.00M | 191.00M | 130.00M |
| Change in Working Capital | -190.00M | 302.00M | -271.00M | -19.00M | -404.00M | 36.00M |
Ratios
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 51.04B | 31.44B | 25.86B | 21.67B | 31.14B | 33.16B |
| Enterprise Value | 51.20B | 31.57B | 26.26B | 21.12B | 31.31B | 33.03B |
| Last Close Price | 307.20 | 182.96 | 149.01 | 122.05 | 174.15 | 180.02 |
| PE Ratio | 41.18 | 36.99 | 42.12 | 20.50 | 27.70 | 37.09 |
| Forward PE | 22.28 | 24.48 | 22.65 | 16.52 | 22.32 | 27.82 |
| PS Ratio | 7.80 | 5.85 | 5.19 | 3.97 | 5.75 | 6.71 |
| PB Ratio | 7.96 | 5.35 | 5.07 | 4.66 | 7.48 | 8.76 |
| P/TBV Ratio | 25.71 | 27.27 | 12.26 | 7.58 | 13.03 | 17.60 |
| P/FCF Ratio | 34.94 | 24.55 | 28.80 | 17.90 | 32.47 | 28.88 |
| P/OCF Ratio | 32.00 | 22.32 | 24.58 | 15.39 | 27.22 | 25.08 |
| PEG Ratio | 0.74 | 4.93 | 32.96 | 5.84 | 1.75 | 1.94 |
| EV/Sales Ratio | 7.82 | 5.87 | 5.28 | 3.87 | 5.78 | 6.69 |
| EV/EBITDA Ratio | 30.32 | 26.01 | 23.58 | 13.28 | 19.45 | 23.90 |
| EV/EBIT Ratio | 39.45 | 33.66 | 31.12 | 15.32 | 22.58 | 30.33 |
| EV/FCF Ratio | 35.05 | 24.64 | 29.25 | 17.44 | 32.65 | 28.77 |
| Debt / Equity Ratio | 0.42 | 0.47 | 0.40 | 0.43 | 0.48 | 0.54 |
| Debt / EBITDA Ratio | 1.55 | 2.15 | 1.70 | 1.22 | 1.20 | 1.40 |
| Debt / FCF Ratio | 1.88 | 2.17 | 2.26 | 1.67 | 2.10 | 1.76 |
| Net Debt / Equity Ratio | 0.03 | 0.15 | 0.05 | -0.10 | -0.01 | -0.01 |
| Net Debt / EBITDA Ratio | 0.10 | 0.74 | 0.21 | -0.28 | -0.01 | -0.02 |
| Net Debt / FCF Ratio | 0.11 | 0.71 | 0.26 | -0.37 | -0.03 | -0.03 |
| Asset Turnover | 0.58 | 0.52 | 0.56 | 0.65 | 0.68 | 0.66 |
| Inventory Turnover | 2.34 | 1.97 | 1.84 | 2.10 | 2.41 | 2.44 |
| Quick Ratio | 1.43 | 1.54 | 1.96 | 1.67 | 2.10 | 2.13 |
| Current Ratio | 2.02 | 2.35 | 2.98 | 2.35 | 3.01 | 2.93 |
| Return on Equity (ROE) | 20.90% | 15.82% | 12.58% | 23.98% | 28.29% | 25.25% |
| Return on Assets (ROA) | 7.23% | 5.70% | 5.88% | 10.27% | 10.92% | 9.08% |
| Return on Invested Capital (ROIC) | 17.59% | 12.43% | 12.55% | 25.74% | 30.75% | 26.49% |
| Return on Capital Employed (ROCE) | 14.00% | 9.90% | 10.80% | 20.80% | 20.70% | 16.80% |
| Earnings Yield | 2.43% | 2.70% | 2.37% | 4.88% | 3.61% | 2.70% |
| FCF Yield | 2.86% | 4.07% | 3.47% | 5.59% | 3.08% | 3.46% |
| Buyback Yield / Dilution | 0.29% | 1.14% | 2.23% | 1.65% | 2.67% | 1.06% |