KEYS
Keysight Technologies, Inc.
KEYS's fundamentals are strong, but it looks expensive: trading at 42x earnings, above its usual 33x. Analysts expect strong earnings growth.
KEYS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
KEYS's revenue, profitability, cash flow and balance sheet are all currently strong.
KEYS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 22x | $304 | — |
| Cheap | 26x | $192 | -37% |
| Fair | 32x | $235 | -23% |
| Current | 42x | $304 | — |
| Expensive | 46x | $339 | +11% |
Historical ranges are pointers, not guarantees.
KEYS's PE is in its expensive range at 42x. If earnings grow as analysts expect, today's price would be 22x next year's earnings, in its cheap range.
KEYS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for KEYS, with profitability improving.
KEYS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.77 | +89% |
| Q3 2026 | $7.30 | +132% |
| Q2 2026 | $6.10 | +43% |
| Q1 2026 | $5.57 | +59% |
| Q4 2025 | $4.91 | +40% |
| Q3 2025 | $3.15 | -39% |
| Q2 2025 | $4.27 | -6.8% |
| Q1 2025 | $3.50 | -36% |
| Q4 2024 | $3.51 | -41% |
KEYS earned $7.30 per share over the past year, up 132% from the year before.
KEYS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +37% |
| Q2 2026 | $1.7B | +31% |
| Q1 2026 | $1.6B | +23% |
| Q4 2025 | $1.4B | +10% |
| Q3 2025 | $1.4B | +11% |
| Q2 2025 | $1.3B | +7.4% |
| Q1 2025 | $1.3B | +3.1% |
| Q4 2024 | $1.3B | -1.8% |
KEYS's revenue has grown year over year for seven quarters in a row: $1.8B last quarter, up 37% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | +7.7 points |
| Q2 2026 | 24% | +7.8 points |
| Q1 2026 | 16% | -1.3 points |
| Q4 2025 | 15% | -2.6 points |
| Q3 2025 | 17% | +0.5 points |
| Q2 2025 | 16% | +1.3 points |
| Q1 2025 | 17% | -0.8 points |
| Q4 2024 | 18% | -6.3 points |
KEYS's operating margin was 25% last quarter, up 7.7 points from the same quarter a year ago.
KEYS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $403M | +38% |
| Q2 2026 | $472M | +3.3% |
| Q1 2026 | $407M | +18% |
| Q4 2025 | $187M | -42% |
| Q3 2025 | $291M | +31% |
| Q2 2025 | $457M | +518% |
| Q1 2025 | $346M | +23% |
| Q4 2024 | $321M | -5.6% |
KEYS's free cash flow has been positive every quarter for seven years: $1.5B over the past year, up 3.8% from the year before.
KEYS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | -3.4% | -6M shares |
| 5 years | -7% | -13M shares |
| Available history | -9.4% | -18M shares |
KEYS has 173M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $210M |
| Q2 2026 | $220M |
| Q1 2026 | $87M |
| Q4 2025 | $100M |
| Q3 2025 | $50M |
| Q2 2025 | $150M |
| Q1 2025 | $75M |
| Q4 2024 | $150M |
KEYS spent $617M buying back its own shares over the past year, up 45% from the year before.
KEYS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.1x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | -0.3x | Net Cash |
| Q4 2024 | -0.0x | Net Cash |
KEYS has more cash than debt.
KEYS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.5 | Neutral |
| Stochastic | 20.0 | Neutral |
KEYS's weekly RSI is 46 (neutral) and its Stochastic is 20 (neutral).
KEYS PE vs Technology Sector
| Metric | KEYS | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 28x | 50% above |
| PE % | 71 | 35 | 36 pts above |
KEYS is trading at 42x earnings, a 50% premium to the Technology sector's median of 28x.
KEYS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $332.4 | 8.5% below |
| 20 week MA | $329.2 | 7.6% below |
| 50 week MA | $300.2 | 1.3% above |
| 100 week MA | $232.0 | 31% above |
| 200 week MA | $191.4 | 59% above |
KEYS has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 59% above its 200-week average.
KEYS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $103.2 | $131.0 | +27% |
| 2021 | $131.0 | $201.4 | +54% |
| 2022 | $201.4 | $169.8 | -16% |
| 2023 | $169.8 | $159.1 | -6.3% |
| 2024 | $159.1 | $162.9 | +2.4% |
| 2025 | $162.9 | $206.0 | +26% |
| 2026 YTD | $206.0 | $304.2 | +48% |
KEYS has finished higher in four of the last six years. It's up 48% so far in 2026.