KEYS
Keysight Technologies, Inc.

Keysight Technologies, Inc.KEYS

Technology · Scientific & Technical Instruments
347.32USD
+1.55%
Sep 23, 2026
KEYS overview ready
Keysight is a test-and-measurement enabler: it supplies design, emulation, validation, conformance, and manufacturing-test tools used to develop and deploy high-speed electrical and optical AI-networking components and systems.
Strong narrative exposure
Exposed to the AI Compute Infrastructure Buildout narrative through AI Networking and Optical Interconnect — enabling supplier.
An early price trend
Longer-term context reads mature trend, with a near-term setup of daily advance.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Unremarkable fundamentals
Primary risk
Exposure to cyclical capital spending in technology and aerospace sectors.
Market Sep 22Filing Jul 31Price action Sep 22Research Sep 21

Conviction Level

NarrativeHeat9.5ThemeHeat9.1PriceAction9.4Valuation2.9CompanyPosition7.3
Price
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Price Action

An early price trend
Longer-term context reads mature trend, with a near-term setup of daily advance.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA100 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$59.1B
Avg Volume (60D)
1.2M
60 sessions
Revenue Growth YoY
+8.0%
FY2025 vs FY2024
Gross Margin
+63.3%
Operating Margin
+20.3%
Trailing twelve months
Free Cash Flow Yield
+2.5%
Distance from 200DMA
+17.2%
Next Earnings
2026-11-24
P/E
46.9x
EV / Sales
9.0x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jul 31, 2026
Filed balance-sheet data as of Jul 31, 2026

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; intrinsic is the dissenting view.
Keysight Technologies, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces.

Company Research

Thesis
Keysight is a test-and-measurement enabler: it supplies design, emulation, validation, conformance, and manufacturing-test tools used to develop and deploy high-speed electrical and optical AI-networking components and systems. KEYS is a genuine but non-pure-play beneficiary of the AI-networking buildout.
Opportunity
Moderate opportunity
Accelerator-cluster investment in higher-speed Ethernet, optical interconnects, signal integrity, and fabric validation as AI systems move from 800G toward 1.6T and beyond.
Key risk
Exposure to cyclical capital spending in technology and aerospace sectors.

Narrative & Theme

AI Compute Infrastructure Buildout
Part of AI Networking and Optical Interconnect, with moderate fit.
KEYS is a genuine but non-pure-play beneficiary of the AI-networking buildout.
Narrative HeatHot9.5 / 10
Theme HeatHot9.1 / 10

Business & Markets

Technology · Scientific & Technical Instruments
What they do

Keysight Technologies provides electronic design and test solutions globally, operating through Communications Solutions and Electronic Industrial Solutions segments to support design, simulation, validation, manufacturing, and optimization of communication systems.

How it earns

The company generates revenue primarily through the sale of electronic design and test instruments, software, systems, and related services on a transactional and project basis.

Products & services
Electronic design and test software
Electronic test instrumentation
Test systems
Related services
Customers & end markets
Wireless communication system manufacturers
Data center ecosystem companies
Enterprise technology firms
Aerospace, defense, and government organizations
Market position

Keysight is a leader in electronic design and test instrumentation with a broad product portfolio serving multiple high-tech end markets.

Demand drivers
Medium cyclicality

Demand is influenced by capital spending cycles in technology and aerospace/defense sectors but supported by ongoing technology upgrades.

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