KEYS
Keysight Technologies, Inc.

Keysight Technologies, Inc.KEYS

Technology · Scientific & Technical Instruments
272.13USD
+4.42%
Nov 08, 2026
KEYS overview ready
Test and validation tools for high-speed AI networking components
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.
Primary theme is lagging
Test & Measurement is lagging (-2.7pp vs SPY over 21 sessions; 2 of 5 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Attractive valuation
Current market expectations look undemanding relative to the level and quality of its cash generation.
Unremarkable fundamentals
Primary risk
Technology obsolescence risk due to rapid innovation.
Market Nov 6Price action Nov 7Research Sep 21

Conviction Level

PriceAction3.4BusinessPerformance7.0BusinessQuality8.5Valuation8.9ThemeMomentum1.0Improving — Revenue growth has accelerated, rising from +23% to +37% year over year. One recent quarter could not be confirmed and is not part of this read. Diluted EPS growth has strengthened to +109% year over year ($2.30), up from +36%. That earnings comparison is against a weak year-ago quarter. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−2.7pp
Theme return
−7.7%
Beating SPY
2 of 5
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
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Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$46.3B
Avg Volume (60D)
1.3M
60 sessions
Revenue Growth YoY
+25.5%
Trailing twelve months
Gross Margin
+63.3%
Operating Margin
+24.3%
Trailing twelve months
Free Cash Flow Yield
+4.0%
Distance from 200DMA
-14.6%
Next Earnings
2026-11-19
P/E
37.5x
EV / EBITDA
27.4x
EV / Sales
7.1x
Market metrics as of Nov 7, 2026

Business Performance

Improving

Revenue growth has accelerated, rising from +23% to +37% year over year. One recent quarter could not be confirmed and is not part of this read. Diluted EPS growth has strengthened to +109% year over year ($2.30), up from +36%. That earnings comparison is against a weak year-ago quarter.

Latest reported: Q3 FY2026, ended Jul 31
Revenue growthAccelerating
+37%
$1.85B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. n/a
  2. +23%
  3. +32%
  4. +37%
Earnings growthAccelerating
+109%
Diluted EPS $2.30 vs $1.10 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. n/a
  2. +68%
  3. +36%
  4. +109%
Operating marginExpanding
25.0%
+7.7 pp YoY
The comparison is against a weak year-ago quarter

Business Quality

8.5 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

The available comparisons disagreed; the intrinsic comparison is the more reliable method for this business and the others are published as dissent.
Keysight Technologies, Inc. has a Cheap valuation stance because current market expectations look undemanding relative to the level and quality of its cash generation.

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
Technology obsolescence risk due to rapid innovation.

Economic classification

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Business & Markets

Technology · Scientific & Technical Instruments
What they do

Keysight Technologies designs, manufactures, and sells electronic design and test solutions globally, operating through Communications Solutions and Electronic Industrial Solutions segments to support communication system development and manufacturing.

How it earns

Primarily transactional sales of hardware, software, and related services for design, validation, and manufacturing testing.

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

Leader in electronic design and test instrumentation and software for high-speed communication systems.

Demand drivers
Medium cyclicality

Demand tied to technology investment cycles and capital spending in communications and industrial sectors.