Upside case
Bull case
$489+34.5%
KEYS would need investors to value it at roughly 48x earnings — about 12x more generous than today's 36x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
Keysight Technologies, Inc. (KEYS) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
16
analysts
12 bullish · 0 bearish · 16 covering KEYS
Strong Buy
0
Buy
12
Hold
4
Sell
0
Strong Sell
0
Consensus Target
$390
+7.1% vs today
Scenario Range
$234 – $489
Model bear to bull value window
Coverage
16
Published analyst ratings
Valuation Context
35.7x
Forward P/E · Market cap $62.4B
KEYS price targets
Three scenarios for where KEYS stock could go
Current
~$364
Confidence
48 / 100
Updated
Jun 18, 2026
Where we are now
Current · $364
Bear
$234
Base
$371
Bull
$489
Market caseClosest to today
Base case
$371+2.1%
This is close to how the market is already pricing KEYS — at roughly 36x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$234-35.7%
If investor confidence fades or macro conditions deteriorate, a 13x multiple contraction could push KEYS down roughly 36% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Keysight Technologies, Inc.
KEYS · NYSETechnologyHardware, Equipment & PartsOctober year-end
Keysight Technologies is a leading provider of electronic design and test measurement solutions for communications, aerospace, automotive, and semiconductor industries. It generates revenue primarily from selling test equipment (~70%) and electronic design automation software (~30%) across its Communications Solutions and Electronic Industrial Solutions segments. The company's competitive moat stems from its deep domain expertise, comprehensive product portfolio, and strong customer relationships built over decades as part of Hewlett-Packard's test and measurement heritage.
Market Cap
$62.4B
Revenue TTM
$6.1B
Net Income TTM
$1.1B
Net Margin
17.2%
KEYS Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
100%Exceptional
12 quarters tracked
Revenue Beat Rate
92%Exceptional
vs consensus estimates
Avg EPS Surprise
+7.5%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$1.72/$1.67
Revenue
$1.4B/$1.3B
Q4 2025
EPS
$1.91/$1.83
Revenue
$1.4B/$1.4B
Q1 2026
EPS
$2.17/$2.00
Revenue
$1.6B/$1.5B
Q2 2026
EPS
$2.87/$2.32
Revenue
$1.7B/$1.7B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.72/$1.67 | +3.0% | $1.4B/$1.3B | +2.6% |
| Q4 2025 | $1.91/$1.83 | +4.4% | $1.4B/$1.4B | +2.5% |
| Q1 2026 | $2.17/$2.00 | +8.5% | $1.6B/$1.5B | +3.9% |
| Q2 2026 | $2.87/$2.32 | +23.7% | $1.7B/$1.7B | +0.7% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$6.5B
+6.5% YoY
FY2
$7.1B
+9.4% YoY
EPS Outlook
FY1
$7.34
+20.9% YoY
FY2
$8.25
+12.4% YoY
Trailing FCF (TTM)$1.4B
FCF Margin: 23.8%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
KEYS beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
KEYS Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2024
Total disclosed revenue $5.0B
Product Mix
Latest annual revenue by segment or product family
Communications Solutions Group
68.7%
-7.2% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Americas
41.3%
-6.8% YoY
Tap, hover, or focus a slice to inspect segment detail.
Communications Solutions Group is the largest disclosed segment at 68.7% of FY 2024 revenue, down 7.2% YoY.
Americas is the largest reported region at 41.3%, down 6.8% YoY.
KEYS Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Fair versus peers
Fair value est. $359 — implies -1.2% from today's price.
Premium to Fair Value
1.2%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
KEYS
74.5x
vs
S&P 500
24.4x
+205% premium
vs Technology Trailing P/E
KEYS
74.5x
vs
Technology
29.0x
+157% premium
vs KEYS 5Y Avg P/E
Today
74.5x
vs
5Y Average
33.3x
+124% premium
Forward PE
35.7x
S&P 500
18.8x
+90%
Technology
22.3x
+61%
5Y Avg
—
—
Trailing PE
74.5x
S&P 500
24.4x
+205%
Technology
29.0x
+157%
5Y Avg
33.3x
+124%
PEG Ratio
9.31x
S&P 500
1.66x
+461%
Technology
1.51x
+518%
5Y Avg
—
—
EV/EBITDA
51.9x
S&P 500
15.2x
+241%
Technology
16.6x
+212%
5Y Avg
21.8x
+138%
Price/FCF
48.7x
S&P 500
20.7x
+135%
Technology
19.2x
+153%
5Y Avg
26.8x
+81%
Price/Sales
11.6x
S&P 500
3.1x
+275%
Technology
2.4x
+376%
5Y Avg
5.6x
+109%
Dividend Yield
—
S&P 500
1.91%
—
Technology
1.11%
—
5Y Avg
—
—
| Metric | KEYS | S&P 500 | Technology | 5Y Avg KEYS |
|---|---|---|---|---|
| Forward PE | 35.7x | 18.8x+90% | 22.3x+61% | — |
| Trailing PE | 74.5x | 24.4x+205% | 29.0x+157% | 33.3x+124% |
| PEG Ratio | 9.31x | 1.66x+461% | 1.51x+518% | — |
| EV/EBITDA | 51.9x | 15.2x+241% | 16.6x+212% | 21.8x+138% |
| Price/FCF | 48.7x | 20.7x+135% | 19.2x+153% | 26.8x+81% |
| Price/Sales | 11.6x | 3.1x+275% | 2.4x+376% | 5.6x+109% |
| Dividend Yield | — | 1.91% | 1.11% | — |
KEYS trades above S&P 500 benchmarks on 6 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolKEYS Financial Health
Verdict
Strong
KEYS generates $1.4B in free cash flow at a 23.8% margin — 11.5% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$6.1B
Revenue Growth
TTM vs prior year
+19.2%
Gross Margin
Gross profit as a share of revenue
63.7%
Operating Margin
Operating income divided by revenue
18.2%
Net Margin
Net income divided by revenue
17.2%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$6.07
Free Cash Flow (TTM)
Cash generation after capex
$1.4B
FCF Margin
FCF as share of revenue — the primary cash quality signal
23.8%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
11.5%
ROA
Return on assets, trailing twelve months
9.3%
Cash & Equivalents
Liquid assets on the balance sheet
$1.9B
Net Debt
Total debt minus cash
$1.1B
Debt Serviceability
Net debt as a multiple of annual free cash flow
0.8× FCF
~0.8 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
17.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.6%
Dividend
—
Buyback
0.6%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$377M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
172M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageKEYS Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 17, 2026
Medium
Market Appetite Risk
The market's appetite for high-growth technology test equipment could fluctuate, impacting Keysight's upward price trajectory.
High Risk
Revenue and Earnings Risk
Keysight's projected revenue and earnings per share for Q2 ($1.69-$1.71 billion and $2.27-$2.33) may face downward pressure if market conditions worsen.
Medium
Competitive Pressure
As a leader in design and test solutions, Keysight faces intense competition which could erode market share and margins.
Lower
Operational Execution
Keysight's global operations and manufacturing efficiency may face disruptions, though its diversified presence mitigates some risk.
High Risk
Macroeconomic Sensitivity
Keysight's performance is tied to technology investment cycles, making it vulnerable to macroeconomic downturns or reduced R&D spending.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why KEYS Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 17, 2026
Market-leading test solutions
Keysight delivers market-leading design, emulation, and test solutions that help engineers develop and deploy faster with less risk throughout the product life cycle.
Broad-based recovery in spending
Keysight benefits from a broad-based recovery in customer spending as test complexity accelerates across wireless, AI/data center, semiconductor validation, and defense electronics.
High-single digit organic growth
Organic growth is expected to return to high-single digits, with an improving mix of software and services driving earnings above consensus.
Operating leverage advantage
Operating leverage is expected to drive earnings above consensus, supported by improved software and services mix.
Innovation acceleration
Keysight helps customers accelerate innovation to connect and secure the world, optimizing networks and bringing electronic products to market faster and at lower cost.
Diverse industry exposure
Keysight operates across multiple high-growth sectors including wireless, AI/data center, semiconductor validation, and defense electronics.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
KEYS Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$363.67
52W Range Position
97%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$152.85
+137.9% from the low
52-Week High
$370.18
-1.8% from the high
1 Month
+6.81%
3 Month
+28.00%
YTD
+76.0%
1 Year
+127.1%
3Y CAGR
+30.8%
5Y CAGR
+19.8%
10Y CAGR
+28.1%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
KEYS vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
35.7x
vs 34.7x median
+3% above peer median
Revenue Growth
+6.5%
vs +5.8% median
+12% above peer median
Net Margin
17.2%
vs 10.6% median
+63% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
KEY KEYS Keysight Technologies, Inc. | $62.4B | 35.7x | +6.5% | 17.2% | Buy | +7.1% |
TRM TRMB Trimble Inc. | $11.6B | 15.9x | +3.3% | 12.4% | Buy | +84.1% |
ITR ITRI Itron, Inc. | $3.6B | 13.5x | +4.4% | 12.3% | Hold | +69.3% |
MKS MKSI MKS Inc. | $27.4B | 34.7x | +11.3% | 8.0% | Buy | -20.8% |
COH COHR Coherent, Inc. | $61.8B | 71.4x | +9.0% | 10.6% | Buy | -16.8% |
NOV NOVT Novanta Inc. | $5.5B | 43.3x | +5.8% | 5.3% | Buy | +15.9% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
KEYS Dividend and Capital Return
KEYS returns 0.6% annually — null% through dividends and 0.6% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.6%
Dividend + buyback return per year
Buyback Yield
0.6%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$377M
Estimated Shares Retired
1M
Approx. Share Reduction
0.6%
Shares Outstanding
Current diluted share count from the screening snapshot
172M
At 0.6%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
FAQ
7 questionsKEYS Investor Questions
Common questions answered from live analyst data and company financials.
01Is Keysight Technologies, Inc. (KEYS) stock a buy or sell in 2026?
Keysight Technologies, Inc. (KEYS) is rated Buy by Wall Street analysts as of 2026. Of 16 analysts covering the stock, 12 rate it Buy or Strong Buy, 4 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $390, implying +7.1% from the current price of $364. The bear case scenario is $234 and the bull case is $489.
02What is the KEYS stock price target for 2026?
The Wall Street consensus price target for KEYS is $390 based on 16 analyst estimates. The high-end target is $425 (+16.9% from today), and the low-end target is $350 (-3.8%). The base case model target is $371.
03Is Keysight Technologies, Inc. (KEYS) stock overvalued in 2026?
KEYS trades at 35.7x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals fair versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Keysight Technologies, Inc. (KEYS) stock in 2026?
The primary risks for KEYS in 2026 are: (1) Revenue and Earnings Risk — Keysight's projected revenue and earnings per share for Q2 ($1. (2) Macroeconomic Sensitivity — Keysight's performance is tied to technology investment cycles, making it vulnerable to macroeconomic downturns or reduced R&D spending. (3) Market Appetite Risk — The market's appetite for high-growth technology test equipment could fluctuate, impacting Keysight's upward price trajectory. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Keysight Technologies, Inc.'s revenue and earnings forecast?
Analyst consensus estimates KEYS will report consensus revenue of $6.5B (+6.5% year-over-year) and EPS of $7.34 (+20.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $7.1B in revenue.
06When does Keysight Technologies, Inc. (KEYS) report its next earnings?
A confirmed upcoming earnings date for KEYS is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Keysight Technologies, Inc. generate?
Keysight Technologies, Inc. (KEYS) generated $1.4B in free cash flow over the trailing twelve months — a free cash flow margin of 23.8%. KEYS returns capital to shareholders through and share repurchases ($377M TTM).