The company maintains a conservative financial profile with a debt-to-equity ratio of 0.44 as of 2026Q2, supported by a robust $7.7 billion in retained earnings.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 |
|---|
| Total Current Assets | 5.04B | 4.35B | 4.26B | 4.81B | 4.23B | 3.83B | 3.37B | 3.21B | 2.38B | 2.18B | 1.85B | 1.58B | 1.85B | 972M | 993M |
| Cash & Short-Term Investments | 2.41B | 1.87B | 1.8B | 2.47B | 2.04B | 2.05B | 1.76B | 1.6B | 913M | 818M | 783M | 483M | 810M | 0 | 0 |
| Cash Only | 2.41B | 1.87B | 1.8B | 2.47B | 2.04B | 2.05B | 1.76B | 1.6B | 913M | 818M | 783M | 483M | 810M | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.02B | 939M | 995M | 944M | 905M | 735M | 606M | 668M | 624M | 547M | 437M | 398M | 380M | 340M | 392M |
| Days Sales Outstanding | 53.46 | 63.76 | 72.94 | 63.06 | 60.95 | 54.3 | 52.4 | 56.66 | 58.73 | 62.61 | 54.66 | 50.86 | 47.29 | 42.97 | 43.16 |
| Inventory | 1.04B | 1.05B | 1.02B | 985M | 858M | 777M | 757M | 705M | 619M | 588M | 474M | 487M | 498M | 502M | 472M |
| Days Inventory Outstanding | 171.49 | 188.05 | 202.07 | 186.09 | 158.97 | 151.5 | 163.69 | 145.46 | 127.86 | 143.85 | 133.7 | 140.07 | 138.44 | 144.85 | 120.14 |
| Other Current Assets | 570M | 486M | 157M | 124M | 149M | 270M | 255M | 244M | 222M | 224M | 160M | 211M | 162M | 130M | 129M |
| Total Non-Current Assets | 6.7B | 6.95B | 5.01B | 3.87B | 3.86B | 3.95B | 3.84B | 3.41B | 3.45B | 3.76B | 1.95B | 1.93B | 1.2B | 1.06B | 1.14B |
| Property, Plant & Equipment | 961M | 1.03B | 1.01B | 987M | 910M | 877M | 777M | 576M | 555M | 530M | 512M | 518M | 470M | 469M | 493M |
| Fixed Asset Turnover | 6.14x | 5.21x | 4.94x | 5.54x | 5.96x | 5.63x | 5.43x | 7.47x | 6.99x | 6.02x | 5.70x | 5.51x | 6.24x | 6.16x | 6.72x |
| Goodwill | 3.46B | 3.44B | 2.39B | 1.64B | 1.58B | 1.63B | 1.54B | 1.21B | 1.17B | 1.88B | 736M | 700M | 392M | 419M | 467M |
| Intangible Assets | 1.17B | 1.28B | 607M | 155M | 189M | 272M | 361M | 490M | 645M | 855M | 208M | 246M | 18M | 20M | 28M |
| Long-Term Investments | 684M | 211M | 110M | 81M | 62M | 70M | 61M | 46M | 46M | 63M | 55M | 70M | 63M | 44M | 26M |
| Other Non-Current Assets | 592M | 610M | 521M | 340M | 454M | 389M | 368M | 332M | 279M | 240M | 43M | 100M | 94M | 16M | 126M |
| Total Assets | 11.74B | 11.29B | 9.27B | 8.68B | 8.1B | 7.78B | 7.22B | 6.62B | 5.82B | 5.93B | 3.8B | 3.51B | 3.05B | 2.03B | 2.13B |
| Asset Turnover | 0.54x | 0.48x | 0.54x | 0.63x | 0.67x | 0.64x | 0.58x | 0.65x | 0.67x | 0.54x | 0.77x | 0.81x | 0.96x | 1.42x | 1.55x |
| Asset Growth % | 69.81% | 21.84% | 6.75% | 7.22% | 4.07% | 7.8% | 8.98% | 13.72% | -1.84% | 56.13% | 8.32% | 15.02% | 50.39% | -4.92% | - |
| Total Current Liabilities | 2.65B | 1.85B | 1.43B | 2.05B | 1.41B | 1.31B | 1.08B | 1B | 1.46B | 819M | 644M | 686M | 769M | 560M | 595M |
| Accounts Payable | 392M | 355M | 313M | 286M | 348M | 287M | 224M | 253M | 242M | 211M | 189M | 209M | 173M | 131M | 156M |
| Days Payables Outstanding | 58.7 | 63.58 | 61.89 | 54.03 | 64.48 | 55.96 | 48.44 | 52.2 | 49.99 | 51.62 | 53.31 | 60.11 | 48.09 | 37.8 | 39.71 |
| Short-Term Debt | 699M | 0 | 0 | 599M | 0 | 0 | 0 | 0 | 499M | 10M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 2.67B | 652M | 561M | 541M | 495M | 478M | 391M | 334M | 334M | 291M | 180M | 175M | 175M | 190M | 200M |
| Other Current Liabilities | 0 | 399M | 295M | 304M | 333M | 355M | 289M | 278M | 276M | 217M | 183M | 34M | 167M | 142M | 38M |
| Current Ratio | 1.90x | 2.35x | 2.98x | 2.35x | 3.01x | 2.93x | 3.12x | 3.21x | 1.63x | 2.66x | 2.88x | 2.30x | 2.41x | 1.74x | 1.67x |
| Quick Ratio | 1.51x | 1.78x | 2.27x | 1.87x | 2.40x | 2.34x | 2.42x | 2.50x | 1.20x | 1.94x | 2.14x | 1.59x | 1.76x | 0.84x | 0.88x |
| Cash Conversion Cycle | 166.25 | 188.24 | 213.13 | 195.12 | 155.44 | 149.84 | 167.65 | 149.92 | 136.61 | 154.84 | 135.05 | 130.83 | 137.64 | 150.02 | 123.59 |
| Total Non-Current Liabilities | 2.76B | 3.57B | 2.74B | 1.98B | 2.53B | 2.69B | 2.84B | 2.62B | 1.93B | 2.8B | 1.65B | 1.52B | 1.51B | 223M | 233M |
| Long-Term Debt | 1.83B | 2.73B | 1.79B | 1.2B | 1.79B | 1.79B | 1.79B | 1.79B | 1.29B | 2.04B | 1.09B | 1.1B | 1.1B | 0 | 0 |
| Capital Lease Obligations | 738M | 193M | 197M | 192M | 186M | 191M | 149M | 4M | 4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 295M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 499M | 414M | 544M | 377M | 354M | 519M | 727M | 648M | 511M | 665M | 474M | 65M | 344M | 129M | 111M |
| Total Liabilities | 5.41B | 5.42B | 4.16B | 4.03B | 3.94B | 4B | 3.92B | 3.62B | 3.39B | 3.62B | 2.29B | 2.21B | 2.28B | 783M | 828M |
| Total Debt | 2.76B | 2.97B | 2.03B | 2.03B | 2.02B | 2.02B | 1.98B | 1.79B | 1.79B | 2.05B | 1.09B | 1.1B | 1.1B | 0 | 0 |
| Net Debt | 347M | 1.1B | 234M | -446M | -24M | -29M | 225M | 190M | 877M | 1.23B | 317M | 616M | 289M | 0 | 0 |
| Debt / Equity | 0.44x | 0.51x | 0.40x | 0.44x | 0.48x | 0.53x | 0.60x | 0.60x | 0.74x | 0.89x | 0.72x | 0.84x | 1.43x | - | - |
| Debt / EBITDA | 2.11x | 2.43x | 1.84x | 1.29x | 1.30x | 1.47x | 1.82x | 1.75x | - | 5.49x | 2.02x | 2.07x | 1.99x | - | - |
| Net Debt / EBITDA | 0.26x | 0.90x | 0.21x | -0.28x | -0.02x | -0.02x | 0.21x | 0.19x | - | 3.30x | 0.59x | 1.16x | 0.52x | - | - |
| Interest Coverage | 11.24x | 11.98x | 11.30x | 18.40x | 17.27x | 13.78x | 10.76x | 9.94x | -3.95x | 3.24x | 8.79x | 9.43x | 159.33x | - | - |
| Total Equity | 6.33B | 5.88B | 5.11B | 4.65B | 4.16B | 3.78B | 3.3B | 3B | 2.43B | 2.31B | 1.51B | 1.3B | 769M | 1.25B | 1.3B |
| Equity Growth % | 58.75% | 15.12% | 9.69% | 11.85% | 9.96% | 14.77% | 9.75% | 23.47% | 5.32% | 53.08% | 15.9% | 69.31% | -38.23% | -4.6% | - |
| Book Value per Share | 36.60 | 33.97 | 29.17 | 26.00 | 22.86 | 20.24 | 17.44 | 15.73 | 12.74 | 12.69 | 8.77 | 7.61 | 4.60 | 7.46 | 7.82 |
| Total Shareholders' Equity | 6.33B | 5.88B | 5.11B | 4.65B | 4.16B | 3.78B | 3.3B | 3B | 2.43B | 2.31B | 1.51B | 1.3B | 769M | 1.25B | 1.3B |
| Common Stock | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 1.21B | 1.2B |
| Retained Earnings | 7.71B | 7.07B | 6.22B | 5.61B | 4.55B | 3.43B | 2.54B | 1.91B | 1.21B | 1.04B | 949M | 614M | 101M | 0 | 0 |
| Treasury Stock | -4.11B | -3.8B | -3.42B | -2.98B | -2.27B | -1.43B | -752M | -342M | -182M | -62M | -62M | 0 | 0 | 0 | 0 |
| Accumulated OCI | -250M | -248M | -364M | -466M | -454M | -442M | -599M | -578M | -488M | -457M | -622M | -479M | -336M | 31M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical Export Control Exposure
As reported in recent financial statements, Keysight's total assets have expanded to $11.7 billion in 2026Q2, reflecting a consistent upward trajectory from the $9.0 billion level observed in 2024Q2, which suggests that the company is successfully scaling its operational footprint to meet rising demand for high-frequency testing solutions.
The steady growth in total assets appears to be driven by both organic investment and strategic acquisitions, positioning the firm to capture emerging technology cycles. Investors should monitor whether this asset expansion continues to yield commensurate returns on invested capital as the company integrates its recent software-centric purchases.
Based on the company's reported figures, Keysight maintains a debt-to-equity ratio of 0.44 as of 2026Q2, a level that has remained remarkably stable within the 0.39 to 0.51 range over the last ten quarters, indicating a disciplined approach to capital structure management despite significant recent acquisition activity.
This conservative leverage profile suggests that the company retains substantial balance sheet capacity to navigate cyclical downturns or pursue further strategic M&A. The reliance on moderate debt levels appears to provide a buffer against the inherent volatility of the test and measurement industry's project-based revenue cycles.
According to quarterly filings, Keysight’s current ratio stood at 1.90 in 2026Q2, which, while down from the 3.59 peak in 2025Q3, remains indicative of a healthy liquidity position capable of covering short-term obligations without requiring external financing or compromising operational continuity during periods of supply chain disruption.
The fluctuation in the current ratio appears largely tied to the timing of large-scale acquisitions and subsequent cash deployment. The current liquidity level suggests that the company is well-equipped to manage its working capital requirements while maintaining the flexibility to invest in R&D and software-led growth initiatives.
As indicated by the balance sheet data, Keysight’s equity base has grown to $6.3 billion in 2026Q2 from $4.8 billion in 2024Q1, primarily fueled by the consistent accumulation of retained earnings, which reached $7.7 billion in the most recent quarter, signaling strong internal value creation over the period.
The steady expansion of retained earnings suggests that the company’s core operations are generating sufficient profitability to fund growth and shareholder returns without excessive reliance on external equity dilution. This trend appears to reinforce the company's long-term financial stability and its ability to self-fund strategic pivots toward software.
Based on the provided financial data, goodwill has increased to $3.5 billion in 2026Q2, representing approximately 30% of total assets, which suggests that a significant portion of the company's balance sheet value is tied to the successful integration and performance of past strategic acquisitions like Ixia and ESI.
While this concentration is common in technology firms pursuing inorganic growth, it introduces a risk of potential impairment if the acquired software assets fail to meet long-term growth expectations. Investors should monitor the performance of these segments to ensure that the carrying value of these intangibles remains supported by future cash flows.
Quick answers to the most common questions about buying KEYS stock.
As of 2025, Keysight Technologies, Inc. (KEYS) had total assets of $11.29B including $4.35B in current assets.
Keysight Technologies, Inc. (KEYS) carries total debt of $2.97B, offset by $1.87B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Keysight Technologies, Inc. (KEYS) has total shareholders' equity (book value) of $5.88B ($33.97 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Keysight Technologies, Inc. (KEYS) reported a current ratio of 2.35x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.