Keysight Technologies, Inc. (KEYS) Financial Ratios
14 years of historical data (2012–2025) · Technology · Hardware, Equipment & Parts
EV/EBITDA
↑
50.65
↑+132% vs avg
5yr avg: 21.82
30Y Low10.0·High26.8
P/FCF
↓
47.50
↑+77% vs avg
5yr avg: 26.83
30Y Low10.7·High33.7
P/B Ratio
↓
10.44
↑+65% vs avg
5yr avg: 6.34
30Y Low3.5·High8.9
ROE
↓
15.4%
↑-27% vs avg
5yr avg: 21.1%
30Y Low5%·High64%
Debt/EBITDA
↑
2.43
↑+46% vs avg
5yr avg: 1.67
30Y Low1.3·High5.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
KEYS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Keysight Technologies, Inc. trades at 72.7x earnings, 118% above its 5-year average of 33.3x, sitting at the 92nd percentile of its historical range. Compared to the Technology sector median P/E of 27.7x, the stock trades at a premium of 163%. On a free-cash-flow basis, the stock trades at 47.5x P/FCF, 77% above the 5-year average of 26.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $60.9B | $31.7B | $26.1B | $21.8B | $31.7B | $33.7B | $19.8B | $19.3B | $10.9B | $8.1B | $5.6B |
| Enterprise Value | $62.0B | $32.8B | $26.3B | $21.4B | $31.7B | $33.6B | $20.0B | $19.5B | $11.8B | $9.4B | $6.0B |
| P/E Ratio → | 72.70 | 37.49 | 42.45 | 20.65 | 28.18 | 37.66 | 31.59 | 31.05 | 66.37 | 79.77 | 16.82 |
| P/S Ratio | 11.32 | 5.89 | 5.24 | 4.00 | 5.85 | 6.81 | 4.70 | 4.48 | 2.81 | 2.55 | 1.93 |
| P/B Ratio | 10.44 | 5.39 | 5.11 | 4.69 | 7.62 | 8.90 | 6.01 | 6.42 | 4.48 | 3.52 | 3.74 |
| P/FCF | 47.50 | 24.71 | 29.04 | 18.03 | 33.05 | 29.32 | 22.05 | 21.95 | 25.77 | 33.73 | 17.36 |
| P/OCF | 43.19 | 22.46 | 24.79 | 15.52 | 27.71 | 25.46 | 19.51 | 19.31 | 19.64 | 25.97 | 13.56 |
P/E links to full P/E history page with 30-year chart
KEYS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Keysight Technologies, Inc.'s enterprise value stands at 50.7x EBITDA, 132% above its 5-year average of 21.8x. The Technology sector median is 17.5x, placing the stock at a 190% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.09 | 5.28 | 3.92 | 5.84 | 6.81 | 4.75 | 4.52 | 3.04 | 2.94 | 2.04 |
| EV / EBITDA | 50.65 | 26.78 | 23.85 | 13.63 | 20.34 | 24.50 | 18.37 | 19.10 | — | 25.09 | 11.03 |
| EV / EBIT | 65.35 | 28.48 | 27.72 | 14.91 | 23.22 | 30.89 | 23.89 | 24.48 | — | 36.14 | 14.43 |
| EV / FCF | — | 25.57 | 29.30 | 17.66 | 33.03 | 29.30 | 22.30 | 22.17 | 27.85 | 38.84 | 18.33 |
KEYS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Keysight Technologies, Inc. earns an operating margin of 17.6%. Operating margins have compressed from 24.9% to 17.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 15.4% indicates solid capital efficiency. ROIC of 11.5% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.1% | 62.1% | 62.9% | 64.6% | 63.7% | 62.1% | 60.0% | 58.9% | 54.4% | 53.2% | 55.7% |
| Operating Margin | 17.6% | 17.6% | 16.7% | 24.9% | 24.6% | 21.9% | 18.1% | 16.5% | -10.2% | 4.6% | 13.9% |
| Net Profit Margin | 15.7% | 15.7% | 12.3% | 19.3% | 20.7% | 18.1% | 14.9% | 14.4% | 4.3% | 3.2% | 11.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.4% | 15.4% | 12.6% | 24.0% | 28.3% | 25.3% | 19.9% | 22.8% | 7.0% | 5.3% | 23.8% |
| ROA | 8.2% | 8.2% | 6.8% | 12.6% | 14.2% | 11.9% | 9.1% | 10.0% | 2.8% | 2.1% | 9.2% |
| ROIC | 11.5% | 11.5% | 13.1% | 24.4% | 25.4% | 22.3% | 17.1% | 16.4% | -8.6% | 4.1% | 16.3% |
| ROCE | 11.0% | 11.0% | 11.5% | 20.4% | 20.3% | 17.1% | 13.0% | 14.2% | -8.3% | 3.6% | 13.6% |
KEYS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Keysight Technologies, Inc. carries a Debt/EBITDA ratio of 2.4x, which is manageable (17% below the sector average of 2.9x). Net debt stands at $1.1B ($3.0B total debt minus $1.9B cash). Interest coverage of 9.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.51 | 0.51 | 0.40 | 0.44 | 0.48 | 0.53 | 0.60 | 0.60 | 0.74 | 0.89 | 0.72 |
| Debt / EBITDA | 2.43 | 2.43 | 1.84 | 1.29 | 1.30 | 1.47 | 1.82 | 1.75 | — | 5.49 | 2.02 |
| Net Debt / Equity | — | 0.19 | 0.05 | -0.10 | -0.01 | -0.01 | 0.07 | 0.06 | 0.36 | 0.53 | 0.21 |
| Net Debt / EBITDA | 0.90 | 0.90 | 0.21 | -0.28 | -0.02 | -0.02 | 0.21 | 0.19 | — | 3.30 | 0.59 |
| Debt / FCF | — | 0.86 | 0.26 | -0.37 | -0.03 | -0.03 | 0.25 | 0.22 | 2.07 | 5.10 | 0.98 |
| Interest Coverage | 9.88 | 9.88 | 9.92 | 17.41 | 16.89 | 13.67 | 9.81 | 8.89 | -4.75 | 1.85 | 8.64 |
KEYS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Keysight Technologies, Inc.'s current ratio of 2.35x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.78x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.35 | 2.35 | 2.98 | 2.35 | 3.01 | 2.93 | 3.12 | 3.21 | 1.63 | 2.66 | 2.88 |
| Quick Ratio | 1.78 | 1.78 | 2.27 | 1.87 | 2.40 | 2.34 | 2.42 | 2.50 | 1.20 | 1.94 | 2.14 |
| Cash Ratio | 1.01 | 1.01 | 1.26 | 1.21 | 1.45 | 1.57 | 1.62 | 1.59 | 0.62 | 1.00 | 1.22 |
| Asset Turnover | — | 0.48 | 0.54 | 0.63 | 0.67 | 0.64 | 0.58 | 0.65 | 0.67 | 0.54 | 0.77 |
| Inventory Turnover | 1.94 | 1.94 | 1.81 | 1.96 | 2.30 | 2.41 | 2.23 | 2.51 | 2.85 | 2.54 | 2.73 |
| Days Sales Outstanding | — | 63.76 | 72.94 | 63.06 | 60.95 | 54.30 | 52.40 | 56.66 | 58.73 | 62.61 | 54.66 |
KEYS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Keysight Technologies, Inc. returns 0.6% to shareholders annually primarily through share buybacks. The earnings yield of 1.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.4% | 2.7% | 2.4% | 4.8% | 3.5% | 2.7% | 3.2% | 3.2% | 1.5% | 1.3% | 5.9% |
| FCF Yield | 2.1% | 4.0% | 3.4% | 5.5% | 3.0% | 3.4% | 4.5% | 4.6% | 3.9% | 3.0% | 5.8% |
| Buyback Yield | 0.6% | 1.2% | 1.7% | 3.2% | 2.7% | 2.0% | 2.1% | 0.8% | 1.1% | 0.0% | 1.1% |
| Total Shareholder Yield | 0.6% | 1.2% | 1.7% | 3.2% | 2.7% | 2.0% | 2.1% | 0.8% | 1.1% | 0.0% | 1.1% |
| Shares Outstanding | — | $173M | $175M | $179M | $182M | $187M | $189M | $191M | $191M | $182M | $172M |
Peer Comparison
Compare KEYS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 KEYSYou | $61B | 72.7 | 50.7 | 47.5 | 62.1% | 17.6% | 15.4% | 11.5% | 2.4 |
 TRMB | $15B | 35.3 | 20.1 | 110.0 | 68.3% | 16.9% | 7.3% | 6.8% | 1.8 |
 ITRI | $4B | 12.5 | 10.5 | 9.4 | 37.5% | 13.5% | 19.1% | 13.1% | 3.5 |
 MKSI | $20B | 68.8 | 26.7 | 40.7 | 40.4% | 14.4% | 11.7% | 6.5% | 5.2 |
 COHR | $51B | -613.8 | 48.6 | 262.6 | 35.4% | 9.4% | 0.6% | 3.6% | 3.5 |
 NOVT | $5B | 92.7 | 27.0 | 100.4 | 44.4% | 11.9% | 5.2% | 7.4% | 1.9 |
 A | $34B | 26.0 | 19.9 | 29.2 | 52.4% | 21.3% | 20.6% | 13.5% | 1.9 |
 DHR | $124B | 34.9 | 18.2 | 23.6 | 60.9% | 20.9% | 7.1% | 5.9% | 2.4 |
 TMO | $176B | 26.8 | 19.0 | 28.0 | 37.7% | 18.2% | 13.1% | 7.5% | 3.8 |
 FORM | $11B | 209.7 | 100.9 | 960.7 | 39.1% | 8.2% | 5.5% | 5.4% | 0.4 |
 QCOM | $214B | 40.4 | 15.9 | 16.7 | 55.4% | 27.9% | 23.3% | 29.1% | 1.2 |
| Technology Median | — | 27.7 | 17.5 | 19.2 | 48.5% | -0.6% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonKEYS — Frequently Asked Questions
Quick answers to the most common questions about buying KEYS stock.
What is Keysight Technologies, Inc.'s P/E ratio?
Keysight Technologies, Inc.'s current P/E ratio is 72.7x. The historical average is 34.7x. This places it at the 92th percentile of its historical range.
What is Keysight Technologies, Inc.'s EV/EBITDA?
Keysight Technologies, Inc.'s current EV/EBITDA is 50.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
What is Keysight Technologies, Inc.'s ROE?
Keysight Technologies, Inc.'s return on equity (ROE) is 15.4%. The historical average is 26.7%.
Is KEYS stock overvalued?
Based on historical data, Keysight Technologies, Inc. is trading at a P/E of 72.7x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Keysight Technologies, Inc.'s profit margins?
Keysight Technologies, Inc. has 62.1% gross margin and 17.6% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Keysight Technologies, Inc. have?
Keysight Technologies, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.