Industrial Instruments For Measurement, Display, and Control · SIC 3823
Keysight Technologies, Inc.
KEYS
Latest revenue
$1.60B
as of 2026-01-31
Latest net income
$281.0M
as of 2026-01-31
Net margin
17.6%
as of 2026-01-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $59.44B
- Enterprise value
- $60.89B
- P/E (trailing)
- 69.9×
- Forward P/E
- —
- P/B
- 9.58×
- Dividend yield
- 0.0%
- 52-wk high
- $370.18
- 52-wk low
- $152.85
- Beta
- —
- Shares out
- 171.5M
5-year trend
What this company does
Keysight makes electronic test and measurement equipment, software, and services that engineers use to design and validate communications gear, semiconductors, and computing hardware. The company earns roughly three-quarters of revenue selling products like signal analyzers, oscilloscopes, and network emulators, with the rest from calibration, support, and software services. Revenue jumped 23% year-over-year to $1.6 billion in the latest quarter, signaling a sharp rebound in customer R&D spending after a prolonged industry downturn.
Key risks
- Tax-driven earnings quality: Q1 net income of $281M was boosted by an $83M tax benefit vs $30M expense prior year; pretax income flat at $198M.
- Equity investment volatility: $53M unrealized loss on equity securities this quarter (vs $37M gain prior year) flowed through other expense, pressuring non-operating results.
- Rising interest burden and leverage: $2.53B long-term debt with interest expense up 45% YoY to $29M, while cash interest payments jumped to $32M from zero.
Profitability
Operating margin
16.3%
2.6%Net margin
15.8%
28.2%Return on equity
14.5%
20.2%Return on assets
7.5%
13.5%Leverage
Debt / equity
0.92×
13.0%Long-term debt / equity
0.43×
22.9%Debt / assets
48.0%
6.8%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-01-31 | $1.60B | +23.3% | $281.0M | +66.3% | 17.6% |
Q4 2025 2025-10-31 | $1.42B | +10.3% | $233.0M | +419.2% | 16.4% |
Q3 2025 2025-07-31 | $1.35B | +11.1% | $191.0M | -50.9% | 14.1% |
Q2 2025 2025-04-30 | $1.31B | +7.4% | $257.0M | +104.0% | 19.7% |
Q1 2025 2025-01-31 | $1.30B | +3.1% | $169.0M | -1.7% | 13.0% |
Q4 2024 2024-10-31 | $1.29B | — | $-73.0M | — | -5.7% |
Q3 2024 2024-07-31 | $1.22B | -11.9% | $389.0M | +35.1% | 32.0% |
Q2 2024 2024-04-30 | $1.22B | — | $126.0M | — | 10.4% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Industrial Instruments For Measurement, Display, and Control · SIC 3823
Your notes
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Insider activity
Insider buying
$44.5K
Insider selling
$32.9M
Net activity
−$32.8M
Distinct insiders
12
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns KEYS
Institutional value
$15.41B
Total shares held
57.0M
Distinct holders
742
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 11.2M | $3.15B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 8.6M | $2.43B | — | New |
| 3 | Boston Partners | 2.8M | $794.1M | — | New |
| 4 | Allspring Global Investments Holdings, LLC | 2.0M | $581.2M | — | New |
| 5 | Invesco Ltd. | 2.0M | $552.6M | — | New |
| 6 | Legal & General Group Plc | 1.4M | $387.9M | — | New |
| 7 | JANE STREET GROUP, LLC | 1.2M | $349.4M | — | New |
| 8 | DIMENSIONAL FUND ADVISORS LP | 1.2M | $343.8M | — | New |
| 9 | VANGUARD FIDUCIARY TRUST CO | 965.8K | $272.7M | — | New |
| 10 | DEUTSCHE BANK AG\ | 956.9K | $270.2M | — | New |
| 11 | WELLS FARGO & COMPANY/MN | 934.7K | $263.9M | — | New |
| 12 | Bank of New York Mellon Corp | 884.0K | $249.6M | — | New |
| 13 | Nuveen, LLC | 859.1K | $242.6M | — | New |
| 14 | JENNISON ASSOCIATES LLC | 796.9K | $225.0M | — | New |
| 15 | Swedbank AB | 703.7K | $198.7M | — | New |
| 16 | PRIMECAP MANAGEMENT CO/CA/ | 590.8K | $166.8M | — | New |
| 17 | WT Asset Management Ltd | 577.2K | $163.0M | — | New |
| 18 | Alphinity Investment Management Pty Ltd | 552.1K | $155.9M | — | New |
| 19 | Swiss National Bank | 504.3K | $142.4M | — | New |
| 20 | UBS Group AG | 458.4K | $129.4M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Revenue jumped 23% YoY to $1.6B but operating income only rose 14%; why did SG&A grow 24% and is this opex base structural?
- 2
You booked an $83M tax benefit versus a $30M expense last year—what specifically drove it and what's the normalized FY26 tax rate?
- 3
Other expense swung to -$37M on a $53M unrealized equity loss; quantify remaining mark-to-market exposure in the $147M long-term investments.