Keysight Technologies, Inc. (KEYS) Key Metrics
KEYS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $56.39B
- Enterprise value
- $60.30B
- P/E (TTM)
- 44.8 10-yr median 34.5
- Forward P/E
- 22.4
- PEG ratio
- 0.70
- Price / sales
- 8.6 10-yr median 4.6
- Price / book
- 9.2 10-yr median 5.2
- EV / EBITDA
- 31.5 10-yr median 19.3
- Dividend yield
- —
- Beta
- 1.18
KEYS key metrics, FY2016–FY2025
Fiscal year ended October 31, 2025 · U.S. dollarsKEYS valuation Price multiples at each fiscal year-end price.
KEYS returns How much profit the business earns on the capital it uses.
KEYS per-share figures Results divided by the shares outstanding at year-end.
KEYS financial health Debt, liquidity and how easily interest is covered.
KEYS efficiency & capital use Working capital cycle and where the cash goes.
KEYS valuation history
KEYS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
KEYS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
KEYS cash returned to shareholders
KEYS price vs earnings per share
KEYS key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $31.65B | $26.08B | $21.85B | $31.70B | $33.66B | $19.82B | $19.27B | $10.90B | $8.13B | $5.64B |
| Enterprise value | $32.75B | $26.31B | $21.40B | $31.67B | $33.63B | $20.05B | $19.46B | $11.78B | $9.36B | $5.99B |
| P/E ratio | 37.4 | 42.5 | 20.7 | 28.2 | 37.7 | 31.6 | 31.0 | 66.1 | 79.7 | 16.8 |
| Price / sales | 5.9 | 5.2 | 4.0 | 5.8 | 6.8 | 4.7 | 4.5 | 2.8 | 2.5 | 1.9 |
| Price / book | 5.4 | 5.1 | 4.7 | 7.6 | 8.9 | 6.0 | 6.4 | 4.5 | 3.5 | 3.7 |
| Price / free cash flow | 24.7 | 29.0 | 18.0 | 33.1 | 29.3 | 22.0 | 22.0 | 25.8 | 33.7 | 17.4 |
| Price / operating cash flow | 22.5 | 24.8 | 15.5 | 27.7 | 25.5 | 19.5 | 19.3 | 19.6 | 26.0 | 13.6 |
| EV / sales | 6.1 | 5.3 | 3.9 | 5.8 | 6.8 | 4.7 | 4.5 | 3.0 | 2.9 | 2.1 |
| EV / EBITDA | 23.0 | 21.6 | 13.0 | 23.0 | 24.3 | 17.2 | 17.6 | — | 19.3 | 11.0 |
| EV / free cash flow | 25.6 | 29.3 | 17.7 | 33.0 | 29.3 | 22.3 | 22.2 | 27.9 | 38.9 | 18.4 |
| Earnings yield | 2.7% | 2.4% | 4.8% | 3.5% | 2.7% | 3.2% | 3.2% | 1.5% | 1.3% | 5.9% |
| Free cash flow yield | 4.0% | 3.4% | 5.5% | 3.0% | 3.4% | 4.5% | 4.6% | 3.9% | 3.0% | 5.8% |
| Dividend yield | — | — | — | — | — | 0.3% | 0.3% | 0.4% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 1.2% | 1.7% | 3.2% | 2.7% | 2.0% | 2.4% | 1.2% | 1.5% | 0.1% | 1.1% |
| Share price at fiscal year-end | $182.96 | $149.01 | $122.05 | $174.15 | $180.02 | $104.87 | $100.91 | $57.08 | $44.67 | $32.80 |
| Per share | ||||||||||
| Revenue per share | $31.07 | $28.45 | $30.53 | $29.78 | $26.42 | $22.33 | $22.53 | $20.30 | $17.52 | $16.97 |
| Earnings per share | $4.89 | $3.51 | $5.91 | $6.18 | $4.78 | $3.32 | $3.25 | $0.86 | $0.56 | $1.95 |
| Operating cash flow per share | $8.14 | $6.01 | $7.87 | $6.29 | $7.07 | $5.38 | $5.23 | $2.91 | $1.72 | $2.42 |
| Free cash flow per share | $7.40 | $5.13 | $6.77 | $5.27 | $6.14 | $4.76 | $4.60 | $2.21 | $1.32 | $1.89 |
| Cash per share | $10.83 | $10.26 | $13.81 | $11.22 | $10.97 | $9.29 | $8.37 | $4.78 | $4.49 | $4.55 |
| Book value per share | $33.97 | $29.17 | $26.00 | $22.86 | $20.24 | $17.44 | $15.73 | $12.74 | $12.69 | $8.77 |
| Tangible book value per share | $6.69 | $12.06 | $15.97 | $13.13 | $10.07 | $7.40 | $6.83 | $3.23 | −$2.35 | $3.28 |
| Dividends per share | — | — | — | — | — | $0.31 | $0.35 | $0.21 | $0.00 | $0.00 |
| Capex per share | $0.74 | $0.88 | $1.09 | $1.02 | $0.93 | $0.62 | $0.63 | $0.69 | $0.40 | $0.53 |
| Debt per share | $17.17 | $11.60 | $11.32 | $11.09 | $10.82 | $10.48 | $9.36 | $9.39 | $11.27 | $6.59 |
| Shares outstanding | 173.0M | 175.0M | 179.0M | 182.0M | 187.0M | 189.0M | 191.0M | 191.0M | 182.0M | 172.0M |
| Change in shares outstanding | −1.1% | −2.2% | −1.6% | −2.7% | −1.1% | −1.0% | 0.0% | +4.9% | +5.8% | +0.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 15.4% | 12.6% | 24.0% | 28.3% | 25.3% | 19.9% | 22.8% | 7.0% | 5.3% | 23.8% |
| Return on invested capital (ROIC) | 12.4% | 12.4% | 25.4% | 24.4% | 26.3% | 18.8% | 19.0% | −9.1% | 3.1% | 19.4% |
| Return on assets (ROA) | 8.2% | 6.8% | 12.6% | 14.2% | 11.9% | 9.1% | 10.0% | 2.8% | 2.1% | 9.2% |
| Return on tangible assets | 12.9% | 9.8% | 15.3% | 17.8% | 15.2% | 11.8% | 12.6% | 4.1% | 3.2% | 11.7% |
| Free cash flow margin | 23.8% | 18.0% | 22.2% | 17.7% | 23.2% | 21.3% | 20.4% | 10.9% | 7.6% | 11.1% |
| Income quality (OCF / net income) | 1.67 | 1.71 | 1.33 | 1.02 | 1.48 | 1.62 | 1.61 | 3.36 | 3.07 | 1.24 |
| Financial health | ||||||||||
| Total debt | $2.97B | $2.03B | $2.03B | $2.02B | $2.02B | $1.98B | $1.79B | $1.79B | $2.05B | $1.13B |
| Cash & short-term investments | $1.87B | $1.80B | $2.47B | $2.04B | $2.05B | $1.76B | $1.60B | $913.0M | $818.0M | $783.0M |
| Net debt | $1.10B | $234.0M | −$446.0M | −$24.0M | −$29.0M | $225.0M | $190.0M | $881.0M | $1.23B | $351.0M |
| Debt / equity | 0.51 | 0.40 | 0.44 | 0.48 | 0.53 | 0.60 | 0.60 | 0.74 | 0.89 | 0.75 |
| Debt / assets | 0.26 | 0.22 | 0.23 | 0.25 | 0.26 | 0.27 | 0.27 | 0.31 | 0.35 | 0.30 |
| Net debt / EBITDA | 0.77 | 0.19 | −0.27 | −0.02 | −0.02 | 0.19 | 0.17 | — | 2.55 | 0.64 |
| Current ratio | 2.35 | 2.98 | 2.35 | 3.01 | 2.93 | 3.12 | 3.21 | 1.63 | 2.66 | 2.88 |
| Quick ratio | 1.78 | 2.27 | 1.87 | 2.40 | 2.34 | 2.42 | 2.50 | 1.20 | 1.94 | 2.14 |
| Interest coverage | 9.9 | 9.9 | 17.4 | 14.2 | 13.7 | 9.8 | 8.9 | -4.7 | 1.9 | 8.6 |
| Working capital | $2.50B | $2.83B | $2.76B | $2.83B | $2.52B | $2.29B | $2.21B | $916.0M | $1.36B | $1.21B |
| Invested capital | $6.97B | $5.34B | $4.21B | $4.14B | $3.75B | $3.52B | $3.19B | $3.31B | $3.54B | $1.86B |
| Tangible asset value | $1.16B | $2.11B | $2.86B | $2.39B | $1.88B | $1.40B | $1.30B | $617.0M | −$427.0M | $565.0M |
| Net current asset value | −$1.07B | $93.0M | $780.0M | $297.0M | −$163.0M | −$547.0M | −$404.0M | −$1.01B | −$1.45B | −$437.0M |
| Graham number | $61.14 | $47.99 | $58.77 | $56.36 | $46.65 | $36.08 | $33.92 | $15.74 | $12.65 | $19.61 |
| Graham net-net per share | −$13.37 | −$6.35 | −$1.99 | −$4.33 | −$5.38 | −$7.05 | −$6.11 | −$8.90 | −$11.54 | −$5.48 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | $58.0M | $67.0M | $40.0M | $0 | $0 |
| Share buybacks (net) | $377.0M | $443.0M | $702.0M | $849.0M | $673.0M | $411.0M | $159.0M | $120.0M | $12.0M | $62.0M |
| Dividend payout ratio | — | — | — | — | — | 9.3% | 10.8% | 24.2% | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 29.4% | 49.3% | 57.9% | 88.5% | 58.6% | 52.2% | 25.7% | 37.8% | 5.0% | 19.1% |
| Capex / revenue | 2.4% | 3.1% | 3.6% | 3.4% | 3.5% | 2.8% | 2.8% | 3.4% | 2.3% | 3.1% |
| Capex / operating cash flow | 9.1% | 14.6% | 13.9% | 16.2% | 13.2% | 11.5% | 12.0% | 23.8% | 23.0% | 21.9% |
| Capex / depreciation | 0.98 | 1.22 | 0.92 | 0.83 | 0.59 | 0.36 | 0.39 | 0.43 | 0.32 | 0.68 |
| Stock-based compensation / revenue | 3.0% | 2.8% | 2.5% | 2.3% | 2.1% | 2.2% | 1.9% | 1.5% | 1.8% | 1.7% |
| R&D / revenue | 18.7% | 18.5% | 16.1% | 15.5% | 16.4% | 16.9% | 16.0% | 16.1% | 15.9% | 14.6% |
| SG&A / revenue | 27.4% | 28.0% | 23.9% | 23.7% | 24.2% | 26.0% | 26.8% | 30.6% | 32.9% | 28.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 65.7 | 71.1 | 61.8 | 55.2 | 49.5 | 55.1 | 54.8 | 55.1 | 56.3 | 52.2 |
| Days of inventory on hand | 185.5 | 198.4 | 174.1 | 151.5 | 149.5 | 158.1 | 136.6 | 124.7 | 129.9 | 135.5 |
| Days payables outstanding | 59.8 | 59.2 | 59.9 | 58.8 | 49.8 | 51.6 | 51.1 | 46.8 | 48.9 | 56.1 |
| Cash conversion cycle (days) | 191.4 | 210.3 | 176.0 | 147.9 | 149.3 | 161.6 | 140.3 | 133.0 | 137.3 | 131.6 |
| Receivables turnover | 5.56 | 5.14 | 5.91 | 6.61 | 7.37 | 6.63 | 6.66 | 6.62 | 6.48 | 6.99 |
| Payables turnover | 6.10 | 6.16 | 6.09 | 6.20 | 7.33 | 7.08 | 7.15 | 7.80 | 7.46 | 6.50 |
| Inventory turnover | 1.97 | 1.84 | 2.10 | 2.41 | 2.44 | 2.31 | 2.67 | 2.93 | 2.81 | 2.69 |
| Asset turnover | 0.52 | 0.55 | 0.65 | 0.68 | 0.66 | 0.61 | 0.69 | 0.66 | 0.66 | 0.80 |
| Average receivables | $967.0M | $969.5M | $924.5M | $820.0M | $670.5M | $637.0M | $646.0M | $585.5M | $492.0M | $417.5M |
| Average payables | $334.0M | $299.5M | $317.0M | $317.5M | $255.5M | $238.5M | $247.5M | $226.5M | $200.0M | $199.0M |
| Average inventory | $1.04B | $1.00B | $921.5M | $817.5M | $767.0M | $731.0M | $662.0M | $603.5M | $531.0M | $480.5M |
| Intangibles / total assets | 41.8% | 32.3% | 20.7% | 21.9% | 24.4% | 26.3% | 25.7% | 31.2% | 46.1% | 24.8% |
Computed from KEYS's annual financial statements (latest annual report filed December 17, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
KEYS valuation and financial ratios
At the end of fiscal 2025 (October 31, 2025), Keysight traded at 37.4 times earnings, against a 10-year median of 34.5. Based on the latest twelve months, the trailing P/E is 44.8 and the forward P/E is 22.4. Keysight earned a return on equity of 15.4% and a return on invested capital of 12.4% in fiscal 2025. It ended the year with $3.0 billion of debt and $1.9 billion in cash and short-term investments, net debt of $1.1 billion. It returned $377.0 million to shareholders: $0 in dividends and $377.0 million in share buybacks, 29% of free cash flow.
See the KEYS income statement, the KEYS chart for price history, or the KEYS stock overview for the latest quote and news.
KEYS key metrics FAQ
What is Keysight's P/E ratio?
Keysight's trailing P/E ratio is 44.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 22.4. At the end of fiscal 2025 it was 37.4, compared with a 10-year median of 34.5.
What is Keysight's EV/EBITDA?
Keysight's enterprise value was 23.0 times EBITDA at the end of fiscal 2025 (enterprise value $32.8 billion, EBITDA $1.4 billion); the current EV/EBITDA is 31.5.
What is Keysight's return on equity?
Keysight's return on equity (ROE) was 15.4% in fiscal 2025: net income of $846.0 million on average shareholders' equity of $5.5 billion.
What is Keysight's ROIC?
Keysight's return on invested capital was 12.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Keysight have?
Keysight had total debt of $3.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.51 and $1.1 billion of net debt (0.77 times EBITDA).
Does Keysight buy back its shares?
Yes. Keysight spent $377.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.1% over the year, to 173.0M..
What is Keysight's free cash flow yield?
Keysight generated $1.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.0% on its market value at year-end ($31.7 billion).
What is Keysight's current ratio?
Keysight's current ratio was 2.35 at the end of fiscal 2025: current assets were 2.35 times current liabilities.