Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Keysight Technologies

KEYS stock analysis · Information Technology · Electronic Equipment & Instruments

FY 2025-10-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$350.07HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$59.8B

Price × SEC outstanding shares. Shares measured 2026-05-29. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$113.85

Equity cash-flow scenario · SEC outstanding shares at 2026-05-29 · -67.5% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

34.4%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

-38.0%

65 sector peers · median 43.6×

How this is calculated ↗
Valuation

Historical multiples

41.1×

5 annual observations · snapshot P/E 70.4× · 71.4% versus history

How this is calculated ↗
Valuation

Free cash flow yield

2.1%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

11.9%

Normalized tax · financing-capital proxy · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

43/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

21.9%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-5.4%

Parent-earnings fallback versus consolidated cash flow · scope limitation

How this is calculated ↗
Momentum

Fundamental momentum

4.2%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 1.4B2020-10-31: cfo $1,016,000,000.002020-10-31: capex $117,000,000.0020202021-10-31: cfo $1,322,000,000.002021-10-31: capex $174,000,000.0020212022-10-31: cfo $1,144,000,000.002022-10-31: capex $185,000,000.0020222023-10-31: cfo $1,408,000,000.002023-10-31: capex $197,000,000.0020232024-10-31: cfo $1,052,000,000.002024-10-31: capex $154,000,000.0020242025-10-31: cfo $1,409,000,000.002025-10-31: capex $128,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$142.80$155.81$169.80
10.0%$104.64$113.85$123.74
12.0%$82.56$89.58$97.11

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-10-315.4B850M1.4B128M11.3B
2024-10-315B618M1.1B154M9.3B
2023-10-315.5B1.1B1.4B197M8.7B
2022-10-315.4B1.1B1.1B185M8.1B
2021-10-314.9B894M1.3B174M7.8B
2020-10-314.2B627M1B117M7.2B
2019-10-314.3B621M998M120M6.6B
2018-10-313.9B165M555M132M5.8B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue5.4BRevenueFromContractWithCustomerIncludingAssessedTax2025-12-17
netIncome850MNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2025-12-17
Parent/common earnings proxy850MNetIncomeLoss2025-12-17
cfo1.4BNetCashProvidedByUsedInOperatingActivities2025-12-17
capex128MPaymentsToAcquirePropertyPlantAndEquipment2025-12-17
operatingIncome876MOperatingIncomeLoss2025-12-17
assets11.3BAssets2025-12-17
equity5.9BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2025-12-17
Parent book equity proxy5.9BStockholdersEquity2025-12-17
debt2.5BLongTermDebt2025-12-17
shortDebtNot reported under a supported tag
cash1.9BCashAndCashEquivalentsAtCarryingValue2025-12-17
shares173MWeightedAverageNumberOfDilutedSharesOutstanding2025-12-17
dividendsNot reported under a supported tag
buybacks375MPaymentsForRepurchaseOfCommonStock2025-12-17
issuance63MReviewed manual correction
Bounded FY2025-10-31 consolidated financing-statement extraction. Proceeds from issuance of common stock under employee stock plans: 63000000 USD [us-gaap:ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions]. All 8 financing lines reconcile exactly to reported financing cash flow 385000000 USD. Cash inflows from common shares, employee plans and option exercises are summed once as displayed on the statement; noncash compensation, withholding payments, preferred and noncontrolling interests are excluded. This review applies only to this issuer and fiscal period. Source limitation: the statement also aggregates other financing cash flows (net -2000000 USD). Their common-equity portion is not separately disclosed here. Issuance is the sum of separately reported common cash-issuance lines, not an independently verified gross total; additional equity flows may be inside those aggregates.
2025-12-17