Keysight Technologies

Information Technology Electronic Equipment & Instruments Santa Rosa, California Last filing Dec 17, 2025 · FY2025

                    Revenue
                    FY2025
                
$5.4B
                    3y CAGR -0.3%
                    
                    P25
                    
                    +8.0%
                    
                    Net income
                    FY2025
                
$850.0M
                    Net margin +15.8%
                    
                    P44
                    
                    +38.4%
                    
                    Total assets
                    FY2025
                
$11.3B
                    ROA +7.5%
                    
                    P45
                    
                    +21.9%
                    
                    Operating cash flow
                    FY2025
                
$1.4B
                    FCF margin +23.8%
                    
                    P60
                    
                    +33.9%

13 yrs · FY2013–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

35 accounts · 10 years

Total assets $11.3B

Total liabilities $5.4B

Shareholders equity $5.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	16.6%	19.4%	28.5%	25.2%	26.4%	24.3%	24.1%	—	13.8%	20.6%
Short Term Investments	0.2%	—	—	—	—	—	—	—	—	—
Accounts Receivable	8.3%	9.2%	10.4%	11.2%	9.4%	8.4%	10.1%	—	9.2%	11.5%
Inventory	9.3%	11.0%	11.3%	10.6%	10.0%	10.5%	10.6%	—	9.9%	12.5%
Prepaid Expenses	4.3%	—	—	—	—	—	—	—	—	—
Other Current Assets	1.5%	—	—	—	—	—	—	—	—	—
Total Current Assets	38.5%	45.9%	55.4%	52.3%	49.3%	46.7%	48.5%	—	36.7%	48.8%
Property,Plant and Equipment	7.0%	8.4%	8.8%	8.5%	8.4%	8.2%	8.7%	—	8.9%	13.5%
Operating Lease Assets	2.1%	—	—	—	—	—	—	—	—	—
Goodwill	30.3%	25.8%	18.9%	19.5%	20.9%	21.3%	18.3%	—	31.7%	19.4%
Intangible Assets	11.5%	6.5%	1.8%	2.3%	3.5%	5.0%	7.4%	—	14.4%	5.5%
Long Term Investments	1.9%	1.2%	0.9%	0.8%	0.9%	0.8%	0.7%	—	1.1%	1.4%
Deferred Tax Assets	3.3%	4.1%	7.7%	8.2%	9.1%	10.3%	11.4%	—	8.0%	10.3%
Other Noncurrent Assets	5.4%	—	—	—	—	—	—	—	—	—
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—	100.0%	100.0%
Liabilities
Accounts Payable	3.1%	3.4%	3.3%	4.3%	3.7%	3.1%	3.8%	—	3.6%	5.0%
Accrued Liabilities	1.6%	1.3%	2.2%	1.2%	1.0%	1.0%	1.3%	—	1.0%	1.3%
Deferred Revenue	5.8%	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities	0.5%	—	—	—	—	—	—	—	—	—
Other Current Liabilities	1.6%	—	—	—	—	—	—	—	—	—
Total Current Liabilities	16.4%	15.4%	23.6%	17.4%	16.8%	15.0%	15.1%	—	13.8%	17.0%
Long Term Debt	22.4%	19.3%	13.8%	22.1%	23.0%	24.8%	27.0%	—	34.4%	28.8%
Deferred Revenue Noncurrent	2.1%	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities Noncurrent	1.7%	—	—	—	—	—	—	—	—	—
Deferred Tax Liabilities	0.0%	3.8%	2.6%	2.7%	3.2%	2.9%	2.6%	—	9.4%	2.0%
Other Noncurrent Liabilities	4.7%	—	—	—	—	—	—	—	—	—
Total Liabilities	48.0%	44.9%	46.4%	48.6%	51.4%	54.3%	54.6%	—	61.1%	60.1%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	0.0%	0.1%
Additional Paid In Capital	25.2%	28.7%	28.6%	28.8%	28.5%	29.2%	30.4%	—	30.1%	32.7%
Retained Earnings	62.6%	67.2%	64.6%	56.2%	44.1%	35.1%	28.8%	—	17.5%	25.0%
Treasury Stock	33.6%	36.9%	34.3%	28.1%	18.3%	10.4%	5.2%	—	1.0%	1.6%
Accumulated Other Comprehensive Income	-2.2%	-3.9%	-5.4%	-5.6%	-5.7%	-8.3%	-8.7%	—	-7.7%	-16.3%
Total Stockholders Equity	52.0%	55.1%	53.6%	51.4%	48.6%	45.7%	45.4%	—	38.9%	39.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $5.4B

Operating income $876.0M

Net income $850.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	47.6%	—	—	—	—	—	—	—	—	—
Expenses Cost of Revenue	18.0%	—	—	—	—	—	—	—	—	—
Expenses Research and Development	8.9%	9.9%	10.2%	10.4%	10.4%	9.9%	10.4%	—	8.5%	11.4%
Expenses Selling,General and Administrative	13.0%	—	—	—	—	—	—	—	—	—
Expenses Depreciation and Amortization	1.2%	—	—	—	—	—	—	—	—	—
Expenses Share Based Compensation	1.4%	1.5%	1.6%	1.5%	1.3%	1.3%	1.2%	—	0.9%	1.3%
Expenses Operating Expenses	39.8%	—	—	—	—	—	—	—	—	—
Other Income Expense Operating Income	7.8%	—	—	—	—	—	—	—	—	—
Other Income Expense Interest Income	0.9%	0.9%	1.2%	0.2%	0.0%	0.2%	0.3%	—	0.1%	0.1%
Other Income Expense Interest Expense	0.8%	0.9%	0.9%	1.0%	1.0%	1.1%	1.2%	—	1.3%	1.2%
Other Income Expense Other Income/expense	1.8%	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	9.6%	—	—	—	—	—	—	—	—	—
Income Tax Income Tax Expense	1.9%	2.7%	3.5%	2.0%	1.5%	1.9%	1.4%	—	1.3%	0.8%
net Income net Income	7.5%	6.6%	12.2%	13.9%	11.5%	8.7%	9.4%	—	1.7%	8.8%
net Income Comprehensive Income	8.5%	—	—	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	0.0%	—	—	—	—	—	—	—	—	—
Earnings Per Share Diluted Eps	0.0%	—	—	—	—	—	—	—	—	—
Earnings Per Share Weighted Average Shares Basic	1.5%	—	—	—	—	—	—	—	—	—
Earnings Per Share Weighted Average Shares Diluted	1.5%	—	—	—	—	—	—	—	—	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $1.4B

Investing cash flow $-1.7B

Financing cash flow $385.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	7.5%	6.6%	12.2%	13.9%	11.5%	8.7%	9.4%	—	1.7%	8.8%
Operating Activities Depreciation and Amortization	1.2%	1.4%	1.4%	1.4%	1.5%	1.4%	1.4%	—	1.6%	2.2%
Operating Activities Stock Based Compensation	1.4%	—	—	—	—	—	—	—	—	—
Operating Activities Deferred Income Taxes	-1.0%	2.9%	-0.0%	0.1%	-0.7%	0.6%	-0.0%	—	-0.8%	0.4%
Operating Activities Changes In Operating Assets and Liabilities	5.4%	1.2%	-1.0%	0.3%	-0.1%	-0.4%	-0.2%	—	0.8%	1.2%
Operating Activities net Cash From Operating Activities	12.5%	—	—	—	—	—	—	—	—	—
Investing Activities Capital Expenditures	1.1%	1.7%	2.3%	2.3%	2.2%	1.6%	1.8%	—	1.2%	2.4%
Investing Activities Business Acquisitions	17.9%	7.3%	1.0%	0.4%	2.3%	4.9%	1.3%	—	28.7%	0.3%
Investing Activities Other Investing Activities	0.1%	-0.2%	0.0%	0.0%	0.0%	0.0%	-0.1%	—	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-15.3%	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	6.6%	—	—	—	—	—	—	—	—	—
Financing Activities Repayment of Debt	0.0%	6.7%	0.0%	0.0%	0.0%	0.1%	7.5%	—	5.4%	0.0%
Financing Activities Repurchase of Common Stock	3.3%	4.7%	8.1%	10.5%	8.6%	5.7%	2.4%	—	0.0%	1.6%
Financing Activities Proceeds From Stock Issuance	0.6%	—	—	—	—	—	—	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	0.3%	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.0%	-0.0%	-0.1%	-0.1%	-0.1%	—	0.0%	0.0%
Financing Activities net Cash From Financing Activities	3.4%	—	—	—	—	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	0.7%	—	—	—	—	—	—	—	—	—
Cash Reconciliation Cash At Beginning of Period	16.7%	19.6%	28.7%	25.4%	26.6%	24.5%	24.2%	—	13.8%	20.7%
Cash Reconciliation Cash At End of Period	16.7%	19.6%	28.7%	25.4%	26.6%	24.5%	24.2%	—	13.8%	20.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+62.1%	—	—	—	—	—	—	—	—	—
Operating margin	+16.3%	+16.7%	+24.9%	+24.6%	+21.9%	+18.1%	+16.5%	—	+4.6%	+12.9%
Net margin	+15.8%	+12.3%	+19.3%	+20.7%	+18.1%	+14.9%	+14.4%	—	+3.2%	+11.5%
FCF margin	+23.8%	+18.0%	+22.2%	+17.7%	+23.2%	+21.3%	+20.4%	—	+8.0%	+11.3%
Growth
Revenue CAGR (3y)	-0.3%	+0.3%	+9.0%	+8.0%	—	+9.8%	+13.8%	—	—	—
Returns
ROE	+14.5%	+12.0%	+22.7%	+27.0%	+23.6%	+19.0%	+20.7%	—	+4.4%	+22.1%
ROA	+7.5%	+6.6%	+12.2%	+13.9%	+11.5%	+8.7%	+9.4%	—	+1.7%	+8.8%
ROIC	+10.8%	+16.3%	+34.2%	+34.1%	+30.7%	+23.0%	+22.3%	—	+4.2%	+20.6%
Liquidity
Current ratio	2.35x	2.98x	2.35x	3.01x	2.93x	3.12x	3.21x	—	2.66x	2.88x
Quick ratio	1.52x	1.86x	1.65x	2.09x	2.13x	2.19x	2.26x	—	1.67x	1.89x
Leverage
D/E	0.92x	0.82x	0.87x	0.95x	1.06x	1.19x	1.20x	—	1.57x	1.51x
Interest coverage	9.12x	9.92x	17.41x	16.89x	13.67x	9.81x	8.89x	—	1.85x	7.98x
Efficiency
Asset turnover	0.48x	0.54x	0.63x	0.67x	0.64x	0.58x	0.65x	—	0.54x	0.77x
Cash conversion cycle	+188d	—	—	—	—	—	—	—	—	—

Valuation

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Keysight Technologies

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