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 revenue.

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	34.8%	36.1%	45.2%	37.7%	41.5%	41.6%	37.1%	—	25.7%	26.8%
Short Term Investments	0.4%	—	—	—	—	—	—	—	—	—
Accounts Receivable	17.5%	17.2%	16.5%	16.7%	14.9%	14.4%	15.5%	—	17.2%	15.0%
Inventory	19.5%	20.5%	18.0%	15.8%	15.7%	17.9%	16.4%	—	18.4%	16.2%
Prepaid Expenses	9.0%	—	—	—	—	—	—	—	—	—
Other Current Assets	3.1%	—	—	—	—	—	—	—	—	—
Total Current Assets	80.9%	85.5%	88.0%	78.1%	77.6%	79.9%	74.7%	—	68.3%	63.5%
Property,Plant and Equipment	14.8%	15.5%	13.9%	12.7%	13.2%	14.1%	13.4%	—	16.6%	17.5%
Operating Lease Assets	4.4%	—	—	—	—	—	—	—	—	—
Goodwill	63.7%	48.0%	30.0%	29.2%	32.9%	36.4%	28.1%	—	59.0%	25.2%
Intangible Assets	24.3%	12.2%	2.8%	3.5%	5.5%	8.6%	11.4%	—	26.8%	7.1%
Long Term Investments	3.9%	2.2%	1.5%	1.1%	1.4%	1.4%	1.1%	—	2.0%	1.9%
Deferred Tax Assets	6.9%	7.6%	12.3%	12.3%	14.4%	17.5%	17.5%	—	15.0%	13.4%
Other Noncurrent Assets	11.3%	—	—	—	—	—	—	—	—	—
Total Assets	210.3%	186.2%	158.9%	149.4%	157.5%	171.0%	153.9%	—	186.0%	130.1%
Liabilities
Accounts Payable	6.6%	6.3%	5.2%	6.4%	5.8%	5.3%	5.9%	—	6.6%	6.5%
Accrued Liabilities	3.5%	2.5%	3.5%	1.8%	1.5%	1.7%	1.9%	—	1.9%	1.7%
Deferred Revenue	12.1%	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities	0.9%	—	—	—	—	—	—	—	—	—
Other Current Liabilities	3.5%	—	—	—	—	—	—	—	—	—
Total Current Liabilities	34.4%	28.7%	37.5%	26.0%	26.5%	25.6%	23.3%	—	25.7%	22.1%
Long Term Debt	47.1%	36.0%	21.9%	33.1%	36.2%	42.4%	41.6%	—	63.9%	37.5%
Deferred Revenue Noncurrent	4.3%	—	—	—	—	—	—	—	—	—
Operating Lease Liabilities Noncurrent	3.6%	—	—	—	—	—	—	—	—	—
Deferred Tax Liabilities	0.0%	7.1%	4.1%	4.1%	5.1%	4.9%	4.0%	—	17.5%	2.6%
Other Noncurrent Liabilities	10.0%	—	—	—	—	—	—	—	—	—
Total Liabilities	100.8%	83.6%	73.7%	72.6%	80.9%	92.9%	84.1%	—	113.6%	78.2%
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%	—	0.1%	0.1%
Additional Paid In Capital	53.0%	53.5%	45.5%	43.0%	44.9%	50.0%	46.8%	—	56.0%	42.6%
Retained Earnings	131.6%	125.0%	102.7%	84.0%	69.4%	60.1%	44.4%	—	32.6%	32.5%
Treasury Stock	70.7%	68.7%	54.5%	42.0%	28.8%	17.8%	7.9%	—	1.9%	2.1%
Accumulated Other Comprehensive Income	-4.6%	-7.3%	-8.5%	-8.4%	-8.9%	-14.2%	-13.4%	—	-14.3%	-21.2%
Total Stockholders Equity	109.4%	102.5%	85.2%	76.8%	76.6%	78.1%	69.8%	—	72.4%	51.9%
Total Liabilitiesand Equity	210.3%	186.2%	158.9%	149.4%	157.5%	171.0%	153.9%	—	186.0%	130.1%

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	100.0%	—	—	—	—	—	—	—	—	—
Expenses Cost of Revenue	37.9%	—	—	—	—	—	—	—	—	—
Expenses Research and Development	18.7%	18.5%	16.1%	15.5%	16.4%	16.9%	16.0%	—	15.9%	14.9%
Expenses Selling,General and Administrative	27.4%	—	—	—	—	—	—	—	—	—
Expenses Depreciation and Amortization	2.5%	—	—	—	—	—	—	—	—	—
Expenses Share Based Compensation	3.0%	2.8%	2.5%	2.3%	2.1%	2.2%	1.9%	—	1.8%	1.7%
Expenses Operating Expenses	83.7%	—	—	—	—	—	—	—	—	—
Other Income Expense Operating Income	16.3%	—	—	—	—	—	—	—	—	—
Other Income Expense Interest Income	1.9%	1.6%	1.9%	0.3%	0.1%	0.3%	0.5%	—	0.2%	0.1%
Other Income Expense Interest Expense	1.8%	1.7%	1.4%	1.5%	1.6%	1.8%	1.9%	—	2.5%	1.6%
Other Income Expense Other Income/expense	3.7%	—	—	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	20.1%	—	—	—	—	—	—	—	—	—
Income Tax Income Tax Expense	4.0%	5.0%	5.5%	3.0%	2.3%	3.2%	2.2%	—	2.4%	1.1%
net Income net Income	15.8%	12.3%	19.3%	20.7%	18.1%	14.9%	14.4%	—	3.2%	11.5%
net Income Comprehensive Income	18.0%	—	—	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	0.0%	—	—	—	—	—	—	—	—	—
Earnings Per Share Diluted Eps	0.0%	—	—	—	—	—	—	—	—	—
Earnings Per Share Weighted Average Shares Basic	3.2%	—	—	—	—	—	—	—	—	—
Earnings Per Share Weighted Average Shares Diluted	3.2%	—	—	—	—	—	—	—	—	—

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	15.8%	12.3%	19.3%	20.7%	18.1%	14.9%	14.4%	—	3.2%	11.5%
Operating Activities Depreciation and Amortization	2.4%	2.5%	2.2%	2.2%	2.4%	2.5%	2.2%	—	2.9%	2.9%
Operating Activities Stock Based Compensation	3.0%	—	—	—	—	—	—	—	—	—
Operating Activities Deferred Income Taxes	-2.2%	5.4%	-0.1%	0.1%	-1.1%	1.0%	-0.0%	—	-1.5%	0.6%
Operating Activities Changes In Operating Assets and Liabilities	11.4%	2.3%	-1.6%	0.5%	-0.1%	-0.8%	-0.3%	—	1.6%	1.5%
Operating Activities net Cash From Operating Activities	26.2%	—	—	—	—	—	—	—	—	—
Investing Activities Capital Expenditures	2.4%	3.1%	3.6%	3.4%	3.5%	2.8%	2.8%	—	2.3%	3.1%
Investing Activities Business Acquisitions	37.6%	13.7%	1.6%	0.6%	3.6%	8.5%	2.0%	—	53.4%	0.3%
Investing Activities Other Investing Activities	0.1%	-0.4%	0.0%	0.0%	0.0%	0.0%	-0.1%	—	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-32.1%	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	13.9%	—	—	—	—	—	—	—	—	—
Financing Activities Repayment of Debt	0.0%	12.5%	0.0%	0.0%	0.0%	0.2%	11.6%	—	10.1%	0.0%
Financing Activities Repurchase of Common Stock	7.0%	8.8%	12.8%	15.7%	13.6%	9.7%	3.7%	—	0.0%	2.1%
Financing Activities Proceeds From Stock Issuance	1.2%	—	—	—	—	—	—	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	0.7%	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	-0.0%	-0.2%	-0.1%	-0.0%	-0.1%	-0.2%	-0.1%	—	0.0%	0.0%
Financing Activities net Cash From Financing Activities	7.2%	—	—	—	—	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	1.4%	—	—	—	—	—	—	—	—	—
Cash Reconciliation Cash At Beginning of Period	35.2%	36.4%	45.5%	38.0%	41.9%	41.9%	37.2%	—	25.7%	26.9%
Cash Reconciliation Cash At End of Period	35.2%	36.4%	45.5%	38.0%	41.9%	41.9%	37.2%	—	25.7%	26.9%

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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