Rankings Tech hardware & optics Keysight Technologies
Keysight Technologies
94
15070100
A view of the same findings, not a new score. How it works
In the 70+ zone: a score above 70 with more than 20% upside to the median analyst target.
Biggest deductions
- Multiples vs own history−11
- FCF yield−3
- Margin and ROIC−2
Strengths
- Order book+2
- Raised guidance+2
- Buybacks+1
How the score is built
From 100 to 94, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 298.94 USD
- Median analyst target
- 425.00 USD
- Upside to median
- +42.2%
- Analysts
- 12
- Target range
- 350.00 – 487.00 USD
- 52-week change
- +63%
- P/E (trailing)
- 41.1
- Forward P/E
- 22.1
- PEG
- 0.72
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−5 of −30
- −2Margin and ROICGAAP operating margin is 19.8% (TTM) vs 25.2-25.6% in FY22-FY23, and ROIC is 17.6% vs 26-31% in FY21-FY23, partly due to amortisation of acquisitions. Segment margins (CSG 34%, EISG 31% in Q3) have, however, risen sharply.
- −2Quality of growthRevenue was broadly flat from FY21 ($4.94bn) to FY25 ($5.38bn) with a 9% fall in FY24; the current lift of 25–36% comes from an AI data centre and 6G investment cycle at customers and from acquisitions.
- −1Capital allocationAcquisitions of about $2.0bn in FY25 (Spirent and others) turned a net cash position of $0.45bn (FY23) into net debt and temporarily halved ROIC; buybacks have only reduced the share count by 0.3% in a year.
Price
Today's multiples against the company's own history and its peers. · 2 findings−14 of −35
- −11Multiples vs own historyForward P/E 24.5 is at the top of the 16.5-27.8 range (FY21-FY25), but EV/EBITDA 33.6 vs 13.3-26.0, P/S 8.65 vs 4.0-6.7 and P/FCF 38.8 vs 17.9-32.5 are all above the previous peak after +101% in a year.
- −3FCF yieldFCF yield 2.6% (TTM) vs 3.1-5.6% in FY21-FY25; even the expected FCF of $1.91bn in FY26 gives only about 3.4%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−5 of −35
- −2Supply chainManagement warns that limited access to components may slow the conversion of the order book into revenue over the next several quarters.
- −2CycleCustomers' R&D budgets are cyclical: in FY24 revenue fell 9% and EPS 41%. The current order growth is concentrated in AI data centre and communications customers (CSG +43%), where a slowdown in capex would hit quickly.
- −1Tariffs and export controlsKeysight has booked a liability of $40m to refund tariff surcharges to customers (reduces revenue) and cites US export controls as a significant risk.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Order bookOrders of $2.09bn in Q3 FY26 (+56%, core +52%) vs revenue of $1.85bn, i.e. book-to-bill about 1.13.
- +2Raised guidanceQ4 FY26 is guided to $1.93-1.95bn (+37%) and non-GAAP EPS of $3.34-3.40; the full-year outlook has been raised to growth in the 'low 30s' percent.
- +1
Caveats
What the score does not capture, or where the data is weak.
Fiscal year ends 31 Oct; Q4 FY26 reports on 23 Nov 2026 and is not included. Spirent (closed Oct 2025) and the acquired Synopsys/Ansys businesses mean that GAAP margins and ROIC from FY25 are depressed by amortisation of intangible assets; 'core' growth (+52% in orders) excludes acquisitions under one year. China's share of revenue and the specific effect of export controls were not found; the score is an upper bound on that point. The industry 'Tech hardware & optics' was chosen as the closest for test and measurement equipment. Insider sales (CEO, small 10b5-1 sales) are judged immaterial. 13F purchases earn no points.
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