Keysight Technologies (KEYS)
Forward P/E 25.06x is 1.40x the peer median of 17.91x, above the 1.3x premium level, with trailing P/E 46.17x and P/S 8.69x. Latest-quarter revenue grew an excellent +36.5% year over year (PRIMARY/EDGAR) and PEG 0.81 is below 1, which pays for much of the premium — but under the stated rules a premium above 1.3x needs revenue growth of +50% or better alongside that PEG, and +36.5% falls short, so the label is OVERVALUED, albeit the mildest kind. Delivered demand check: the cluster median grew +20.4% year over year — demand rising, and Keysight is growing well ahead of it.
What would change this label: Moves to FAIRLY PRICED if revenue growth reaches +50% year over year, or holds above +30% for two more quarters with PEG staying below 1, proving the premium is paid for by delivered growth; a price fall bringing forward P/E to about 20.6x (1.15x the peer median) would also do it. Moves further into OVERVALUED if revenue growth slows below +15% year over year while the forward P/E stays above 25x.
Keysight makes the testing equipment engineers use to check electronics, and sales just jumped about 37%. Its shares cost about 25 times next year's expected profit versus about 18 times for similar companies — a premium its fast growth mostly, but not quite fully, justifies.
Both lines start at 100 on 2020-09-01. Over the full window Keysight Technologies returned +236.98% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Keysight Technologies: -42.6% (2021-12-27 to 2023-10-27). Source: Nasdaq official daily history.
What the label rests on
Forward P/E 25.06x is 1.40x the peer median of 17.91x, above the 1.3x premium level, with trailing P/E 46.17x and P/S 8.69x. Latest-quarter revenue grew an excellent +36.5% year over year (PRIMARY/EDGAR) and PEG 0.81 is below 1, which pays for much of the premium — but under the stated rules a premium above 1.3x needs revenue growth of +50% or better alongside that PEG, and +36.5% falls short, so the label is OVERVALUED, albeit the mildest kind. Delivered demand check: the cluster median grew +20.4% year over year — demand rising, and Keysight is growing well ahead of it. The company’s forward P/E is 25.1× against a peer median of 17.9×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Electronics, components & manufacturing group's median latest-quarter revenue growth was 20.4% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +36.5% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Keysight Technologies (KEYS) | $336.10 | 25.1× | 46.2× |
| TEL | $212.97 | 16.0× | 20.9× |
| COHR | $234.58 | 25.0× | 56.9× |
| ROP | $434.48 | 17.9× | 17.3× |
| FLEX | $87.49 | 14.5× | 31.6× |
| TDY | $654.99 | 27.9× | 30.0× |
| Peer median | 17.9× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jul 2026 2026-07-31 | $1.8B | — | $397M | 2.30 | $403M |
| Q/E Apr 2026 2026-04-30 | $1.7B | — | $349M | 2.02 | $472M |
| Q/E Jan 2026 2026-01-31 | $1.6B | — | $281M | 1.63 | $407M |
| Q/E Oct 2025 2025-10-31 | $1.4B | — | $233M | — | $187M |
| Q/E Jul 2025 2025-07-31 | $1.4B | — | $191M | 1.10 | $291M |
| Q/E Apr 2025 2025-04-30 | $1.3B | — | $257M | 1.49 | $457M |
| Q/E Jan 2025 2025-01-31 | $1.3B | — | $169M | 0.97 | $346M |
| Q/E Oct 2024 2024-10-31 | $1.3B | — | $-73M | — | $321M |
| Q/E Jul 2024 2024-07-31 | $1.2B | — | $389M | 2.22 | $222M |
| Q/E Apr 2024 2024-04-30 | $1.2B | — | $126M | 0.72 | $74M |
| Q/E Jan 2024 2024-01-31 | $1.3B | — | $172M | 0.98 | $281M |
| Q/E Oct 2023 2023-10-31 | $1.3B | — | $226M | — | $340M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | Keysight Technologies, Inc. |
| Chief executive | Satish Dhanasekaran (source: https://en.wikipedia.org/wiki/Keysight) |
| Sector | Technology — Electronic Equipment & Instruments — sells electronic test and measurement instruments and software |
| Share price (Oct 28, 2026) | $336.10 |
| Market value (market cap) | $57.2B — share price times shares outstanding of 170,244,745 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $6.6B |
| Net income, last twelve months | $1.3B |
| Free cash flow, last twelve months | $1.5B |
| Latest reported quarter | Q/E Jul 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +236.98% vs +118.28% |
| Worst peak-to-trough fall | -42.6% (2021-12-27 to 2023-10-27) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Opened page showed price unchanged at 336.10 with 0.00% change; forward PE on opened page was 25.06 vs 24.86 in the search snippet
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001601046.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001601046.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/KEYS/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.