Compare Stocks › KEYS vs LLY

Keysight Technologies, Inc. (KEYS) vs Eli Lilly and Company (LLY): Which Is the Better Buy in 2026?

As of 2026-09-17, KEYS is overvalued at $335, with a DCF intrinsic value of $268 and a margin of safety of -25%. LLY is undervalued at $1146, with an intrinsic value of $1598 and a margin of safety of 28%. Of the two, LLY has the wider margin of safety.

KEYS

Keysight Technologies, Inc.

$334.58

LLY

Eli Lilly and Company

$1146.22

Rewards

KEYS

★Gross margin of 63.3% indicates strong pricing power — typical of businesses with significant intellectual property or brand strength.
★Free cash flow has grown at a 10.1% CAGR over the past 4 years, demonstrating strong earnings power growth.
★PEG ratio of 0.62 suggests the stock is undervalued relative to its growth rate — paying less than 1x for each unit of earnings growth.

LLY

★Eli Lilly and Company has maintained ROIC above 15% for 4 consecutive years, indicating a durable competitive advantage.
★Gross margin of 83.4% indicates strong pricing power — typical of businesses with significant intellectual property or brand strength.
★Eli Lilly and Company scores 73/100 on the Economic Moat Score (Wide Moat), with roic consistency as the strongest competitive dimension.

Risks

KEYS

⚠ROIC has declined by 10.8 percentage points over the past 4 years, which may signal competitive erosion.
⚠Trailing P/E of 45.4x is 29% above the historical average of 35.3x — the stock trades at a premium to its own history.
⚠Insiders have sold $2.5M worth of stock in the past 3 months — significant insider liquidation.

LLY

⚠FCF yield of 1.1% is below 3%, meaning the market is pricing in substantial future growth to justify the current price.
⚠Insiders have sold $10.0M worth of stock in the past 3 months — significant insider liquidation.

Key Valuation Metrics

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KEYS

LLY

Valuation

$1.87B

Free Cash Flow

$11.07B

3.28%

FCF Yield

1.08%

45.40

Trailing P/E

38.45

24.12

Forward P/E

24.22

Quality & Moat

14.30%

ROIC

38.43%

20.90%

ROE

102.29%

63.28%

Gross Margin

83.40%

0.62

PEG Ratio

1.12

Balance Sheet Safety

0.02

Net Debt / Equity

1.36

N/A

Interest Coverage

N/A

0.09

Net Debt / EBITDA

1.10

0.00%

Dividend Yield

0.61%

KEYS: 4Ties: 2LLY: 6

KEYSLLY

Historical Fundamentals

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KEYS

Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation. The dashed forward point is the forward P/E — today's price ÷ analyst consensus EPS.

LLY

$1 Retained Earnings Test

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KEYS

$1.69

created per $1 retained over 3 years

Value Creator

Σ Retained

$2.52B

Δ Market Cap

+$4.26B

Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
> $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer

LLY

$27.49

created per $1 retained over 3 years

Exceptional Value Creator

Σ Retained

$22.34B

Δ Market Cap

+$614.01B

Buffett's "$1 Test": For every $1 of earnings retained, has management created at least $1 of market value?
> $1 created per $1 retained = Value Creator · < $1 created = Value Destroyer

Discounted Cash Flow (DCF) Analysis

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KEYS

24.9% Overvalued

Price is 24.9% above estimated fair value

Current Price: $334.58

Strongly undervalued

Undervalued

Fairly valued

Overvalued

Strongly overvalued

Fair Value: $267.86

Strongly undervalued

Undervalued

Fairly valued

Overvalued

Strongly overvalued

LLY

28.3% Margin of Safety

Price is 28.3% below estimated fair value

Current Price: $1146.22

Strongly undervalued

Undervalued

Fairly valued

Overvalued

Strongly overvalued

Fair Value: $1597.97

Strongly undervalued

Undervalued

Fairly valued

Overvalued

Strongly overvalued

Reverse DCF — Market-Implied Growth

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KEYS

What growth rate is the market pricing in at $335?

+22.1%

Market-Implied Owner Earnings Growth

Standard FCF implies +13.5%

The market implies +22.1% Owner Earnings growth, above historical trends.

Standard FCF implies a demanding +13.5%, reflecting heavy growth investment.

LLY

What growth rate is the market pricing in at $1146?

+20.7%

Market-Implied Owner Earnings Growth

Standard FCF implies +29.4%

The market implies +20.7% Owner Earnings growth, below historical trends — potential opportunity.

Standard FCF implies a more demanding +29.4%, reflecting heavy growth investment expected to generate future returns.

Economic Moat Score

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KEYS

52/100

Narrow Moat

70+ Wide · 40-69 Narrow · <40 None

Narrow moat with reinvestment efficiency as the key competitive advantage. Improving roic consistency would strengthen the moat.

Composite score measuring competitive advantage durability across four dimensions: returns above cost of capital, pricing power stability, revenue predictability, and capital efficiency. Based on 4 years of fundamental data.

LLY

73/100

Wide Moat

70+ Wide · 40-69 Narrow · <40 None

Wide moat driven primarily by roic consistency. Reinvestment Efficiency is the area most vulnerable to competitive pressure.

Forensic Accounting

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KEYS

-2.57

Unlikely Manipulator

Above -1.78 = likely manipulator · -2.22 to -1.78 = grey zone

M-Score Trend

Beneish's 8-variable model estimates the probability of earnings manipulation. An M-Score above -1.78 signals elevated risk — companies in this range have historically been 3-5× more likely to be manipulating earnings. Scores between -2.22 and -1.78 fall in a grey zone warranting further investigation.

LLY

-1.83

Possible Manipulator

Above -1.78 = likely manipulator · -2.22 to -1.78 = grey zone

M-Score Trend

Ownership Breakdown

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KEYS

Insiders 0.6%Institutions 92.9%Retail & Other 6.5%

No. of Institutional Holders1,731

High insider ownership aligns management incentives with shareholders — a key signal in Buffett-style analysis. Institutional concentration can indicate smart-money conviction but also crowding risk.

LLY

Insiders 0.2%Institutions 85.3%Retail & Other 14.5%

No. of Institutional Holders5,890

High insider ownership aligns management incentives with shareholders. Institutional concentration can indicate smart-money conviction but also crowding risk.

Insider Buying Activity

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KEYS

Buys (3M)

Buys (12M)

STEPHENS KEVIN A

Director

$44,520

@ $159.00 · 2025-05-29

Open market purchases · includes direct & indirect ownership · excludes option exercises

LLY

Buys (3M)

Buys (12M)

MONTARCE LUCAS E

Chief Financial Officer

$494,627

@ $691.79 · 2025-08-15

ALVAREZ RALPH

Director

$500,473

@ $660.25 · 2025-08-13

VAN NAARDEN JACOB S.

Officer

$647,360

@ $647.36 · 2025-08-13

FYRWALD J. ERIK

Director

$1.01M

@ $642.33 · 2025-08-12

RICKS DAVID A

Chief Executive Officer

$1.05M

@ $644.77 · 2025-08-12

SKOVRONSKY DANIEL

Officer

$634,405

@ $634.40 · 2025-08-12

SULZBERGER GABRIELLE

Director

$75,018

@ $641.18 · 2025-08-12

JACKSON JAMERE

Director

$127,913

@ $639.57 · 2025-08-08

Open market purchases · includes direct & indirect ownership · excludes option exercises

Open market purchases · includes direct & indirect ownership · excludes option exercises.

Insider Selling Activity

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KEYS

Sells (3M)

Sells (12M)

Total value (12M): $31.13M

ESTRADA INGRID A

Officer

$652,200

@ $326.10 · 2026-09-04

NYE JEAN MCCLUNG

Director

$957,660

@ $319.22 · 2026-08-21

ESTRADA INGRID A

Officer

$681,740

@ $340.87 · 2026-06-30

DHANASEKARAN SATISH

Chief Executive Officer

$183,189

@ $361.32 · 2026-06-25

CULLEN JAMES G

Director

$1.04M

@ $346.58 · 2026-06-02

HAMADA RICHARD P

Director

$239,929

@ $275.78 · 2026-03-30

DOUGHERTY NEIL

Chief Financial Officer

$596,740

@ $298.37 · 2026-03-24

DHANASEKARAN SATISH

Chief Executive Officer

$500,100

@ $300.00 · 2026-03-24

LI JEFFREY K

Officer

$594,380

@ $297.19 · 2026-03-24

DHANASEKARAN SATISH

Chief Executive Officer

$483,430

@ $290.00 · 2026-03-19

NERSESIAN RONALD S

Director

$8.58M

@ $285.96 · 2026-03-17

JUSKIE JOANN ANN

Officer

$304,423

@ $304.42 · 2026-02-27

ESTRADA INGRID A

Officer

$475,360

@ $237.68 · 2026-02-20

YOON SUNG

Officer

$183,678

@ $206.84 · 2025-12-30

DOUGHERTY NEIL

Chief Financial Officer

$203,719

@ $203.72 · 2025-12-22

PAGE JOHN

Officer

$3.20M

@ $213.48 · 2025-12-10

DHANASEKARAN SATISH

Chief Executive Officer

$894,349

@ $211.43 · 2025-12-09

LI JEFFREY K

Officer

$790,105

@ $200.84 · 2025-12-03

NARAYANAN KAILASH

Officer

$628,740

@ $196.42 · 2025-12-01

ESTRADA INGRID A

Officer

$948,119

@ $196.42 · 2025-12-01

DHANASEKARAN SATISH

Chief Executive Officer

$2.46M

@ $196.42 · 2025-12-01

PAGE JOHN

Officer

$623,634

@ $196.42 · 2025-12-01

NERSESIAN RONALD S

Director

$5.91M

@ $196.88 · 2025-11-28

POOLE LISA M

Officer

$24,646

@ $173.56 · 2025-09-17

ESTRADA INGRID A

Officer

$347,960

@ $173.98 · 2025-09-17

DOUGHERTY NEIL

Chief Financial Officer

$2.01M

@ $164.60 · 2025-06-30

ESTRADA INGRID A

Officer

$1.59M

@ $158.97 · 2025-06-20

DHANASEKARAN SATISH

Chief Executive Officer

$103,819

@ $157.78 · 2025-05-30

PAGE JOHN

Officer

$1.16M

@ $157.78 · 2025-05-30

HAMADA RICHARD P

Director

$257,418

@ $162.00 · 2025-05-22

DOUGHERTY NEIL

Chief Financial Officer

$562,960

@ $155.00 · 2025-03-27

WALLACE MARK ADAM

Officer

$970,770

@ $161.79 · 2024-12-30

LI JEFFREY K

Officer

$758,511

@ $171.92 · 2024-12-04

GOOI SOON CHAI

Officer

$3.12M

@ $171.34 · 2024-12-03

NERSESIAN RONALD S

Director

$7.14M

@ $170.41 · 2024-12-03

GOOI SOON CHAI

Officer

$1.48M

@ $169.66 · 2024-12-02

DHANASEKARAN SATISH

Chief Executive Officer

$3.02M

@ $169.66 · 2024-12-02

PAGE JOHN

Officer

$658,959

@ $169.66 · 2024-12-02

NARAYANAN KAILASH

Officer

$101,924

@ $171.30 · 2024-11-27

POOLE LISA M

Officer

$60,126

@ $171.79 · 2024-11-25

Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives

LLY

Sells (3M)

Sells (12M)

Total value (12M): $3.64B

JONSSON PATRIK

Officer

$7.64M

@ $1175.10 · 2026-08-17

ZAKROWSKI DONALD A

Officer

$2.37M

@ $1185.01 · 2026-08-10

YUFFA ILYA

Officer

$2.88M

@ $1150.77 · 2026-06-10

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$15.75M

@ $995.36 · 2026-05-06

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$322.38M

@ $1103.48 · 2026-01-07

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$1.51M

@ $1085.01 · 2026-01-05

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$3.90M

@ $1085.04 · 2025-12-29

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$2.85M

@ $1085.17 · 2025-12-24

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$260,409

@ $1085.04 · 2025-12-23

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$161.08M

@ $1095.35 · 2025-11-25

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$17.34M

@ $1109.30 · 2025-11-25

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$152.06M

@ $1068.52 · 2025-11-24

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$111.50M

@ $1058.66 · 2025-11-21

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$39.07M

@ $1051.66 · 2025-11-20

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$176.10M

@ $1051.17 · 2025-11-19

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$62.31M

@ $1034.78 · 2025-11-18

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$10.19M

@ $1030.68 · 2025-11-17

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$183.80M

@ $1030.87 · 2025-11-14

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$48.02M

@ $1030.26 · 2025-11-13

ZAKROWSKI DONALD A

Officer

$1.01M

@ $1010.50 · 2025-11-13

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$308.41M

@ $1011.18 · 2025-11-12

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$279.35M

@ $986.64 · 2025-11-11

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$16.41M

@ $972.52 · 2025-11-10

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$167.09M

@ $933.26 · 2025-11-05

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$38.47M

@ $951.56 · 2025-11-05

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$479,038

@ $910.72 · 2025-11-04

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$266.65M

@ $888.83 · 2025-11-03

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$260.17M

@ $863.35 · 2025-10-31

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$3.16M

@ $863.24 · 2025-10-10

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$9.04M

@ $852.49 · 2025-10-09

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$86.23M

@ $850.27 · 2025-10-08

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$22.72M

@ $848.01 · 2025-10-07

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$137.04M

@ $850.22 · 2025-10-06

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$161.22M

@ $837.93 · 2025-10-03

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$92.50M

@ $821.55 · 2025-10-02

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$107.36M

@ $794.15 · 2025-10-01

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$177.29M

@ $821.47 · 2025-10-01

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$86.79M

@ $763.39 · 2025-09-30

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$18.06M

@ $763.09 · 2025-09-19

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$81.53M

@ $764.65 · 2025-09-18

ZAKROWSKI DONALD A

Officer

$734,930

@ $734.93 · 2025-08-28

YUFFA ILYA

Officer

$783,762

@ $627.01 · 2025-08-11

LILLY ENDOWMENT, INC.

Beneficial Owner of more than 10% of a Class of Security

$225.42M

@ $805.07 · 2025-07-24

Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives

Direct ownership only · excludes indirect, option exercises, planned (10b5-1) sales & derivatives.

🎭 Mr. Market's Mood

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KEYS

😐Neutral(58/100)

"Market is pricing this stock without strong emotion in either direction"

Composite sentiment score based on 6 market signals. Inspired by Buffett's "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.

LLY

😐Neutral(56/100)

"Market is pricing this stock without strong emotion in either direction"

Composite sentiment score based on market signals. Inspired by Buffett’s "Mr. Market" allegory — fear = potential opportunity, greed = potential risk. Must be used alongside fundamental analysis, not in isolation.

⚖️ Buffett Signal

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KEYS

⚪Awaiting DCF Data

The Buffett Signal cross-references market sentiment with DCF valuation. Configure the DCF Analysis above to generate a signal.

DCF Margin of Safety: N/AMr. Market's Mood: Neutral (58)

LLY

⚪Awaiting DCF Data

The Buffett Signal cross-references market sentiment with DCF valuation. Configure the DCF Analysis above to generate a signal.

DCF Margin of Safety: N/AMr. Market's Mood: Neutral (56)

View KEYS Full Analysis View LLY Full Analysis

Frequently Asked Questions: KEYS vs LLY

Is Keysight Technologies, Inc. or Eli Lilly and Company more undervalued in 2026?▼

Based on our discounted cash flow model, LLY trades at a 28.3% margin of safety (intrinsic value $1598 vs. price $1146), compared to KEYS's -24.9% margin of safety (intrinsic $268 vs. $335).

Which stock has a wider economic moat, Keysight Technologies, Inc. or Eli Lilly and Company?▼

LLY scores 73/100 (Wide moat), while KEYS scores 52/100 (Narrow moat). The moat score measures competitive advantage durability across ROIC consistency, margin stability, revenue predictability, and reinvestment efficiency.

Which company has better free cash flow, Keysight Technologies, Inc. or Eli Lilly and Company?▼

Keysight Technologies, Inc. (KEYS) generates a 3.3% free cash flow yield, compared to Eli Lilly and Company's 1.1%. A higher FCF yield means the business converts more of its market value into cash that can be returned to shareholders or reinvested.

Which stock has higher return on invested capital, Keysight Technologies, Inc. or Eli Lilly and Company?▼

LLY earns 38.4% ROIC versus KEYS's 14.3%. A higher ROIC means the company generates more profit per dollar of capital employed, a hallmark of durable competitive advantage in Buffett-style analysis.