Technology › Scientific & Technical Instruments

Keysight Technologies, Inc. (KEYS) Stock Overview

Market Cap: $49.78B

Keysight Technologies, Inc. provides electronic design and test solutions worldwide. The company operates through Communications Solutions Group and Electronic Industrial Solutions Group segments.

Mar 19, 2026$290.21

1Y +86.7%

Rewards

★Gross margin of 61.9% 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.
★Each dollar of retained earnings has created $1.69 of market value — management is creating shareholder value.

Risks

⚠ROIC has declined by 9.1 percentage points over the observed period, which may signal competitive erosion.
⚠FCF yield of 2.2% is below 3%, meaning the market is pricing in substantial future growth to justify the current price.
⚠Trailing P/E of 51.0x is 45% above the historical average of 35.3x — the stock trades at a premium to its own history.

KEYS Key Valuation Metrics

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Free Cash Flow

$1.08B

FCF Yield

2.16%

Trailing P/E

51.00

Forward P/E

28.35

ROIC

8.15%

ROE

13.63%

Gross Margin

61.86%

PEG Ratio

0.75

Debt / Equity

0.45

Interest Coverage

N/A

Net Debt / EBITDA

0.46

Dividend Yield

N/A

KEYS Historical Fundamentals

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Price ÷ Earnings Per Share — how many years of current earnings you're paying for at today's price. Lower P/E may indicate undervaluation.

KEYS $1 Retained Earnings Test

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Market Value

$1.69

created per $1 retained

Value Creator

Earning Power

$-1.21

created per $1 retained

Earning Power Declined

Σ Retained

$2.52B

Δ Market Cap

+$4.26B

Δ Earning Power

$-3.04B

Buffett's "$1 Test": For every $1 retained, how much value did management create?
Market Value = market's verdict (mood-sensitive) · Earning Power = owner earnings / discount rate (mood-independent)

KEYS Discounted Cash Flow (DCF) Analysis

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77.3% Overvalued

Price is 77.3% above estimated fair value

Current Price: $290.21

Strongly undervalued

Fairly valued

Strongly overvalued

Fair Value: $163.69

Strongly undervalued

Undervalued

Fairly valued

Overvalued

Strongly overvalued

Parameter	Min (Bear)Value	BaseValue	Max (Bull)Value
Initial Cash Flow
Growth Rate (Yr 1-5)	%	%	%
Growth Rate (Yr 6-10)	%	%	%
Terminal Growth Rate	%	%	%
Discount Rate	%	%	%
	Bear Case $101.79 Implied EV: $18.05B	Base Case $163.69 Implied EV: $28.67B	Bull Case $230.02 Implied EV: $40.05B

Reverse DCF — Market-Implied Growth

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What growth rate is the market pricing in at $290?

+22.6%

Market-Implied Owner Earnings Growth

Standard FCF implies +19.3%

The market implies +22.6% Owner Earnings growth, above historical trends.

Standard FCF implies a demanding +19.3%, reflecting heavy growth investment.

KEYS Economic Moat Score

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62/100

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.

KEYS Forensic Accounting

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-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.

KEYS Management & Board

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Mr. Satish C. Dhanasekaran

President, CEO & Director · Age 52

$2.55M

total pay

Mr. Neil P. Dougherty

Executive VP & CFO · Age 56

$1.47M

total pay

Ms. Ingrid A. Estrada

SVP and Chief of Supply Chain & Operations Officer · Age 60

$1.22M

total pay

Mr. John Page

Senior VP & President of Global Services · Age 61

$1.02M

total pay

Mr. Kailash Narayanan

Senior VP & President of Communications Solutions Group · Age 51

$1.22M

total pay

Ms. Lisa M. Poole

VP, Principal Accounting Officer & Corporate Controller · Age 58

Ms. Liz Morali

Head of Investor Relations

Mr. Jeffrey K. Li J.D.

Senior VP, General Counsel & Secretary · Age 55

Ms. Marie Hattar

Chief Marketing Officer & Senior VP · Age 57

Mr. Sung J. Yoon

Senior Vice President of Global Sales · Age 58

KEYS Ownership

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Insiders 0.6%Institutions 94.0%Retail & Other 5.4%

No. of Institutional Holders1,389

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.

KEYS Insider Buying Activity

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Buys (3M)

Buys (12M)

Total value (12M): $44,520

STEPHENS KEVIN A

Director

$44,520

@ $159.00 · 2025-05-29

STEPHENS KEVIN A

Director

$65,941

@ $143.35 · 2024-05-28

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

KEYS Insider Selling Activity

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Sells (3M)

Sells (12M)

Total value (12M): $22.68M

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

PAGE JOHN

Officer

$623,634

@ $196.42 · 2025-12-01

DHANASEKARAN SATISH

Chief Executive Officer

$2.46M

@ $196.42 · 2025-12-01

ESTRADA INGRID A

Officer

$948,119

@ $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

PAGE JOHN

Officer

$1.16M

@ $157.78 · 2025-05-30

DHANASEKARAN SATISH

Chief Executive Officer

$103,819

@ $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

PAGE JOHN

Officer

$658,959

@ $169.66 · 2024-12-02

DHANASEKARAN SATISH

Chief Executive Officer

$3.02M

@ $169.66 · 2024-12-02

GOOI SOON CHAI

Officer

$1.48M

@ $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

HAMADA RICHARD P

Director

$254,592

@ $156.00 · 2024-08-22

POOLE LISA M

Officer

$60,038

@ $136.45 · 2024-06-17

NARAYANAN KAILASH

Officer

$657,384

@ $152.88 · 2024-03-26

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

KEYS 🎭 Mr. Market's Mood

Learn more →

😐Neutral(55/100)

"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.

KEYS ⚖️ Buffett Signal

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⚪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 (55)

KEYS Investment Checklist & Notes

Learn more →

Do I understand this business?

Does it have a durable competitive advantage (moat)?

Is management honest and competent?

Is management allocating capital rationally?

Is the price reasonable (margin of safety)?

Is this within my circle of competence?

Auto-saved • Last updated: 3/20/2026, 4:32:20 AM

KEYS Insider Buying Activity

Learn more →

Buys (3M)

Buys (12M)

Total value (12M): $44,520

STEPHENS KEVIN A

Director

$44,520

@ $159.00 · 2025-05-29

STEPHENS KEVIN A

Director

$65,941

@ $143.35 · 2024-05-28

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

KEYS Insider Selling Activity

Learn more →

Sells (3M)

Sells (12M)

Total value (12M): $22.68M

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

PAGE JOHN

Officer

$623,634

@ $196.42 · 2025-12-01

DHANASEKARAN SATISH

Chief Executive Officer

$2.46M

@ $196.42 · 2025-12-01

ESTRADA INGRID A

Officer

$948,119

@ $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

PAGE JOHN

Officer

$1.16M

@ $157.78 · 2025-05-30

DHANASEKARAN SATISH

Chief Executive Officer

$103,819

@ $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

PAGE JOHN

Officer

$658,959

@ $169.66 · 2024-12-02

DHANASEKARAN SATISH

Chief Executive Officer

$3.02M

@ $169.66 · 2024-12-02

GOOI SOON CHAI

Officer

$1.48M

@ $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

HAMADA RICHARD P

Director

$254,592

@ $156.00 · 2024-08-22

POOLE LISA M

Officer

$60,038

@ $136.45 · 2024-06-17

NARAYANAN KAILASH

Officer

$657,384

@ $152.88 · 2024-03-26

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

KEYS Investment Checklist & Notes

Learn more →

Do I understand this business?

Does it have a durable competitive advantage (moat)?

Is management honest and competent?

Is management allocating capital rationally?

Is the price reasonable (margin of safety)?

Is this within my circle of competence?

Auto-saved • Last updated: 3/20/2026, 4:32:20 AM

Keysight Technologies, Inc. (KEYS) Stock Overview

Rewards

Risks

KEYS Key Valuation Metrics

KEYS Historical Fundamentals

KEYS $1 Retained Earnings Test

KEYS Discounted Cash Flow (DCF) Analysis

Reverse DCF — Market-Implied Growth

KEYS Economic Moat Score

KEYS Forensic Accounting

M-Score Trend

KEYS Management & Board

KEYS Ownership

KEYS Insider Buying Activity

KEYS Insider Selling Activity

KEYS 🎭 Mr. Market's Mood

KEYS ⚖️ Buffett Signal

Compare KEYS

KEYS Investment Checklist & Notes

KEYS Insider Buying Activity

KEYS Insider Selling Activity

KEYS Investment Checklist & Notes