Keysight Technologies, Inc.(KEYS)Stock Analysis
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Rank #230 of 2,879 stocksTOP 10%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
KEYS Stock Analysis & AI Quality Score
AI stock analysis and institutional research for Keysight Technologies, Inc. (KEYS), a Technology sector company. 13F Pro's AI-powered ranking engine scores KEYS at 72.3/100 on a 32-signal composite quality model, placing it at rank #230 of 2,879 stocks — the top 10% of the AI-ranked universe. KEYS scores in the top quartile across institutional flow (89.9), balance sheet strength (85.8), free cash flow (84.1). Shareholder dilution risk is elevated at 33.5/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Keysight Technologies, Inc. reports quarterly revenue of $1.7B, net income of $349.0M, free cash flow of $472.0M. Top institutional holders of KEYS by reported 13-F value include BlackRock,, VANGUARD CAPITAL MANAGEMENT, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. KEYS trades on the NYSE exchange and files with the SEC under CIK 1601046. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate KEYS daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Keysight Technologies, Inc. directly from SEC EDGAR. Keysight Technologies, Inc.'s 13F Pro composite quality score has ranged between 8 and 77 since 2021, currently 72.3 — a declining long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving KEYS's Business? Latest 10-Q Breakdown
✓ 29/29 datapoints verifiedAI-extracted from Keysight Technologies, Inc.'s 10-Q filed 2026-06-04 — Q2 FY2026 (six months ended April 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Keysight posted $3.3B revenue (+27% YoY) and $630M net income (+48% YoY), driven by acquisitions, AI/5G demand, and $100M IEEPA tariff refund recovery.
Biggest Revenue Drivers
Total revenue: $3.3B+27% YoY
Driven by high-speed networks for AI data centers, 400G/800G/1.6T Ethernet, aerospace/defense, and Spirent acquisition.
Growth in AI-driven semiconductor demand, advanced PCB interconnects, software-defined vehicles, and acquisitions.
Largest Expense Items
Higher amortization from acquisitions, partially offset by IEEPA tariff recovery of $93M.
Incremental costs from acquisitions, higher variable compensation, and investments in AI and next-gen technologies.
Incremental acquisition costs, higher people and marketing costs, and increased amortization.
Margins: Gross margin expanded 3 percentage points to 65.5%, primarily from IEEPA tariff recovery ($93M benefit to cost of sales), higher volume, and favorable mix, partially offset by ongoing tariff impacts and amortization. Operating margin increased 3 percentage points to 19.8%, driven by gross margin gains.
Watch Items from the Filing
- IEEPA tariff recovery of $100M recorded as receivable; $40M customer surcharge refund liability created. Uncertainty remains on timing, procedures, and ultimate recovery of these claims, which could materially impact liquidity.
- Three major acquisitions (Spirent $1.5B, OSG $580M, PowerArtist $26M) in Oct 2025 added $146M amortization YTD and $713M goodwill; ongoing integration risk and impairment exposure.
- Strong order growth of +43% YoY ($3.7B) suggests robust demand, but visibility limited; seasonality and cyclicality unpredictable in tariff-volatile environment.
- Tax position: $107M refund claim filed against U.S. (Jan 2025) challenging GILTI amortization regulations; if unsuccessful, would reverse prior discrete benefit and materially increase effective tax rate.
- Centripetal patent litigation ongoing across US, Germany, ITC, and EU courts; while recent appellate decisions favor Keysight, continued appeals and uncertainty present contingent liability risk.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q2 2026
$1.7B
Net Income
Q2 2026
$349.0M
Free Cash Flow
Q2 2026
$472.0M
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+8.0% YoYNet Income
+38.4% YoYOperating Income
+5.2% YoYEPS (Diluted)
+39.9% YoYTotal Assets
+21.9% YoYTotal Debt
+41.6% YoYOp. Cash Flow
+33.9% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $5.38B +8.0% | $4.98B -8.9% | $5.46B +0.8% | $5.42B +28.4% | $4.22B +8.8% | $3.88B |
| Net Income | $850.0M +38.4% | $614.0M -41.9% | $1.06B -6.0% | $1.12B | — | — |
| Operating Income | $876.0M +5.2% | $833.0M -38.7% | $1.36B +1.8% | $1.33B +74.4% | $765.0M +294.2% | $-394.0M |
| EPS (Diluted) | $4.91 +39.9% | $3.51 -40.6% | $5.91 -4.4% | $6.18 +86.7% | $3.31 +284.9% | $0.86 |
| Total Assets | $11.30B +21.9% | $9.27B +6.7% | $8.68B +7.2% | $8.10B +12.2% | $7.22B +23.9% | $5.82B |
| Total Debt | $2.53B +41.6% | $1.79B -40.2% | $2.99B +66.9% | $1.79B +0.2% | $1.79B -21.8% | $2.29B |
| Operating Cash Flow | $1.41B +33.9% | $1.05B -25.3% | $1.41B +23.1% | $1.14B +12.6% | $1.02B +83.1% | $555.0M |
AI Insight: KEYS Financial Trends
Revenue accelerated 7.2% YoY to $1.717B in Q2 2026, while operating income nearly doubled to $407M, signaling strong operational leverage.
• Revenue grew from $1.419B (Q4 2025) to $1.717B (Q2 2026), +21% in two quarters, with net income rising to $349M.
• Operating income surged to $407M in Q2 2026 from $217M in Q4 2025, a 88% increase demonstrating margin expansion.
• Operating cash flow of $501M in Q2 2026 remains robust, though total debt increased from $2.534B to $3.230B.
⚠ Total debt jumped $696M in Q2 2026 alone (to $3.230B), while equity grew only modestly—leverage ratio expanding.
⚠ Operating cash flow volatility: declined to $225M (Q4 2025) and $322M (Q3 2025) before recovering to $501M.
AI Insight: KEYS Ratio Trends
Operating margin surged to 23.7% in Q2 2026, the highest in the dataset, while ROIC jumped to 17.0%—a 5.7pp gain from the prior quarter.
• OpMargin expanded from 15.5% (Q1 2026) to 23.7% (Q2 2026); NPM improved to 20.3% and ROE to 22.1%.
• ROIC reached 17.0% in Q2 2026, highest since Q3 2024 (10.8%), signaling improved capital efficiency.
• Leverage (D/E) rose to 0.51 in Q2 2026 from 0.41 in Q1 2026, reversing an improving trend from prior quarters.
⚠ Q2 2026 margins significantly outpace TTM averages (OpMargin 23.7% vs. 18.2%); sustainability unclear given recent quarterly volatility.
⚠ D/E ratio spike to 0.51 warrants monitoring—elevated vs. 0.35–0.46 range seen most of 2024–2025.
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Top Institutional Holders of KEYS
BlackRock, Inc.
$5.3B18,610,610 shVANGUARD CAPITAL MANAGEMENT LLC
$3.1B11,155,475 shVANGUARD PORTFOLIO MANAGEMENT LLC
$2.4B8,617,643 shSTATE STREET CORP
$2.3B7,997,666 shGEODE CAPITAL MANAGEMENT, LLC
$1.3B4,626,216 shCapital World Investors
$952.7M3,374,204 shBoston Partners
$794.1M2,809,554 shAmundi
$628.1M2,224,264 shAllspring Global Investments Holdings, LLC
$581.2M2,005,409 shUBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME
$564.5M1,999,215 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $5.3B | 18,610,610 |
| VANGUARD CAPITAL MANAGEMENT LLC | $3.1B | 11,155,475 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2.4B | 8,617,643 |
| STATE STREET CORP | $2.3B | 7,997,666 |
| GEODE CAPITAL MANAGEMENT, LLC | $1.3B | 4,626,216 |
| Capital World Investors | $952.7M | 3,374,204 |
| Boston Partners | $794.1M | 2,809,554 |
| Amundi | $628.1M | 2,224,264 |
| Allspring Global Investments Holdings, LLC | $581.2M | 2,005,409 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME | $564.5M | 1,999,215 |
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Popular Research
Is KEYS a good stock to buy?
13F Pro's AI-powered analysis of Keysight Technologies, Inc. (KEYS) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for KEYS are available on the KEYS stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own KEYS?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling KEYS. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Keysight Technologies, Inc.'s investment landscape.