KEYS changes
Pick any two versions below to diff them.
- Price
- $305.64
- Discount category
- Below intrinsic value
- Next earnings
- Nov 19, 2026
- Next earnings is estimate
- No
- Company name
- added: Keysight Technologies
- Sector
- added: Electronic instruments for test and measurement
- About
- added: Keysight Technologies, Inc. (Keysight) is a U.S. company based in Santa Rosa, California that makes electronic design, emulation and test software and equipment. It calls itself a design enablement partner for complex engineering challenges. Its customers work in AI infrastructure, communications, industrial automation, aerospace and defense, automotive, semiconductor and general electronics. It has two segments: Communications Solutions Group (CSG) and Electronic Industrial Solutions Group (EISG). Its fiscal year ends October 31. In fiscal 2025, revenue was $5.37 billion and non-GAAP EPS was $7.16. In Q3 of fiscal 2026, revenue was $1,846 million, up 36%, and orders were $2,091 million, up 56%. In October 2025, Keysight bought Spirent Communications for $1,564 million and the Optical Solutions Group of Synopsys for $581 million. Satish Dhanasekaran is President and Chief Executive Officer. Jason Kary becomes Chief Financial Officer on December 18, 2026, after Neil Dougherty.
- Thesis
- added: The market prices Keysight as a test and measurement company whose surge in orders depends on a few cyclical areas, mainly AI data center networks. Revenue rose 36% in Q3 of fiscal 2026 and orders rose 56%, but investors doubt that the AI-driven growth lasts, and customers can cut test spending quickly. The results also include acquisitions, with Spirent adding $61 million of revenue in Q3, and Keysight changes its finance chief in December 2026. For the shares to earn more, three things must be true. Orders must stay above revenue, as they did in Q3 with $2,091 million of orders against $1,846 million of revenue, so that the Q4 outlook and fiscal 2027 revenue hold. Margins must stay high as the Spirent and Synopsys optical businesses are integrated. And free cash flow, $1,282 million in nine months, must keep funding repurchases under the $1.5 billion program and the repayment of $700 million of notes due 2027. The Q4 fiscal 2026 report on November 19, 2026, with the first comments on fiscal 2027, and the orders of the next quarters are the first tests.
- Risks
- added: Demand is cyclical and now leans on AI infrastructure and communications. Commercial communications revenue grew 56% in Q3 of fiscal 2026, and a pause in data center spending would cut orders and earnings quickly. Keysight bought Spirent and the Synopsys optical business in October 2025. Integration can cost more than planned, and acquisition-related amortization was $72 million in Q3. Tariffs and trade rules affect costs and sales. Keysight books refunds of tariffs that the Supreme Court found unlawful, but new tariffs, such as Section 301 forced labor tariffs, are a new risk. Keysight changes its finance chief on December 18, 2026, after 13 years, and its Electronic Industrial Solutions Group will report to the head of CSG. Handover mistakes could weaken planning and guidance. Commitments to contract manufacturers and suppliers were $704 million at July 31, 2026, against $450 million at the end of fiscal 2025. A fall in demand would leave Keysight with excess supply.
- Balance sheet
- added: Cash: $2.6B Debt: $2.6B Net cash: $55M Undrawn credit line: $750M, to April 2031 Debt due within 12 months: $700M Last debt due: 2034 Keysight funds itself with cash flow and senior notes. At July 31, 2026, cash and cash equivalents were $2,605 million and debt was $2,517 million, from senior notes with a face value of $2,550 million: $700 million at 4.60% due 2027, $500 million at 3.00% due 2029, $750 million at 5.35% due 2030 and $600 million at 4.95% due 2034. The $700 million of 2027 notes is the current part of debt. A new $750 million revolving credit facility runs to April 2031. In the first nine months of fiscal 2026, free cash flow was $1,282 million, and Keysight repurchased 1.845 million shares for $517 million under a $1.5 billion program approved on November 24, 2025. It paid $1,564 million for Spirent and $581 million for the Synopsys optical business in October 2025, with existing cash, and sold part of Spirent for $399 million. Its fiscal year ends on October 31, and it will report fiscal 2026 on November 19, 2026. As of Jul 31, 2026.
- Checkpoints
- added: Aug 18, 2026: Q3 fiscal 2026 results: orders and revenue. Passed. Watch: Orders above revenue with revenue growth of 30% or more passes; falling orders fail. Outcome: Orders rose 56% to $2,091 million against revenue of $1,846 million, up 36%. Nov 19, 2026: Q4 fiscal 2026 results and first fiscal 2027 comments. Pending. Watch: Revenue inside $1.930 billion to $1.950 billion and non-GAAP EPS inside $3.34 to $3.40 pass; a miss on either fails. Dec 18, 2026: New Chief Financial Officer takes office. Pending. Watch: A smooth handover with no change to guidance practice passes; a guidance cut linked to the change fails. Feb 2027 (estimate): Q1 fiscal 2027 results: orders after the AI surge. Pending. Watch: Orders above revenue with revenue near $1.9 billion or more pass; orders below revenue fail.
- Recent events
- added: Nov 2, 2026: Keysight named Jason Kary, President of its Electronic Industrial Solutions Group, as Chief Financial Officer from December 18, 2026. He succeeds Neil Dougherty, who stays as an advisor for fiscal 2027. Keysight did not change its Q4 outlook and confirmed that it will report on November 19, 2026. Sep 2, 2026: Keysight filed its Form 10-Q for Q3 of fiscal 2026. It recorded a $100 million receivable for refunds of tariffs that the U.S. Supreme Court ruled unlawful in February 2026, and a $40 million liability to refund tariff surcharges to customers. The net effect in nine months was minus $40 million of revenue and plus $57 million of income from operations. Aug 26, 2026: Keysight appointed Scott Reese, a former head of GE Vernova's Electrification Software business, to its board of directors. Aug 18, 2026: Keysight reported Q3 of fiscal 2026. Revenue was $1,846 million, up 36%, orders were $2,091 million, up 56%, non-GAAP EPS was $3.07 and free cash flow was $403 million. It guided Q4 revenue to $1.930 billion to $1.950 billion and non-GAAP EPS to $3.34 to $3.40. Apr 21, 2026: Keysight signed a new $750 million five-year unsecured revolving credit facility that runs to April 2031 and replaced its 2021 facility. Nov 24, 2025: Keysight reported fiscal 2025 results with revenue of $5.37 billion and non-GAAP EPS of $7.16, and announced a new $1.5 billion share repurchase program. Oct 17, 2025: Keysight completed its purchases of the Optical Solutions Group of Synopsys for $581 million and PowerArtist of Ansys for $26 million. On October 15, 2025 it had completed the purchase of Spirent Communications for $1,564 million, and on October 16 it sold part of Spirent's businesses to Viavi for $399 million.