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Keysight Technologies, Inc.
S&P 500
🏹 Trader: 🎯 Near 52W High 📊 High Volume | BRS 72 Forming View all →
$54.4B
Market Cap
37.3
P/E
4.93
PEG
11.6%
ROCE
15.8%
ROE
0.46
D/E
16.3%
OPM
-14.3%
% from 52W High
85
α RS
🔍 KEYS is showing a high-conviction setup because it matches 3 of 37 tracked screener presets, RS Rating is 85, and an ECS of 67.5 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating ECS
Sources
Conviction 3/37 · RS Rating 85 · ECS 67.5
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🌏 Global Investor Returns
Currency-adjusted total returns for KEYS including FX impact
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📈 Price History
Ratio Health
Excellent
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By Category
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About

Keysight Technologies, Inc. provides electronic design and test solutions worldwide.

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📈 Growth Pattern
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⭐ Superinvestors Holding KEYS
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 413.7K $116.8M 0.15% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$1.717B
+31% YoY
Operating Margin
30.4%
+5.2pp YoY
Net Income
$497M
+69% YoY
What Went Right
  • Record orders of $2.051B, up 56% YoY
  • AI-related business in first half surpassed full-year 2025
  • Record free cash flow of $472M
What to Watch
  • Q3 revenue guidance midpoint of $1.74B implies slight sequential decline from adjusted Q2
  • Revenue conversion pace influenced by mix and new product introduction ramp timelines
  • Increased backlog in AI business due to strong demand, potentially stretching lead times
Management Guidance
  • Q3 FY2026 revenue: $1.730B–$1.750B
  • Q3 FY2026 non-GAAP EPS: $2.43–$2.49
  • Full-year FY2026 revenue growth in high 20s% range; CapEx expected ~$200M
Investor Lens
The thesis is stronger after this call. Keysight delivered record orders and raised full-year guidance, driven by accelerating AI infrastructure investments and broad-based growth across defense and semiconductor markets. Operating margins expanded significantly on 49% flow-through, and free cash flow hit a record. While Q3 guidance shows a slight sequential dip, management expects second half revenue to be materially above first half, supported by a robust pipeline and continued momentum. The long-term secular trends in AI, defense, and 6G remain intact, and the company's portfolio positioning suggests sustained value creation.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record quarter with $2B+ orders and 31% revenue growth
Revenue
Reported revenue of $1.717B (up 31% YoY); adjusted for one-time tariff items, revenue was $1.758B (up 35%). CSG contributed $1.231B (up 35%) and EISG $486M (up 24%).
Profitability
Non-GAAP net income was $497M (up 69% YoY), with EPS of $2.87 (up 69% YoY).
Margins
Gross margin was 72.3% reported; excluding one-time tariff impacts, gross margin was mid-67%. Operating margin (ex one-time) was 30.4%, up 520 bps YoY, with 49% operating leverage.
Balance Sheet
Cash and cash equivalents $2.412B. Record free cash flow of $472M. CapEx guidance raised to ~$200M for FY2026 to support NPI ramps.
Key Risks
Management flagged supply chain management as more active, with new product ramps for AI seeing unprecedented demand. Potential longer lead times for systems orders in semi and aerospace defense. Q3 guidance implies slight sequential revenue moderation from Q2 adjusted levels.
Outlook
Q3 FY2026 revenue expected $1.730B–$1.750B (midpoint ~29% YoY growth) and EPS $2.43–$2.49. Full-year FY2026 revenue growth expected in the high 20s%, with second half materially above first half.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-05-19
Record Q2 results with 56% order growth and 31% revenue growth, driven by strong AI, data center, and semiconductor demand. Raised FY26 revenue growth outlook to high 20s%, with robust performance across all segments and accelerating market momentum.
Q1 2026 Q1 2026 2026-02-23
Record Q1 results with 23% revenue growth and strong order momentum were driven by AI, next-gen connectivity, and defense. Guidance for fiscal 2026 was raised to over 20% annual growth, with robust performance across all segments and continued investment in organic and inorganic growth.
Q4 2025 Q4 2025 2025-11-24
Q4 and FY 2025 results exceeded expectations with double-digit growth in orders, revenue, and EPS. Strong performance in AI, wireline, wireless, and defense, plus strategic acquisitions, support robust FY 2026 guidance and continued capital returns.
Q3 2025 Q3 2025 2025-08-19
Revenue and EPS exceeded guidance with 11% and 9% year-over-year growth, respectively, driven by strong AI, aerospace, and electronics demand. Raised full-year outlook, but tariffs and macro risks remain. Pending acquisitions and robust cash flow support future growth.
Q2 2025 Q2 2025 2025-05-20
Revenue and EPS exceeded guidance with strong order growth and robust performance in CSG and EISG. Tariff impacts are being mitigated, and FY25 revenue and EPS growth guidance was raised, supported by a solid backlog and pipeline. Cash flow and capital returns remain strong.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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