Explain this page
Arphra AIPlain-English read on Keysight Technologies, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $25.93B | $31.65B | — | — | — | — |
| Enterprise value | — | — | — | $26.16B | $32.75B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 5.25 | 6.09 | — | — | — | — |
| EV / FCF | — | — | — | 29.13 | 25.57 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +2.37% | +2.67% | — | — | — | — |
| Free cash flow yield | — | — | — | +3.46% | +4.05% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +62.11% | +63.65% | +64.64% | +62.92% | +62.08% | +62.05% | +64.46% | +64.23% | +61.94% |
| Operating margin | +21.86% | +24.61% | +24.85% | +16.73% | +17.64% | +19.19% | +19.64% | +20.11% | +20.24% |
| EBITDA margin | +27.97% | +29.28% | +30.14% | +24.48% | +26.51% | +27.17% | +27.09% | +27.03% | +27.58% |
| EBIT margin | +22.04% | +25.17% | +26.26% | +19.06% | +21.40% | +21.77% | +22.76% | +22.78% | +22.63% |
| Pre-tax margin | +20.44% | +23.71% | +24.84% | +17.37% | +20.13% | +20.85% | +21.06% | +20.89% | +20.64% |
| Net margin | +18.09% | +20.74% | +19.34% | +12.33% | +15.74% | +15.75% | +15.68% | +15.97% | +15.46% |
| Cost structure | |||||||||
| Cost of revenue / sales | +37.89% | +36.35% | +35.36% | +37.08% | +37.92% | +35.79% | +37.69% | +36.83% | +36.42% |
| R&D intensity | +16.41% | +15.52% | +16.14% | +18.46% | +18.73% | +18.10% | +17.90% | +17.64% | +18.14% |
| SG&A intensity | +24.19% | +23.67% | +23.92% | +28.02% | +26.05% | +26.21% | +26.03% | +25.37% | +25.84% |
| Effective tax rate | +11.49% | +12.53% | +22.11% | +29.02% | +19.69% | +24.19% | +23.68% | +22.85% | +24.37% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +23.63% | +27.01% | +22.71% | +12.03% | +14.40% | +15.90% | +15.38% | +15.83% | +16.04% |
| Return on assets (ROA) | +11.49% | +13.88% | +12.17% | +6.62% | +7.49% | +8.48% | +8.56% | +8.67% | +8.47% |
| Return on capital (ROC) | +18.60% | +21.59% | +20.33% | +11.67% | +10.71% | +13.39% | +13.34% | +13.78% | +14.40% |
| Return on invested capital (ROIC) | +15.40% | +18.19% | +15.82% | +8.61% | +9.56% | +10.98% | +10.64% | +10.94% | +11.00% |
| Asset turnover | +63.50% | +66.93% | +62.93% | +53.72% | +47.60% | +53.87% | +54.59% | +54.26% | +54.76% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +18.09% | +20.74% | +19.34% | +12.33% | +15.74% | +15.75% | +15.68% | +15.97% | +15.46% |
| Asset turnover (× revenue / assets) | +63.50% | +66.93% | +62.93% | +53.72% | +47.60% | +53.87% | +54.59% | +54.26% | +54.76% |
| Equity multiplier (× assets / equity) | +205.63% | +194.62% | +186.57% | +181.57% | +192.16% | +187.48% | +179.71% | +182.71% | +189.41% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.64 | 0.67 | 0.63 | 0.54 | 0.48 | 0.54 | 0.55 | 0.54 | 0.55 |
| Fixed-asset turnover | 5.63 | 5.96 | 5.54 | 4.94 | 5.21 | — | — | — | — |
| Inventory turnover | 2.41 | 2.30 | 1.96 | 1.81 | 1.94 | — | — | — | — |
| Receivables turnover | 6.72 | 5.99 | 5.79 | 5.00 | 5.72 | — | — | — | — |
| Payables turnover | 6.52 | 5.66 | 6.76 | 5.90 | 5.74 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 54.30 | 60.95 | 63.06 | 72.94 | 63.76 | — | — | — | — |
| Days inventory outstanding (DIO) | 151.50 | 158.97 | 186.09 | 202.07 | 188.05 | — | — | — | — |
| Days payables outstanding (DPO) | 55.96 | 64.48 | 54.03 | 61.89 | 63.58 | — | — | — | — |
| Cash conversion cycle | 149.84 | 155.44 | 195.12 | 213.13 | 188.24 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.48 | 1.02 | 1.33 | 1.71 | 1.67 | 1.53 | 1.53 | 1.53 | 1.56 |
| FCF / Net income | 1.28 | 0.85 | 1.15 | 1.46 | 1.51 | 1.33 | 1.35 | 1.33 | 1.34 |
| FCF margin | +23.23% | +17.69% | +22.18% | +18.04% | +23.83% | +20.99% | +21.18% | +21.25% | +20.75% |
| OCF margin | +26.76% | +21.11% | +25.77% | +21.13% | +26.21% | +24.02% | +23.95% | +24.47% | +24.06% |
| CapEx / Revenue | +3.52% | +3.41% | +3.59% | +3.09% | +2.38% | +3.06% | +3.09% | +3.08% | +2.99% |
| CapEx / D&A | 0.59 | 0.83 | 0.92 | 1.22 | 0.98 | — | — | — | — |
| Stock-based comp / Revenue | +2.08% | +2.31% | +2.47% | +2.75% | +3.01% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 4.78 | 6.18 | 5.91 | 3.51 | 4.88 | 10.18 | 11.80 | 13.10 | 11.18 |
| EPS · basic | 4.83 | 6.24 | 5.94 | 3.53 | 4.90 | 10.20 | 12.01 | 13.33 | 11.29 |
| Book value / share | 20.24 | 22.86 | 26.00 | 29.17 | 33.97 | 39.76 | 45.10 | 47.99 | 42.25 |
| Tangible BV / share | 10.07 | 13.13 | 15.97 | 12.06 | 6.69 | 39.76 | 45.10 | 47.99 | 42.25 |
| Sales / share | 26.42 | 29.78 | 30.53 | 28.45 | 31.07 | 40.16 | 44.25 | 47.58 | 43.82 |
| Operating CF / share | 7.07 | 6.29 | 7.87 | 6.01 | 8.14 | 9.65 | 10.60 | 11.64 | 10.54 |
| Free cash flow / share | 6.14 | 5.27 | 6.77 | 5.13 | 7.40 | 8.43 | 9.37 | 10.11 | 9.09 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +9.69% | +0.81% | -8.88% | +7.95% | +28.24% | +10.94% | +7.72% | -8.57% | +5.41% |
| Gross profit · YoY | — | +12.41% | +2.38% | -11.30% | +6.51% | +28.18% | +15.24% | +7.35% | -11.84% | +5.37% |
| Profit | ||||||||||
| Operating income · YoY | — | +23.52% | +1.80% | -38.66% | +13.81% | +39.56% | +13.52% | +10.30% | -7.97% | +4.40% |
| EBITDA · YoY | — | +14.83% | +3.78% | -25.99% | +16.90% | +31.43% | +10.60% | +7.50% | -6.70% | +5.23% |
| Net income · YoY | — | +25.73% | -5.96% | -41.91% | +37.79% | +28.29% | +10.45% | +9.76% | -11.47% | +3.36% |
| Operating | ||||||||||
| EBIT · YoY | — | +25.25% | +5.21% | -33.87% | +21.18% | +30.47% | +16.02% | +7.79% | -9.16% | +5.76% |
| R&D · YoY | — | +3.70% | +4.88% | +4.20% | +9.58% | +23.87% | +9.75% | +6.15% | -6.00% | +6.73% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +29.29% | -4.37% | -40.61% | +39.03% | +108.52% | +15.97% | +10.99% | -14.63% | +11.21% |
| EPS · basic · YoY | — | +29.19% | -4.81% | -40.57% | +38.81% | +108.21% | +17.72% | +11.03% | -15.33% | +11.20% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $2.02B | $2.02B | $2.03B | $2.03B | $2.97B | $3.06B | $3.47B | $3.72B | $3.32B |
| Net debt | -$29M | -$24M | -$446M | $234M | $1.1B | $403.26M | $584.51M | $446.97M | $334.1M |
| Net debt / EBITDA | -0.02 | -0.02 | -0.27 | 0.19 | 0.77 | 0.22 | 0.28 | 0.20 | 0.16 |
| Debt / equity | 0.53 | 0.48 | 0.44 | 0.40 | 0.51 | 0.45 | 0.44 | 0.45 | 0.46 |
| Debt / assets | +26.00% | +24.92% | +23.33% | +21.90% | +26.31% | +23.89% | +24.76% | +24.49% | +24.16% |
| Equity / assets | +48.63% | +51.38% | +53.60% | +55.08% | +52.04% | +53.34% | +55.65% | +54.73% | +52.80% |
| Coverage | |||||||||
| EBITDA / interest expense | 17.49 | 20.09 | 21.12 | 14.51 | 14.84 | 16.73 | 16.64 | 16.87 | 17.18 |
| Operating income / interest | 13.67 | 16.89 | 17.41 | 9.92 | 9.88 | 11.82 | 12.07 | 12.55 | 12.61 |
| Interest expense | $79M | $79M | $78M | $84M | $96M | $111.97M | $124.48M | $131.97M | $120.91M |
| Liquidity | |||||||||
| Current ratio | 2.93 | 3.01 | 2.35 | 2.98 | 2.35 | — | — | — | — |
| Quick ratio | 2.13 | 2.09 | 1.67 | 1.96 | 1.52 | — | — | — | — |
| Cash ratio | 1.57 | 1.45 | 1.21 | 1.26 | 1.01 | — | — | — | — |
| Working capital | $2.53B | $2.83B | $2.76B | $2.83B | $2.5B | — | — | — | — |
| Working capital / revenue | +51.10% | +52.16% | +50.51% | +56.84% | +46.47% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 6.09x | 5.25x |
| Earnings yield | 2.7% | 2.4% |
| FCF yield | 4.0% | 3.5% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 14.4% | 12.0% |
| ROA | 7.5% | 6.6% |
| ROIC | 8.0% | 7.5% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 0.77 | 0.19 |
| Interest coverage | — | — |
| Current ratio | 2.35x | 2.98x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).