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STOCK COMPARISON

Test Research vs Keysight Technologies: Fair Value & Quality

Both stocks run through our valuation models. Here is how Test Research (3030) and Keysight Technologies (KEYS) compare, as of Aug 10, 2026.

As of Aug 10, 2026, Fair Value Calculator sees Test Research as the less overvalued of the two: Test Research trades at TWD 290 versus a fair value of TWD 181 (-38%), while Keysight Technologies trades at $341 versus $84.16 (-75%).
Test Research
3030.TW · TWD · Information Technology
-38%
upside to fair value
overvalued
PriceTWD 290
Fair ValueTWD 181
Quality80/100
Keysight Technologies
KEYS · USD · Information Technology
-75%
upside to fair value
overvalued
Price$341
Fair Value$84.16
Quality71/100

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Test ResearchKeysight Technologies
Valuation
27.0×P/E (TTM)50.8×
7.45×P/S (TTM)8.87×
6.96×P/B9.19×
19.2×EV/EBITDA38.2×
15.98×PEG1.13×
2.4%Dividend yield—
TWD 7.00Dividend per share—
Profitability
30%Net margin17%
38%Operating margin19%
28%Return on equity18%
17%Return on assets6%
Growth
26%Revenue growth (YoY)32%
8.1%Avg. growth/yr (3Y)-0.3%
11.3%Avg. growth/yr (5Y)5.0%
Balance & size
0.01×Debt / equity0.43×
$2BMarket cap$54B
healthyGrowth qualityhealthy

Test Research leads: 11 to 2 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Test Researchof which business quality 75 · market factors 65 Keysight Technologiesof which business quality 71 · market factors 73
ProfitabilityMargins and returns on capital today
82
52
Quality GrowthAre margins and returns improving?
70
47
CashflowEarnings quality: real cash, not paper profit
60
89
Fin. StrengthBalance sheet, leverage, solvency risk
87
76
InvestmentDisciplined investing over empire-building
65
59
Low VolatilityCalm price path (market factor)
50
42
MomentumPrice trend over the last 3–12 months (market factor)
71
82
52W MomentumDistance to the 52-week high (market factor)
74
92
Net IssuanceBuybacks instead of dilution
83
96

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Test Research

DCF ModelsTWD 192
Earnings-BasedTWD 122
Dividend DiscountTWD 87.97
MultiplesTWD 151
Asset-BasedTWD 27.24
Growth DCFTWD 130
Economic ProfitTWD 120
Growth EarningsTWD 192

25 of 26 models see the stock below the current price.

Keysight Technologies

DCF Models$95.80
Earnings-Based$36.69
Dividend Discount$5.75
Multiples$81.40
Asset-Based$23.04
Growth DCF$104
Economic Profit$46.70
Growth Earnings$86.39

26 of 26 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Test Research
Bear TWD 110Fair Value TWD 181Bull TWD 249
TWD 290 = current price (white tick)
Keysight Technologies
Bear $63.12Fair Value $84.16Bull $105
$341 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Test Research · Information Technology

Quality score80 · Top 25%
Fair value upside-38% · below median

Keysight Technologies · Information Technology

Quality score71 · Top 25%
Fair value upside-75% · bottom 25%

Bottom line

As of Aug 10, 2026, Fair Value Calculator sees Test Research as the less overvalued of the two: Test Research trades at TWD 290 versus a fair value of TWD 181 (-38%), while Keysight Technologies trades at $341 versus $84.16 (-75%).

Test Research has the higher quality score (80/100).

See the full analysis →
Test Research · Keysight Technologies

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.