Keysight Technologies Inc (KEYS) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Keysight Technologies Inc stock $117, price $286, that is 59.0% below the price, quality 71 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range $119.31 – $388.03 · fair‑value band $75.76 – $153.22 · the $285.86 price screens above the $117.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
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Keysight Technologies, Inc. provides electronic design and test solutions worldwide. The company operates through Communications Solutions Group and Electronic Industrial Solutions Group segments.
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It offers electronic design and test software, instrumentation, systems, and related services used in the design, simulation, validation, manufacturing, installation, and optimization of communication systems in wireless, data center ecosystem, enterprise, and aerospace, defense, and government end markets.
The company also develops and deploys communications products and services; and operates communications networks.
In addition, it provides electronic design, test and simulation software, instrumentation, systems, computer-aided engineering solutions, and related services used in the design, simulation, validation, manufacturing, installation, and optimization of electronic equipment in the automotive and energy, semiconductor solutions, and general electronics industries.
Further, the company offers product support; technical and application support for hardware, software, and solutions; and professional services, such as installation, training, engineering, optimization of equipment and solution adoption, utilization, and integration services.
Additionally, it provides oscilloscopes; generators, sources and power supplies; software products; analyzers; wireless products; network test and security; modular instruments; meters; network visibility; and other products, as well as KeysightCare support plans, calibration, repair, technology refresh, test as a service, network/security, consulting, financial alternatives, education, software testing, support, managed, device vulnerability analysis, support portal, and used equipment services.
Keysight Technologies, Inc. was founded in 1939 and is headquartered in Santa Rosa, California.
Stock analysis
Keysight Technologies Inc (KEYS) currently trades at $285.86, while our model-based Fair Value estimate is $117.27, 59% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $117.86 per share, and 0 of the 24 models we run sit above the $285.86 price.
Bear case: the Earnings-Based group reads lowest at $29.57, and 24 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $75.76 (bear) to $153.22 (bull), the price of $285.86 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 71/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Keysight Technologies Inc reported revenue of $5.4B in FY2025 versus $4.9B in FY2021, a compound +2.1%/yr. Reported net income was $846M in FY2025, compounding −1.4%/yr from FY2021.
Key figures
Market cap $56.9B Large · P/E ratio 38.7 · P/S ratio 8.64 · EPS (TTM) $7.39 · Net margin 19.1% · Return on equity 20.9% · Return on assets (EBIT) 12.2% · Operating margin 25.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 72 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 26% below its 52-week high and 68% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −28% fair-value upside, at −59%, KEYS screens richer than that median.
Fair Value models
Bear$75.76Fair Value $117.27Bull$153.22
Price $285.86 · Downside -59.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($7.39 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 6 officers or directors sold shares worth $6.0M and none bought.
SaleSatish DhanasekaranPresident and CEO, Director6× since Dec 1, 2025: 23,599 shares, avg. $237.90$5.6MSep 30, 2026
SaleLisa M. PooleVP and Controller200 shares at $348.01$69,602Sep 23, 2026
SaleNeil DoughertyEVP and CFO3× since Dec 22, 2025: 5,000 shares, avg. $296.41$1.5MSep 21, 2026
SaleIngrid A EstradaSVP5× since Dec 1, 2025: 12,827 shares, avg. $264.03$3.4MSep 4, 2026
SaleJean McClung NyeDirector3,000 shares at $319.22$957,660Aug 21, 2026
SaleJames CullenDirector3,000 shares at $346.58$1.0MJun 2, 2026
SaleRichard P HamadaDirector870 shares at $275.78$239,929Mar 30, 2026
SaleJeffrey K LiSVP and Secretary2× since Dec 3, 2025: 5,934 shares, avg. $233.31$1.4MMar 24, 2026
SaleRonald S. NersesianDirector2× since Nov 28, 2025: 60,000 shares, avg. $241.42$14.5MMar 17, 2026
SaleJo Ann JuskieSVP1,000 shares at $304.42$304,420Feb 27, 2026
Plus 3 more entries from the last 12 months.
Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.79/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.0%
Start year 2020 (pandemic). Over 10 years: +6.5% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+8.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.9%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8.1% vs 7.6%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.18% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+22.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+20.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +19.3% a year for the price and +17.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Specialized test platforms for AI data center networks and partnerships with NVIDIA and Cisco form the main strength, while thin public signals and niche focus limit broader earnings leverage.
Main risk: Lower-cost Chinese manufacturers such as 联讯仪器, Rigol and Siglent could capture more share in optical communications and general test equipment markets or force price reductions that hit Keysight's margins.
Bull case: Keysight could leverage its partnerships with NVIDIA and Cisco plus ongoing 1.6T platform launches to lock in hyperscaler validation workflows and maintain premium positioning despite lower-cost entrants.
Bear case: If Chinese competitors scale their ASIC-based offerings and VIAVI consolidates the divested assets, Keysight could lose significant share in communications test markets and face sustained margin pressure on core products.
Keysight is demonstrating new 1.6T Ethernet test platforms and large-scale AI workload emulation at the upcoming OCP summit, working with partners including NVIDIA and Cisco to validate complex data center networks before deployment. These tools target the shift toward interconnected AI infrastructure across scale-up, scale-out and inference stages. Will the specialized demand from hyperscalers and operators generate enough sustained growth to ease the overvaluation our models see, or will the niche focus cap broader earnings leverage?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Scientific & Technical Instruments · 160 stocks
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Is Keysight Technologies Inc (KEYS) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of $117.27 versus a price of $285.86, about 59% lower (overvalued).
What is the fair value of KEYS?
Our model-based fair value for Keysight Technologies Inc is $117.27 (as of Nov 1, 2026), built from audited fundamentals. The current price: $285.86.
What is the quality score of KEYS?
Keysight Technologies Inc has a Quality Score of 71/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Keysight Technologies Inc (KEYS)?
Our model-based price target is the fair value of $117.27 (as of Nov 1, 2026) from 24 valuation models. Cautious scenario $75.76, optimistic scenario $153.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Keysight Technologies Inc stock forecast for 2026?
Our models put fair value at $117.27, about 59% lower versus a price of $285.86 (overvalued). Cautious scenario $75.76, optimistic scenario $153.22. The calculation is refreshed regularly with new filings.
What is the revenue of Keysight Technologies Inc (KEYS)?
Keysight Technologies Inc reported trailing-twelve-month revenue of about $6.6B (latest available figure, as of Nov 1, 2026).
What growth is priced into Keysight Technologies Inc (KEYS)?
For today's price to be fair in a discounted-cash-flow model, Keysight Technologies Inc would have to grow free cash flow by +22.2 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.0 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of KEYS use?
Our models discount Keysight Technologies Inc at 9.6 %: a base by market capitalisation (large), damped by beta 1.18, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Keysight Technologies Inc that is +22.2 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Keysight Technologies Inc (KEYS) delivered so far?
Over the past 5 years revenue at Keysight Technologies Inc grew +5.0 % a year. The price currently implies +22.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Keysight Technologies Inc (KEYS) growing?
The median revenue growth in the sector is +11.3 % a year. That is the yardstick for the growth priced into Keysight Technologies Inc (+22.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Keysight Technologies Inc (KEYS)?
The free-cash-flow yield on the price is 2.59 %: that much free cash flow Keysight Technologies Inc produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Keysight Technologies Inc (KEYS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Keysight Technologies Inc it is $117.27 per share (as of Nov 1, 2026), against a price of $285.86. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Keysight Technologies Inc stock overvalued or undervalued in 2026?
As of Nov 1, 2026, KEYS trades above its calculated fair value: price $285.86, fair value $117.27, a gap of about −59% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KEYS?
No. The price is what the market pays today ($285.86); the fair value is what the company's own numbers justify ($117.27). For Keysight Technologies Inc the two are $168.59 per share apart. That gap is exactly why we show both numbers side by side.
How much is Keysight Technologies Inc worth?
The market values Keysight Technologies Inc at about $56.9B (market capitalisation, as of Nov 1, 2026). Per share that is $285.86; our models calculate a fair value of $117.27 per share.
What do the bullish and bearish scenarios say about KEYS?
Our models span a range for Keysight Technologies Inc: cautious scenario $75.76, base $117.27, optimistic $153.22 per share (as of Nov 1, 2026, price $285.86). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KEYS?
Keysight Technologies Inc trades at a price-to-earnings ratio of 38.7 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $117.27 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 6 of the years ex one-offs: 31.3. Other multiples: PEG 0.7, P/B 9.7, P/S 8.6, EV/EBITDA 33.9.
What is the PEG ratio of KEYS?
The PEG ratio of Keysight Technologies Inc is 0.70 (P/E divided by earnings growth, as of Nov 1, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Keysight Technologies Inc (KEYS)?
Balance-sheet figures for Keysight Technologies Inc (as of Nov 1, 2026): return on equity 20.9%, debt of 0.43 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is KEYS from its 52-week high?
Keysight Technologies Inc trades at $285.86, about 26% below its 52-week high of $388.03 and 68% above the low of $169.67 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $117.27 is for.
Which stocks are comparable to Keysight Technologies Inc?
From the same area (Technology) we also value Garmin Ltd, Coherent Corp, Teledyne Technologies Incorporated, AVIC Chengdu Aircraft Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Keysight Technologies Inc stock attractive at the current price?
The data as of Nov 1, 2026: price $285.86, calculated fair value $117.27 (−59%), Quality Score 71/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KEYS calculated?
We run Keysight Technologies Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $117.27, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. Keysight Technologies Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Keysight Technologies Inc (KEYS)?
The closing price on Nov 4, 2026 was $285.86. Our model-based fair value is $117.27, about 59% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Keysight Technologies Inc right now?
The price sits above even our optimistic bull case ($153.22). The favourable scenario is already priced in. Solid but not exceptional quality (71/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($75.76 to $153.22) leaves room in how you read the outcome.
Where does the earnings growth of Keysight Technologies Inc (KEYS) come from?
Earnings per share at Keysight Technologies Inc grew +7.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.5 %, EBIT margin +3.2 %, tax rate −3.0 %, residual (interest, one-offs) +1.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Keysight Technologies Inc
How large is the market capitalisation of Keysight Technologies Inc (KEYS)?
The market capitalisation of Keysight Technologies Inc is $56.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Keysight Technologies Inc (KEYS)?
The price-to-sales ratio of Keysight Technologies Inc is 8.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Keysight Technologies Inc (KEYS)?
Earnings per share at Keysight Technologies Inc are $7.39 (price ÷ EPS = P/E 38.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Keysight Technologies Inc (KEYS)?
The net margin of Keysight Technologies Inc is 19.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Keysight Technologies Inc (KEYS)?
The return on equity (ROE) of Keysight Technologies Inc is 20.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Keysight Technologies Inc (KEYS)?
On an EBIT basis the return on assets of Keysight Technologies Inc is 12.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Keysight Technologies Inc (KEYS)?
The operating margin of Keysight Technologies Inc is 25.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Keysight Technologies Inc (KEYS)?
Revenue at Keysight Technologies Inc is growing +36.5% versus a year earlier (3y avg −0.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Keysight Technologies Inc (KEYS)?
Earnings per share at Keysight Technologies Inc are growing +109% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Keysight Technologies Inc (KEYS) carry?
The net debt of Keysight Technologies Inc is $1.1B (fiscal year 2025, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 1, 2026