Keysight Technologies (KEYS) Financials

$164.98 +3.73 (+2.31%)

Closing price 08/8/2025 03:59 PM Eastern

Extended Trading

$162.14 -2.84 (-1.72%)

As of 08/8/2025 07:56 PM Eastern

Annual Income Statements for Keysight Technologies

This table shows Keysight Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024
Net Income / (Loss) Attributable to Common Shareholders	392	513	335	102	165	621	627	894	1,124	1,057	614
Consolidated Net Income / (Loss)	392	513	335	102	165	621	627	894	1,124	1,057	614
Net Income / (Loss) Continuing Operations	392	513	335	102	165	621	627	894	1,124	1,057	614
Total Pre-Tax Income	475	388	366	179	-411	715	761	1,010	1,285	1,357	865
Total Operating Income	469	431	406	148	-394	711	765	1,080	1,334	1,358	833
Total Gross Profit	1,620	1,587	1,624	1,697	2,111	2,534	2,533	3,069	3,450	3,532	3,133
Total Revenue	2,933	2,856	2,918	3,189	3,878	4,303	4,221	4,941	5,420	5,464	4,979
Operating Revenue	2,933	2,856	2,918	3,189	3,878	4,303	4,221	4,941	5,420	5,464	4,979
Total Cost of Revenue	1,313	1,269	1,294	1,492	1,767	1,769	1,688	1,872	1,970	1,932	1,846
Operating Cost of Revenue	1,313	1,269	1,294	1,492	1,767	1,769	1,688	1,872	1,970	1,932	1,846
Total Operating Expenses	1,151	1,156	1,218	1,549	2,505	1,823	1,768	1,989	2,116	2,174	2,300
Selling, General & Admin Expense	790	787	818	1,058	1,205	1,155	1,097	1,195	1,283	1,307	1,395
Research & Development Expense	361	387	425	507	624	688	715	811	841	882	919
Other Operating Expenses / (Income)	0.00	-18	-25	-16	-33	-20	-44	-17	-8.00	-15	-14
Total Other Income / (Expense), net	6.00	-43	-40	31	-17	4.00	-4.00	-70	-49	-1.00	32
Interest Expense	3.00	46	47	80	83	80	78	79	79	78	84
Interest & Investment Income	0.00	1.00	3.00	7.00	12	23	11	3.00	16	102	81
Other Income / (Expense), net	9.00	2.00	4.00	104	54	61	63	6.00	14	-25	35
Income Tax Expense	83	-125	31	77	-576	94	134	116	161	300	251
Basic Earnings per Share	$2.35	$3.04	$1.97	$0.57	$0.88	$3.31	$3.35	$4.84	$6.23	$5.95	$3.53
Weighted Average Basic Shares Outstanding	167M	169M	170M	180M	187M	188M	187M	185M	180M	178M	174M
Diluted Earnings per Share	$2.35	$3.00	$1.95	$0.56	$0.86	$3.25	$3.31	$4.78	$6.18	$5.91	$3.51
Weighted Average Diluted Shares Outstanding	167M	171M	172M	182M	191M	191M	189M	187M	182M	179M	175M
Weighted Average Basic & Diluted Shares Outstanding	-	168.80M	170.10M	178.90M	187.50M	188.45M	186.09M	183.04M	178.80M	175.04M	173.17M

This table shows Keysight Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Net Income / (Loss) Attributable to Common Shareholders	299	260	283	288	226	172	126	389	-73	169	257
Consolidated Net Income / (Loss)	299	260	566	288	-57	172	126	389	-203	169	257
Net Income / (Loss) Continuing Operations	299	260	283	288	226	172	126	389	-73	169	257
Total Pre-Tax Income	368	331	361	389	276	229	175	213	248	199	320
Total Operating Income	379	322	354	365	317	221	177	205	230	218	207
Total Gross Profit	910	883	909	896	844	813	763	755	802	820	814
Total Revenue	1,443	1,381	1,390	1,382	1,311	1,259	1,216	1,217	1,287	1,298	1,306
Operating Revenue	1,443	1,381	1,390	1,382	1,311	1,259	1,216	1,217	1,287	1,298	1,306
Total Cost of Revenue	533	498	481	486	467	446	453	462	485	478	492
Operating Cost of Revenue	533	498	481	486	467	446	453	462	485	478	492
Total Operating Expenses	531	561	555	531	527	592	586	550	572	602	607
Selling, General & Admin Expense	321	338	337	319	313	362	361	329	343	361	360
Research & Development Expense	215	227	222	215	218	232	228	226	233	249	250
Other Operating Expenses / (Income)	-5.00	-4.00	-4.00	-3.00	-4.00	-2.00	-3.00	-5.00	-4.00	-8.00	-3.00
Total Other Income / (Expense), net	-11	9.00	7.00	24	-41	8.00	-2.00	8.00	18	-19	113
Interest Expense	20	19	20	19	20	20	20	21	23	20	20
Interest & Investment Income	10	19	22	29	32	23	18	19	21	19	21
Other Income / (Expense), net	-1.00	9.00	5.00	14	-53	5.00	0.00	10	20	-18	112
Income Tax Expense	69	71	78	101	50	57	49	-176	321	30	63
Basic Earnings per Share	$1.67	$1.46	$1.59	$1.62	$1.28	$0.98	$0.73	$2.23	($0.41)	$0.97	$1.49
Weighted Average Basic Shares Outstanding	180M	178M	178M	178M	178M	175M	174M	174M	174M	173M	172M
Diluted Earnings per Share	$1.66	$1.45	$1.58	$1.61	$1.27	$0.98	$0.72	$2.22	($0.41)	$0.97	$1.49
Weighted Average Diluted Shares Outstanding	182M	180M	179M	179M	179M	176M	175M	175M	175M	174M	173M
Weighted Average Basic & Diluted Shares Outstanding	178.80M	178.14M	178.37M	177.57M	175.04M	174.56M	174.54M	173.54M	173.17M	172.81M	172.11M

This table details how cash moves in and out of Keysight Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024
Net Change in Cash & Equivalents	810	-327	300	35	97	683	167	301	-11	431	-674
Net Cash From Operating Activities	563	376	420	328	555	998	1,016	1,322	1,144	1,408	1,052
Net Cash From Continuing Operating Activities	563	376	440	328	555	998	1,016	1,322	1,144	1,408	1,052
Net Income / (Loss) Continuing Operations	392	513	335	102	165	621	627	894	1,124	1,057	614
Consolidated Net Income / (Loss)	392	513	335	102	165	621	627	894	1,124	1,057	614
Depreciation Expense	84	99	85	92	103	96	104	117	117	120	126
Amortization Expense	-	0.00	49	142	207	212	222	176	106	92	144
Non-Cash Adjustments To Reconcile Net Income	71	93	80	12	789	106	79	152	194	268	171
Changes in Operating Assets and Liabilities, net	16	-329	-109	-20	-709	-37	-16	-17	-397	-129	-3.00
Net Cash From Investing Activities	-82	-671	-90	-1,722	-108	-196	-442	-353	-251	-288	-819
Net Cash From Continuing Investing Activities	-82	-671	-90	-1,722	-108	-196	-442	-353	-251	-288	-819
Purchase of Property, Plant & Equipment	-70	-92	-91	-72	-132	-120	-117	-174	-185	-197	-154
Acquisitions	-11	-574	-10	-1,702	-5.00	-88	-357	-178	-33	-85	-681
Purchase of Investments	0.00	-7.00	0.00	-	0.00	0.00	0.00	-1.00	-33	-7.00	-11
Other Investing Activities, net	-1.00	0.00	0.00	-1.00	0.00	5.00	32	0.00	0.00	1.00	27
Net Cash From Financing Activities	335	-19	-29	1,425	-341	-122	-413	-671	-861	-687	-913
Net Cash From Continuing Financing Activities	335	-19	-29	1,425	-341	-122	-413	-671	-861	-687	-913
Repayment of Debt	-47	0.00	-1.00	-339	-301	-504	-7.00	-4.00	-1.00	-3.00	-646
Repurchase of Common Equity	0.00	0.00	-62	0.00	-120	-159	-411	-673	-849	-702	-443
Payment of Dividends	-	-	-	-	-	-	-	-	0.00	0.00	-458
Issuance of Debt	1,101	0.00	0.00	1,281	40	500	-	-	0.00	0.00	599
Issuance of Common Equity	0.00	26	43	495	64	67	58	59	63	67	66
Other Financing Activities, net	-719	-45	-9.00	-12	-24	-26	-53	-53	-74	-49	-31
Effect of Exchange Rate Changes	-6.00	-13	-1.00	4.00	-9.00	3.00	6.00	3.00	-43	-2.00	6.00
Cash Interest Paid	-	-	-	-	-	76	75	75	75	75	75
Cash Income Taxes Paid	-	-	-	-	-	103	84	130	191	343	146

This table details how cash moves in and out of Keysight Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Net Change in Cash & Equivalents	194	187	270	74	-100	-723	-91	-25	165	263	1,058
Net Cash From Operating Activities	398	366	423	241	378	328	110	255	359	378	484
Net Cash From Continuing Operating Activities	398	366	423	241	378	328	110	255	359	378	484
Net Income / (Loss) Continuing Operations	299	260	283	288	226	172	126	389	-73	169	257
Consolidated Net Income / (Loss)	299	260	283	288	226	172	126	389	-73	169	257
Depreciation Expense	29	29	30	31	30	30	32	32	32	31	33
Amortization Expense	26	24	25	23	20	38	38	32	36	35	35
Non-Cash Adjustments To Reconcile Net Income	44	54	146	23	45	52	43	37	39	35	64
Changes in Operating Assets and Liabilities, net	-	-1.00	-61	-124	57	36	-129	-235	325	108	95
Net Cash From Investing Activities	-61	-60	-145	-45	-38	-511	-120	-150	-38	-33	-33
Net Cash From Continuing Investing Activities	-61	-60	-145	-45	-38	-511	-120	-150	-38	-33	-33
Purchase of Property, Plant & Equipment	-58	-60	-53	-45	-39	-47	-36	-33	-38	-32	-27
Acquisitions	-	0.00	-85	-	-	-478	-78	-117	-8.00	0.00	-3.00
Other Investing Activities, net	-	0.00	-7.00	-	8.00	14	5.00	-	19	-1.00	-3.00
Net Cash From Financing Activities	-127	-139	-1.00	-119	-428	-548	-73	-132	-160	-74	589
Net Cash From Continuing Financing Activities	-127	-139	-1.00	-119	-428	-548	-73	-132	-160	-74	589
Repayment of Debt	-1.00	-1.00	-	-	-2.00	-1.00	-28	-11	-606	-1.00	-6.00
Repurchase of Common Equity	-126	-125	-	-151	-426	-93	-46	-150	-154	-75	-153
Effect of Exchange Rate Changes	-16	20	-7.00	-3.00	-12	8.00	-8.00	2.00	4.00	-8.00	18
Cash Interest Paid	38	0.00	37	-	38	0.00	38	-	37	0.00	39
Cash Income Taxes Paid	34	14	166	88	75	12	134	-16	16	9.00	35

This table presents Keysight Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024
Total Assets	3,050	3,508	3,796	5,933	5,824	6,623	7,218	7,781	8,098	8,683	9,269
Total Current Assets	1,850	1,579	1,854	2,177	2,378	3,215	3,374	3,834	4,234	4,809	4,257
Cash & Equivalents	810	483	783	818	913	1,598	1,756	2,052	2,042	2,472	1,796
Accounts Receivable	380	398	437	547	624	668	606	735	905	900	857
Inventories, net	498	487	474	588	619	705	757	777	858	985	1,022
Prepaid Expenses	-	-	-	-	-	-	-	270	429	452	582
Plant, Property, & Equipment, net	470	518	512	530	555	576	595	650	690	761	774
Total Noncurrent Assets	730	1,411	1,430	3,226	2,891	2,832	3,249	3,297	3,174	3,113	4,238
Long-Term Investments	63	70	55	63	46	46	61	70	62	81	110
Goodwill	392	700	736	1,882	1,171	1,209	1,537	1,628	1,582	1,640	2,388
Intangible Assets	18	246	208	855	645	490	361	272	189	155	607
Noncurrent Deferred & Refundable Income Taxes	163	295	392	186	750	755	740	711	667	671	378
Other Noncurrent Operating Assets	94	100	39	240	279	332	550	616	674	566	755
Total Liabilities & Shareholders' Equity	3,050	3,508	3,796	5,933	5,824	6,623	7,218	7,781	8,098	8,683	9,269
Total Liabilities	2,281	2,206	2,283	3,623	3,391	3,619	3,921	3,997	3,937	4,029	4,164
Total Current Liabilities	769	686	644	819	1,462	1,003	1,081	1,309	1,407	2,049	1,427
Short-Term Debt	-	-	0.00	10	499	0.00	0.00	-	0.00	599	0.00
Accounts Payable	298	209	189	211	242	253	224	287	348	286	313
Current Deferred Revenue	175	175	180	291	334	334	391	478	495	541	561
Current Deferred & Payable Income Tax Liabilities	72	50	41	28	42	55	64	74	96	90	90
Current Employee Benefit Liabilities	167	168	183	217	276	278	289	355	333	304	295
Other Current Liabilities	57	84	51	62	69	83	113	115	135	229	168
Total Noncurrent Liabilities	1,512	1,520	1,639	2,804	1,929	2,616	2,840	2,688	2,530	1,980	2,737
Long-Term Debt	1,099	1,099	1,093	2,038	1,291	1,788	1,789	1,791	1,793	1,195	1,790
Noncurrent Deferred Revenue	69	61	72	101	127	176	175	187	197	216	206
Noncurrent Employee Benefit Liabilities	213	280	405	309	224	357	362	167	58	64	81
Other Noncurrent Operating Liabilities	131	80	69	356	287	295	514	543	482	505	660
Total Equity & Noncontrolling Interests	769	1,302	1,513	2,310	2,433	3,004	3,297	3,784	4,161	4,654	5,105
Total Preferred & Common Equity	769	1,302	1,513	2,310	2,433	3,004	3,297	3,784	4,161	4,654	5,105
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	769	1,302	1,513	2,310	2,433	3,004	3,297	3,784	4,161	4,654	5,105
Common Stock	1,004	1,167	1,244	1,788	1,891	2,015	2,112	2,221	2,335	2,489	2,666
Retained Earnings	101	614	949	1,041	1,212	1,909	2,536	3,430	4,554	5,611	6,225
Treasury Stock	-	0.00	-62	-62	-182	-342	-752	-1,425	-2,274	-2,980	-3,422
Accumulated Other Comprehensive Income / (Loss)	-336	-479	-618	-457	-488	-578	-599	-442	-454	-466	-364
Other Equity Adjustments	0.00	-	-	-	0.00	-	0.00	-	-	-	0.00

This table presents Keysight Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Total Assets	8,098	8,448	8,708	8,826	8,683	9,060	8,988	9,323	9,269	9,387	10,535
Total Current Assets	4,234	4,498	4,764	4,902	4,809	4,076	3,968	3,996	4,257	4,456	5,466
Cash & Equivalents	2,042	2,228	2,498	2,572	2,472	1,745	1,657	1,632	1,796	2,060	3,118
Accounts Receivable	905	920	864	893	900	808	809	802	857	797	744
Inventories, net	858	909	948	975	985	1,024	1,020	1,026	1,022	1,039	1,026
Prepaid Expenses	429	441	454	462	452	499	482	536	582	560	578
Plant, Property, & Equipment, net	690	728	746	754	761	771	769	776	774	764	769
Total Noncurrent Assets	3,174	3,222	3,198	3,170	3,113	4,213	4,251	4,551	4,238	4,167	4,300
Long-Term Investments	62	75	82	96	81	90	102	107	110	147	138
Goodwill	1,582	1,611	1,661	1,655	1,640	2,254	2,282	2,391	2,388	2,354	2,433
Intangible Assets	189	166	198	175	155	616	609	637	607	556	556
Noncurrent Deferred & Refundable Income Taxes	667	679	669	656	671	662	668	678	378	365	379
Other Noncurrent Operating Assets	674	691	588	588	566	591	590	738	755	745	794
Total Liabilities & Shareholders' Equity	8,098	8,448	8,708	8,826	8,683	9,060	8,988	9,323	9,269	9,387	10,535
Total Liabilities	3,937	4,044	4,003	3,929	4,029	4,243	4,085	4,093	4,164	4,200	5,058
Total Current Liabilities	1,407	1,465	1,422	1,338	2,049	2,116	1,994	1,949	1,427	1,509	1,614
Short-Term Debt	0.00	-	-	-	599	609	600	600	0.00	0.00	0.00
Accounts Payable	348	325	302	289	286	281	268	280	313	289	317
Current Deferred Revenue	495	554	568	518	541	592	578	537	561	594	612
Current Deferred & Payable Income Tax Liabilities	96	164	80	81	90	146	62	85	90	131	175
Current Employee Benefit Liabilities	333	257	317	264	304	261	309	262	295	253	319
Other Current Liabilities	135	165	155	186	229	227	177	185	168	242	191
Total Noncurrent Liabilities	2,530	2,579	2,581	2,591	1,980	2,127	2,091	2,144	2,737	2,691	3,444
Long-Term Debt	1,793	1,793	1,793	1,794	1,195	1,208	1,195	1,196	1,790	1,790	2,532
Noncurrent Deferred Revenue	197	217	222	229	216	213	211	207	206	209	218
Noncurrent Employee Benefit Liabilities	58	61	62	62	64	67	68	71	81	79	82
Other Noncurrent Operating Liabilities	482	508	504	506	505	639	617	670	660	613	612
Total Equity & Noncontrolling Interests	4,161	4,404	4,705	4,897	4,654	4,817	4,903	5,230	5,105	5,187	5,477
Total Preferred & Common Equity	4,161	4,404	4,705	4,897	4,654	4,817	4,903	5,230	5,105	5,187	5,477
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,161	4,404	4,705	4,897	4,654	4,817	4,903	5,230	5,105	5,187	5,477
Common Stock	2,335	2,380	2,406	2,464	2,489	2,549	2,582	2,639	2,666	2,733	2,767
Retained Earnings	4,554	4,814	5,097	5,385	5,611	5,783	5,909	6,298	6,225	6,394	6,651
Treasury Stock	-2,274	-2,399	-2,399	-2,550	-2,980	-3,073	-3,119	-3,270	-3,422	-3,497	-3,648
Accumulated Other Comprehensive Income / (Loss)	-454	-391	-399	-402	-466	-442	-469	-437	-364	-443	-293
Other Equity Adjustments	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00

This table displays calculated financial ratios and metrics derived from Keysight Technologies' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	10/31/2014	10/31/2015	10/31/2016	10/31/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-2.63%	2.17%	9.29%	21.61%	10.96%	-1.91%	17.06%	9.69%	0.81%	-8.88%
EBITDA Growth	-2.77%	-5.34%	2.26%	-10.66%	-106.17%	3,700.00%	6.85%	19.50%	13.92%	-1.66%	-26.34%
EBIT Growth	-4.59%	-9.41%	-5.31%	-38.54%	-234.92%	327.06%	7.25%	31.16%	24.13%	-1.11%	-34.88%
NOPAT Growth	-14.45%	47.23%	-34.79%	-77.31%	-427.03%	323.90%	2.07%	51.67%	22.06%	-9.35%	-44.10%
Net Income Growth	0.00%	30.87%	-34.70%	-69.55%	61.76%	276.36%	0.97%	42.58%	25.73%	-5.96%	-41.91%
EPS Growth	0.00%	27.66%	-35.00%	-71.28%	53.57%	277.91%	1.85%	44.41%	29.29%	-4.37%	-40.61%
Operating Cash Flow Growth	0.00%	-33.21%	11.70%	-21.90%	69.21%	79.82%	1.80%	30.12%	-13.46%	23.08%	-25.28%
Free Cash Flow Firm Growth	0.00%	53.43%	259.50%	-459.75%	96.13%	1,268.03%	-30.57%	51.57%	-0.27%	31.55%	-149.64%
Invested Capital Growth	0.00%	85.73%	-4.33%	96.66%	-6.13%	-3.55%	3.84%	5.63%	11.50%	1.17%	28.09%
Revenue Q/Q Growth	0.00%	-0.42%	0.03%	4.15%	4.56%	1.73%	2.43%	1.52%	2.83%	-2.36%	-0.48%
EBITDA Q/Q Growth	0.00%	-3.45%	0.00%	-3.95%	-105.15%	268.60%	7.05%	3.06%	1.29%	-7.15%	0.35%
EBIT Q/Q Growth	0.00%	-5.25%	-0.73%	-18.97%	-222.30%	6,038.46%	8.95%	7.00%	1.66%	-7.88%	-1.59%
NOPAT Q/Q Growth	0.00%	57.82%	-35.68%	-70.75%	-273.37%	1,245.69%	4.63%	7.31%	1.37%	-4.48%	-37.14%
Net Income Q/Q Growth	0.00%	52.23%	-35.58%	-56.03%	-31.54%	99.04%	3.64%	7.84%	1.54%	-25.19%	-19.21%
EPS Q/Q Growth	0.00%	50.75%	-35.64%	-58.21%	-30.08%	100.62%	4.09%	8.14%	2.49%	-6.19%	-32.37%
Operating Cash Flow Q/Q Growth	0.00%	-24.19%	17.32%	-19.61%	44.91%	2.89%	7.97%	2.32%	2.69%	-1.40%	-1.77%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	270.28%	-47.08%	19.40%	178.80%	0.18%	-19.15%	13.36%	15.56%	-55.45%
Invested Capital Q/Q Growth	0.00%	62.96%	-10.57%	3.18%	-9.51%	-4.32%	-3.40%	4.01%	1.53%	-3.18%	-5.64%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.23%	55.57%	55.65%	53.21%	54.44%	58.89%	60.01%	62.11%	63.65%	64.64%	62.92%
EBITDA Margin	19.16%	18.63%	18.64%	15.24%	-0.77%	25.10%	27.34%	27.91%	28.99%	28.28%	22.86%
Operating Margin	15.99%	15.09%	13.91%	4.64%	-10.16%	16.52%	18.12%	21.86%	24.61%	24.85%	16.73%
EBIT Margin	16.30%	15.16%	14.05%	7.90%	-8.77%	17.94%	19.62%	21.98%	24.87%	24.40%	17.43%
Profit (Net Income) Margin	13.37%	17.96%	11.48%	3.20%	4.25%	14.43%	14.85%	18.09%	20.74%	19.34%	12.33%
Tax Burden Percent	82.53%	132.22%	91.53%	56.98%	-40.15%	86.85%	82.39%	88.51%	87.47%	77.89%	70.98%
Interest Burden Percent	99.37%	89.61%	89.27%	71.03%	120.88%	92.62%	91.91%	93.00%	95.33%	101.80%	99.65%
Effective Tax Rate	17.47%	-32.22%	8.47%	43.02%	0.00%	13.15%	17.61%	11.49%	12.53%	22.11%	29.02%
Return on Invested Capital (ROIC)	77.80%	40.09%	20.55%	3.22%	-8.18%	19.26%	19.64%	28.44%	31.96%	27.32%	13.31%
ROIC Less NNEP Spread (ROIC-NNEP)	82.18%	25.36%	11.41%	5.70%	35.94%	19.97%	13.96%	62.96%	45.31%	27.46%	8.12%
Return on Net Nonoperating Assets (RNNOA)	24.15%	9.45%	3.25%	2.12%	15.14%	3.58%	0.26%	-3.19%	-3.66%	-3.33%	-0.73%
Return on Equity (ROE)	101.95%	49.54%	23.80%	5.34%	6.96%	22.84%	19.90%	25.25%	28.29%	23.98%	12.58%
Cash Return on Invested Capital (CROIC)	-122.20%	-19.92%	24.98%	-61.95%	-1.86%	22.88%	15.87%	22.97%	21.08%	26.15%	-11.32%
Operating Return on Assets (OROA)	15.67%	13.21%	11.23%	5.18%	-5.78%	12.40%	11.96%	14.48%	16.98%	15.89%	9.67%
Return on Assets (ROA)	12.85%	15.65%	9.17%	2.10%	2.81%	9.98%	9.06%	11.92%	14.16%	12.60%	6.84%
Return on Common Equity (ROCE)	101.95%	49.54%	23.80%	5.34%	6.96%	22.84%	19.90%	25.25%	28.29%	23.98%	12.58%
Return on Equity Simple (ROE_SIMPLE)	50.98%	39.40%	22.14%	4.42%	6.78%	20.67%	19.02%	23.63%	27.01%	22.71%	12.03%
Net Operating Profit after Tax (NOPAT)	387	570	372	84	-276	618	630	956	1,167	1,058	591
NOPAT Margin	13.20%	19.95%	12.74%	2.64%	-7.11%	14.35%	14.93%	19.35%	21.53%	19.36%	11.88%
Net Nonoperating Expense Percent (NNEP)	-4.38%	14.73%	9.14%	-2.48%	-44.12%	-0.71%	5.68%	-34.52%	-13.35%	-0.15%	5.19%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	19.60%	16.40%	8.58%
Cost of Revenue to Revenue	44.77%	44.43%	44.35%	46.79%	45.56%	41.11%	39.99%	37.89%	36.35%	35.36%	37.08%
SG&A Expenses to Revenue	26.93%	27.56%	28.03%	33.18%	31.07%	26.84%	25.99%	24.19%	23.67%	23.92%	28.02%
R&D to Revenue	12.31%	13.55%	14.56%	15.90%	16.09%	15.99%	16.94%	16.41%	15.52%	16.14%	18.46%
Operating Expenses to Revenue	39.24%	40.48%	41.74%	48.57%	64.60%	42.37%	41.89%	40.26%	39.04%	39.79%	46.19%
Earnings before Interest and Taxes (EBIT)	478	433	410	252	-340	772	828	1,086	1,348	1,333	868
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	562	532	544	486	-30	1,080	1,154	1,379	1,571	1,545	1,138
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	4.31	3.68	3.60	4.40	6.30	5.95	8.76	7.48	4.66	5.07
Price to Tangible Book Value (P/TBV)	0.00	15.75	9.80	0.00	17.34	14.50	14.03	17.60	13.03	7.58	12.26
Price to Revenue (P/Rev)	0.00	1.96	1.91	2.61	2.76	4.40	4.65	6.71	5.74	3.97	5.19
Price to Earnings (P/E)	0.00	10.93	16.64	81.46	64.84	30.48	31.30	37.09	27.70	20.50	42.12
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	9.15%	6.01%	1.23%	1.54%	3.28%	3.19%	2.70%	3.61%	4.88%	2.37%
Enterprise Value to Invested Capital (EV/IC)	0.00	3.33	3.30	2.73	3.53	6.06	5.99	9.51	8.01	5.37	5.16
Enterprise Value to Revenue (EV/Rev)	0.00	2.15	2.00	2.97	2.97	4.43	4.64	6.64	5.69	3.83	5.17
Enterprise Value to EBITDA (EV/EBITDA)	0.00	11.56	10.71	19.50	0.00	17.66	16.98	23.81	19.62	13.54	22.62
Enterprise Value to EBIT (EV/EBIT)	0.00	14.21	14.22	37.60	0.00	24.71	23.67	30.23	22.87	15.69	29.66
Enterprise Value to NOPAT (EV/NOPAT)	0.00	10.80	15.69	112.36	0.00	30.89	31.09	34.34	26.42	19.77	43.54
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	16.36	13.88	28.89	20.77	19.11	19.29	24.83	26.95	14.85	24.47
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	12.91	0.00	0.00	26.00	38.48	42.53	40.04	20.65	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.43	0.84	0.72	0.89	0.74	0.60	0.54	0.47	0.43	0.39	0.35
Long-Term Debt to Equity	1.43	0.84	0.72	0.88	0.53	0.60	0.54	0.47	0.43	0.26	0.35
Financial Leverage	0.29	0.37	0.28	0.37	0.42	0.18	0.02	-0.05	-0.08	-0.12	-0.09
Leverage Ratio	3.97	3.17	2.59	2.54	2.48	2.29	2.20	2.12	2.00	1.90	1.84
Compound Leverage Factor	3.94	2.84	2.32	1.81	3.00	2.12	2.02	1.97	1.91	1.94	1.83
Debt to Total Capital	58.83%	45.77%	41.94%	46.99%	42.39%	37.31%	35.18%	32.13%	30.11%	27.82%	25.96%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.23%	11.82%	0.00%	0.00%	0.00%	0.00%	9.29%	0.00%
Long-Term Debt to Total Capital	58.83%	45.77%	41.94%	46.76%	30.57%	37.31%	35.18%	32.13%	30.11%	18.53%	25.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	41.17%	54.23%	58.06%	53.01%	57.61%	62.69%	64.83%	67.87%	69.89%	72.18%	74.04%
Debt to EBITDA	1.96	2.07	2.01	4.21	-59.67	1.66	1.55	1.30	1.14	1.16	1.57
Net Debt to EBITDA	0.40	1.03	0.47	2.40	-27.70	0.13	-0.02	-0.24	-0.20	-0.49	-0.10
Long-Term Debt to EBITDA	1.96	2.07	2.01	4.19	-43.03	1.66	1.55	1.30	1.14	0.77	1.57
Debt to NOPAT	2.84	1.93	2.94	24.28	-6.49	2.90	2.84	1.87	1.54	1.70	3.03
Net Debt to NOPAT	0.58	0.96	0.69	13.84	-3.01	0.23	-0.04	-0.35	-0.27	-0.72	-0.20
Long-Term Debt to NOPAT	2.84	1.93	2.94	24.17	-4.68	2.90	2.84	1.87	1.54	1.13	3.03
Altman Z-Score	0.00	3.30	3.32	2.57	2.85	4.98	4.84	7.08	7.17	5.65	5.88
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.41	2.30	2.88	2.66	1.63	3.21	3.12	2.93	3.01	2.35	2.98
Quick Ratio	1.55	1.28	1.89	1.67	1.05	2.26	2.19	2.13	2.09	1.65	1.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-608	-283	452	-1,625	-63	734	509	772	770	1,013	-503
Operating Cash Flow to CapEx	804.29%	413.19%	518.52%	512.50%	538.84%	831.67%	868.38%	759.77%	618.38%	714.72%	683.12%
Free Cash Flow to Firm to Interest Expense	-202.65	-6.16	9.61	-20.31	-0.76	9.17	6.53	9.77	9.75	12.98	-5.98
Operating Cash Flow to Interest Expense	187.67	8.17	8.94	4.10	6.69	12.48	13.03	16.73	14.48	18.05	12.52
Operating Cash Flow Less CapEx to Interest Expense	164.33	6.20	7.21	3.30	5.45	10.98	11.53	14.53	12.14	15.53	10.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.96	0.87	0.80	0.66	0.66	0.69	0.61	0.66	0.68	0.65	0.55
Accounts Receivable Turnover	7.72	7.34	6.99	6.48	6.62	6.66	6.63	7.37	6.61	6.05	5.67
Inventory Turnover	2.64	2.58	2.69	2.81	2.93	2.67	2.31	2.44	2.41	2.10	1.84
Fixed Asset Turnover	6.24	5.78	5.67	6.12	7.15	7.61	7.21	7.94	8.09	7.53	6.49
Accounts Payable Turnover	4.41	5.01	6.50	7.46	7.80	7.15	7.08	7.33	6.20	6.09	6.16
Days Sales Outstanding (DSO)	47.29	49.71	52.22	56.31	55.11	54.80	55.08	49.53	55.22	60.29	64.40
Days Inventory Outstanding (DIO)	138.44	141.66	135.54	129.90	124.66	136.59	158.07	149.55	151.47	174.09	198.42
Days Payable Outstanding (DPO)	82.84	72.91	56.13	48.93	46.79	51.07	51.57	49.82	58.83	59.89	59.22
Cash Conversion Cycle (CCC)	102.89	118.46	131.63	137.29	132.98	140.32	161.58	149.26	147.86	174.49	203.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	995	1,848	1,768	3,477	3,264	3,148	3,269	3,453	3,850	3,895	4,989
Invested Capital Turnover	5.90	2.01	1.61	1.22	1.15	1.34	1.32	1.47	1.48	1.41	1.12
Increase / (Decrease) in Invested Capital	995	853	-80	1,709	-213	-116	121	184	397	45	1,094
Enterprise Value (EV)	0.00	6,152	5,829	9,476	11,529	19,072	19,597	32,828	30,826	20,914	25,744
Market Capitalization	0.00	5,606	5,574	8,309	10,698	18,928	19,625	33,159	31,137	21,673	25,860
Book Value per Share	$4.60	$7.68	$8.90	$12.42	$12.98	$16.01	$17.62	$20.54	$23.27	$26.21	$29.42
Tangible Book Value per Share	$2.15	$2.10	$3.35	($2.30)	$3.29	$6.96	$7.48	$10.23	$13.37	$16.10	$12.16
Total Capital	1,868	2,401	2,606	4,358	4,223	4,792	5,086	5,575	5,954	6,448	6,895
Total Debt	1,099	1,099	1,093	2,048	1,790	1,788	1,789	1,791	1,793	1,794	1,790
Total Long-Term Debt	1,099	1,099	1,093	2,038	1,291	1,788	1,789	1,791	1,793	1,195	1,790
Net Debt	226	546	255	1,167	831	144	-28	-331	-311	-759	-116
Capital Expenditures (CapEx)	70	91	81	64	103	120	117	174	185	197	154
Debt-free, Cash-free Net Working Capital (DFCFNWC)	271	410	427	550	502	614	537	473	785	887	1,034
Debt-free Net Working Capital (DFNWC)	1,081	893	1,210	1,368	1,415	2,212	2,293	2,525	2,827	3,359	2,830
Net Working Capital (NWC)	1,081	893	1,210	1,358	916	2,212	2,293	2,525	2,827	2,760	2,830
Net Nonoperating Expense (NNE)	-4.95	57	37	-18	-441	-3.47	3.30	62	43	0.78	-23
Net Nonoperating Obligations (NNO)	226	546	255	1,167	831	144	-28	-331	-311	-759	-116
Total Depreciation and Amortization (D&A)	84	99	134	234	310	308	326	293	223	212	270
Debt-free, Cash-free Net Working Capital to Revenue	9.24%	14.36%	14.63%	17.25%	12.94%	14.27%	12.72%	9.57%	14.48%	16.23%	20.77%
Debt-free Net Working Capital to Revenue	36.86%	31.27%	41.47%	42.90%	36.49%	51.41%	54.32%	51.10%	52.16%	61.48%	56.84%
Net Working Capital to Revenue	36.86%	31.27%	41.47%	42.58%	23.62%	51.41%	54.32%	51.10%	52.16%	50.51%	56.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.97	$0.57	$0.88	$3.31	$3.35	$4.84	$6.23	$5.95	$3.53
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	170M	180M	187M	188M	187M	185M	180M	178M	174M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.95	$0.56	$0.86	$3.25	$3.31	$4.78	$6.18	$5.91	$3.51
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	172M	182M	191M	191M	189M	187M	182M	179M	175M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	171.45M	187.28M	187.64M	188.45M	186.09M	183.04M	178.80M	175.04M	173.17M
Normalized Net Operating Profit after Tax (NOPAT)	387	302	372	84	221	618	630	956	1,167	1,058	591
Normalized NOPAT Margin	13.20%	10.56%	12.74%	2.64%	5.69%	14.35%	14.93%	19.35%	21.53%	19.36%	11.88%
Pre Tax Income Margin	16.20%	13.59%	12.54%	5.61%	-10.60%	16.62%	18.03%	20.44%	23.71%	24.84%	17.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	159.33	9.41	8.72	3.15	-4.10	9.65	10.62	13.75	17.06	17.09	10.33
NOPAT to Interest Expense	129.02	12.39	7.91	1.05	-3.32	7.72	8.08	12.10	14.77	13.56	7.04
EBIT Less CapEx to Interest Expense	136.00	7.43	7.00	2.35	-5.34	8.15	9.12	11.54	14.72	14.56	8.50
NOPAT Less CapEx to Interest Expense	105.68	10.41	6.18	0.25	-4.56	6.22	6.58	9.90	12.43	11.04	5.21
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	74.59%
Augmented Payout Ratio	0.00%	0.00%	18.51%	0.00%	72.73%	25.60%	65.55%	75.28%	75.53%	66.41%	146.74%

This table displays calculated financial ratios and metrics derived from Keysight Technologies' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.51%	10.48%	2.89%	0.44%	-9.15%	-8.83%	-12.52%	-11.94%	-1.83%	3.10%	7.40%
EBITDA Growth	4.84%	12.94%	8.95%	3.59%	-27.48%	-23.44%	-40.34%	-35.57%	1.27%	-9.52%	56.68%
EBIT Growth	6.18%	16.96%	10.46%	4.70%	-30.16%	-31.72%	-50.70%	-43.27%	-5.30%	-11.50%	80.23%
NOPAT Growth	5.44%	7.60%	0.98%	-22.51%	-15.71%	-34.37%	-54.08%	38.54%	-126.08%	11.53%	30.45%
Net Income Growth	6.03%	13.54%	119.38%	-14.79%	-119.06%	-33.85%	-55.48%	35.07%	-256.14%	-1.74%	103.97%
EPS Growth	9.93%	16.94%	12.06%	-13.90%	-23.49%	-32.41%	-54.43%	37.89%	-132.28%	-1.02%	106.94%
Operating Cash Flow Growth	8.15%	63.39%	41.95%	7.59%	-5.03%	-10.38%	-74.00%	5.81%	-5.03%	15.24%	340.00%
Free Cash Flow Firm Growth	-182.43%	-254.64%	30.09%	131.83%	340.92%	-800.47%	-2,348.95%	-2,367.60%	-641.40%	128.98%	139.42%
Invested Capital Growth	11.50%	9.41%	8.71%	6.09%	1.17%	23.24%	26.06%	31.42%	28.09%	-0.60%	-3.77%
Revenue Q/Q Growth	4.87%	-4.30%	0.65%	-0.58%	-5.14%	-3.97%	-3.42%	0.08%	5.75%	0.85%	0.62%
EBITDA Q/Q Growth	3.59%	-11.32%	7.81%	4.59%	-27.48%	-6.37%	-15.99%	12.96%	13.98%	-16.35%	45.49%
EBIT Q/Q Growth	4.42%	-12.43%	8.46%	5.57%	-30.34%	-14.39%	-21.68%	21.47%	16.28%	-20.00%	59.50%
NOPAT Q/Q Growth	-11.70%	-17.86%	9.72%	-2.62%	-3.94%	-36.05%	-23.22%	193.78%	-118.08%	373.46%	-10.20%
Net Income Q/Q Growth	-11.54%	-13.04%	117.69%	-49.12%	-119.79%	401.75%	43.18%	54.37%	-152.19%	183.25%	52.07%
EPS Q/Q Growth	-11.23%	-12.65%	8.97%	1.90%	-21.12%	-22.83%	-26.53%	208.33%	-118.47%	336.59%	53.61%
Operating Cash Flow Q/Q Growth	77.68%	-8.04%	15.57%	-43.03%	56.85%	-13.23%	-66.46%	131.82%	40.78%	5.29%	28.04%
Free Cash Flow Firm Q/Q Growth	27.74%	7.85%	55.54%	207.52%	446.94%	-444.41%	-20.91%	0.44%	-30.59%	118.43%	64.50%
Invested Capital Q/Q Growth	1.53%	1.14%	0.62%	2.68%	-3.18%	23.21%	2.92%	7.05%	-5.64%	-4.39%	-0.36%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.06%	63.94%	65.40%	64.83%	64.38%	64.58%	62.75%	62.04%	62.32%	63.17%	62.33%
EBITDA Margin	30.01%	27.81%	29.78%	31.33%	23.95%	23.35%	20.31%	22.93%	24.71%	20.49%	29.63%
Operating Margin	26.26%	23.32%	25.47%	26.41%	24.18%	17.55%	14.56%	16.84%	17.87%	16.80%	15.85%
EBIT Margin	26.20%	23.97%	25.83%	27.42%	20.14%	17.95%	14.56%	17.67%	19.43%	15.41%	24.43%
Profit (Net Income) Margin	20.72%	18.83%	40.72%	20.84%	-4.35%	13.66%	20.72%	31.96%	-15.77%	13.02%	19.68%
Tax Burden Percent	81.25%	78.55%	156.79%	74.04%	-20.65%	75.11%	144.00%	182.63%	-81.85%	84.92%	80.31%
Interest Burden Percent	97.35%	100.00%	100.56%	102.64%	104.55%	101.33%	98.87%	99.07%	99.20%	99.50%	100.31%
Effective Tax Rate	18.75%	21.45%	21.61%	25.96%	18.12%	24.89%	28.00%	-82.63%	129.44%	15.08%	19.69%
Return on Invested Capital (ROIC)	31.68%	27.28%	29.67%	28.00%	27.94%	16.20%	12.23%	33.06%	-5.90%	14.96%	13.42%
ROIC Less NNEP Spread (ROIC-NNEP)	34.46%	25.42%	-30.30%	24.46%	87.11%	13.93%	-20.94%	29.49%	25.03%	22.38%	-12.96%
Return on Net Nonoperating Assets (RNNOA)	-2.78%	-2.36%	3.44%	-2.78%	-10.57%	-0.80%	1.64%	-2.38%	-2.24%	-0.97%	0.86%
Return on Equity (ROE)	28.89%	24.93%	33.11%	25.22%	17.36%	15.41%	13.87%	30.68%	-8.14%	13.99%	14.28%
Cash Return on Invested Capital (CROIC)	21.08%	22.76%	23.16%	22.43%	26.15%	1.51%	-4.53%	-6.95%	-11.32%	13.30%	17.27%
Operating Return on Assets (OROA)	17.88%	16.45%	17.53%	18.40%	13.11%	10.95%	8.50%	9.74%	10.78%	8.38%	12.78%
Return on Assets (ROA)	14.15%	12.92%	27.64%	13.98%	-2.83%	8.34%	12.10%	17.62%	-8.75%	7.08%	10.30%
Return on Common Equity (ROCE)	28.89%	24.93%	33.11%	25.22%	17.36%	15.41%	13.87%	30.68%	-8.14%	13.99%	14.28%
Return on Equity Simple (ROE_SIMPLE)	0.00%	26.23%	31.09%	28.85%	0.00%	20.12%	13.44%	14.53%	0.00%	11.78%	13.55%
Net Operating Profit after Tax (NOPAT)	308	253	278	270	260	166	127	374	-68	185	166
NOPAT Margin	21.34%	18.32%	19.96%	19.55%	19.80%	13.18%	10.48%	30.76%	-5.26%	14.26%	12.73%
Net Nonoperating Expense Percent (NNEP)	-2.78%	1.86%	59.98%	3.55%	-59.17%	2.28%	33.17%	3.58%	-30.93%	-7.42%	26.38%
Return On Investment Capital (ROIC_SIMPLE)	5.17%	-	-	-	4.03%	2.50%	-	-	-0.98%	2.65%	2.08%
Cost of Revenue to Revenue	36.94%	36.06%	34.60%	35.17%	35.62%	35.42%	37.25%	37.96%	37.68%	36.83%	37.67%
SG&A Expenses to Revenue	22.25%	24.48%	24.24%	23.08%	23.87%	28.75%	29.69%	27.03%	26.65%	27.81%	27.57%
R&D to Revenue	14.90%	16.44%	15.97%	15.56%	16.63%	18.43%	18.75%	18.57%	18.10%	19.18%	19.14%
Operating Expenses to Revenue	36.80%	40.62%	39.93%	38.42%	40.20%	47.02%	48.19%	45.19%	44.44%	46.38%	46.48%
Earnings before Interest and Taxes (EBIT)	378	331	359	379	264	226	177	215	250	200	319
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	433	384	414	433	314	294	247	279	318	266	387
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.48	7.28	5.48	5.87	4.66	5.65	5.27	4.66	5.07	5.95	4.59
Price to Tangible Book Value (P/TBV)	13.03	12.21	9.05	9.37	7.58	13.98	12.83	11.06	12.26	13.56	10.10
Price to Revenue (P/Rev)	5.74	5.78	4.61	5.13	3.97	5.09	5.00	4.87	5.19	6.15	4.92
Price to Earnings (P/E)	27.70	27.76	21.84	25.43	20.50	28.09	31.80	26.68	42.12	50.55	33.86
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	3.61%	3.60%	4.58%	3.93%	4.88%	3.56%	3.14%	3.75%	2.37%	1.98%	2.95%
Enterprise Value to Invested Capital (EV/IC)	8.01	8.10	6.38	6.92	5.37	5.67	5.24	4.62	5.16	6.39	5.13
Enterprise Value to Revenue (EV/Rev)	5.69	5.68	4.47	4.98	3.83	5.09	5.00	4.88	5.17	6.07	4.78
Enterprise Value to EBITDA (EV/EBITDA)	19.62	19.54	15.15	16.74	13.54	18.69	20.08	21.53	22.62	27.45	19.52
Enterprise Value to EBIT (EV/EBIT)	22.87	22.61	17.47	19.25	15.69	22.15	24.72	27.68	29.66	36.19	24.80
Enterprise Value to NOPAT (EV/NOPAT)	26.42	26.67	21.08	25.16	19.77	28.02	31.52	25.96	43.54	50.17	37.48
Enterprise Value to Operating Cash Flow (EV/OCF)	26.95	24.54	17.70	19.51	14.85	19.85	24.47	22.80	24.47	27.65	16.53
Enterprise Value to Free Cash Flow (EV/FCFF)	40.04	37.21	28.68	31.79	20.65	414.94	0.00	0.00	0.00	47.88	29.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.43	0.41	0.38	0.37	0.39	0.38	0.37	0.34	0.35	0.35	0.46
Long-Term Debt to Equity	0.43	0.41	0.38	0.37	0.26	0.25	0.24	0.23	0.35	0.35	0.46
Financial Leverage	-0.08	-0.09	-0.11	-0.11	-0.12	-0.06	-0.08	-0.08	-0.09	-0.04	-0.07
Leverage Ratio	2.00	1.97	1.94	1.89	1.90	1.90	1.84	1.79	1.84	1.84	1.88
Compound Leverage Factor	1.95	1.97	1.95	1.94	1.99	1.92	1.82	1.78	1.82	1.83	1.89
Debt to Total Capital	30.11%	28.93%	27.59%	26.81%	27.82%	27.39%	26.80%	25.56%	25.96%	25.66%	31.61%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	9.29%	9.18%	8.96%	8.54%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	30.11%	28.93%	27.59%	26.81%	18.53%	18.21%	17.84%	17.02%	25.96%	25.66%	31.61%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.89%	71.07%	72.41%	73.19%	72.18%	72.61%	73.20%	74.44%	74.04%	74.34%	68.39%
Debt to EBITDA	1.14	1.11	1.09	1.08	1.16	1.25	1.39	1.58	1.57	1.61	2.03
Net Debt to EBITDA	-0.20	-0.32	-0.48	-0.53	-0.49	-0.01	0.03	0.05	-0.10	-0.38	-0.58
Long-Term Debt to EBITDA	1.14	1.11	1.09	1.08	0.77	0.83	0.93	1.05	1.57	1.61	2.03
Debt to NOPAT	1.54	1.52	1.51	1.62	1.70	1.87	2.19	1.91	3.03	2.95	3.89
Net Debt to NOPAT	-0.27	-0.43	-0.66	-0.79	-0.72	-0.02	0.04	0.06	-0.20	-0.69	-1.11
Long-Term Debt to NOPAT	1.54	1.52	1.51	1.62	1.13	1.24	1.46	1.27	3.03	2.95	3.89
Altman Z-Score	6.77	6.77	5.92	6.50	5.24	5.67	5.62	5.39	5.66	6.35	4.89
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.01	3.07	3.35	3.66	2.35	1.93	1.99	2.05	2.98	2.95	3.39
Quick Ratio	2.09	2.15	2.36	2.59	1.65	1.21	1.24	1.25	1.86	1.89	2.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-89	-82	-36	39	215	-739	-894	-890	-1,162	214	352
Operating Cash Flow to CapEx	686.21%	610.00%	798.11%	535.56%	969.23%	697.87%	305.56%	772.73%	944.74%	1,181.25%	1,792.59%
Free Cash Flow to Firm to Interest Expense	-4.45	-4.32	-1.82	2.06	10.73	-36.95	-44.68	-42.36	-50.51	10.71	17.61
Operating Cash Flow to Interest Expense	19.90	19.26	21.15	12.68	18.90	16.40	5.50	12.14	15.61	18.90	24.20
Operating Cash Flow Less CapEx to Interest Expense	17.00	16.11	18.50	10.32	16.95	14.05	3.70	10.57	13.96	17.30	22.85
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.69	0.68	0.67	0.65	0.61	0.58	0.55	0.55	0.54	0.52
Accounts Receivable Turnover	6.61	6.82	6.71	6.31	6.05	6.18	6.18	5.90	5.67	6.25	6.58
Inventory Turnover	2.41	2.36	2.29	2.21	2.10	1.95	1.88	1.83	1.84	1.82	1.87
Fixed Asset Turnover	8.09	7.93	7.93	7.87	7.53	7.13	6.82	6.54	6.49	6.54	6.64
Accounts Payable Turnover	6.20	6.53	6.54	6.48	6.09	6.20	6.50	6.43	6.16	6.59	6.55
Days Sales Outstanding (DSO)	55.22	53.52	54.42	57.89	60.29	59.03	59.08	61.83	64.40	58.37	55.49
Days Inventory Outstanding (DIO)	151.47	154.61	159.54	165.51	174.09	187.64	193.93	199.77	198.42	200.48	194.78
Days Payable Outstanding (DPO)	58.83	55.87	55.81	56.36	59.89	58.83	56.17	56.81	59.22	55.39	55.69
Cash Conversion Cycle (CCC)	147.86	152.27	158.15	167.04	174.49	187.85	196.84	204.80	203.60	203.46	194.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,850	3,894	3,918	4,023	3,895	4,799	4,939	5,287	4,989	4,770	4,753
Invested Capital Turnover	1.48	1.49	1.49	1.43	1.41	1.23	1.17	1.07	1.12	1.05	1.05
Increase / (Decrease) in Invested Capital	397	335	314	231	45	905	1,021	1,264	1,094	-29	-186
Enterprise Value (EV)	30,826	31,557	24,979	27,857	20,914	27,197	25,860	24,417	25,744	30,468	24,403
Market Capitalization	31,137	32,067	25,766	28,731	21,673	27,215	25,824	24,360	25,860	30,885	25,127
Book Value per Share	$23.27	$24.63	$26.41	$27.45	$26.21	$27.53	$28.09	$29.96	$29.42	$29.95	$31.69
Tangible Book Value per Share	$13.37	$14.69	$15.98	$17.19	$16.10	$11.13	$11.53	$12.62	$12.16	$13.15	$14.40
Total Capital	5,954	6,197	6,498	6,691	6,448	6,634	6,698	7,026	6,895	6,977	8,009
Total Debt	1,793	1,793	1,793	1,794	1,794	1,817	1,795	1,796	1,790	1,790	2,532
Total Long-Term Debt	1,793	1,793	1,793	1,794	1,195	1,208	1,195	1,196	1,790	1,790	2,532
Net Debt	-311	-510	-787	-874	-759	-18	36	57	-116	-417	-724
Capital Expenditures (CapEx)	58	60	53	45	39	47	36	33	38	32	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	785	805	844	992	887	824	917	1,015	1,034	887	734
Debt-free Net Working Capital (DFNWC)	2,827	3,033	3,342	3,564	3,359	2,569	2,574	2,647	2,830	2,947	3,852
Net Working Capital (NWC)	2,827	3,033	3,342	3,564	2,760	1,960	1,974	2,047	2,830	2,947	3,852
Net Nonoperating Expense (NNE)	8.94	-7.07	-288	-18	317	-6.01	-125	-15	135	16	-91
Net Nonoperating Obligations (NNO)	-311	-510	-787	-874	-759	-18	36	57	-116	-417	-724
Total Depreciation and Amortization (D&A)	55	53	55	54	50	68	70	64	68	66	68
Debt-free, Cash-free Net Working Capital to Revenue	14.48%	14.50%	15.10%	17.73%	16.23%	15.42%	17.74%	20.29%	20.77%	17.68%	14.37%
Debt-free Net Working Capital to Revenue	52.16%	54.64%	59.79%	63.69%	61.48%	48.09%	49.81%	52.91%	56.84%	58.73%	75.41%
Net Working Capital to Revenue	52.16%	54.64%	59.79%	63.69%	50.51%	36.69%	38.20%	40.92%	56.84%	58.73%	75.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.67	$1.46	$1.59	$1.62	$1.28	$0.98	$0.73	$2.23	($0.41)	$0.97	$1.49
Adjusted Weighted Average Basic Shares Outstanding	180M	178M	178M	178M	178M	175M	174M	174M	174M	173M	172M
Adjusted Diluted Earnings per Share	$1.66	$1.45	$1.58	$1.61	$1.27	$0.98	$0.72	$2.22	($0.41)	$0.97	$1.49
Adjusted Weighted Average Diluted Shares Outstanding	182M	180M	179M	179M	179M	176M	175M	175M	175M	174M	173M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	178.80M	178.14M	178.37M	177.57M	175.04M	174.56M	174.54M	173.54M	173.17M	172.81M	172.11M
Normalized Net Operating Profit after Tax (NOPAT)	308	253	278	270	260	166	127	144	161	185	166
Normalized NOPAT Margin	21.34%	18.32%	19.96%	19.55%	19.80%	13.18%	10.48%	11.79%	12.51%	14.26%	12.73%
Pre Tax Income Margin	25.50%	23.97%	25.97%	28.15%	21.05%	18.19%	14.39%	17.50%	19.27%	15.33%	24.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	18.90	17.42	17.95	19.95	13.20	11.30	8.85	10.24	10.87	10.00	15.95
NOPAT to Interest Expense	15.40	13.31	13.88	14.22	12.98	8.30	6.37	17.83	-2.94	9.26	8.31
EBIT Less CapEx to Interest Expense	16.00	14.26	15.30	17.58	11.25	8.95	7.05	8.67	9.22	8.40	14.60
NOPAT Less CapEx to Interest Expense	12.50	10.15	11.23	11.85	11.03	5.95	4.57	16.26	-4.60	7.66	6.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	47.27%	0.00%	0.00%	74.59%	0.00%	0.00%
Augmented Payout Ratio	75.53%	66.49%	33.49%	28.45%	66.41%	116.41%	108.65%	94.08%	146.74%	69.56%	71.70%

Key Financial Trends

Over the last four years, Keysight Technologies (NYSE: KEYS) has demonstrated resilience and growth across key financial metrics, though it has faced some volatility that investors should note.

Consistent Revenue Growth: Operating revenue increased from approximately $1.38 billion in Q1 2023 to $1.31 billion in Q4 2024 and further to $1.31 billion in Q2 2025, showing steady sales performance near the $1.3 billion mark recently.
Positive Net Income Trends: After a challenging Q4 2024 with a consolidated net loss of ($203 million), KEYS rebounded strongly with net income of $257 million in Q2 2025 and $169 million in Q1 2025, indicating operational recovery.
Robust Operating Cash Flow: Cash flow from operating activities shows significant strength, rising to $484 million in Q2 2025 from $378 million in Q1 2025, highlighting efficient cash generation capabilities.
Strategic Capital Investments: Consistent investment in property, plant and equipment (approx. $27-$47 million quarterly) supports ongoing innovation and capacity expansion.
Strong Equity Base Growth: Total common equity increased from about $4.4 billion in Q1 2023 to $5.5 billion by Q2 2025, reflecting shareholder value growth over time.

Stable Gross Margins: Gross profit margins have remained relatively stable, with gross profit around $800 million on revenues near $1.3 billion in recent quarters.
R&D and SG&A Expenses: Research & Development expenses are steady at roughly $220-$250 million per quarter, indicating sustained investment in innovation, balanced by SG&A expenses around $300-$360 million.
Debt Levels: Long-term debt has increased moderately from about $1.79 billion in early 2023 to approximately $2.53 billion in Q2 2025, suggesting some leverage growth which could be for strategic business expansion.
Share Repurchases: The company continues to repurchase common equity with sizable quarterly amounts (e.g., $153 million in Q2 2025), which is a sign of returning capital to shareholders but also decreases cash reserves.

Volatile Net Income in Prior Periods: Q4 2024 shows a notable net loss of $203 million, sharply contrasting with prior quarters of profitability, indicating some operational or market challenges during that period.
Decreasing Accounts Receivable: Accounts receivable dropped from $920 million in Q1 2023 to $744 million in Q2 2025, which may suggest tighter credit terms or reduced sales—in contrast to the relatively stable revenue, this should be monitored for potential collection issues.
Inventory Levels Slightly Fluctuating: Inventories remained above $900 million but showed some variability without clear upward or downward trends, which could imply management challenges in inventory turnover or supply chain management.

Summary: Keysight Technologies has shown generally positive revenue and net income trends with solid operating cash flows, supported by continued investments in R&D and capital assets. The company’s equity has grown, reflecting profitability and stock buybacks, though leverage has increased moderately. Investors should be mindful of earnings volatility, particularly the losses in late 2024, and keep an eye on working capital components such as accounts receivable and inventory levels. Overall, KEYS appears to be on a recovery and growth trajectory with strategic spending and shareholder returns balanced against some financial variability in recent periods.

08/09/25 01:24 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Keysight Technologies' Financials

When does Keysight Technologies' fiscal year end?

According to the most recent income statement we have on file, Keysight Technologies' financial year ends in October. Their financial year 2024 ended on October 31, 2024.

How has Keysight Technologies' net income changed over the last 10 years?

Keysight Technologies' net income appears to be on an upward trend, with a most recent value of $614 million in 2024, rising from $392 million in 2014. The previous period was $1.06 billion in 2023. Find out what analysts predict for Keysight Technologies in the coming months.

What is Keysight Technologies' operating income?

Keysight Technologies' total operating income in 2024 was $833 million, based on the following breakdown:

Total Gross Profit: $3.13 billion
Total Operating Expenses: $2.30 billion

How has Keysight Technologies' revenue changed over the last 10 years?

Over the last 10 years, Keysight Technologies' total revenue changed from $2.93 billion in 2014 to $4.98 billion in 2024, a change of 69.8%.

How much debt does Keysight Technologies have?

Keysight Technologies' total liabilities were at $4.16 billion at the end of 2024, a 3.4% increase from 2023, and a 82.6% increase since 2014.

How much cash does Keysight Technologies have?

In the past 10 years, Keysight Technologies' cash and equivalents has ranged from $483 million in 2015 to $2.47 billion in 2023, and is currently $1.80 billion as of their latest financial filing in 2024.

How has Keysight Technologies' book value per share changed over the last 10 years?

Over the last 10 years, Keysight Technologies' book value per share changed from 4.60 in 2014 to 29.42 in 2024, a change of 538.8%.

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This page (NYSE:KEYS) was last updated on 8/9/2025 by MarketBeat.com Staff

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