Keysight Technologies, Inc. (KEYS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-69.7%

$92.67

vs $305.64 price

Levered DCF

$100.52

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

7.98

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	37.34×	42.21×	20.55×	27.91×	37.48×	31.3×	30.58×	64.86×
P/B	5.39×	5.08×	4.67×	7.53×	8.85×	5.95×	6.32×	4.39×
P/S	5.89×	5.21×	3.98×	5.78×	6.78×	4.65×	4.41×	2.75×
EV / EBITDA	22.97×	21.46×	12.92×	19.74×	24.21×	17.03×	17.37×	-641.72×
Gross margin	62.1%	62.9%	64.6%	63.7%	62.1%	60.0%	58.9%	54.4%
Operating margin	17.6%	16.7%	24.9%	24.6%	21.9%	18.1%	16.5%	-10.2%
Net margin	15.7%	12.3%	19.3%	20.7%	18.1%	14.9%	14.4%	4.3%
Current ratio	2.35×	2.98×	2.35×	3.01×	2.93×	3.12×	3.21×	1.63×
Debt / equity	0.51×	0.4×	0.44×	0.48×	0.53×	0.6×	0.6×	0.74×
Interest coverage	9.88×	9.92×	17.41×	16.89×	13.67×	9.81×	8.89×	-4.75×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.4%	12.0%	22.7%	27.0%	23.6%	19.0%	20.7%	6.8%
Return on invested capital	8.0%	7.5%	14.5%	17.3%	14.7%	10.2%	11.0%	3.3%
Return on assets	7.5%	6.6%	12.2%	13.9%	11.5%	8.7%	9.4%	2.8%
Free cash flow yield	4.0%	3.5%	5.6%	3.1%	3.4%	4.6%	4.6%	4.0%
Earnings yield	2.7%	2.4%	4.9%	3.6%	2.7%	3.2%	3.3%	1.5%
Enterprise value	$32.8B	$26.2B	$21.3B	$31.3B	$33.5B	$19.8B	$19.2B	$11.6B
Net debt / EBITDA	0.77×	0.19×	-0.27×	-0.02×	-0.02×	0.19×	0.17×	-48.72×
Cash conversion cycle (days)	188	213	195	155	150	168	150	137