Keysight Technologies In

Keysight makes the electronic test and measurement equipment that engineers use to design and validate everything from 5G base stations to electric vehicle powertrains and semiconductor chips. Its instruments—oscilloscopes, signal generators, network analyzers, and spectrum analyzers—are used in R&D labs and manufacturing quality control worldwide. Spun off from Agilent Technologies in 2014, Keysight traces its lineage to Hewlett-Packard's original test and measurement business, giving it deep customer relationships built over decades.

Keysight's results follow technology R&D spending cycles, which can create revenue swings when semiconductor or wireless infrastructure customers pause capital expenditure. Its exposure to 5G wireless test, semiconductor R&D, and EV powertrain validation are the primary growth drivers—all long-term secular trends. Software and services revenue has grown as a share of the business, improving recurring revenue quality. The company's aerospace and defense segment provides some cyclical diversification against commercial tech downturns.

Rohde & Schwarz, a private German company, is Keysight's most formidable global competitor in wireless communications test and measurement. National Instruments (acquired by Emerson) competes in software-defined test platforms. Anritsu competes in wireless network test equipment, particularly in Asia. Tektronix (owned by Fortive) competes in oscilloscopes and signal analysis. For software-based simulation and validation, ANSYS and Cadence compete at the design stage before physical hardware test begins.

Keysight holds a leadership position in wireless communications test—the equipment used to verify that 5G chipsets and base stations meet protocol standards. This is not a market where customers switch instruments easily; test engineers build workflows and expertise around specific platforms over years. Keysight's PathWave software ecosystem, which layers analytics and simulation on top of its hardware, creates a stickier relationship with customers than standalone instrument sales would generate.

KEYS last closed at $298.58, up 3.33% in the most recent trading session. Over the past 52 weeks, the stock has traded between a low of $121.43 and a high of $243.00. The current price represents 100% of its 52-week range, which helps investors gauge where the stock sits relative to its recent trading history.

Among 20 analysts covering KEYS, the consensus rating is Strong Buy — 16 rate it a buy, 4 hold, and 0 sell. The average price target sits at $213.09, implying 29% downside from the current price. Keep in mind that analyst targets reflect 12-month expectations and can shift quickly after earnings reports or major company events.

Keysight Technologies In generated $5.44B in revenue during fiscal year 2026, with $859.95M reaching the bottom line as net income. The net profit margin of 15.8% is solid for its sector.

KEYS trades at a P/E ratio of 49.14 on trailing earnings of $4.91 per share. That's above the S&P 500 historical average, suggesting the market expects above-average earnings growth ahead. Comparing this multiple against Electrical Equipment sector peers gives better context than the broad market alone, since P/E norms vary significantly across industries.

Performance varies across timeframes, reflecting shifting market conditions. Returns by timeframe: +44.91% (3M), +72.25% (6M), +88.41% (1Y), +44.53% (YTD). Comparing these figures against the S&P 500 and sector benchmarks helps determine whether KEYS is outperforming or lagging the broader market.