KEYSKeysight Technologies, Inc.

Industrial Instruments For Measurement, Display, And Control

Revenue: $5.4B; 8.0% YoY
Operating margin: 16.3%; 2.6% YoY
EBITDA: $1.0B; 5.0% YoY
Market cap: $52.5B
Employees: 16,800; $320K revenue each
Net debt / EBITDA: -0.1×; −$88M net debt
AI in 10-K: 3.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
166% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
27% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$320K · 36th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.3 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.1× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$52.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$34M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.9B	$5.4B	$5.5B	$5.0B	$5.4B	8.0%
Operating income	$1.1B	$1.3B	$1.4B	$833M	$876M	5.2%
Net income	—	$1.1B	$1.1B	$614M	$850M	38%
Operating cash flow	$1.3B	$1.1B	$1.4B	$1.1B	$1.4B	34%
Capex	$174M	$185M	$197M	$154M	$128M	17%
Stock-based comp	$103M	$125M	$135M	$137M	$162M	18%
Buybacks	$673M	$849M	$702M	$439M	$375M	15%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $34M · 27
Net: −$34M

Pay vs performance

No pay-versus-performance disclosure yet.