Is the business good?
How good a business is KEYS?
Keysight Technologies earns 16% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
16%
Return on invested capital · cost of capital 9.0% · 7.2 points above what the capital costs: growth creates value
- Operating margin
- 20%
Operating margin · Scientific & Technical Instruments median 17% · 12 months to Q3 2026
- Share count, year on year
- 0.00%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 18%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 18% |
| FY2021 | 22% |
| FY2022 | 25% |
| FY2023 | 25% |
| FY2024 | 17% |
| FY2025 | 16% |
Details›
- Gross margin12 months to Q3 2026
- 65%
- Operating margin12 months to Q3 2026
- 20%
- Free cash flow margin
- 22%
- R&D as % of revenue
- 18%
- Revenue, trailing twelve months
- $6.58B
- Free cash flow, trailing twelve months
- $1.47B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 16%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Scientific & Technical Instruments
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