Keysight Technologies, Inc.

Keysight Technologies designs and sells electronic design, test, simulation, and validation solutions used to develop and manufacture advanced communications and electronics products. Its hardware, software, and services help customers bring technologies to market faster across wireless, wireline, aerospace, defense, automotive, semiconductor, and industrial applications.

18,7 %

62,1 %

15,8 %

+8,0 %

2.35

1.78

— Keysight Technologies, Inc.
%
Hardware instrumentation55% Test and measurement instruments and systems used in R&D, manufacturing, and deployment.
Software20% Standalone design, simulation, emulation, and workflow software for engineering teams.
Services15% Support, calibration, repair, installation, training, and engineering services.
Network test and assurance10% Wireless network test, assurance, and positioning solutions added through Spirent.

Keysight sells primarily to engineering-heavy customers that need to design, validate, manufacture, and optimize...

  • Commercial communicationsprimary

    Wireless, wireline, data center, and enterprise communications customers buy design and test solutions for R&D, validation, manufacturing, deployment, and optimization.

  • Aerospace, defense, and governmentprimary

    Defense and government customers buy radar, spectrum, space, satellite, and secure communications test solutions for mission-critical programs.

  • Semiconductor and electronicssecondary

    Chipmakers and electronics companies buy instruments and software to characterize devices, verify performance, and accelerate commercialization.

  • Automotive and energysecondary

    These customers use Keysight tools for EV, AV, power electronics, and connected-system development.

  • Industrial and general electronicssecondary

    Industrial customers buy test and validation solutions for connected devices, IoT, and broader electronics workflows.

Keysight is a global business serving customers in more than 100 countries, with revenue spread across the Americas,...

  • •Revenue is diversified across the Americas, Europe, and Asia Pacific
  • •2025 growth was broad-based across all three regions
  • •Customers are in over 100 countries, supporting a global installed base
  • •Local service centers and on-site teams support complex products
  • •Regional demand is tied to telecom, defense, semiconductor, and industrial cycles

Keysight’s strategy is to stay first to market in high-complexity test and design workflows, especially where customers...

01
Grow software and services mixmedium-term

Higher recurring content can improve revenue visibility and customer stickiness.

02
Capture next-generation communications spendshort-term

5G evolution, early 6G, and high-speed data center upgrades drive test demand.

03
Expand defense and space exposuremedium-term

Aerospace, defense, and government programs are durable and technically demanding.

04
Integrate acquisitions and broaden portfolioshort-term

Acquisitions add technology depth and cross-sell opportunities across workflows.

Keysight’s business is exposed to technology-cycle volatility, customer capex timing, and macro swings in telecom,...

high

Product cybersecurity vulnerabilities

Keysight products can be embedded in customer networks, so flaws could disrupt customer operations and reduce trust.

Scope
Product lines and software-enabled solutions
Materiality
high
high

Export controls, tariffs, and trade restrictions

Global sales into communications and defense markets can be delayed or limited by regulation and geopolitics.

Scope
International shipments and regulated end markets
Materiality
high
medium

Customer capex and technology-cycle volatility

Demand depends on R&D and manufacturing investment in communications, semiconductor, and industrial markets.

Scope
Commercial communications and semiconductor demand
Materiality
high
medium

AI-related product and compliance risk

AI tools may create legal, privacy, IP, and performance issues as the company embeds AI in offerings.

Scope
Product development and internal operations
Materiality
medium
medium

Acquisition integration risk

Recent deals add integration complexity, costs, and potential distraction from core execution.

Scope
Spirent, ESI Group, and other acquired businesses
Materiality
high
Revenue recognition
Quarterly revenue and margin volatility
Inventory valuation
Gross margin and operating profit
Goodwill and intangible assets
Earnings and balance sheet carrying values
Income tax contingencies
Tax expense and effective tax rate

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: 11/08/2026