Keysight Technologies Due Diligence

Run due diligence on Keysight Technologies: check compliance and get alerts when suppliers change.

United States · www.keysight.com · 13 vendors

Keysight Technologies, Inc. is a global technology company that provides electronic design and test solutions. It manufactures hardware and software for engineering workflows across design, test, and emulation, serving various advanced industries such as communications, aerospace and defense, and semiconductors.

Resilience scores

Technology vendors

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11 services in catalogue across 5 categories; runs on 13 sub-vendors.

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Last updated 2026-09-13 · revision 1

13 direct vendors, 195 subvendors

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Financials

Three-year financials

Financial Resilience Score: 8/10

Keysight Technologies demonstrates strong financial resilience underpinned by structurally high margins (gross margin ~63-65%, operating margin ~18-25% through the cycle) and a healthy balance sheet with cash and short-term investments of ~$1.8-2.5B against ~$1.8B in long-term debt, maintaining investment-grade credit ratings. Free cash flow consistently exceeds $1B annually, supporting substantial share buybacks (~$500M+ annually) and M&A activity while allowing retained earnings additions to grow equity. The company benefits from diversified end markets (communications, aerospace/defense, industrial/automotive/energy, semiconductor) and a deep competitive moat in RF/microwave and high-speed digital test equipment with high customer switching costs. Software and services now represent over 35% of revenue, providing recurring high-margin income streams. However, FY2024 illustrated cyclical vulnerability with revenue declining 8.8% as customers worked through excess inventory and defense budgeting slowed. Secular drivers remain intact (5G/6G, AI data-center, EVs, defense modernization), but geopolitical risks around China (~15-18% of revenue) and U.S. export controls represent meaningful headwinds.

Key strengths: High gross margins of 63-65% through the cycle, Strong balance sheet with net cash position and investment-grade rating, Free cash flow consistently exceeding $1B annually, Software and services >35% of revenue providing recurring income, Diversified end markets across communications, defense, industrial, semi, Deep moat with high switching costs in test/measurement IP, Leading market share in RF/microwave and high-speed digital test

Risk factors: Cyclicality tied to customer R&D and capex cycles (5G, semis, autos), China concentration ~15-18% of revenue exposed to export controls, M&A integration risk from pending £1.16B Spirent acquisition, Concentration in defense/telecom with simultaneous cycle compression risk, FY2024 revenue decline of 8.8% demonstrates downside cyclical exposure

Revenue by geography

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