Follow the chain left → right, from inputs to end demand. Tap any company to trace its links.
Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
—
Company details
Market cap
~$30B
P/E ratio
~35×
Div yield
—
EPS (GAAP)
$4.91
Revenue (FY25)
$5.37B
Rev. growth
+8%
R&D % of revenue
~19%
Free cash flow
~$1.1B
In plain English
Keysight makes the design software and test-and-measurement instruments that engineers use to prove electronics work — from 6G radios and AI-data-center networks to chips, radar and EV batteries. Spun out of Agilent (itself out of HP) in 2014, it sits one layer up from its customers: almost every advanced comms, defense and semiconductor product is validated on Keysight gear before it ships. It has bulked up its software side with the ~$1.56B Spirent acquisition (2025) and design tools bought from Synopsys.
In simple terms
Where Keysight sits: one layer above its customers
Keysight doesn't make phones, chips or radars — it makes the design software and test instruments the companies that DO make them can't work without. A 6G radio, an AI-data-center switch or a new chip is designed in Keysight software and proven on Keysight instruments before it ships. It sits one layer up from the whole electronics economy.
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