Why Keysight

Keysight Technologies, Inc. is a leading technology company that helps enterprises, service providers, and governments accelerate innovation to connect and secure the world. Keysight's solutions optimize networks and bring electronic products to market faster and at a lower cost with offerings from design simulation, to prototype validation, to manufacturing test, to optimization in networks and cloud environments. Customers span the worldwide communications ecosystem, aerospace and defense, automotive, energy, semiconductor and general electronics end markets. More information is available at About Keysight.

Keysight’s Investor Value Proposition


A market leader in a large, diverse and growing market


A diversified global business serving multiple industries and approximately 30,000 customers annually with no customer accounting for more than 10% of FY20 revenue


Investing in R&D and Sales to drive continued above-market growth; expanding on prior years market share gains


A growing recurring revenue base from software and services that is improving top-line resilience and increasing gross margin


Dramatically transformed financial performance and raising the bar again to 26% - 27% sustainable annual operating margin by no later than fiscal year 2023

Additional Resources

Great Position in Attractive $17.5B Market

Favorable Long-term Secular Growth Trends (5G, Next-Generation Auto, IoT)


Commercial Communications2 Aerospace, Defense & Government Electronic Industrial
Market Size3 $8.5B $4.2B $4.8B $17.5B
Long-term Growth Rates3 4%-6% 2%-3% 2%-3% 3%-5%
Keysight Revenue FY19 4 $2.2B $1.0B $1.1B $4.3B
Keysight Position5 #1 #1 #1 #1
Keysight Share ~26% ~24% ~23% ~25%


Increasing Keysight’s core growth6 expectation to 4% – 6%3

1. Company estimate as of FY19. 2. Includes prior Ixia Solutions Group as of Q1 FY20. 3. Per Company estimates. 4. Non-GAAP measure; see appendix for reconciliation. 5. Source: Prime Data, IHS Technology, Frost & Sullivan. 6. Core revenue growth excludes the impact of acquisitions, divestitures and currency.

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What We Do

Keysight provides electronic design and test solutions that are used in the simulation, design, validation, manufacture, installation, optimization and secure operation of electronics systems in the communications, networking and electronics industries.

Our electronic measurement business originated in 1939. Our legacy encompasses over 80 years of innovation, measurement science expertise and deep customer relationships. We conduct business annually with approximately 30,000 customers around the world, including most Fortune 1000 companies who are developing new electronic technologies, networks, systems, devices and components.

Our competitive advantages are significant:

Industry-Focused Organization Structure to Support Customer Success
Our solution-centric industry groups provide end-to-end design, test and optimization solutions driven by customer specifications and timetables. Keysight is viewed as a trusted adviser and partner across industries.

We have two reportable operating segments, Communications Solutions Group (“CSG”) and Electronic Industrial Solutions Group (“EISG”).

1. The Communications Solutions Group serves customers spanning the worldwide commercial communications and aerospace, defense, and government end markets. The group’s solutions consist of electronic design and test software, electronic measurement instruments, systems and related services.

2. The Electronic Industrial Solutions Group provides test and measurement solutions and related services across a broad set of electronic industrial end markets, focusing on high-value applications in the automotive and energy industry and measurement solutions for consumer electronics, education, general electronics design and manufacturing, and semiconductor design and manufacturing.

Technology Leadership as a Competitive Differentiator
Proprietary software and hardware technologies unavailable on the commercial market and developed by our research and development technology centers around the world enable many Keysight products to deliver the best design and measurement solution capability available for our customers’ engineering requirements.

Some of Keysight’s hardware technologies are designed and manufactured in our own in-house integrated circuit fabrication facilities, which were purpose-built and optimized to deliver leading-edge performance and capabilities across the broad portfolio of Keysight instruments. This differentiation enables Keysight to be recognized as a leader in six core measurement platforms: RF and Microwave Design Simulation software, Network Test, Network Analyzers, Oscilloscopes, Signal Analyzers and Signal Sources.

Keysight’s technology leadership supports our strategy to deliver first-to-market solutions for our customers, which in turn enables them to be first to market with their products and gain a competitive advantage.

Broad Portfolio of Solutions and Products to Address Customer Needs
Keysight has a broad portfolio of electronic design and test solutions and products, which we continue to expand. Our hardware product portfolio spans many technologies and price points.

Products are available in various physical form factors, such as benchtop instruments, handheld units, custom or industry-standard modular formats, and others. We address time and frequency domain applications with radio-frequency ("RF"), microwave, high-speed digital and general instrumentation. We also address network test, visibility, and security applications.

We have a broad portfolio of software solutions and products to enable our customers' success, including electronic design automation ("EDA") software for RF and high-speed digital design, software tools for programming, automation, and data analysis, and a broad range of application-specific software for our instruments. Our PathWave software platform incorporates some of these software elements.

We offer an expanding set of services and support delivered under our KeysightCare offering.

Record Performance Driven by Strong Execution

10% CAGR
  • 1/3 of FY20 total revenue from software and services
  • >50% of annual non-services revenue from solutions released in the last 5 years
+720 bps
  • +140 bps YoY improvement in FY20
  • Sustained favorable mix shift driving higher gross margins
+770 bps
  • Increased annual R&D spend by $300M+ since launch
  • Leveraging KLM for continuous improvement
29% CAGR
  • 2.7x growth in FCF since FY16
  • 98% FCF conversion1 in FY20
19% CAGR
  • Despite 2% revenue decline due to COVID, achieved 3% EPS growth in FY20
  • Positioned for continued long-term double-digit growth

While nearly doubling R&D investment to ~$700M annually1,3

1 Non-GAAP measure; see https://investor.keysight.com/financial-information/quarterly-reports/default.aspx for reconciliation and description of non-GAAP measures. 2 FY16 – FY18 operating margin and gross margin restated to reflect Q1’19 adoption of ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”.  3 Non-GAAP; FY’14 -FY’20. 

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Corporate Social Responsibility (CSR)

Keysight's Corporate Social Responsibility (CSR) vision is to build a better planet by accelerating innovation to connect and secure the world and employing a global business framework of ethical, environmentally sustainable and socially responsible operations.

Key Impact Goals by Fiscal Year End 2020

> $1.25B

in value committed to strengthening communities


students and future engineers engaged through STEM education

10% AND 15%

energy conservation and water conservation respectively (fiscal year 2015 baseline)


material negative impact to the income statement and institutional investments from CSR topics

Results as of End FY20:

> $1.7B

in value committed to strengthening communities (surpassed goal)

> 818K

students and future engineers engaged through STEM education (surpassed goal)

8% AND 18.9%

energy and water conservation respectively (surpassed water conservation goal)


material negative impact to the income statement and institutional investments from CSR topics (met goal)

How We Operate

Keysight Leadership Model

Keysight customers are leaders in technology. They are the visionaries and innovators who achieve breakthroughs that connect and secure the world.

To accelerate their innovation, Keysight must anticipate technology trends and be ready with leading-edge solutions ahead of market windows, forging deep relationships to provide them the insights to be first and best.

Keysight's Leadership Model (KLM) is the company's enabler to continuously deliver greater value to customers, shareholders, and employees. It is the philosophy that permeates every aspect of our operations – driving innovation, speed, and excellence in execution.




Sustainable compound
annual growth rate,
3 – 5 year period


Sustainable annual operating margin
target by 2023,
500 basis point improvement
vs. prior target


Operating margin incremental
on core growth
at or above 4%


EPS growth

Additional Resources