Keysight Technologies, Inc. (NYSE: KEYS)

Keysight Technologies, Inc. is a global technology company that designs, develops, and manufactures electronic measurement equipment and software solutions. The company provides tools that help engineers in the communications, aerospace and defense, automotive, semiconductor, and general electronics industries to design, emulate, validate, and optimize electronic systems. Its product portfolio includes oscilloscopes, signal analyzers, network analyzers, spectrum analyzers, power supplies, modular test platforms, and a range of design automation and simulation software. Keysight also offers calibration, repair, and technical support services that accompany its hardware and software offerings.

Keysight generates revenue primarily from the sale of its hardware instruments and associated software licenses. The company also earns income from maintenance contracts, calibration services, and training programs. Recurring revenue streams, such as software subscriptions and service agreements, represent an increasing portion of total sales. Customers acquire products directly from Keysight or through a global network of distributors and value added resellers. International sales account for a substantial portion of the company’s total revenue.

The company operates through the following segments: Communications Solutions Group and Electronic Industrial Group.

• Communications Solutions Group: This segment focuses on test and measurement solutions for wireless and wired communications technologies. Its products support the development and deployment of cellular networks, including 5G, broadband access, and optical transport systems. The segment provides instruments such as vector signal analyzers, network analyzers, and protocol testers, along with software for signal generation and analysis. These tools enable equipment manufacturers and service providers to verify performance, ensure compliance with standards, and accelerate time to market for new communication products.

• Electronic Industrial Group: This segment supplies a broad range of general purpose measurement instruments and software used across aerospace, defense, automotive, semiconductor, and industrial markets. Its offerings include benchtop oscilloscopes, spectrum analyzers, power supplies, DC electronic loads, and modular test systems such as PXI and PCIe based platforms. The segment also provides design and simulation software for electronic circuit design, EMI analysis, and power integrity verification. These solutions help customers validate product performance, troubleshoot failures, and reduce development costs across a wide variety of applications.

Keysight holds a leading position in the electronic test and measurement industry, competing with established firms such as Tektronix, Rohde & Schwarz, National Instruments, and Anritsu. The company’s competitive advantages stem from its deep expertise in high frequency and high speed measurement technologies, a broad portfolio that integrates hardware with software enabled workflows, and strong relationships with research and development teams at major technology manufacturers. Keysight invests a significant portion of its revenue in research and development, which fuels continuous innovation and helps maintain its technology edge. The company dedicates approximately 14% of its annual revenue to research and development activities.

Keysight serves a diverse customer base that includes equipment manufacturers, telecommunications carriers, aerospace and defense contractors, automotive manufacturers, semiconductor foundries, and research laboratories. Specific customers mentioned in the filing include companies such as Apple, Samsung, Boeing, Lockheed Martin, and Intel. The company also serves government agencies, university research centers, and independent test labs that require precise measurement capabilities for product development and quality assurance.