KEYS
Keysight Technologies Inc
NYSE: KEYS · TECHNOLOGY · SCIENTIFIC & TECHNICAL INSTRUMENTS
$366.36
-3.87% today
Updated 2026-06-05
Market cap
$59.17B
P/E ratio
55.90
P/S ratio
9.72x
EPS (TTM)
$6.20
Dividend yield
—
52W range
$153 – $370
Volume
1.4M
Keysight Technologies Inc (KEYS) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed KEYS price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$366.36
Today
Analyst consensus
$365.62
-0.20% · 12M
2030 Base
$372.41
+1.65% future
NPV today
$226.40
@ 11% WACC
16 analysts:
10 Buy4 Hold1 Sell
Management guidance
Keysight raised FY2026 revenue growth outlook to high-20s percent range (implying ~$6.77B-$6.9B for FY2026 ending Oct 2026) during May 2026 earnings. CEO highlighted sustained momentum in AI data centers, aerospace/defense, and semiconductors with record orders exceeding $2B in Q2. Company is investing in 6G, quantum computing, and space systems for long-term secular growth, suggesting sustainable double-digit+ growth through 2028-2030.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
KEYS · Keysight Technologies Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$169.26
NPV today: $102.90
Base case (2030)
$372.41
NPV today: $226.40
Bull case (2030)
$710.98
NPV today: $432.23
WallStSmart.com
KEYS financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $5.4B | $6.9B | $8.3B | $9.7B | $10.8B | $11.7B |
| Revenue growth | 8.0% | 28.2% | 20.0% | 16.5% | 11.7% | 8.8% |
| Net margin | — | 22.7% | 23.8% | 23.8% | 23.7% | 23.8% |
| EPS | $6.30 | $9.10 | $11.45 | $13.30 | $14.80 | $16.10 |
| Diluted shares | — | 172M | 172M | 173M | 173M | 173M |
| Net debt | — | $83.91M | $-1.13B | $-2.55B | $-4.14B | $-5.86B |
| P/S multiple | — | 5.0x | 5.0x | 5.0x | 5.0x | 5.0x |
| Implied price (base) | — | $200.27 | $247.01 | $294.44 | $335.70 | $372.41 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $11.7B | $11.7B | $11.7B |
| P/S multiple | 2.0x | 5.0x | 10.0x |
| Diluted shares | 173M | 173M | 173M |
| Net debt | $-5.86B | $-5.86B | $-5.86B |
| Implied P/E † | 11x | 23x | 44x |
| 2030 Price | $169.26 | $372.41 | $710.98 |
| NPV @ 11% | $102.90 | $226.40 | $432.23 |
† Implied P/E: Multiples remain elevated across all three scenarios because KEYS is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $372.41 base case
KEYS catalysts and risks
Growth catalysts
+ AI data center capex acceleration (Meta $60B+, Microsoft $80B+, hyperscaler 2027-2028 builds)
+ 6G/5G-Advanced test equipment adoption cycle (next 3-5 years, newly enabled by Qualcomm partnership)
+ Aerospace/defense modernization spending (EW platform, 1.6T interconnect validation for military systems)
+ Semiconductor equipment supercycle continuation (advanced node testing, chiplet interconnect at 224G/1.6T)
+ Record order book conversion (>$2B orders in Q2, 56% YoY growth) translating to 2027-2028 revenue recognition
Key risks
- AI capex cliff if hyperscalers moderate spending post-2027 or experience ROI pressure
- Valuation at 63.6x P/E leaves limited margin of safety if growth disappoints (consensus already pricing 25%+ growth through 2027)
- Supply chain/tariff headwinds (recent IEEPA refund claim suggests tariff exposure)
- Customer concentration risk in AI/hyperscaler segment (likely >40% of revenue mix)
- Competition from lower-cost test equipment vendors in emerging markets
Methodology · Keysight Technologies Inc 2030 stock forecast model
Keysight Technologies Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 16 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (1% cumulative for KEYS by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($-5.86B by 2030) |
| 3. Time value | NPV calculated using 11% WACC (CAPM: beta 1.261) |
| 4. Multiple framework | P/S compresses with scale: bear 2.0x / base 5.0x / bull 10.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
KEYS price target FAQ
What is the KEYS price target for 2030?
WallStSmart's Keysight Technologies Inc 2030 base case is $372.41 per share, with a bull case of $710.98 and bear case of $169.26. The NPV of the base case discounted to today at 11% WACC is $226.40.
How is the Keysight Technologies Inc 2030 stock forecast calculated?
The KEYS 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the KEYS price target account for dilution?
Keysight Technologies Inc is projected to grow diluted share count from 171M to 173M by 2030 (a 1% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 1%.
What is the analyst consensus on KEYS stock?
16 analysts cover KEYS with an average 12-month price target of $365.62. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.