NYSE · #1 electronic test & measurement · AI-infra validation
Keysight Technologies
The leader in electronic-design test and measurement. It measures and validates chips, networks and comms, with AI datacenters, next-gen semiconductors, 5G/6G and defense as growth drivers. FY2025 revenue $5.38B (+8%); the Communications group grew double digits on AI infrastructure. ~$1B R&D.
KEYS Updated Jul 12, 2026 3 AI consumers
Per the valuechain.wiki graph, Keysight Technologies is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 9 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $5.38B (+8%)
- Customer concentration · AI/semi/comms test demand.
- Segments · Communications (CSG) · Electronic/semi (EISG)
Revenue from
- Semiconductors · networking · telecom (test & measurement) High confidence· Revenue ~$5.4B · 2025 · FY2025 revenue (+8%)
Supplies test/validation to chip, network and comms designers. - Defense · general electronics (test & measurement) Medium confidence
Defense modernization and general-electronics test. - Broadcom Medium confidence
Supplies validation/test for Broadcom 800G Ultra Ethernet.Confirms EN Converge Digest Published Jan 1, 2025: Keysight and Broadcom validate 800G Ultra Ethernet - NVIDIA Medium confidence
Test/validation for NVIDIA AI fabric and high-speed interconnects.
Pays to
- manufacturing · components (undisclosed) Low confidence
Instrument manufacturing and parts. - components · SW · R&D (undisclosed) Low confidence
Test software, parts and R&D ($1B).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Eoptolink | lead2 | -10.1 | -27.7 | +136.6 | +197 | +368.8 | +74.9 |
| Arista Networks | lead2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Broadcom | lead1 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Keysight Technologies | node | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
The #1 electronic-design test-and-measurement firm, positioned at the 'gateway of design' measuring and validating chips, networks and comms, so results track technology-generation shifts more than any single customer. In FY2025 revenue of $5.38B (+8%), the Communications group grew double digits on AI-infrastructure demand, and AI-datacenter high-speed interconnect validation — e.g. Broadcom 800G Ultra Ethernet and NVIDIA AI-fabric validation — is a new growth axis. The risk is that test demand tracks the semiconductor/comms R&D investment cycle, defended by ~$1B/yr R&D sustaining 5G/6G and next-gen semiconductor test leadership. On the graph, this node sits upstream of nearly all chip and network designers as a common validation gate where AI/comms design activity converges.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $402 · Price $322.05 (07-10) · Upside +25%