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Keysight Technologies helps customers simulate designs, measure performance and check that electronic equipment works as intended before and during production and deployment. Customers pay for its test instruments, design and simulation software, and related services. Most revenue comes from research and development applications; manufacturing and operating applications contribute less.
Communications, aerospace, defense and government customers together account for most of the business. Keysight also serves semiconductor, automotive, energy and general electronics customers. It sells mainly through its own sales teams and engineers, who work with customers on their technical requirements. Product sales generate most revenue, while software subscriptions, support, repairs and calibration also bring in income as customers continue using its tools.
The business depends heavily on the timing of customers’ technology spending and orders, rather than on a single dominant customer. U.S. export restrictions and sanctions limit whom Keysight can serve: it suspends business with customers or suppliers that become subject to those restrictions.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Keysight’s results hinge on electronics and communications development spending; privately held Rohde & Schwarz is an important test-and-measurement rival missing from this list.
Viavi Solutions Inc. competes with Keysight for communications equipment makers’ and operators’ spending on high-speed Ethernet, optical, wireless and network-assurance testing. Watch its laboratory and manufacturing Ethernet test business for clues to the demand behind Keysight’s 400G/800G testing sales.
Ralliant Corporation’s Tektronix and Keithley businesses compete with Keysight to sell electronic test instruments to semiconductor, networking, defense and electronics engineers. Its semiconductor test systems and data-communications testing products are the areas to watch, rather than its separate sensors and safety business.
Teradyne competes with Keysight in equipment for wireless, circuit-board and aerospace-and-defense testing, rather than chiefly through its larger chip production-test business. Its Product Test revenue is the closer comparison: growth in 2025 came primarily from defense and aerospace strength.
Cadence Design Systems competes with Keysight for semiconductor and systems engineers’ spending on software that designs, simulates and verifies electronic systems. Watch its System Design and Analysis offerings, which cover circuit boards through complex assemblies, rather than treating all its chip-design revenue as a direct comparison.
Synopsys and Keysight compete to sell engineers software for engineering simulation and electronic design. Keysight is also expanding that portfolio by buying tools from Synopsys and Ansys.
Teledyne Technologies competes with Keysight in electronic test-and-measurement instruments for industrial customers, but imaging drives most of Teledyne’s sales. Watch its electronic testing equipment rather than total revenue, which included 52% from Digital Imaging in 2025.
AMETEK competes with Keysight in electronic test and power-measurement instruments. Its substantial unrelated industrial businesses make its overall results a less direct comparison for Keysight.
Netscout Systems Inc overlaps with Keysight in tools that help communications operators and enterprises monitor networks and keep services running reliably. Its performance-monitoring and troubleshooting business is the area to watch as Keysight adds wireless network testing and assurance through Spirent.
Arista Networks sells Ethernet networks to cloud, AI and enterprise customers, and their development drives demand for Keysight’s testing products. Watch its AI and data-center networking business for the investment behind Keysight’s high-speed Ethernet demand; the companies also compete in tools that direct network traffic to monitoring systems, called network packet brokers.
FormFactor Inc. and Keysight serve different parts of chip electrical testing: FormFactor sells probes and probe stations that make contact with chips, while Keysight sells instruments that measure their electrical behavior. Watch FormFactor’s analytical probes and probe stations for clues to spending on advanced semiconductor development.
PDF Solutions Inc competes with Keysight’s electrical test offerings through systems that measure semiconductor characteristics and help improve manufacturing yield. Watch its CV systems, which earn fixed fees as well as variable or royalty fees, rather than its broader factory-data software.
Cadence Design Systems earningsCDNS
Cadence’s System Design and Analysis business will show whether engineers’ spending on electronic-system design and verification software is supporting demand for software Keysight also sells.
Focus on System Design and Analysis, not all of Cadence’s chip-design sales. Strength there would show that engineers are continuing to fund design and verification work, from circuit boards to complex assemblies, supporting the market for Keysight’s engineering software. Weakness would signal pressure on that shared spending, not prove how Keysight itself sold.
Teradyne, Inc. earningsTER
Teradyne’s Product Test business will show whether demand for wireless, circuit-board and aerospace-and-defense testing is holding up in markets it shares with Keysight.
Watch Teradyne’s Product Test business and whether aerospace and defense demand remains a support; its larger chip production-test business is a different comparison. Strong Product Test results with steady aerospace and defense demand would indicate that these customers are still buying test equipment, a supportive signal for Keysight’s market. Weakness would point to cooling shared demand, not prove that Keysight’s orders fell.
FormFactor Inc. earningsFORM
FormFactor’s analytical probes and probe stations will show whether chipmakers’ electrical testing of advanced chips is supporting demand for Keysight’s related test tools.
Watch analytical probes and probe stations: they make contact with chips and are a different tool from Keysight’s measuring instruments. Strength would suggest chipmakers are investing in advanced-chip development and electrical characterization, a supportive clue for Keysight’s semiconductor test demand. Weakness would indicate less momentum in that activity, not establish Keysight’s orders.
Arista Networks earningsANET
Arista’s AI and data-center networking business will show whether cloud customers’ investment in high-speed Ethernet is supporting demand for Keysight’s testing.
Separate Arista’s AI and data-center networking business from its other networking sales. Strength there would show that cloud customers are still building high-speed networks, supporting the investment behind Keysight’s high-speed Ethernet testing. Weakness would mean less support from that spending, but Arista’s sales do not directly measure Keysight’s test orders.
Ralliant Corporation earningsRAL
Ralliant’s semiconductor test systems and data-communications testing products will show whether demand remains firm for electronic test equipment that competes with Keysight’s.
Focus on semiconductor test systems and data-communications testing, not Ralliant’s separate sensors and safety businesses. Strength in both test areas would point to firm spending across customer markets where Keysight also sells, while confirming active competition. Weakness would suggest softer shared demand, not establish a change in Keysight’s market share.
Viavi Solutions Inc. earningsVIAV
Viavi’s laboratory and manufacturing Ethernet test business will show whether communications companies’ spending is supporting a testing market it shares with Keysight.
Focus on Viavi’s laboratory and manufacturing Ethernet test business rather than combining it with optical, wireless and network-assurance activities. Strength would show that communications equipment makers are still funding high-speed Ethernet development and manufacturing tests, a supportive clue for Keysight’s market. Weakness would point to pressure on shared testing demand, not directly establish Keysight’s sales.
Keysight Technologies, Inc. earningsThis company
Keysight’s report will show whether demand for design and test tools in its communications and electronic-industrial businesses is turning into profitable growth.
Read revenue in the Communications Solutions Group and Electronic Industrial Solutions Group alongside gross margin, the share of sales left after direct costs. Growth in both groups with margin holding or rising means sales are expanding without giving up profitability. Weaker group revenue or a falling margin means demand, sales mix or costs are still limiting growth.
