COHR vs KEYS: Coherent and Keysight Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Keysight Technologies is the larger company, worth $62.5B, close to Coherent's $54.4B.
- Keysight Technologies grew revenue faster over the last year (+36.5% vs +33.7%).
- Keysight Technologies keeps more of each dollar of revenue as operating profit (20.2% vs 11.9%).
- On earnings, Keysight Technologies is the cheaper stock (58.9x vs 132.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | COHR | KEYS |
|---|---|---|
| Market cap | $54.4B | $62.5B |
| Share price | $312.62 | $382.75 |
| Revenue (last fiscal year) | $7.1B | $5.4B |
| Free cash flow (last fiscal year) | -$1.0B | $1.3B |
| Revenue growth, last year | +33.7% | +36.5% |
| Revenue growth per year, last 5 fiscal years | +21.0% | +2.1% |
| Operating margin | 11.9% | 20.2% |
| Net margin | 11.3% | 19.1% |
| Return on equity | 7.4% | 19.2% |
| P/E (trailing) | 132.4x | 58.9x |
| Price / free cash flow | 282.1x | 48.8x |
| EV / EBITDA | 43.8x | 32.9x |
| FCF growth the price implies | — | 16.7% |
| Dividend yield | — | — |
| Debt / equity | 0.65x | 0.81x |
| Fundamental grade | C | B |
| Superinvestors holding it | 7 | 9 |
| Insider purchases, last 12 months | 6 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Coherent
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $3.3B | $99M | 12.5% |
| 2023 | $5.2B | $198M | -0.72% |
| 2024 | $4.7B | $199M | 2.0% |
| 2025 | $5.8B | $193M | 1.6% |
| 2026 | $7.1B | -$1.0B | 11.9% |
Keysight Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.9B | $1.1B | 21.9% |
| 2022 | $5.4B | $959M | 24.6% |
| 2023 | $5.5B | $1.2B | 24.9% |
| 2024 | $5.0B | $898M | 16.7% |
| 2025 | $5.4B | $1.3B | 16.3% |
Where the revenue comes from
Coherent · by segments, 2026
Datacenter & Communications$5.3B74%
Industrial$1.8B26%
Keysight Technologies · by segments, 2025
CSG$3.7B69%
EISG$1.6B31%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open COHR in InvestinglyQuestions
Which is bigger, Coherent or Keysight Technologies?
Keysight Technologies (KEYS), at $62.5B against $54.4B.
Is COHR or KEYS cheaper?
By trailing P/E, Keysight Technologies (58.9x) is cheaper than Coherent (132.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, COHR or KEYS?
Keysight Technologies: revenue grew +36.5% over the last year, against +33.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.