FTV vs KEYS: Fortive 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, about 3.7 times Fortive.
- Keysight Technologies grew revenue faster over the last year (+36.5% vs +7.7%).
- Keysight Technologies keeps more of each dollar of revenue as operating profit (20.2% vs 17.6%).
- On earnings, Fortive is the cheaper stock (34.3x vs 58.9x).
- Keysight Technologies's price assumes faster free cash flow growth: about 17% a year, against 3% for Fortive (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FTV | KEYS |
|---|---|---|
| Market cap | $17.1B | $62.5B |
| Share price | $57.26 | $382.75 |
| Revenue (last fiscal year) | $4.2B | $5.4B |
| Free cash flow (last fiscal year) | $978M | $1.3B |
| Revenue growth, last year | +7.7% | +36.5% |
| Revenue growth per year, last 5 fiscal years | -5.7% | +2.1% |
| Operating margin | 17.6% | 20.2% |
| Net margin | 12.8% | 19.1% |
| Return on equity | 8.9% | 19.2% |
| P/E (trailing) | 34.3x | 58.9x |
| Price / free cash flow | 17.5x | 48.8x |
| EV / EBITDA | 15.8x | 32.9x |
| FCF growth the price implies | 3.2% | 16.7% |
| Dividend yield | 0.35% | — |
| Debt / equity | 0.90x | 0.81x |
| Fundamental grade | C | B |
| Superinvestors holding it | 5 | 9 |
| Insider purchases, last 12 months | 0 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Fortive
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.3B | $911M | 15.5% |
| 2022 | $5.8B | $1.2B | 16.9% |
| 2023 | $3.9B | $1.3B | 14.7% |
| 2024 | $4.1B | $1.4B | 17.6% |
| 2025 | $4.2B | $978M | 17.3% |
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
Fortive · by segments, 2025
Intelligent Operating Solutions$2.9B69%
Advanced Healthcare Solutions$1.3B31%
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 FTV in InvestinglyQuestions
Which is bigger, Fortive or Keysight Technologies?
Keysight Technologies (KEYS), at $62.5B against $17.1B.
Is FTV or KEYS cheaper?
By trailing P/E, Fortive (34.3x) is cheaper than Keysight Technologies (58.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, FTV or KEYS?
Keysight Technologies: revenue grew +36.5% over the last year, against +7.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.