GRMN vs KEYS: Garmin 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 1.2 times Garmin.
- Keysight Technologies grew revenue faster over the last year (+36.5% vs +14.2%).
- Garmin keeps more of each dollar of revenue as operating profit (26.5% vs 20.2%).
- On earnings, Garmin is the cheaper stock (29.5x vs 58.9x).
- Keysight Technologies's price assumes faster free cash flow growth: about 17% a year, against 13% for Garmin (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 | GRMN | KEYS |
|---|---|---|
| Market cap | $51.0B | $62.5B |
| Share price | $268.36 | $382.75 |
| Revenue (last fiscal year) | $7.2B | $5.4B |
| Free cash flow (last fiscal year) | $1.4B | $1.3B |
| Revenue growth, last year | +14.2% | +36.5% |
| Revenue growth per year, last 5 fiscal years | +9.8% | +2.1% |
| Operating margin | 26.5% | 20.2% |
| Net margin | 23.3% | 19.1% |
| Return on equity | 18.7% | 19.2% |
| P/E (trailing) | 29.5x | 58.9x |
| Price / free cash flow | 37.4x | 48.8x |
| EV / EBITDA | 22.5x | 32.9x |
| FCF growth the price implies | 13.2% | 16.7% |
| Dividend yield | 1.6% | — |
| Debt / equity | 0.18x | 0.81x |
| Fundamental grade | B | B |
| Superinvestors holding it | 3 | 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.
Garmin
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.0B | $705M | 24.5% |
| 2022 | $4.9B | $544M | 21.1% |
| 2023 | $5.2B | $1.2B | 20.9% |
| 2024 | $6.3B | $1.2B | 25.3% |
| 2025 | $7.2B | $1.4B | 25.9% |
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
Garmin · by segments, 2025
Fitness Segment$2.4B33%
Outdoor Segment$2.1B28%
Marine Segment$1.2B16%
Aviation Segment$987M14%
Auto OEM Segment$665M9%
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 GRMN in InvestinglyQuestions
Which is bigger, Garmin or Keysight Technologies?
Keysight Technologies (KEYS), at $62.5B against $51.0B.
Is GRMN or KEYS cheaper?
By trailing P/E, Garmin (29.5x) is cheaper than Keysight Technologies (58.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, GRMN or KEYS?
Keysight Technologies: revenue grew +36.5% over the last year, against +14.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.