Keysight Technologies vs Zebra Technologies
Zebra Technologies reported revenue of $5.4 billion in fiscal 2025, about the same as Keysight Technologies' $5.4 billion in fiscal 2025. Keysight Technologies' revenue grew 8.0% in its latest year, and Zebra Technologies' grew 8.3%. Keysight Technologies had an operating margin of 16.3%, against 13.0% at Zebra Technologies. Free cash flow was $1.3 billion at Keysight Technologies and $831 million at Zebra Technologies. Their fiscal years end in different months (October 31 and December 31), so the periods don't line up exactly.
Side by side
| Keysight Technologies | Zebra Technologies | |
|---|---|---|
| Latest fiscal year | FY2025, Oct 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $5.4B | $5.4B |
| Revenue growth | 8.0% | 8.3% |
| Revenue growth a year, last 5 years | 5.0% | 3.9% |
| Gross margin | 62.1% | 48.0% |
| Operating margin | 16.3% | 13.0% |
| Net margin | 15.8% | 7.8% |
| Free cash flow | $1.3B | $831M |
| Free cash flow margin | 23.8% | 15.4% |
| Return on capital | 12.1% | 9.7% |
| Net debt to EBITDA | 0.6x | 2.7x |
| Dividends and buybacks | $375M | $587M |
| Change in diluted share count | −1.1% | −1.3% |
| Last close | $326.04 | $384.15 |
| P/E at the last close | 44.7× | 35.1× |
| Insider trades, last 12 months | sold $33.6 million | bought $386,823, sold $2.4 million |
| Piotroski F-score | 6 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Keysight TechnologiesZebra Technologies
Operating margin
Percent of revenue
Keysight TechnologiesZebra Technologies
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Keysight TechnologiesZebra Technologies
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Keysight Technologies and Zebra Technologies pages.