KEYSIGHT TECHNOLOGIES, INC. vs TERADYNE, INC., two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two test-and-measurement franchises, two different bets in the multiple: Teradyne at 80.9 times earnings is priced for the AI chip-test cycle to keep steepening, Keysight at 54.5 times for design-and-network test demand that grows without theatrics. The economics rank the same way, Teradyne's 36.9% operating margin over Keysight's 23.7%, returns on assets of 19.3% against 9%. Keysight converts nearly three times the price into free cash, 2.4% to 0.8%, and carries the only real leverage, a mild 0.51. Both prices assume electronics complexity keeps compounding; only one needs this particular cycle to stay vertical. The premium on the steeper story is 26 turns.
Comparison updated 2026-07-10.
| Metric | KEYS | TER |
|---|---|---|
| Price | $332.63 | $435.82 |
| Market cap | $57.5B | $68.7B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Growth | Growth |
| P/E | 54.5 | 80.9 |
| P/B | 9.09 | 21.85 |
| P/S | 9.45 | 18.14 |
| EV/EBITDA | 51.0 | 60.4 |
| Revenue growth | +19.0% | +31.1% |
| Gross margin | — | 60.9% |
| Operating margin | 23.7% | 36.9% |
| Net margin | 17.3% | 22.6% |
| Return on equity | 16.6% | 27.2% |
| Return on assets | 9.0% | 19.3% |
| Return on invested capital | 9.7% | 27.6% |
| FCF yield | 2.4% | 0.8% |
| Dividend yield | — | 0.1% |
| Debt / equity | 0.51 | 0.00 |
| Current ratio | 1.90 | 2.15 |
| Altman Z (solvency) | 7.80 | 7.87 |
| Piotroski F (quality) | 8 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.