KEYSIGHT TECHNOLOGIES, INC. vs THERMO FISHER SCIENTIFIC INC., two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
One number splits this pair cleanly: 54.5 against 28.2, the price of a dollar of Keysight's earnings versus a dollar of Thermo Fisher's. The businesses both instrument the world's laboratories and networks, but the market has decided electronic test rides the AI buildout while life-science tools merely recover. The economics say Keysight earns its premium at the margin line, 23.7% operating against 16.9%, with the better returns on assets, 9% to 6.1%. Thermo pays back more today, a 3.5% free-cash yield against 2.4%, plus a small dividend. Two steady franchises, one repriced by a theme, one waiting for its own to return.
Comparison updated 2026-07-10.
| Metric | KEYS | TMO |
|---|---|---|
| Price | $332.63 | $512.74 |
| Market cap | $57.5B | $191.3B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +21.6% |
| P/E | 54.5 | 28.2 |
| P/B | 9.09 | 3.68 |
| P/S | 9.45 | 4.23 |
| EV/EBITDA | 51.0 | 26.1 |
| Revenue growth | +19.0% | +5.3% |
| Operating margin | 23.7% | 16.9% |
| Net margin | 17.3% | 15.2% |
| Return on equity | 16.6% | 13.2% |
| Return on assets | 9.0% | 6.0% |
| Return on invested capital | 9.7% | 6.4% |
| FCF yield | 2.4% | 3.5% |
| Dividend yield | — | 0.3% |
| Debt / equity | 0.51 | 0.89 |
| Current ratio | 1.90 | 1.53 |
| Altman Z (solvency) | 7.80 | 7.28 |
| Piotroski F (quality) | 8 / 9 | 5 / 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.