KEYSIGHT TECHNOLOGIES, INC. vs Waters Corporation, two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both balance sheets are conservative, Keysight at 0.51 of debt to equity and Waters at 0.32, so nothing here is a leverage story; it is an earnings-direction story. Keysight earns a 23.7% operating margin in the ordinary course; Waters is printing a negative 3.7% operating line against an 11.9% net margin, one-time freight moving through a franchise that is otherwise intact. The multiples nearly meet anyway, 54.5 and 47.4 times, which means the market is pricing Waters' recovery as almost as valuable as Keysight's momentum. Returns on equity, 16.7% against 3%, say how far the recovery has to travel. A buyer of either is paying up; only one is paying for repairs.
Comparison updated 2026-07-10.
| Metric | KEYS | WAT |
|---|---|---|
| Price | $332.63 | $374.11 |
| Market cap | $57.5B | $30.7B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Growth | Growth |
| P/E | 54.5 | 47.4 |
| P/B | 9.09 | 2.01 |
| P/S | 9.45 | 8.09 |
| EV/EBITDA | 51.0 | 54.6 |
| Revenue growth | +19.0% | +28.6% |
| Operating margin | 23.7% | -3.7% |
| Net margin | 17.3% | 11.9% |
| Return on equity | 16.6% | 3.0% |
| Return on assets | 9.0% | 1.8% |
| Return on invested capital | 9.7% | 2.4% |
| FCF yield | 2.4% | 1.1% |
| Debt / equity | 0.51 | 0.32 |
| Current ratio | 1.90 | 1.79 |
| Altman Z (solvency) | 7.80 | 2.82 |
| Piotroski F (quality) | 8 / 9 | 3 / 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.