Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Market capitalization: ~$54.7 billion (170.2 million shares) Keysight is the largest electronic test and measurement company in the world, the descendant of the original Hewlett-Packard instrument business, and it is having the best year in its history. Fiscal third-quarter revenue rose 36 percent to $1.85 billion, orders rose 56 percent to $2.09 billion, the non-GAAP operating margin reached 33 percent, and management guided the fourth quarter to another 37 percent revenue gain. Artificial intelligence data-center construction has turned Keysight's network-test business into its largest single engine, and demand now exceeds the company's ability to ship. We like the business a great deal. It has a real moat built on proprietary measurement technology, deep switching costs inside engineering labs, and a research budget no competitor can match.
Recent filings analysed: 10-Q (2026-09-02), 8-K (2026-08-18), 8-K (2026-05-19), 8-K (2026-04-23).
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