In the fast-evolving technology sector, Keysight Technologies, Inc. (KEYS) and Trimble Inc. (TRMB) stand out as influential players in hardware and equipment solutions. Both companies innovate in fields like electronic design, test solutions, and precision technology, serving overlapping markets such as communications, infrastructure, and industrial applications. This comparison will help investors identify which company presents a more compelling opportunity for their portfolios in 2026. Let’s dive into the details to guide your investment decision.
Table of contents
Companies Overview
I will begin the comparison between Keysight Technologies and Trimble by providing an overview of these two companies and their main differences.
Keysight Technologies Overview
Keysight Technologies, Inc. focuses on providing electronic design and test solutions across various industries including communications, aerospace, defense, automotive, and semiconductor sectors. Headquartered in Santa Rosa, California, Keysight offers a broad range of hardware, software, and services such as electronic design automation, test platforms, and measurement instruments. The company operates globally and supports clients with product and technical support, employing approximately 15,400 people.
Trimble Overview
Trimble Inc. delivers technology solutions aimed at enhancing work processes for professionals and field mobile workers worldwide. Based in Westminster, California, the company serves multiple sectors including buildings, infrastructure, geospatial, agriculture, and transportation. Trimble’s portfolio includes software for design, asset management, and project collaboration, as well as precision agriculture systems and transportation management solutions. The firm employs about 12,100 staff and is recognized for its integration of hardware and software technologies.
Key similarities and differences
Both Keysight and Trimble operate in the technology sector, focusing on hardware and software solutions that support industrial and professional applications. Keysight emphasizes electronic test and measurement equipment, while Trimble specializes in integrated technology systems for construction, agriculture, and transportation. While both companies serve global markets with innovative products, Keysight’s offerings lean more toward electronic design automation and testing, whereas Trimble’s solutions center on field management, geospatial data, and precision agriculture technologies.
Income Statement Comparison
The table below presents a side-by-side comparison of key income statement metrics for Keysight Technologies, Inc. and Trimble Inc. for their most recent fiscal years.
| Metric | Keysight Technologies, Inc. | Trimble Inc. |
|---|---|---|
| Market Cap | 36B | 19B |
| Revenue | 5.38B | 3.68B |
| EBITDA | 1.43B | 2.33B |
| EBIT | 1.15B | 2.10B |
| Net Income | 846M | 1.50B |
| EPS | 4.9 | 6.13 |
| Fiscal Year | 2025 | 2024 |
Income Statement Interpretations
Keysight Technologies, Inc.
Keysight’s revenue showed moderate growth from 2021 to 2025, peaking at $5.38B in 2025 with a 7.95% increase from the prior year. Net income fluctuated, declining overall by 5.37% across the period but rebounding to $846M in 2025. Margins remained stable, with a favorable gross margin of 62.08% and a net margin of 15.74%. The 2025 performance reflected solid margin improvement and strong EBIT growth of 21.18%.
Trimble Inc.
Trimble experienced revenue growth of 17.02% from 2020 to 2024, reaching $3.68B in 2024, though it saw a slight dip of 3.04% in the last year. Net income surged by 285.84% over the period, hitting $1.5B in 2024 with a notable net margin of 40.84%. Despite the recent revenue decline, EBIT and net margin expanded sharply, driven by a 304.75% EBIT increase, indicating improved operational efficiency.
Which one has the stronger fundamentals?
Both companies exhibit favorable income statement fundamentals, with Trimble showing stronger net income growth and higher margins overall. Keysight demonstrates consistent revenue growth and margin stability but weaker net income progression. Trimble’s recent dips in revenue contrast with its robust profitability gains, while Keysight maintains steady growth with margin improvements, reflecting differing strengths in their financial profiles.
Financial Ratios Comparison
The table below compares key financial ratios for Keysight Technologies, Inc. (KEYS) and Trimble Inc. (TRMB) based on their most recent fiscal year data.
| Ratios | Keysight Technologies, Inc. (2025) | Trimble Inc. (2024) |
|---|---|---|
| ROE | 14.40% | 26.18% |
| ROIC | 7.98% | 4.49% |
| P/E | 37.41 | 11.52 |
| P/B | 5.39 | 3.02 |
| Current Ratio | 2.35 | 1.27 |
| Quick Ratio | 1.78 | 1.16 |
| D/E (Debt-to-Equity) | 0.51 | 0.26 |
| Debt-to-Assets | 26.31% | 15.96% |
| Interest Coverage | 9.88 | 5.08 |
| Asset Turnover | 0.48 | 0.39 |
| Fixed Asset Turnover | 5.21 | 11.81 |
| Payout Ratio | 0.0% | 0.0% |
| Dividend Yield | 0.0% | 0.0% |
Interpretation of the Ratios
Keysight Technologies, Inc.
Keysight shows a slightly favorable ratio profile with strong liquidity (current ratio 2.35) and interest coverage (11.98), but has concerns with high valuation multiples (PE 37.41) and asset turnover (0.48). Its return on equity (14.4%) and return on invested capital (7.98%) are neutral. The company does not pay dividends, likely prioritizing reinvestment and growth.
Trimble Inc.
Trimble presents a favorable ratio set with robust profitability (net margin 40.84%, ROE 26.18%) and solid liquidity (quick ratio 1.16). It maintains a low debt-to-equity ratio (0.26) and strong interest coverage (23.12). However, its return on invested capital (4.49%) and some valuation metrics are weaker. Like Keysight, Trimble does not pay dividends, potentially focusing on growth or R&D.
Which one has the best ratios?
Trimble exhibits a more favorable overall ratio picture with stronger profitability, better interest coverage, and a more moderate valuation compared to Keysight. Keysight’s liquidity and interest coverage are solid but valuation and asset efficiency raise concerns. Both firms abstain from dividends, emphasizing reinvestment strategies.
Strategic Positioning
This section compares the strategic positioning of Keysight Technologies, Inc. and Trimble Inc., including market position, key segments, and exposure to disruption:
Keysight Technologies, Inc.
- Large market cap with moderate beta; operates in competitive hardware and equipment sectors.
- Focus on electronic design and test solutions, serving communications, aerospace, defense, automotive, and semiconductor industries.
- Exposure to disruption through advanced electronic design automation and test technologies in communications and industrial electronics.
Trimble Inc.
- Mid-sized market cap with higher beta; competes in hardware and equipment sectors.
- Diverse segments including buildings, infrastructure, geospatial, resources, utilities, and transportation technology.
- Faces disruption risk via software and hardware innovation in construction, agriculture, geospatial, and transportation.
Keysight Technologies, Inc. vs Trimble Inc. Positioning
Keysight has a more concentrated focus on electronic design and test solutions, serving specialized technology industries, while Trimble offers a diversified portfolio across multiple professional and field technology segments. Keysight’s niche focus contrasts with Trimble’s broader market reach and segment diversity.
Which has the best competitive advantage?
Both companies exhibit very unfavorable MOAT evaluations, shedding value with declining ROIC trends, indicating no sustained competitive advantage based on current capital efficiency metrics.
Stock Comparison
The past year has seen notable bullish trends for both Keysight Technologies, Inc. and Trimble Inc., with Keysight showing stronger acceleration and greater price gains, while Trimble’s momentum has decelerated despite consistent upward movement.
Trend Analysis
Keysight Technologies, Inc. exhibited a bullish trend over the past 12 months with a 39.56% price increase and accelerating momentum. The stock ranged from a low of 122.87 to a high of 210.49, with a standard deviation of 18.51 indicating moderate volatility.
Trimble Inc. also showed a bullish trend with a 30.56% price rise over the same period but experienced deceleration. Its price fluctuated between 50.86 and 85.24, accompanied by lower volatility at a standard deviation of 9.8.
Comparing both, Keysight delivered the highest market performance with a stronger price increase and acceleration, while Trimble’s growth was positive but more subdued and slowing down.
Target Prices
The current analyst consensus indicates positive upside potential for both Keysight Technologies, Inc. and Trimble Inc.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| Keysight Technologies, Inc. | 232 | 210 | 225.13 |
| Trimble Inc. | 102 | 94 | 98.2 |
Analysts expect Keysight’s stock price to rise modestly above its current 209.3 USD, while Trimble shows a potential rebound from 80.24 USD toward 98.2 USD consensus target.
Analyst Opinions Comparison
This section compares analysts’ ratings and grades for Keysight Technologies, Inc. and Trimble Inc.:
Rating Comparison
KEYS Rating
- Rating: B, classified as Very Favorable by analysts.
- Discounted Cash Flow Score: Moderate score of 3 indicating balanced valuation expectations.
- ROE Score: Favorable score of 4 showing efficient profit generation from equity.
- ROA Score: Favorable score of 4 reflecting strong asset utilization for earnings.
- Debt To Equity Score: Moderate score of 2 indicating manageable financial risk levels.
- Overall Score: Moderate score of 3 summarizing solid financial standing.
TRMB Rating
- Rating: B-, also classified as Very Favorable by analysts.
- Discounted Cash Flow Score: Moderate score of 3 reflecting similar valuation outlook.
- ROE Score: Moderate score of 3 indicating average efficiency in generating shareholder returns.
- ROA Score: Moderate score of 3 showing average asset efficiency.
- Debt To Equity Score: Moderate score of 2 suggesting comparable financial risk exposure.
- Overall Score: Moderate score of 2 indicating somewhat lower overall financial strength.
Which one is the best rated?
Based strictly on provided data, Keysight holds a higher overall score (3 vs. 2) and stronger profitability metrics (ROE and ROA scores of 4 vs. 3), making it the better rated company compared to Trimble.
Scores Comparison
Here is a comparison of the Altman Z-Score and Piotroski Score for Keysight Technologies and Trimble:
Keysight Technologies Scores
- Altman Z-Score: 5.94, indicating a safe zone with low bankruptcy risk.
- Piotroski Score: 4, categorized as average financial strength.
Trimble Scores
- Altman Z-Score: 4.56, also in the safe zone, showing financial stability.
- Piotroski Score: 6, reflecting a stronger average financial health.
Which company has the best scores?
Both companies are in the safe zone for bankruptcy risk, but Trimble has a higher Piotroski Score (6) compared to Keysight’s (4), suggesting relatively stronger financial health based on these measures.
Grades Comparison
Here is a comparison of the latest available grades from reputable financial institutions for Keysight Technologies, Inc. and Trimble Inc.:
Keysight Technologies, Inc. Grades
This table summarizes recent analyst grades and actions for Keysight Technologies, Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Morgan Stanley | maintain | Equal Weight | 2025-12-17 |
| Jefferies | maintain | Hold | 2025-12-10 |
| Baird | maintain | Outperform | 2025-11-26 |
| Barclays | maintain | Overweight | 2025-11-25 |
| JP Morgan | maintain | Overweight | 2025-11-25 |
| Jefferies | maintain | Hold | 2025-11-25 |
| Citigroup | maintain | Buy | 2025-11-25 |
| UBS | maintain | Buy | 2025-11-25 |
| Wells Fargo | maintain | Overweight | 2025-11-25 |
| Susquehanna | maintain | Positive | 2025-11-25 |
Keysight shows a predominantly positive grading trend, with multiple “Buy” and “Overweight” ratings and no downgrades.
Trimble Inc. Grades
This table summarizes recent analyst grades and actions for Trimble Inc.:
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Barclays | maintain | Overweight | 2026-01-12 |
| Keybanc | upgrade | Overweight | 2025-12-16 |
| Piper Sandler | maintain | Overweight | 2025-11-07 |
| JP Morgan | maintain | Overweight | 2025-09-19 |
| JP Morgan | maintain | Overweight | 2025-08-07 |
| Oppenheimer | maintain | Outperform | 2025-08-07 |
| Raymond James | maintain | Outperform | 2025-08-07 |
| Oppenheimer | maintain | Outperform | 2025-07-17 |
| JP Morgan | maintain | Overweight | 2025-07-10 |
| JP Morgan | maintain | Overweight | 2025-05-14 |
Trimble maintains a strong positive grading profile, highlighted by multiple “Overweight” and “Outperform” ratings and an upgrade from Keybanc.
Which company has the best grades?
Both companies carry a consensus “Buy” rating, but Trimble displays a more concentrated pattern of “Overweight” and “Outperform” ratings from several firms, whereas Keysight has a broader mix including “Hold” and “Equal Weight” grades. This may suggest different market perceptions of risk and growth potential, impacting investor confidence and portfolio positioning.
Strengths and Weaknesses
Below is a comparison table summarizing the key strengths and weaknesses of Keysight Technologies, Inc. (KEYS) and Trimble Inc. (TRMB) based on recent financial and operational data:
| Criterion | Keysight Technologies, Inc. (KEYS) | Trimble Inc. (TRMB) |
|---|---|---|
| Diversification | Moderate: Focused on Communications and Electronic Industrial Solutions. | Moderate: Split between Product and Service segments with diversified industry focus. |
| Profitability | Moderate profit margin (15.7%) but declining ROIC; value destroying. | Strong profit margin (40.8%) but declining ROIC; value destroying. |
| Innovation | Moderate innovation reflected in stable product turnover; modest fixed asset turnover. | High fixed asset turnover indicates operational efficiency; invests well in innovation. |
| Global presence | Solid presence in communications and industrial sectors globally. | Broad presence across geospatial, transportation, and infrastructure sectors worldwide. |
| Market Share | Stable in niche technology markets but facing competitive pressure. | Strong in construction and geospatial markets but challenged by declining capital efficiency. |
In summary, both companies exhibit solid industry presence and good profitability metrics; however, their declining returns on invested capital signal caution. Keysight shows a slightly more favorable financial ratio profile, while Trimble’s operational efficiency is notable. Investors should weigh these factors carefully, considering risks related to value destruction and capital usage efficiency.
Risk Analysis
Below is a comparative risk assessment table for Keysight Technologies, Inc. (KEYS) and Trimble Inc. (TRMB) based on the latest fiscal data:
| Metric | Keysight Technologies, Inc. (KEYS) | Trimble Inc. (TRMB) |
|---|---|---|
| Market Risk | Beta 1.18 – Moderate volatility | Beta 1.59 – Higher volatility |
| Debt level | Debt-to-Equity 0.51 – Moderate | Debt-to-Equity 0.26 – Low |
| Regulatory Risk | Moderate – tech industry sensitive | Moderate – diversified tech sectors |
| Operational Risk | Medium – complex hardware/software | Medium – diverse software/hardware |
| Environmental Risk | Low – limited direct exposure | Medium – agriculture and construction sectors |
| Geopolitical Risk | Moderate – global supply chains | Moderate – global operations |
The most impactful risks include market volatility, where TRMB shows higher sensitivity than KEYS, and operational complexity in diversified tech solutions. KEYS’s moderate debt level and stable liquidity reduce financial risk, while TRMB benefits from a lower debt ratio. Environmental risks are more pronounced for TRMB due to its agricultural and infrastructure exposure. Both companies face moderate regulatory and geopolitical uncertainties linked to global markets.
Which Stock to Choose?
Keysight Technologies, Inc. (KEYS) shows a favorable income evolution with strong gross and EBIT margins, stable profitability, and manageable debt levels. Its financial ratios are slightly favorable overall, supported by a very favorable rating and a safe Altman Z-score, despite a very unfavorable economic moat due to declining ROIC.
Trimble Inc. (TRMB) exhibits a favorable income statement with high net margins and significant net income growth overall. Its financial ratios are favorable, accompanied by a very favorable rating and a safe Altman Z-score, yet it also faces a very unfavorable economic moat from declining ROIC and value destruction.
For investors prioritizing financial strength and consistent income quality, Keysight’s stable margins and ratings might appear more attractive. Conversely, those focusing on strong profitability and recent income growth could find Trimble’s profile more favorable, albeit with caution regarding both companies’ declining economic moats.
Disclaimer: Investment carries a risk of loss of initial capital. The past performance is not a reliable indicator of future results. Be sure to understand risks before making an investment decision.
Go Further
I encourage you to read the complete analyses of Keysight Technologies, Inc. and Trimble Inc. to enhance your investment decisions:
