{"schemaVersion":1,"research":true,"symbol":"keys","name":"Keysight Technologies","topic":"moat","path":"/stock/keys/moat","status":"published","version":3,"updatedAt":"2026-10-18T13:15:32.806Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Keysight has a narrow moat from accumulated measurement expertise, retained technical knowledge and customer-specific integration supported by its installed base and service capabilities. Strong 2026 demand supports continued commercial relevance, but does not establish exceptional durability or lock-in. Collected tariff surcharges demonstrate some realized pricing ability; subsequent refunds and non-price drivers of margin improvement limit evidence of sustained pricing power. Capacity constraints create a current vulnerability.","advantages":[{"mechanism":"intangible_assets","claim":"Accumulated measurement expertise, technical sales support and retained institutional knowledge support differentiated solutions and customer relationships. These are current operating assets; acquisition synergies and future first-to-market solutions remain potential benefits.","durability":"The measurement heritage and experienced workforce support persistence across product cycles. Continued technical investment is necessary, and neither historical longevity nor intellectual property ownership guarantees future differentiation.","risks":"Knowledge loss, technological change, intellectual property licensing to others and supply constraints could weaken differentiation. Strong demand alone does not establish competitive superiority.","invalidation":"Sustained losses of customer design engagements to alternatives, unsuccessful replacement of critical technical staff, or repeated product failures followed by declining demand despite healthy served markets would invalidate the advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11"]},{"mechanism":"switching_costs","claim":"Customer-specific combinations of hardware, software, implementation and support create integration and learning friction. Local technical services and an established installed base support this modest advantage, although actual migration costs are not quantified.","durability":"Integration and support relationships can persist through equipment and development cycles. The passages establish embedded services and customization more clearly than durable customer lock-in.","risks":"Customers can consider alternative suppliers, particularly when delivery times lengthen. Backlog and advance payments demonstrate contracted demand rather than renewal rates or exclusive relationships.","invalidation":"Material cancellations followed by purchases from alternative suppliers, falling support renewals or evidence that customers routinely replace integrated solutions without substantial retraining or implementation effort would invalidate meaningful switching friction.","competitors":[],"evidenceIds":["e1","e12","e13","e14","e15","e16"],"counterEvidenceIds":["e10","e11","e17"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Competitive Advantages / measurement heritage and installed base","excerpt":"Our legacy of over 80 years of contribution in measurement science and the resulting breadth of our products and solutions yields a large, global installed base."},{"id":"e2","sourceId":"filing-1","location":"Business / Competitive Advantages / technical sales channel","excerpt":"Keysight employs a comprehensive global direct sales channel with experienced management and highly technical sales and application engineers, including a strong local presence in both developed and emerging markets."},{"id":"e3","sourceId":"filing-3","location":"Human Capital / knowledge transfer programs","excerpt":"Accordingly, we have implemented structured knowledge transfer programs designed to retain critical expertise and maintain business continuity."},{"id":"e4","sourceId":"filing-3","location":"Human Capital / average employee tenure","excerpt":"As of October 31, 2025, the average tenure of our employees is 12.4 years."},{"id":"e5","sourceId":"filing-3","location":"Human Capital / employee turnover","excerpt":"Our three-year average employee turnover rate was approximately 6.2 percent."},{"id":"e6","sourceId":"filing-2","location":"MD&A / total orders for three and nine months ended July 31, 2026","excerpt":"Total orders for the three and nine months ended July 31, 2026 were $2,091 million and $5,787 million, respectively, an increase of 56 percent and 48 percent, respectively, compared to the same periods last year."},{"id":"e7","sourceId":"filing-2","location":"MD&A / acquisition contribution to order growth","excerpt":"Acquisitions had a favorable impact of 5 percentage points and 6 percentage points, respectively, on the year-over-year change for the three and nine months ended July 31, 2026."},{"id":"e8","sourceId":"filing-2","location":"Risk Factors / intellectual property licensed to others","excerpt":"Furthermore, some of our intellectual property is licensed to others, which allows them to compete with us using that intellectual property."},{"id":"e9","sourceId":"filing-2","location":"Risk Factors / key personnel retention","excerpt":"If we fail to retain key personnel and are unable to hire highly qualified replacements, we may not be able to meet key objectives, such as launching effective product innovations, meeting financial goals, and maintaining or expanding our business."},{"id":"e10","sourceId":"filing-2","location":"Risk Factors / increased orders and capacity constraints","excerpt":"We have experienced a substantial increase in order volumes, which, combined with manufacturing capacity constraints and ongoing supply chain challenges, could result in extended lead times for new orders and, in some cases, delays in shipping products to customers by their requested ship dates."},{"id":"e11","sourceId":"filing-2","location":"Risk Factors / potential cancellations and alternative suppliers","excerpt":"As a result of these extended lead times, our customers may seek to cancel or reduce existing orders, particularly if they are able to obtain products with shorter lead times from our competitors or open market, and if their own end-market demand declines."},{"id":"e12","sourceId":"filing-1","location":"Revenue recognition / customer-specific combinations of products and services","excerpt":"We also generate revenues from a combination of products and services (“custom solutions”), including combinations of hardware, software, software subscriptions, installation, professional services, and other support services to meet customers’ unique specifications."},{"id":"e13","sourceId":"filing-4","location":"Business / professional services and customer integration","excerpt":"•Professional services, including installation, training, and engineering services, optimize equipment and solution adoption, utilization, and integration into customers’ unique environments."},{"id":"e14","sourceId":"filing-4","location":"Business / local service engineers and support centers","excerpt":"Our global scale is complemented by localized presence with trained engineers and technicians delivering our services via regional support centers located near customers or on-site teams."},{"id":"e15","sourceId":"filing-1","location":"Revenue recognition / software support programs","excerpt":"Technical support for software and when-and-if available software updates and upgrades are sold either together with our software licenses and software subscriptions, or separately as part of our customer support programs."},{"id":"e16","sourceId":"filing-2","location":"Revenue / recognition of beginning-period contract liabilities","excerpt":"Revenue recognized from contract liabilities for the three and nine months ended July 31, 2026 was $112 million and $515 million, respectively, based on balances at October 31, 2025, and for the three and nine months ended July 31, 2025 was $103 million and $446 million, respectively, based on balances at October 31, 2024."},{"id":"e17","sourceId":"filing-1","location":"Business / limitations of backlog as a long-term indicator","excerpt":"While backlog on any particular date can be an indicator of short-term revenue performance, it is not necessarily a reliable indicator of medium or long-term revenue performance."},{"id":"e18","sourceId":"filing-2","location":"Tariffs / collected customer surcharges and refund decision","excerpt":"In addition, we recorded a $40 million liability within “other accrued liabilities” in the condensed consolidated balance sheet as a result of our decision to refund IEEPA tariff surcharges collected from our customers, with a corresponding reduction of revenue in the condensed consolidated statement of operations."},{"id":"e19","sourceId":"filing-1","location":"MD&A / tariff mitigation through pricing and cost actions","excerpt":"This multipronged mitigation approach spans our global manufacturing footprint and sourcing strategies, as well as pricing and cost actions."},{"id":"e20","sourceId":"filing-2","location":"MD&A / CSG gross and operating margins and three-month drivers","excerpt":"Gross Margin and Operating Margin Three Months Ended Nine Months Ended Year- over-Year July 31, July 31, Change 2026 2025 2026 2025 Three Months Nine Months (in millions, except percentages) Gross margin 70.8 % 66.7 % 71.2 % 67.2 % 4 ppts 4 ppts Research and development $ 222 $ 176 $ 651 $ 519 26% 26% Selling, general and administrative $ 275 $ 210 $ 812 $ 609 31% 33% Other operating expense (income), net $ (2) $ (3) $ (7) $ (11) (24)% (32)% Income from operations $ 458 $ 246 $ 1,178 $ 722 87% 63% Operating margin 34.0 % 26.1 % 31.8 % 26.4 % 8 ppts 5 ppts Gross margin for the three months ended July 31, 2026 increased 4 percentage points compared to the same period last year, primarily driven by higher revenue volume, favorable mix, and incremental gross margin impact from acquisitions, partially offset by higher people-related costs."},{"id":"e21","sourceId":"filing-2","location":"MD&A / nine-month CSG gross margin drivers","excerpt":"Gross margin for the nine months ended July 31, 2026 increased 4 percentage points compared to the same period last year, primarily driven by higher revenue volume, favorable mix, net IEEPA tariff refund claims, and incremental gross margin impact from acquisitions, partially offset by higher people-related costs and the impact of ongoing tariffs."},{"id":"e22","sourceId":"filing-2","location":"Condensed consolidated statement of cash flows / nine months ended July 31","excerpt":"CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (in millions) (Unaudited) Nine Months Ended July 31, 2026 2025 Cash flows from operating activities: Net income $ 1,027 $ 617 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 116 97 Amortization 202 104 Share-based compensation 181 129 Deferred tax expense (benefit) (28) (58) Excess and obsolete inventory-related charges 29 30 Gain on sale of investments (6) — Unrealized loss (gain) on investments 38 (39) Other non-cash expenses (income), net 13 5 Changes in assets and liabilities, net of effects of businesses acquired: Accounts receivable (138) 173 Inventory (26) (21) Accounts payable 72 29 Employee compensation and benefits (20) (8) Deferred revenue 64 (12) Income taxes payable (63) 42 Other assets and liabilities (82) 96 Net cash provided by operating activities 1,379 1,184 Cash flows from investing activities: Investments in property, plant and equipment (97) (90) Acquisitions of businesses and intangible assets, net of cash acquired (33) (3) Purchase of investments (27) (4) Proceeds from sale of investments 22 — Net cash used in investing activities (135) (97) Cash flows from financing activities: Proceeds from issuance of common stock under employee stock plans 68 63 Payment of taxes related to net share settlement of equity awards (41) (38) Treasury stock repurchases, including excise tax payments (520) (278) Proceeds from issuance of long-term debt — 748 Payment of acquisition-related consideration (21) — Debt issuance costs (1) (8) Net cash provided by (used in) financing activities (515) 487 Effect of exchange rate movements 3 9 Net increase in cash, cash equivalents, and restricted cash 732 1,583 Cash, cash equivalents, and restricted cash at beginning of period 1,890 1,814 Cash, cash equivalents, and restricted cash at end of period $ 2,622 $ 3,397 Supplemental cash flow information: Interest payments $ 90 $ 39 Income tax paid, net $ 127 $ 74 Investments in property, plant and equipment included in accounts payable $ 18 $ 19 The accompanying notes are an integral part of these condensed consolidated financial statements."},{"id":"e23","sourceId":"filing-2","location":"Note 13 / non-cancellable supplier commitments","excerpt":"13. COMMITMENTS AND CONTINGENCIES Commitments As of July 31, 2026, our non-cancellable commitments to contract manufacturers and suppliers were $704 million, compared to $450 million as of October 31, 2025."},{"id":"e24","sourceId":"filing-2","location":"Note 13 / purpose of increased purchase commitments","excerpt":"The increase was primarily driven by advance purchase orders placed to support fulfillment of a strong order backlog."},{"id":"e25","sourceId":"filing-2","location":"MD&A / Spirent acquisition consideration and funding","excerpt":"Acquisition of Spirent Communications plc In the fourth quarter of fiscal 2025, we acquired all of the outstanding common stock of Spirent Communications plc (“Spirent”) for $1,415 million, net of $127 million cash acquired, using existing cash."},{"id":"e26","sourceId":"filing-2","location":"MD&A / incremental Spirent revenue","excerpt":"For the three and nine months ended July 31, 2026, our acquisition of Spirent resulted in incremental revenue of $61 million and $204 million, respectively."},{"id":"e27","sourceId":"filing-3","location":"Compensation / fiscal 2025 short-term and completed three-year performance results","excerpt":"FISCAL YEAR 2025 SHORT TERM INCENTIVE PLAN RESULTS Metrics H1 Achievement % of Target H2 Achievement % of Target Non-GAAP EPS 104.0 107.9 Keysight Non-GAAP Revenue Growth 101.4 102.8 Non-GAAP CSG Revenue Growth 102.6 103.9 Non-GAAP ESI Revenue Growth 88.2 82.1 Non-GAAP KGSO Revenue Growth 101.2 103.9 KGSO Order Plan 98.2 105.0 Keysight Worldwide Quota (“WWQ”) 98.8 102.7 viii 2026 Proxy Statement TABLE OF CONTENTS LONG-TERM PERFORMANCE PLAN (“LTP”) RESULTS Fiscal Year 2023 - Fiscal Year 2025 PSU Grants: TSR TSR Relative to S&P 500 Total Return Index for FY23-FY25 Pay-for-Performance Results Threshold (25% Payout) Target (100% Payout) Maximum (200% Payout) 40 percentage points below index Equals Index 40 percentage points above index S&P 500 Total Return Index 76.0% Keysight TSR 1.45% 74.55 ppts below Index 0.0% Payout Fiscal Year 2023 - Fiscal Year 2025 PSU Grants: Non-GAAP Operating Margin (“Non-GAAP OM”) Non-GAAP OM Goals for FY23-FY25 Actual OM Achievement Year Threshold (50% Payout) Target (100% Payout) Maximum (200% Payout) 5 points below annual Non-GAAP OM plan Achievement of annual Non-GAAP OM plan 5 points above annual Non-GAAP OM plan 2023 24.8% 29.8% 34.8% 30.3% 2024 22.4% 27.4% 32.4% 26.3% 2025 20.9% 25.9% 30.9% 26.0% 100.3% Payout See the “Compensation Discussion and Analysis” section of this Proxy Statement for more information."},{"id":"e28","sourceId":"filing-3","location":"Compensation / exclusions from operating-margin incentive measure","excerpt":"Non-GAAP OM excludes, primarily the impacts of amortization of acquisition-related balances, share-based compensation, acquisition and integration costs, restructuring and related costs, non-recurring items such as goodwill impairment, legal settlement, gain/loss on divestitures and others."},{"id":"e29","sourceId":"filing-3","location":"Compensation / adopted mandatory recovery policy","excerpt":"The Recovery Policy applies to performance-based incentive compensation received on or after October 2, 2023, and provides for the mandatory recovery from current and former executive officers of erroneously awarded incentive compensation in the event of an accounting restatement of the Company’s financial statements regardless of fault or misconduct."},{"id":"e30","sourceId":"filing-3","location":"Governance practices / board independence, leadership and policies","excerpt":"Highlights of our Fiscal Year 2025 governance practices include, among others: Board Composition • Every director has senior leadership experience • Average Board tenure of 7 years and 7 months (as of January 31, 2026) Board Independence • Nine of ten continuing directors and director nominees are independent • Separate CEO and Board Chair • Lead Independent Director with clearly defined role • Independent standing Board committees • Regular meetings of our independent directors without management present • Annual evaluation of the Chief Executive Officer (“CEO”) by independent directors Board Processes • Procedures for stockholders to communicate directly with the Board • Annual advisory vote on executive compensation • Annual board and committee self-assessment process • Stockholder outreach program Corporate Governance Policies • Stock ownership guidelines for executive officers and directors • Risk oversight by the Board and its committees • Policies prohibiting hedging, short selling and pledging of our common stock for all employees and directors • Periodic review of committee charters and Corporate Governance Guidelines • Compensation and Human Capital Committee oversight of human capital management matters • Board oversight of corporate responsibility programs, environmental risks and opportunities STOCKHOLDER COMMUNICATION Stockholder communication is essential to our ongoing review of our corporate environmental, social, governance and executive compensation programs and practices."},{"id":"e31","sourceId":"filing-2","location":"Risk Factors / transitional board classification and director removal restrictions","excerpt":"The co-existence of directors serving differing terms will make the replacement of incumbent directors during this interim period more challenging; •a provision that shareholders may only remove directors with cause; provided, however that upon completion of the declassification exercise in 2029 referenced above, this provision will allow for the removal of directors with or without cause; and •the ability of our directors, and not shareholders, to fill vacancies on our board of directors."},{"id":"e32","sourceId":"filing-2","location":"Risk Factors / shareholders cannot call special meetings","excerpt":"•the inability of our shareholders to call a special meeting;"},{"id":"e33","sourceId":"filing-2","location":"MD&A / total revenue growth","excerpt":"Revenue for the three and nine months ended July 31, 2026 was $1,846 million and $5,163 million, respectively, an increase of 36 percent and 31 percent, respectively, compared to the same periods last year."},{"id":"e34","sourceId":"filing-1","location":"MD&A / fiscal 2023–2025 revenue history","excerpt":"Revenue was $5,375 million, $4,979 million, and $5,464 million in 2025, 2024, and 2023, respectively."},{"id":"e35","sourceId":"filing-2","location":"Acquisitions / sale of specified Spirent businesses to Viavi","excerpt":"On October 16, 2025, we sold Spirent’s high-speed ethernet, network security, and channel emulation business lines for $399 million to Viavi."},{"id":"e36","sourceId":"filing-2","location":"Commitments and contingencies / patent appeal outcomes","excerpt":"Centripetal appealed seven of these findings, and as of July 2026, the Federal Circuit Court of Appeals affirmed the USPTO’s decision of invalidating all claims of four challenged patents and all but four claims of a fifth patent."}],"changes":["Retain the previous narrow-moat verdict; the supplied evidence supports current expertise and integration advantages without establishing a wide moat.","Replace the previous statement that realized pricing is unproven with limited demonstrated pricing ability: tariff surcharges were collected, followed by a $40 million customer refund liability.","Incorporate strong 2026 orders, revenue and cash generation, while recognizing acquisition contributions, capacity constraints and cancellation risks.","Add assessments grounded in actual compensation payouts, adopted clawback provisions and disclosed governance restrictions."],"limitations":["Only supplied issuer passages were assessed. Source dates retain dateKind=filed; fiscal measurement periods are distinguished from filing dates.","No named entity is established as a direct product competitor. Viavi is identified as a business purchaser, and Centripetal Networks as a litigant; neither role alone establishes competitor status.","Measurement expertise, customer trust and strategic differentiation include management assertions. Workforce statistics, service arrangements and operating results provide support without proving relative product superiority.","Customer renewal rates, cohort retention, quantified migration costs and competitor market shares are absent. Retention is assessed indirectly from integration, support relationships and realized contracted demand.","Pricing evidence concerns tariff surcharges and refunds, without a comparable-product price series, elasticity analysis or disclosed repricing rights for existing contracts.","Margin figures cited from q366 and q367 concern CSG. Their volume, mix, acquisition and tariff effects cannot be treated as isolated pricing outcomes or consolidated margin evidence.","Actual executive ownership amounts and compliance with ownership guidelines are not supplied. Incentive alignment is assessed from disclosed plans and completed payouts.","The proxy's declassification proposal and unsigned amendment form do not themselves establish adoption. The later quarterly disclosure supports an ongoing transition through 2029.","Acquired revenue demonstrates commercial activity, but acquisition returns and promised synergies are not yet established."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Measurement heritage, a large installed base, technical distribution and customer-specific integration support an established expertise advantage. Experienced staff and strong orders corroborate commercial relevance, although relative superiority is not independently measured.","evidenceIds":["e1","e2","e4","e5","e6","e7","e12"]},{"criterion":"durability","grade":2,"rationale":"Long employee tenure and knowledge-transfer programs support continuity. Continued dependence on key personnel and licensing intellectual property to others limit confidence in lasting exclusion of alternatives.","evidenceIds":["e1","e3","e4","e5","e8","e9"]},{"criterion":"customer_dependency","grade":2,"rationale":"Customization, integration and support create credible workflow dependence. Actual contract-liability revenue supports ongoing engagement indirectly, but does not establish renewals or severe switching penalties; alternative sourcing remains possible.","evidenceIds":["e12","e13","e15","e16","e11"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Strong order growth beyond the disclosed acquisition contribution and favorable patent appeal outcomes support resilience. Current capacity constraints and intellectual property licensing create vulnerabilities; potential cancellations are not treated as realized losses.","evidenceIds":["e6","e7","e36","e8","e10","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Collected tariff surcharges demonstrate realized cost pass-through, extending beyond announced pricing actions. The $40 million refund liability reduces revenue and limits evidence that these increases were durable; broader base-price realization is undisclosed.","evidenceIds":["e18","e19"]},{"criterion":"retention","grade":2,"rationale":"Customer-specific implementations, software support and $515 million of revenue recognized from opening contract liabilities support engagement indirectly. These disclosures do not measure repeat-customer retention or renewal rates, and customers may switch when delivery is delayed.","evidenceIds":["e12","e13","e15","e16","e11"]},{"criterion":"margin_resilience","grade":3,"rationale":"CSG demonstrated higher gross and operating margins despite higher personnel costs and ongoing tariffs. Volume, mix, acquisitions and tariff refunds explain the gains, supporting operating resilience without proving that pricing caused it or that the outcome is exceptional and durable.","evidenceIds":["e20","e21"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Implemented pricing actions, collected surcharges and the disclosed decision to refund them demonstrate some practical discretion over pricing and customer terms. Existing-contract repricing rights and limits remain undisclosed, preventing a stronger assessment.","evidenceIds":["e18","e19"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Nine-month operating cash flow of $1,379 million covered $97 million of capital expenditures and $520 million of repurchase cash outflows, alongside $181 million of share-based compensation. Rising supplier commitments and substantial acquisition spending introduce risk; acquired revenue is demonstrated, but acquisition returns and buyback value creation are not.","evidenceIds":["e22","e23","e24","e25","e26"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Completed FY2023–2025 TSR awards paid zero after substantial index underperformance, demonstrating an operative downside consequence. Operating-margin awards paid 100.3%, and an adopted mandatory clawback strengthens accountability. Non-GAAP exclusions and absent actual ownership amounts limit the assessment.","evidenceIds":["e27","e28","e29","e30"]},{"criterion":"execution","grade":3,"rationale":"Strong 2026 order and revenue growth, improved cash generation and realized acquired revenue support execution through indirect operating outcomes. The earlier revenue downturn, capacity constraints and acquisition contributions temper attribution to management skill.","evidenceIds":["e6","e7","e33","e22","e26","e34","e10"]},{"criterion":"governance","grade":2,"rationale":"Separate CEO and chair roles, independent committees and an adopted clawback support oversight. Restrictions on special meetings, director removal and board replacement during the declassification transition materially constrain shareholder authority.","evidenceIds":["e30","e29","e31","e32"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"93f2d8387369cfa724c81697028ef633e77d3014f7371b063d81526e1d706289","updatedAt":"2026-10-18T13:15:32.806Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1601046/000160104625000127/keys-20251031.htm","publishedAt":"2025-12-17","sha256":"c3934fd73b8ba7e7b7de30e553f300275860bbb1ce3fe437b26788db11f19d12","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1601046/000160104626000036/keys-20260731.htm","publishedAt":"2026-09-02","sha256":"e6d4ea8c0a88b4f55b0e21323b0c71724ca5e5a5aa36c1251183dad7c70b07dc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1601046/000114036126002381/ny20058135x3_def14a.htm","publishedAt":"2026-01-26","sha256":"d2639dd75bf5bafbbf10c4d6479fdaa725edc269eca75e80b88f221b20b21ff3","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1601046/000160104624000159/keys-20241031.htm","publishedAt":"2024-12-17","sha256":"96f68315490838b6b274ee8020fc3590a776b451f8777bcf5996cb9a937b1d66","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1601046/000160104623000134/keys-20231031.htm","publishedAt":"2023-12-15","sha256":"d4d441b0127de68af62a76a172e2040a2f57aa6fbfaaf5dce448d6eea3fb4ab4","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1601046/000160104626000024/keys-20260430.htm","publishedAt":"2026-06-04","sha256":"3e35489caef494e8673ef50404769ffa40366d89692efce4e08371cea0dc62c9","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:71bb121fc6269191dec3c4db4fefb538c760b704311ae8439f014b430c34e47a","usage":{"input_tokens":87913,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3699,"reasoning_output_tokens":107}},"signals":[{"period":"2021","end":"2021-10-31","values":{"gross_margin":62.11293260473588,"operating_margin":21.85792349726776,"roic":27.89903388412678,"fcf_margin":23.234163124873508,"sbc_revenue":2.0845982594616475},"issues":{"pe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","earnings_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-10-31","values":{"gross_margin":63.65313653136532,"operating_margin":24.612546125461254,"roic":31.388317428086214,"fcf_margin":17.69372693726937,"sbc_revenue":2.3062730627306274},"issues":{"peg":"Two complete TTM earnings bases and their diluted share counts are required for year-over-year growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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