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Side-by-side financial comparison of Keysight Technologies (KEYS) and Zoetis (ZTS). Click either name above to swap in a different company.
Zoetis is the larger business by last-quarter revenue ($2.4B vs $1.4B, roughly 1.7× Keysight Technologies). Zoetis runs the higher net margin — 25.3% vs 16.4%, a 8.8% gap on every dollar of revenue. On growth, Keysight Technologies posted the faster year-over-year revenue change (10.3% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $187.0M). Over the past eight quarters, Keysight Technologies's revenue compounded faster (6.2% CAGR vs 4.4%).
Keysight Technologies, Inc. is an American company that manufactures electronics test and measurement equipment and software. The company was formed as a spin-off of Agilent Technologies, which inherited and rebranded the test and measurement product lines developed and produced, from the late 1960s to the turn of the millennium, by Hewlett-Packard's Test and Measurement division. Its name is a portmanteau of key and insight.
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
KEYS vs ZTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $2.4B |
| Net Profit | $233.0M | $603.0M |
| Gross Margin | 61.2% | 70.2% |
| Operating Margin | 15.3% | 31.9% |
| Net Margin | 16.4% | 25.3% |
| Revenue YoY | 10.3% | 3.0% |
| Net Profit YoY | 419.2% | 3.8% |
| EPS (diluted) | $1.35 | $1.37 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.4B | $2.4B | ||
| Q3 25 | $1.4B | $2.4B | ||
| Q2 25 | $1.3B | $2.5B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $1.2B | $2.4B | ||
| Q2 24 | $1.2B | $2.4B | ||
| Q1 24 | $1.3B | $2.2B |
| Q4 25 | $233.0M | $603.0M | ||
| Q3 25 | $191.0M | $721.0M | ||
| Q2 25 | $257.0M | $718.0M | ||
| Q1 25 | $169.0M | $631.0M | ||
| Q4 24 | $-73.0M | $581.0M | ||
| Q3 24 | $389.0M | $682.0M | ||
| Q2 24 | $126.0M | $624.0M | ||
| Q1 24 | $172.0M | $599.0M |
| Q4 25 | 61.2% | 70.2% | ||
| Q3 25 | 61.7% | 71.5% | ||
| Q2 25 | 62.3% | 73.6% | ||
| Q1 25 | 63.2% | 72.0% | ||
| Q4 24 | 62.3% | 69.5% | ||
| Q3 24 | 62.0% | 70.6% | ||
| Q2 24 | 62.7% | 71.7% | ||
| Q1 24 | 64.6% | 70.6% |
| Q4 25 | 15.3% | 31.9% | ||
| Q3 25 | 17.3% | 37.0% | ||
| Q2 25 | 15.8% | 36.7% | ||
| Q1 25 | 16.8% | 36.5% | ||
| Q4 24 | 17.9% | 31.6% | ||
| Q3 24 | 16.8% | 36.6% | ||
| Q2 24 | 14.6% | 33.0% | ||
| Q1 24 | 17.6% | 34.1% |
| Q4 25 | 16.4% | 25.3% | ||
| Q3 25 | 14.1% | 30.0% | ||
| Q2 25 | 19.7% | 29.2% | ||
| Q1 25 | 13.0% | 28.4% | ||
| Q4 24 | -5.7% | 25.1% | ||
| Q3 24 | 32.0% | 28.6% | ||
| Q2 24 | 10.4% | 26.4% | ||
| Q1 24 | 13.7% | 27.4% |
| Q4 25 | $1.35 | $1.37 | ||
| Q3 25 | $1.10 | $1.63 | ||
| Q2 25 | $1.49 | $1.61 | ||
| Q1 25 | $0.97 | $1.41 | ||
| Q4 24 | $-0.41 | $1.29 | ||
| Q3 24 | $2.22 | $1.50 | ||
| Q2 24 | $0.72 | $1.37 | ||
| Q1 24 | $0.98 | $1.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9B | — |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $5.9B | $3.3B |
| Total Assets | $11.3B | $15.5B |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | — | ||
| Q3 25 | $2.6B | $2.1B | ||
| Q2 25 | $3.1B | $1.4B | ||
| Q1 25 | $2.1B | $1.7B | ||
| Q4 24 | $1.8B | $2.0B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.7B | $1.6B | ||
| Q1 24 | $1.7B | $2.0B |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $1.8B | — |
| Q4 25 | $5.9B | $3.3B | ||
| Q3 25 | $5.7B | $5.4B | ||
| Q2 25 | $5.5B | $5.0B | ||
| Q1 25 | $5.2B | $4.7B | ||
| Q4 24 | $5.1B | $4.8B | ||
| Q3 24 | $5.2B | $5.2B | ||
| Q2 24 | $4.9B | $5.0B | ||
| Q1 24 | $4.8B | $5.1B |
| Q4 25 | $11.3B | $15.5B | ||
| Q3 25 | $10.7B | $15.2B | ||
| Q2 25 | $10.5B | $14.5B | ||
| Q1 25 | $9.4B | $14.1B | ||
| Q4 24 | $9.3B | $14.2B | ||
| Q3 24 | $9.3B | $14.4B | ||
| Q2 24 | $9.0B | $14.2B | ||
| Q1 24 | $9.1B | $14.3B |
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.38× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $225.0M | $893.0M |
| Free Cash FlowOCF − Capex | $187.0M | $732.0M |
| FCF MarginFCF / Revenue | 13.2% | 30.7% |
| Capex IntensityCapex / Revenue | 2.7% | 6.7% |
| Cash ConversionOCF / Net Profit | 0.97× | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $1.3B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $225.0M | $893.0M | ||
| Q3 25 | $322.0M | $938.0M | ||
| Q2 25 | $484.0M | $486.0M | ||
| Q1 25 | $378.0M | $587.0M | ||
| Q4 24 | $359.0M | $905.0M | ||
| Q3 24 | $255.0M | $951.0M | ||
| Q2 24 | $110.0M | $502.0M | ||
| Q1 24 | $328.0M | $595.0M |
| Q4 25 | $187.0M | $732.0M | ||
| Q3 25 | $291.0M | $805.0M | ||
| Q2 25 | $457.0M | $308.0M | ||
| Q1 25 | $346.0M | $438.0M | ||
| Q4 24 | $321.0M | $689.0M | ||
| Q3 24 | $222.0M | $784.0M | ||
| Q2 24 | $74.0M | $370.0M | ||
| Q1 24 | $281.0M | $455.0M |
| Q4 25 | 13.2% | 30.7% | ||
| Q3 25 | 21.5% | 33.5% | ||
| Q2 25 | 35.0% | 12.5% | ||
| Q1 25 | 26.7% | 19.7% | ||
| Q4 24 | 24.9% | 29.7% | ||
| Q3 24 | 18.2% | 32.8% | ||
| Q2 24 | 6.1% | 15.7% | ||
| Q1 24 | 22.3% | 20.8% |
| Q4 25 | 2.7% | 6.7% | ||
| Q3 25 | 2.3% | 5.5% | ||
| Q2 25 | 2.1% | 7.2% | ||
| Q1 25 | 2.5% | 6.7% | ||
| Q4 24 | 3.0% | 9.3% | ||
| Q3 24 | 2.7% | 7.0% | ||
| Q2 24 | 3.0% | 5.6% | ||
| Q1 24 | 3.7% | 6.4% |
| Q4 25 | 0.97× | 1.48× | ||
| Q3 25 | 1.69× | 1.30× | ||
| Q2 25 | 1.88× | 0.68× | ||
| Q1 25 | 2.24× | 0.93× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 0.66× | 1.39× | ||
| Q2 24 | 0.87× | 0.80× | ||
| Q1 24 | 1.91× | 0.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
