Keysight Technologies management check
KEYS · Information Technology · Electronic Equipment & Instruments · CEO Satish Dhanasekaran
Filings as of
3 good · 3 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $174, against $319 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.76 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
2.1% of net income$18.0m of reported pay in fiscal 2025, against $850.0m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 2.4 years of payThe CEO holds 118,390.578 shares, directly or through trusts (unvested awards not counted): about 2.4 years of pay. 6 insiders sold $6.0m in the last six months and none bought. 3 of 9 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.7% a year over the last three fiscal years. Stock-based pay was 3.0% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Mr. Nersesian, Mr. Dhanasekaran. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 33 | |
| Pay for performance | 88 | 87 | |
| CEO cost | 23 | 35 | |
| Skin in the game | 34 | 47 | |
| Dilution | 71 | 56 | |
| Stable leadership | 55 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Electronic Equipment & Instruments, by management score. Keysight Technologies is 55th of 73 in its sector.
Pay versus performance
From the proxy statement filed January 26, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Dhanasekaran | $18.0m | $22.7m | $7.0m | $174 | $319 | $850.0m |
| 2024 | Mr. Dhanasekaran | $12.4m | $12.9m | $4.6m | $142 | $232 | $614.0m |
| 2023 | Mr. Dhanasekaran | $10.8m | $1.2m | $4.7m | $116 | $153 | $1.1bn |
| 2022 | Mr. Dhanasekaran, Mr. Nersesian | $19.8m | $22.7m | $6.5m | $166 | $117 | $1.1bn |
| 2021 | Mr. Nersesian | $18.6m | $54.7m | $5.0m | $172 | $147 | $894.0m |
The board says pay is tied most to Non-GAAP EPS. Its other key measures: Non-GAAP Revenue Plan, Operating Margin, Relative TSR.
Insiders and the CEO's stake
Satish Dhanasekaran (President and CEO) held 118,390.578 shares directly after their latest Form 4 on Sep 30, 2026, roughly $43.1m at that filing's price.
6 insiders sold $6.0m in the last six months and none bought. 3 of 9 sales ran on pre-arranged 10b5-1 plans.
- SoldIngrid A EstradaSVP$2.0mSep 4, 2026
- SoldSatish DhanasekaranPresident and CEO$1.3mSep 30, 2026
- SoldJames CullenDirector$1.0mJun 2, 2026
- SoldJean Mcclung NyeDirector$958kAug 21, 2026
Leadership and governance on file
- Aug 26, 2026Leadership change8-K 5.02
- Mar 13, 2026Leadership change8-K 5.02
- Nov 20, 2025Leadership change8-K 5.02
- May 27, 2025Leadership change8-K 5.02
- May 20, 2025Leadership change8-K 5.02
- Nov 4, 2024Leadership change8-K 5.02
- May 31, 2023Leadership change8-K 5.02
- Mar 17, 2023Leadership change8-K 5.02
- Mar 2, 2023Leadership change8-K 5.02
- May 20, 2022Leadership change8-K 5.02
- Feb 24, 2022Leadership change8-K 5.02
- Feb 22, 2022Leadership change8-K 5.02
Latest shareholder vote results: Mar 24, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $3.0bn returned to owners in buybacks and dividends, 83% of net income, and $662.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $4.9bn | $5.4bn | $5.5bn | $5.0bn | $5.4bn |
| Net income | — | $1.1bn | $1.1bn | $614.0m | $850.0m |
| Stock-based pay | $103.0m | $125.0m | $135.0m | $137.0m | $162.0m |
| Buybacks | $673.0m | $849.0m | $702.0m | $439.0m | $375.0m |
| Dividends | — | — | — | — | — |
| Diluted shares | 187m | 182m | 179m | 175m | 173m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.