Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Keysight Technologies, Inc. (KEYS) Halal?

PASS

Keysight Technologies, Inc. · NYSE: KEYS · Technology

The short answer

Keysight Technologies passes all three Shariah gates: it runs a permissible electronic design and test/measurement business (no haram segments; defense customers buy neutral test instruments), carries about $2.54B of interest-bearing debt (4.1% of its ~$61.24 billion market cap), and interest income of 1.9% of revenue is well under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Keysight Technologies, Inc., spun off from Agilent Technologies in 2014 and headquartered in Santa Rosa, California, provides electronic design and test solutions: instruments such as oscilloscopes, network and spectrum analyzers and signal generators, design and simulation software, and related services. Per its FY2025 reporting, it operates two segments — the Communications Solutions Group (commercial communications including 5G/6G, data centers and satellites, plus aerospace, defense, and government) and the Electronic Industrial Solutions Group (general electronics, semiconductors, automotive, and energy).

In October 2025 Keysight completed the acquisition of Spirent Communications plc for approximately £1.16 billion (about US$1.46 billion), integrating Spirent into the Communications Solutions Group. As a condition of regulatory approval, the company divested three Spirent business lines (high-speed Ethernet, network security, and channel emulation); these were reported as discontinued operations in FY2025 with a $23 million loss. Keysight is not an interest-based lender and is not involved in tobacco, alcohol, gambling, or pork production. It does sell test and measurement instruments to aerospace and defense customers, but those are neutral instruments used to design and validate electronics — not weapons or weapon systems — so this is disclosed as an end market, not a haram business line. The business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (4.1%, ceiling 33%). At July 31, 2026 (the latest 10-Q period), Keysight reported $1,837 million of long-term debt plus $700 million of current portion of long-term debt, for total interest-bearing debt of about $2,537 million. (SEC EDGAR was unreachable directly, so this figure is verified from the 10-Q-period balance sheet parsed by stockanalysis.com and corroborated by the company's Q3 FY2026 earnings release.) For context, long-term debt was $2,534 million at October 31, 2025, up from $1,790 million at October 31, 2024 — the increase reflects debt financing for the Spirent acquisition, which closed in October 2025. No short-term borrowings beyond the current debt portion are reported. Operating lease liabilities ($176 million long-term plus $53 million current) are excluded — they are not interest-bearing debt.

$2.54 billion of interest-bearing debt against a market capitalization of about $61.24 billion (Finnhub, live October 2, 2026) is 4.1%, far under the 33% ceiling. Cash and cash equivalents of $2.605 billion at July 31, 2026 represent about 4.3% of market cap — the company holds a net cash position.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (1.9%, ceiling 5%). Keysight separately discloses interest income as its own line item on the consolidated statement of operations. In FY2025 (year ended October 31, 2025), interest income was $102 million against total revenue of $5,375 million — about 1.9%, comfortably under the 5% ceiling. (FY2024: $81 million of interest income against $4,979 million of revenue.) These figures come from the company's own Q4 FY2025 earnings release (Exhibit 99.1) and are independently corroborated by Zoya's KEYS page, which reports the same 1.9% figure from the FY2025 annual report.

Note: Musaffa's screening analysis also attributes part of KEYS' non-halal portion to derivative gains in addition to interest income, but even taking Musaffa's broader 3.14% non-halal measure, the result remains under the 5% ceiling.

Key figures used

Frequently asked questions

What does Keysight Technologies do?

Keysight Technologies, Inc. (NYSE: KEYS) is an electronic design and test/measurement company headquartered in Santa Rosa, California. Spun off from Agilent Technologies in 2014, it sells instruments (oscilloscopes, network and spectrum analyzers, signal generators), design and simulation software, and services used to design, develop, manufacture, and validate electronics. It reports two segments: the Communications Solutions Group (CSG) - commercial communications (5G/6G, data centers, satellites), plus aerospace, defense, and government - and the Electronic Industrial Solutions Group (EISG) - general electronics, semiconductors, automotive, and energy. In October 2025 it completed the acquisition of Spirent Communications plc for about GBP 1.16 billion (roughly US$1.46 billion), folding Spirent into the Communications Solutions Group.

Is Keysight Technologies' business Shariah compliant?

Keysight runs an electronic design and test equipment business - instruments, software, and services - not interest-based lending, and it is not involved in tobacco, alcohol, gambling, or pork production. Its end markets include aerospace, defense, and government customers, but it sells them neutral test and measurement instruments, not weapons or weapon systems, and this is an end market rather than a core haram business line. Regulators required the divestiture of three acquired Spirent business lines (high-speed Ethernet, network security, and channel emulation) as a condition of that deal; these were sold off and reported as discontinued operations in FY2025. On this screener's business-activity gate, Keysight passes, with the defense end-market exposure disclosed here for transparency.

How much interest-bearing debt does Keysight Technologies have?

Keysight's total interest-bearing debt was about $2,537 million at July 31, 2026: $1,837 million of long-term debt plus $700 million of current portion of long-term debt, per the Q3 FY2026 10-Q-period balance sheet (SEC EDGAR was unreachable directly, so the figure is verified from the filing parsed by stockanalysis.com and corroborated by the company's own earnings release). For context, long-term debt was $2,534 million at October 31, 2025, up from $1,790 million at October 31, 2024 - the increase reflects debt financing for the Spirent acquisition, which closed in October 2025. Operating lease liabilities ($176 million long-term plus $53 million current) are excluded as they are not interest-bearing debt. $2.54 billion of interest-bearing debt against a market capitalization of about $61.24 billion (Finnhub, live October 2, 2026) is 4.1%, far under the 33% ceiling. Cash and cash equivalents of $2.605 billion at July 31, 2026 represent about 4.3% of market cap.

How much interest income does Keysight Technologies earn?

Keysight separately discloses interest income as its own line item on the consolidated statement of operations. In FY2025 (year ended October 31, 2025), interest income was $102 million against total revenue of $5,375 million - about 1.9%, comfortably under the 5% non-compliant income ceiling. (FY2024 interest income was $81 million against revenue of $4,979 million.) The company's own Q4 FY2025 earnings release presents the same figures, and Zoya independently reports interest income of 1.9% of revenue from the FY2025 annual report.

What do third-party Shariah screeners say about Keysight Technologies?

Zoya publishes a Keysight (KEYS) page and rates the stock Shariah-compliant (as of September 2026), reporting FY2025 revenue of $5.375 billion and interest income of $102 million (1.9%). Musaffa's Academy published a KEYS screening analysis that also shows a Pass: 96.86% of business activities assessed halal and 3.14% not halal, with the non-halal portion driven by interest income and derivative gains rather than haram business lines. I could not verify a ShariaPortfolio rating page for KEYS from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).