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Danaher vs Keysight Technologies: revenue, profit, margins and growth compared

Danaher brought in $24.6B of revenue in fiscal 2025, Keysight Technologies $5.4B in fiscal 2025. Revenue changed by +2.9% at Danaher and +8.0% at Keysight Technologies on the year before, so Keysight Technologies grew faster. Danaher kept 14.7% of its revenue as net profit, Keysight Technologies 15.8%. Free cash flow was $5.3B at Danaher and $1.3B at Keysight Technologies.

Side by side, latest fiscal year

DHRKEYS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (October 31, 2025)
Revenue$24.6B$5.4B
Revenue growth+2.9%+8.0%
Net income$3.6B$850M
Net margin14.7%15.8%
Free cash flow$5.3B$1.3B
Free cash flow margin21.4%23.8%
Earnings per share (diluted)$5.05$4.91
Cash$4.6B$1.9B
Debt$18.4B$2.5B
Price to earnings44.573.8
Market value$157.8B$61.9B
Dividend yieldn/an/a
Rank by revenue in sector#27 of 451 · Industrials#118 of 451 · Industrials

Over the years

Revenue
DHR FY2018: $19.9BDHR FY2019: $17.9BDHR FY2020: $22.3BDHR FY2021: $24.8BDHR FY2022: $26.6BDHR FY2023: $23.9BDHR FY2024: $23.9BDHR FY2025: $24.6BKEYS FY2018: $3.9BKEYS FY2019: $4.3BKEYS FY2020: $4.2BKEYS FY2021: $4.9BKEYS FY2022: $5.4BKEYS FY2023: $5.5BKEYS FY2024: $5BKEYS FY2025: $5.4BFY18FY19FY20FY21FY22FY23FY24FY25
DHR $24.6BKEYS $5.4B
Net income
DHR FY2018: $2.7BDHR FY2019: $3BDHR FY2020: $3.6BDHR FY2021: $6.4BDHR FY2022: $7.2BDHR FY2023: $4.8BDHR FY2024: $3.9BDHR FY2025: $3.6BKEYS FY2018: $165MKEYS FY2019: $621MKEYS FY2020: $627MKEYS FY2021: $894MKEYS FY2022: $1.1BKEYS FY2023: $1.1BKEYS FY2024: $614MKEYS FY2025: $850MFY18FY19FY20FY21FY22FY23FY24FY25
DHR $3.6BKEYS $850M
Net margin
DHR FY2018: 13.3%DHR FY2019: 16.8%DHR FY2020: 16.4%DHR FY2021: 25.9%DHR FY2022: 27.1%DHR FY2023: 19.9%DHR FY2024: 16.3%DHR FY2025: 14.7%KEYS FY2018: 4.3%KEYS FY2019: 14.4%KEYS FY2020: 14.9%KEYS FY2021: 18.1%KEYS FY2022: 20.7%KEYS FY2023: 19.3%KEYS FY2024: 12.3%KEYS FY2025: 15.8%FY18FY19FY20FY21FY22FY23FY24FY25
DHR 14.7%KEYS 15.8%
Revenue growth
DHR FY2019: -10.0%DHR FY2020: +24.4%DHR FY2021: +11.3%DHR FY2022: +7.4%DHR FY2023: -10.3%DHR FY2024: -0.1%DHR FY2025: +2.9%KEYS FY2019: +11.0%KEYS FY2020: -1.9%KEYS FY2021: +17.1%KEYS FY2022: +9.7%KEYS FY2023: +0.8%KEYS FY2024: -8.9%KEYS FY2025: +8.0%FY19FY20FY21FY22FY23FY24FY25
DHR +2.9%KEYS +8.0%
Free cash flow
DHR FY2018: $3.4BDHR FY2019: $3.3BDHR FY2020: $5.4BDHR FY2021: $7.1BDHR FY2022: $7.4BDHR FY2023: $5.8BDHR FY2024: $5.3BDHR FY2025: $5.3BKEYS FY2018: $423MKEYS FY2019: $878MKEYS FY2020: $899MKEYS FY2021: $1.1BKEYS FY2022: $959MKEYS FY2023: $1.2BKEYS FY2024: $898MKEYS FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
DHR $5.3BKEYS $1.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Danaher and Keysight Technologies

Which is bigger by revenue, Danaher or Keysight Technologies?

Danaher is bigger by revenue: $24.6B in fiscal 2025, against $5.4B for Keysight Technologies in fiscal 2025.

Which keeps more of its revenue as profit, Danaher or Keysight Technologies?

Danaher had a net margin of 14.7% in fiscal 2025; Keysight Technologies had 15.8% in fiscal 2025.

Which grew revenue faster, Danaher or Keysight Technologies?

In their latest fiscal years revenue changed by +2.9% at Danaher and +8.0% at Keysight Technologies.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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