National Instruments's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of National Instruments (NATI) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: National Instruments vs Its Competitors
- TTM: Trailing 12-month revenue of 1,730M vs 13,743M combined for tracked competitors (11.2% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-3.6% annualized vs trailing 12 months), vs decelerating (-22.9%) for its tracked peer group.
- Growth: National Instruments generated 5.4% revenue growth year over year in Q2 2023, vs 1.8% for its tracked competitors combined.
- Profitability: Its 7.3% net margin compares with 19.0% for the peer group.
- Peer revenue share: National Instruments accounted for 13.6% of combined revenue among its tracked peer group, up from 13.2% a year earlier.
- Peer differentiation: Revenue per employee of $0.22M compares with $0.39M for the peer group (0.6x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
NATI Sales vs. its Competitors, Q2 2023
National Instruments reported revenue growth of 5.38 % year on year in Q2 2023, above its competitors' combined revenue growth of 1.79 %.
With a net margin of 7.32 %, National Instruments reported lower profitability than its competitors (19.00 %).
National Instruments generated 13.60 % of the combined sales of its peer group, up from 13.20 % a year earlier.
National Instruments vs. its Competitors, Q2 2023
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across National Instruments and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| National Instruments Corp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (4) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across National Instruments's competitor groups requires a Commercial License.
For context: the Software & Programming industry grew revenue 16.4% year over year, combined, vs 5.4% for National Instruments. National Instruments's share of combined industry revenue moved from 0.14% to 0.13%, a loss of 0.01 percentage points.
National Instruments's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| National Instruments Corp | Yes | Yes | No | No |
| Competitors combined (4) | ||||
| High-Confidence Competitors (4) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 25.00 % (2 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
NATI Stock Performance relative to its Competitors
NATI Stock Performance relative to High-Confidence Competitors
NATI Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Viavi Solutions Inc | 282.9% | Outperformed |
| 2 | Keysight Technologies inc | 282.9% | Outperformed |
| 3 | Ceva Inc | 282.9% | Outperformed |
| 4 | Cadence Design Systems Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for National Instruments's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
National Instruments's Comment on Competition and Industry Peers
The markets in which we operate are characterized by intense competition from
numerous competitors, some of which are divisions of large corporations having
far greater resources than we have, and we may face further competition from
new market entrants in the future. A key competitor is Keysight Technologies
Inc. (“Keysight”) which was formerly part of Agilent. Keysight offers
hardware and software products that provide solutions that directly compete
with our virtual instrumentation products including its own line of PXI based
hardware. Keysight is aggressively advertising and marketing products that are
competitive with our products. Because of Keysight’s strong position in
the instrumentation business, changes in its marketing strategy or product offerings
could have a material adverse effect on our operating results.
We believe our ability to compete successfully depends on a number of factors
both within and outside our control, including:
general market and economic conditions;
our ability to maintain and grow our business with our very large customers;
our ability to meet the volume and service requirements of our very large customers;
success in developing new products;
industry consolidation, including acquisitions by our competitors;
timing of our new product introductions;
new product introductions by competitors;
the ability of competitors to more fully leverage low cost geographies for manufacturing
and/or distribution;
product pricing, including the impact of currency exchange rates;
effectiveness of sales and marketing resources and strategies;
adequate supply of components, subassemblies and materials;
efficiency of manufacturing operations;
strategic relationships with our suppliers;
product quality and performance;
protection of our products by effective use of intellectual property laws;
the financial strength of our competitors;
the outcome of any future litigation or commercial dispute;
barriers to entry imposed by competitors with significant market power in new
markets; and,
government actions throughout the world.
There can be no assurance that we will be able to compete successfully in the
future.
Publicly Traded Peers of National Instruments Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| National Instruments Corp | 8,047.58 | 1,729.83 |
| Cadence Design Systems Inc | 94,610.31 | 5,528.61 |
| Keysight Technologies inc | 63,525.60 | 6,582.00 |
| Viavi Solutions Inc | 9,634.41 | 1,516.80 |
| Ceva Inc | 999.46 | 115.88 |
| SUBTOTAL | 176,817.35 | 15,473.13 |
Sources: National Instruments Corp's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on National Instruments Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
National Instruments's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Keysight Technologies inc | Named by the company | 85% |
| One Stop Systems Inc | Named by the company | 85% |
| Gresham Worldwide Inc | Named by the company | 85% |
| Teradyne Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for National Instruments's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
National Instruments's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Cadence Design Systems Inc | Reportable 100.00 % |
| Keysight Technologies inc | Communications Solutions Group 70.25 % |
| Viavi Solutions Inc | Network and Service Enablement 79.17 % |
| Ceva Inc | Connectivity Products 78.13 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
National Instruments's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| National Instruments Corp | 8,048 | 216,229 | 22,424 |
| Cadence Design Systems Inc | 94,610 | 400,624 | 84,853 |
| Keysight Technologies inc | 63,526 | 391,786 | 75,000 |
| Viavi Solutions Inc | 9,634 | 369,951 | -7,415 |
| Ceva Inc | 999 | 273,304 | -25,887 |
| PEERS TOTAL | 168,770 | 391,279 | 68,033 |
National Instruments's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| National Instruments Corp | Americas 44.99 % |
| Cadence Design Systems Inc | United States 46.36 % |
| Keysight Technologies inc | Americas 42.50 % |
| Viavi Solutions Inc | United States 37.92 % |
| Ceva Inc | Asia Pacific 59.25 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
National Instruments's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Software & Programming industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (347 companies). See the full Software & Programming industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 68.83 % | 63.85 % (avg) | +5.0 pp |
| Operating Margin | 13.79 % | industry median | +30.3 pp |
| EBITDA Margin | 17.39 % | 2.76 % (avg) | +14.6 pp |
| Capital Intensity (Capex / Revenue) | 3.77 % | 4.77 % (avg) | -1.0 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
National Instruments's Valuation vs Competitive Position
Valuation multiples vs the Software & Programming industry average (347 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Software & Programming industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 42.7x | 39.4x | +3.3x |
| EV / EBITDA | 27.3x | 21.7x | +5.6x |
| P/B | 6.6x | 5.4x | +1.2x |
| Return on Equity | 15.30 % | industry aggregate | -2.56 % |
| Return on Invested Capital | 7.69 % | -0.30 % (avg) | 7.99 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
National Instruments's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -1.48 % | 0.22 % | 4.98 % | 5.41 % | -0.44 % | -4.92 % | 14.22 % | 12.74 % |
| Operating Margin | 11.19 % | 9.75 % | 11.31 % | 12.72 % | 12.90 % | 15.51 % | 10.51 % | 11.59 % |
| Return on Invested Capital | 5.97 % | 5.16 % | 6.02 % | 6.82 % | 6.86 % | 7.14 % | 5.48 % | 6.39 % |
| P/E | 39.7x | 47.2x | 111.0x | 40.6x | 35.3x | 37.1x | 64.7x | 39.7x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
National Instruments's Strategic Group Map
Every company in National Instruments's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. National Instruments is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
National Instruments's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 3.77 % vs industry average 4.77 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See National Instruments's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See National Instruments's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
National Instruments's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
National Instruments falls in the Low attractiveness / High strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
National Instruments's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 30.3 points above the industry median.
Weaknesses
- Latest-quarter revenue run-rate is decelerating (-3.6% annualized vs trailing 12 months).
Opportunities
- Industry revenue growing at a healthy 11.6% median pace.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-22.9% annualized).
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
National Instruments's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| National Instruments Corp | 0.15 | 2.25 | 0.47 |
| Cadence Design Systems Inc | 1.49 | 2.44 | 0.47 |
| Keysight Technologies inc | 0.98 | 2.12 | 0.44 |
| Viavi Solutions Inc | 1.07 | 1.73 | 0.83 |
| Ceva Inc | 1.14 | 9.78 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
National Instruments's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| National Instruments Corp | Q2 2023 | +5.4 % | +145.2 % |
| Cadence Design Systems Inc | Q1 2026 | +18.7 % | +22.7 % |
| Keysight Technologies inc | Q2 2026 | +36.5 % | +107.9 % |
| Viavi Solutions Inc | Q2 2026 | +52.5 % | +308.8 % |
| Ceva Inc | Q2 2026 | +15.5 % | - |
| PEERS TOTAL | +27.3 % | +64.7 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
National Instruments's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| National Instruments Corp | Q2 2023 | -7.1 % | -5.1 % |
| Cadence Design Systems Inc | Q1 2026 | +31.4 % | +111.7 % |
| Keysight Technologies inc | Q2 2026 | +21.6 % | +9.7 % |
| Viavi Solutions Inc | Q2 2026 | +42.8 % | +101.8 % |
| Ceva Inc | Q2 2026 | +21.5 % | -8.2 % |
National Instruments's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| National Instruments Corp | 7.67% | 9.29% | 15.30% |
| Cadence Design Systems Inc | 11.32% | 14.30% | 21.06% |
| Keysight Technologies inc | 10.89% | 13.47% | 20.43% |
| Viavi Solutions Inc | - | - | - |
| Ceva Inc | - | - | - |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
National Instruments's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| National Instruments Corp | 44.43 | 4.65 |
| Cadence Design Systems Inc | 80.51 | 17.11 |
| Keysight Technologies inc | 50.30 | 9.65 |
| Viavi Solutions Inc | - | 6.35 |
| Ceva Inc | - | 8.62 |
| PEERS AVERAGE | 68.83 | 11.43 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.