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Teradyne, Inc.

TER Technology Semiconductor Equipment & Materials

Teradyne, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 13.1% from fiscal 2024. In the quarter to June 2026, revenue grew 103.9%, EPS grew 387.8% and free cash flow grew 187.4%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for ten consecutive years, operating cash flow growth for three.

275.40 20.83 −7.03%
Market cap
$46.3B
P/E
37.6×
Fwd P/E
34.8×
Dividend yield
0.19%
F-score
5/9
Altman Z
15.08
Beneish M
−2.20
Dividend safety
90/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Insider Decisions trades per month

Total sells 15.97
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 2 1 2 1 3 5 3 3 3 4 4
Insider Ownership 0.82%

Capital & Financial Ratios $m

Market Cap 46,310.00
Revenue 4,464.03
Net Income 1,150.57
Free Cash Flow 799.93
Net Debt (354.83)
Current Ratio 2.12 (at or above 1.5: strong)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 37.57 (above 35: high)
Fwd P/E 34.80
P/S ratio 9.65
P/B ratio 12.41 (above 6: high)
Past 5Y EPS Growth (4.11%) (below 0%: weak)
This Y EPS Growth 139.77% (at or above 15%: strong)
Next Y EPS Growth 29.96% (at or above 15%: strong)
Next Y revenue growth 61.22% (at or above 10%: strong)
Next 5Y EPS Growth 59.77% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 9.6×, against a ten-year median of 4.6×; over the ten years it ranged from 1.8× in 2016 to 16.9× in 2026.
P/E against its own 10 years 77.90%
10-year low 10-year high
P/S against its own 10 years 91.11%
10-year low 10-year high
P/B against its own 10 years 92.47%
10-year low 10-year high
EV/Sales against its own 10 years 91.08%
10-year low 10-year high
EV/FCF against its own 10 years 90.67%
10-year low 10-year high

Dividends

Payout Ratio 0.07
Annual Dividend Rate 0.51
Annual Dividend Yield 0.19%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.53
0.13
0.13
0.13
2025 0.48
0.12
0.12
0.12
0.12
2024 0.48
0.12
0.12
0.12
0.12
2023 0.44
0.11
0.11
0.11
0.11
2022 0.44
0.11
0.11
0.11
0.11
2021 0.40
0.10
0.10
0.10
0.10
2020 0.40
0.10
0.10
0.10
0.10
2019 0.36
0.09
0.09
0.09
0.09
2018 0.36
0.09
0.09
0.09
0.09
2017 0.28
0.07
0.07
0.07
0.07
2016 0.24
0.06
0.06
0.06
0.06
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 820 600 322 355
Receivables 422 471 787 1,110
Inventory 310 298 380 403
Other 61 18 33 30
2,162 1,816 1,949 2,366
2023 2024 2025 Q'26
Payables 180 135 269 383
ST’ Debt — — 200 —
Other 7 — — —
660 625 1,115 1,114

Compound Annual Growth %

10y 5y 3y
Sales 6.88% 0.44% 0.37%
Cash Flow 4.77% (4.94%) 5.28%
Earnings 10.37% (6.71%) (8.17%)
Book Value 3.58% 4.84% 4.48%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.04 Actual 2.29

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.36 1.80 Beat by 0.44
Q1 FY26 2.11 2.56 Beat by 0.45
Q2 FY26 2.04 2.47 Beat by 0.43
Q3 FY26 2.04 2.29 Beat by 0.25
Q4 FY26 2.04 — Reports 1 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.53 2.38 — — —
’25 0.61 0.49 0.75 1.63 3.47
’24 0.40 1.14 0.89 0.90 3.32
’23 0.50 0.73 0.78 0.72 2.73
’22 0.92 1.16 1.10 1.04 4.22
’21 1.09 1.76 1.41 1.29 5.56
’20 0.97 1.05 1.21 1.05 4.28
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,282 1,329 — — —
’25 686 652 769 1,083 3,190
’24 600 730 737 753 2,820
’23 618 684 704 671 2,676
’22 755 841 827 732 3,155
’21 782 1,086 951 885 3,703
’20 704 839 819 759 3,121
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 265 469 — — —
’25 162 182 49 282 674
’24 7 216 166 283 672
’23 19 143 174 249 585
’22 7 115 272 183 578
’21 38 206 523 331 1,098
’20 43 223 343 260 869
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 200 378 — — —
’25 98 132 2 219 450
’24 (37) 171 114 225 474
’23 (22) 104 140 204 426
’22 (37) 70 233 152 418
’21 (1) 172 493 302 966
’20 6 176 280 222 684
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 17.34 25.24 28.73 29.58 42.87 104.05 67.81 81.08 92.29 65.77 +16.0% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 26.59 44.63 50.68 69.90 122.37 168.91 167.69 119.20 163.21 205.00 +25.5% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 4,300 4,500 4,900 5,400 5,500 5,900 6,500 6,500 6,500 6,600 +4.9% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.41 0.47 0.43 0.42 0.57 0.63 0.49 0.41 0.43 0.48 +1.9% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 1,753 2,137 2,101 2,295 3,121 3,703 3,155 2,676 2,820 3,190 +6.9% 5,143 6,298 7,786 +34.6%
Gross margin, % 54.68 57.17 58.09 58.38 57.21 59.59 59.18 57.42 58.48 58.22 +3.5 pt
EBT (55) 524 468 526 901 1,161 840 526 609 653 n/m
EBT margin, % (3.14) 24.54 22.27 22.91 28.87 31.35 26.64 19.64 21.60 20.48 +23.6 pt
Net income (43) 258 452 467 784 1,015 716 449 542 554 n/m
Depreciation 375 108 113 121 127 125 111 111 120 128 (11.3%)
Per share, $
Per share, $ Revenue 8.65 10.79 11.19 13.47 18.79 22.45 19.91 17.34 17.73 20.05 +9.8%
Earnings (0.21) 1.30 2.41 2.81 4.72 6.19 4.52 2.91 3.41 3.48 n/m
Cash flow 2.25 3.16 2.54 3.40 5.23 6.66 3.65 3.79 4.23 4.24 +7.3%
Capex (0.42) (0.53) (0.61) (0.79) (1.11) (0.80) (1.01) (1.03) (1.25) (1.41) +14.4%
Free cash flow 1.83 2.63 1.93 2.61 4.12 5.86 2.64 2.76 2.98 2.83 +5.0%
Book value 9.03 9.86 8.11 8.69 13.29 15.53 15.47 16.37 17.72 17.57 +7.7%
Shares, m 203 198 188 170 166 165 158 154 159 159 (2.6%)
Valuation, ×
Valuation, × P/E 0.00 34.25 12.91 24.18 25.40 26.46 19.01 35.88 37.14 55.46 27.1
P/S 2.93 4.10 2.80 5.06 6.38 7.29 4.32 6.04 7.10 9.65 5.6
P/B 2.81 4.48 3.87 7.85 9.02 10.53 5.55 6.40 7.11 11.02 6.9
EV/Sales 2.46 3.43 2.45 4.85 6.05 6.95 4.06 5.76 6.92 9.63 5.3
EV/FCF 11.67 14.08 14.21 25.05 27.62 26.63 30.66 36.23 41.14 68.22 29.6
Cash, $m
Cash, $m Operating cash flow 455 626 477 579 869 1,098 578 585 672 674 +4.5%
Capex (85) (105) (114) (135) (185) (132) (160) (160) (198) (224) +11.3%
Free cash flow 370 521 363 444 684 966 418 426 474 450 +2.2%
Balance, $m
Balance, $m Working capital 1,251 1,816 1,256 1,120 1,715 1,771 1,512 1,502 1,192 834 (4.4%)
Total debt 353 366 380 414 410 108 50 — — 200 (6.1%)
Net debt (826) (1,412) (737) (498) (1,026) (1,258) (844) (820) (600) (122) (19.1%)
Shareholders’ equity 1,829 1,954 1,522 1,480 2,207 2,562 2,451 2,526 2,819 2,796 +4.8%
Returns, %
Returns, % ROA (1.64) 8.78 15.54 17.02 24.35 27.19 19.57 12.84 15.08 14.04 +15.7 pt
ROIC (3.93) 60.60 37.70 35.22 49.14 57.53 32.36 18.35 16.72 15.20 +19.1 pt
ROE (2.29) 13.63 25.99 31.14 42.53 42.55 28.54 18.03 20.29 19.73 +22.0 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Semiconductor Test 2,524 79.11%
Product Test 358 11.22%
Robotics 308 9.66%
Gross margin 58.22%
Operating margin 20.38%
Pre-tax margin 20.48%

Revenue by segment since 2009

Teradyne, Inc. vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LRCX Lam Research Corporation $317.8B 41.3× 24.0× +29.99% (above 0%: growing) +34.81% (above 0%: growing) −46.75% (below 0%: shrinking) 51.75% 37.39% Compare
KLAC KLA Corporation $218.5B 43.0× 27.1× +15.21% (above 0%: growing) +14.16% (above 0%: growing) −22.88% (below 0%: shrinking) 61.36% 42.49% Compare
TER Teradyne, Inc. $46.3B 37.6× 34.8× +103.90% (above 0%: growing) +387.76% (above 0%: growing) +187.39% (above 0%: growing) 59.79% 32.94%
Q Qnity Electronics, Inc. $25.7B 41.6× 30.2× +22.14% (above 0%: growing) −34.44% (below 0%: shrinking) −29.91% (below 0%: shrinking) 46.61% 19.31% Compare
ENTG Entegris, Inc. $24.5B 77.5× 48.4× +11.46% (above 0%: growing) +74.29% (above 0%: growing) +148.72% (above 0%: growing) 47.55% 18.64% Compare
ONTO Onto Innovation Inc. $10.9B 74.7× 32.7× +35.30% (above 0%: growing) +76.81% (above 0%: growing) +30.97% (above 0%: growing) 53.41% 18.52% Compare
NVMI Nova Ltd. $10.6B 36.1× 32.8× +15.90% (above 0%: growing) +1.72% (above 0%: growing) −10.48% (below 0%: shrinking) 56.54% 29.88% Compare
AMKR Amkor Technology, Inc. $10.2B 17.6× 15.2× +25.58% (above 0%: growing) +218.18% (above 0%: growing) −276.02% (below 0%: shrinking) 16.79% 10.53% Compare
FORM FormFactor, Inc. $7.6B 58.9× 40.8× +31.89% (above 0%: growing) +500.00% (above 0%: growing) +211.52% (above 0%: growing) 50.70% 22.38% Compare
Median of peers $17.7B 42.3× 31.5× +23.86% +54.55% −16.68% 51.23% 20.85%

All 29 Semiconductor Equipment & Materials stocks →

Business profile

Updated

Teradyne makes equipment that tests semiconductors and other electronics, as well as robots used in factories and warehouses. Founded in 1960, it is headquartered in North Reading. Greg Smith is chief executive officer.

Its semiconductor test systems check chips at different stages of production: on the silicon wafer, after packaging and at the system level. Customers use the equipment to check quality and performance, improve production yields and manage testing costs. Teradyne also tests memory devices and data storage products.

From the latest earnings call

Updated

  • Greg Smith said AI-driven revenue accounted for more than 60% of sales, with demand extending from compute and memory to data-center equipment.
  • Greg Smith said compute customers are qualifying multiple test suppliers for capacity assurance, while Teradyne expects 2027 growth supported by transistor and bit dynamics.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.11%
Held by the ten largest 49.78%
Holder Shares Stake Change
Vanguard 20.51m 13.12% +132.29k
BlackRock 19.44m 12.43% +3.13m
State Street 7.29m 4.66% +320.03k
Invesco 6.68m 4.27% +4.16m
JPMorgan Chase 5.57m 3.56% +2.70m
Geode Capital Management 4.60m 2.94% +233.61k
Fidelity (FMR) 4.11m 2.63% +496.27k
UBS 3.62m 2.32% +546.18k
T. Rowe Price 3.30m 2.11% +1.19m
Ameriprise (Columbia Threadneedle) 2.72m 1.74% −124.55k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Teradyne, Inc. (TER) Latest News

29 Oct

Impact 4 ·
Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·

28 Oct

Impact 4 · transcript
Impact 4 ·
Impact 4 · transcript
Impact 4 · earnings
Impact 3 ·
Impact 3 · earnings

27 Oct

Impact 4 ·
Impact 4 ·
Impact 4 ·
Impact 4 ·
Impact 4 ·
Impact 3 ·

26 Oct

Impact 3 ·
Impact 3 ·

23 Oct

Impact 4 ·
Impact 4 ·

22 Oct

Impact 4 ·

21 Oct

Impact 4 ·

16 Oct

Impact 3 ·

14 Oct

Impact 4 ·
Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·

13 Oct

Impact 4 ·

TER metrics, ten years each

stockrow.com/TER · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com