Teradyne (TER)
Market Price (6/20/2026): $440.0 | Market Cap: $68.8 BilInvestor Relations Sector: Information Technology | Industry: Semiconductor Materials & Equipment
Teradyne (TER)
Market Price (6/20/2026): $440.0Market Cap: $68.8 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Stock buyback supportStock Buyback 3Y Total is 1.2 Bil Megatrend and thematic driversMegatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 68x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 88x, P/EPrice/Earnings or Price/(Net Income) is 80x Stock price has recently run up significantly6M Rtn6 month market price return is 125%, 12M Rtn12 month market price return is 409% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 91% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% Key risksTER key risks include [1] persistent weakness in its Robotics segment and [2] significant customer concentration. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Stock buyback supportStock Buyback 3Y Total is 1.2 Bil |
| Megatrend and thematic driversMegatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 68x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 88x, P/EPrice/Earnings or Price/(Net Income) is 80x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 125%, 12M Rtn12 month market price return is 409% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 91% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% |
| Key risksTER key risks include [1] persistent weakness in its Robotics segment and [2] significant customer concentration. |
Qualitative Assessment
AI Analysis | Feedback
Teradyne (TER) stock has gained about 35% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings Driven by AI Demand.
Teradyne reported record-breaking financial results for its fiscal first quarter ended March 29, 2026, with revenue reaching $1.282 billion, marking an 87% increase year-over-year and surpassing the street consensus of $1.22 billion. The company's non-GAAP earnings per share (EPS) of $2.56 significantly exceeded the forecasted $2.08 (or $2.11) by $0.45, a 23.08% positive surprise. A substantial portion, approximately 70%, of this revenue was attributed to AI-related demand, demonstrating a significant increase from 60% in fiscal Q4 2025 and highlighting the company's strong alignment with the booming AI infrastructure market.
2. Robust Outlook for AI-Driven Semiconductor Test Market and Strategic Portfolio Expansion.
Management expressed strong confidence in 2026 being a pivotal year for the business, driven by increasing AI test capacity and a positive industry outlook. The Semiconductor Test segment, a core driver, achieved a record $1.1 billion in revenue during fiscal Q1 2026, marking the first time it surpassed the $1 billion threshold and representing a more than 100% year-over-year increase. Teradyne is strategically broadening its testing capabilities beyond traditional chip testing into product, board, wireless, and photonics test, including the establishment of a new Product Test segment and securing its initial multisystem production test orders for merchant GPUs, further solidifying its position in the AI compute market.
Show more
Teradyne (TER) stock has gained about 35% since 2/28/2026 because of the following key factors:
1. Exceptional Fiscal Q1 2026 Earnings Driven by AI Demand.
Teradyne reported record-breaking financial results for its fiscal first quarter ended March 29, 2026, with revenue reaching $1.282 billion, marking an 87% increase year-over-year and surpassing the street consensus of $1.22 billion. The company's non-GAAP earnings per share (EPS) of $2.56 significantly exceeded the forecasted $2.08 (or $2.11) by $0.45, a 23.08% positive surprise. A substantial portion, approximately 70%, of this revenue was attributed to AI-related demand, demonstrating a significant increase from 60% in fiscal Q4 2025 and highlighting the company's strong alignment with the booming AI infrastructure market.
2. Robust Outlook for AI-Driven Semiconductor Test Market and Strategic Portfolio Expansion.
Management expressed strong confidence in 2026 being a pivotal year for the business, driven by increasing AI test capacity and a positive industry outlook. The Semiconductor Test segment, a core driver, achieved a record $1.1 billion in revenue during fiscal Q1 2026, marking the first time it surpassed the $1 billion threshold and representing a more than 100% year-over-year increase. Teradyne is strategically broadening its testing capabilities beyond traditional chip testing into product, board, wireless, and photonics test, including the establishment of a new Product Test segment and securing its initial multisystem production test orders for merchant GPUs, further solidifying its position in the AI compute market.
3. Inclusion in the Nasdaq-100 Index.
The announcement of Teradyne's impending inclusion in the Nasdaq-100 Index, effective prior to market open on June 22, 2026, generated positive investor sentiment. This addition typically leads to increased buying activity from passive index-tracking funds that must adjust their portfolios to reflect the new index composition.
4. Favorable Analyst Upgrades and Raised Price Targets.
Several analyst firms upgraded their ratings and significantly raised their price targets for Teradyne's stock during the specified period, reflecting increased confidence in the company's growth trajectory. Notably, UBS Group boosted its price target from $325.00 to $440.00 with a "buy" rating on April 21, 2026. Similarly, Stifel Nicolaus increased its target price from $325.00 to $390.00 with a "buy" rating on April 28, 2026, and JP Morgan raised its price target to $400.00 on April 30, 2026.
Show less
Stock Movement Drivers
Fundamental Drivers
The 36.9% change in TER stock from 2/28/2026 to 6/19/2026 was primarily driven by a 29.9% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 319.91 | 437.92 | 36.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,190 | 3,787 | 18.7% |
| Net Income Margin (%) | 17.4% | 22.6% | 29.9% |
| P/E Multiple | 90.3 | 80.2 | -11.2% |
| Shares Outstanding (Mil) | 156 | 156 | 0.0% |
| Cumulative Contribution | 36.9% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| TER | 36.9% | |
| Market (SPY) | 9.2% | 66.3% |
| Sector (XLK) | 38.1% | 65.2% |
Fundamental Drivers
The 141.0% change in TER stock from 11/30/2025 to 6/19/2026 was primarily driven by a 45.6% change in the company's Net Income Margin (%).| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 181.75 | 437.92 | 141.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,860 | 3,787 | 32.4% |
| Net Income Margin (%) | 15.5% | 22.6% | 45.6% |
| P/E Multiple | 65.1 | 80.2 | 23.3% |
| Shares Outstanding (Mil) | 159 | 156 | 1.4% |
| Cumulative Contribution | 141.0% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| TER | 141.0% | |
| Market (SPY) | 9.9% | 61.7% |
| Sector (XLK) | 34.1% | 61.6% |
Fundamental Drivers
The 458.6% change in TER stock from 5/31/2025 to 6/19/2026 was primarily driven by a 265.5% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.40 | 437.92 | 458.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,906 | 3,787 | 30.3% |
| Net Income Margin (%) | 19.9% | 22.6% | 13.6% |
| P/E Multiple | 21.9 | 80.2 | 265.5% |
| Shares Outstanding (Mil) | 162 | 156 | 3.3% |
| Cumulative Contribution | 458.6% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| TER | 458.6% | |
| Market (SPY) | 28.1% | 54.8% |
| Sector (XLK) | 66.8% | 57.7% |
Fundamental Drivers
The 342.1% change in TER stock from 5/31/2023 to 6/19/2026 was primarily driven by a 230.9% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 99.05 | 437.92 | 342.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,017 | 3,787 | 25.5% |
| Net Income Margin (%) | 21.1% | 22.6% | 6.8% |
| P/E Multiple | 24.2 | 80.2 | 230.9% |
| Shares Outstanding (Mil) | 156 | 156 | -0.3% |
| Cumulative Contribution | 342.1% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| TER | 342.1% | |
| Market (SPY) | 85.7% | 60.6% |
| Sector (XLK) | 137.9% | 65.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TER Return | 37% | -46% | 25% | 17% | 54% | 111% | 248% |
| Peers Return | 26% | -27% | 28% | -6% | 20% | 106% | 172% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| TER Win Rate | 58% | 50% | 58% | 67% | 67% | 83% | |
| Peers Win Rate | 62% | 35% | 58% | 48% | 60% | 75% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TER Max Drawdown | -27% | -57% | -29% | -37% | -51% | -27% | |
| Peers Max Drawdown | -25% | -45% | -28% | -30% | -40% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KEYS, COHU, FORM, ROK. See TER Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | TER | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.4% | -18.8% |
| % Gain to Breakeven | 70.5% | 23.1% |
| Time to Breakeven | 139 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.2% | -7.8% |
| % Gain to Breakeven | 39.3% | 8.5% |
| Time to Breakeven | 448 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.3% | -9.5% |
| % Gain to Breakeven | 41.5% | 10.5% |
| Time to Breakeven | 180 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.6% | -6.7% |
| % Gain to Breakeven | 18.5% | 7.1% |
| Time to Breakeven | 39 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -56.9% | -24.5% |
| % Gain to Breakeven | 132.0% | 32.4% |
| Time to Breakeven | 1111 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.8% | -33.7% |
| % Gain to Breakeven | 53.3% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
In The Past
Teradyne's stock fell -41.4% during the 2025 US Tariff Shock. Such a loss loss requires a 70.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | TER | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.4% | -18.8% |
| % Gain to Breakeven | 70.5% | 23.1% |
| Time to Breakeven | 139 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -28.2% | -7.8% |
| % Gain to Breakeven | 39.3% | 8.5% |
| Time to Breakeven | 448 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.3% | -9.5% |
| % Gain to Breakeven | 41.5% | 10.5% |
| Time to Breakeven | 180 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -56.9% | -24.5% |
| % Gain to Breakeven | 132.0% | 32.4% |
| Time to Breakeven | 1111 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.8% | -33.7% |
| % Gain to Breakeven | 53.3% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.7% | -19.2% |
| % Gain to Breakeven | 26.2% | 23.8% |
| Time to Breakeven | 32 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -21.3% | -6.8% |
| % Gain to Breakeven | 27.0% | 7.3% |
| Time to Breakeven | 207 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.2% | -17.9% |
| % Gain to Breakeven | 39.2% | 21.8% |
| Time to Breakeven | 25 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.6% | -15.4% |
| % Gain to Breakeven | 38.2% | 18.2% |
| Time to Breakeven | 157 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -71.9% | -53.4% |
| % Gain to Breakeven | 255.9% | 114.4% |
| Time to Breakeven | 397 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.5% | -8.6% |
| % Gain to Breakeven | 29.0% | 9.5% |
| Time to Breakeven | 1242 days | 47 days |
In The Past
Teradyne's stock fell -41.4% during the 2025 US Tariff Shock. Such a loss loss requires a 70.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Teradyne (TER)
Teradyne, Inc. (TER) is a global leader in automatic test equipment (ATE) and industrial automation solutions. The company's largest segment, Semiconductor Test, provides crucial testing products and services for microchips at various stages of production, from wafers to finished devices. These solutions are essential for ensuring the quality and reliability of semiconductors used across diverse industries such as automotive, industrial, communications, consumer electronics (including smartphones), cloud computing, and gaming. Their primary customers in this area include integrated device manufacturers, fabless chip companies, foundries, and semiconductor assembly and test providers.
Beyond semiconductors, Teradyne offers specialized testing capabilities through its other segments. The System Test segment provides test instrumentation and systems for demanding applications in defense, aerospace, data storage, and circuit board manufacturing. Additionally, their Wireless Test segment, operating under the LitePoint brand, supplies comprehensive test solutions for the development and production of wireless devices and modules, ranging from smartphones and tablets to IoT devices, supporting key wireless technologies like Wi-Fi and 5G.
A significant area of growth for Teradyne is its Industrial Automation segment. Here, the company develops and sells collaborative robotic arms, autonomous mobile robots, and advanced robotic control software. These innovative automation solutions are designed to improve efficiency and productivity for a broad customer base in manufacturing, logistics, and other light industrial applications worldwide.
AI Analysis | Feedback
Here are 1-2 brief analogies for Teradyne:
- Teradyne is the Applied Materials for testing microchips and electronic devices.
- Teradyne is the ABB Robotics or Fanuc for collaborative and autonomous mobile robots.
AI Analysis | Feedback
- Semiconductor Test Systems: Automatic test equipment for wafer level and device package testing across various semiconductor applications.
- System Test Solutions: Test instrumentation and systems for defense/aerospace, storage, and circuit-board inspection.
- Collaborative Robotic Arms: Robotic arms designed for human-robot collaboration in manufacturing and light industrial settings.
- Autonomous Mobile Robots: Robots that navigate autonomously to support manufacturing and logistics operations.
- Robotic Control Software: Advanced software designed to control and manage industrial automation robots.
- Wireless Device Test Solutions: Test equipment and software for the development and manufacture of wireless devices, modules, and chipsets.
AI Analysis | Feedback
- Intel Corporation (INTC)
- Qualcomm Incorporated (QCOM)
- Taiwan Semiconductor Manufacturing Company Limited (TSM)
AI Analysis | Feedback
AI Analysis | Feedback
Greg Smith, President and Chief Executive Officer
Greg Smith became Teradyne's President and CEO in February 2023. From 2020 to 2023, he served as the President of Teradyne's Industrial Automation Group, which is now known as Robotics, and during his tenure, the group's revenue grew by 44%. He joined Teradyne in 2006 as the Marketing Manager for digital test in the Semiconductor Test Division. He later became the Division President from 2017 to 2020, achieving over 50% revenue growth. Before joining Teradyne, Smith held various engineering, marketing, and leadership positions at Raytheon and LTX, where he was involved in developing test equipment.
Michelle Turner, Vice President, Chief Financial Officer, and Treasurer
Michelle Turner was appointed Teradyne's Chief Financial Officer in November 2025. She is responsible for overseeing the company's finance, information technology, and global infrastructure. Turner brings 30 years of financial leadership experience in public companies across various sectors, including aerospace & defense, industrial, healthcare, and oil & gas. Prior to joining Teradyne, she served as the Chief Financial Officer for L3Harris Technologies, a defense technology company. Her background also includes senior financial management and leadership roles at Johnson & Johnson, BHP Billiton, Raytheon, and Honeywell. She holds a bachelor's degree in accounting from the University of South Florida and an MBA from Arizona State University.
Jean-Pierre Hathout, President, Teradyne Robotics Group
Jean-Pierre Hathout is the President of the Teradyne Robotics Group and also serves as the President of Universal Robots (UR). Before this role, he was the President of Mobile Industrial Robots (MiR) for two years. Teradyne Robotics encompasses both Universal Robots and MiR, which are global leaders in advanced robotics solutions. Hathout has over two decades of international management experience, including a 17-year career at Bosch where he held several international management roles. He holds a doctoral degree in mechanical engineering from the Massachusetts Institute of Technology.
Jim Mahon, Vice President, Chief Human Resources Officer
Jim Mahon was appointed Teradyne's Chief Human Resources Officer in 2023. He is responsible for Teradyne's global HR operations. Mahon joined Teradyne in 1980 and progressed through various senior roles in manufacturing, process engineering, marketing, and customer service. Before moving to Human Resources, he was the General Manager of Teradyne's test service business. He was named Vice President of Global Services in 2014. Mahon is a graduate of Rensselaer Polytechnic Institute, holding a Bachelor of Science degree in Electrical Engineering.
Ryan Driscoll, Vice President, General Counsel and Secretary
Ryan Driscoll serves as Vice President, General Counsel, and Secretary of Teradyne, overseeing the company's worldwide legal affairs. He was Teradyne's Deputy General Counsel and Assistant Secretary from 2009 to 2024. Driscoll began his career as a corporate associate at Ropes & Gray, where he worked from 2002 to 2009. He earned a bachelor's degree in economics from Boston College and a J.D. from Boston College Law School.
AI Analysis | Feedback
The key risks to Teradyne's business include:
- The cyclical nature of the semiconductor industry and fluctuations in demand for end-market applications. As a significant portion of Teradyne's business is tied to semiconductor test equipment for various applications like smartphones, automotive, and cloud computing, any downturns or reduced demand in these markets, or in the broader semiconductor industry's capital expenditure cycles, can directly impact Teradyne's revenue and profitability.
- Intense competition and the rapid pace of technological change across its Semiconductor Test, Wireless Test, and Industrial Automation segments. Teradyne operates in highly dynamic industries where continuous innovation is required to keep pace with evolving test requirements for new semiconductor designs, next-generation wireless standards (like 5G and beyond), and advancements in robotics and automation. Failure to innovate effectively or to compete successfully against other technology providers could lead to a loss of market share and reduced profitability.
AI Analysis | Feedback
AI Analysis | Feedback
Teradyne, Inc. (symbol: TER) operates in several key markets, providing automatic test equipment and industrial automation solutions. Here are the addressable market sizes for their main products and services:
Semiconductor Test Segment
- Semiconductor Test Equipment: The global semiconductor test equipment market was valued at approximately USD 15.06 billion in 2025 and is estimated to grow to USD 21.59 billion by 2031. Another report estimates the global market at USD 7.65 billion in 2025, projected to reach USD 14.38 billion by 2034. The semiconductor back-end test equipment market alone was valued at USD 9.91 billion in 2025, with projections to reach USD 18.77 billion by 2034, globally. Asia Pacific held a significant share, commanding 60.74% of the installed base in 2025.
Industrial Automation Segment
- Collaborative Robotic Arms (Cobots): The global collaborative robots market was valued at USD 1.86 billion in 2024 and is estimated to grow to around USD 30.55 billion by 2034. Another estimate for the global market size was approximately USD 3.0 billion in 2025, projected to reach USD 17.2 billion by 2033. The U.S. market for collaborative robots was worth over USD 626.5 million in 2024. Asia Pacific dominated the global collaborative robot market with over 51% revenue share in 2025.
- Autonomous Mobile Robots (AMRs): The global autonomous mobile robots market was valued at USD 3.1 billion in 2025 and is expected to grow to USD 17 billion in 2035. Another source estimates the global market at USD 4.85 billion in 2025, predicted to surpass USD 29.66 billion by 2034. The U.S. autonomous mobile robots market reached USD 814.5 million in 2025. Asia-Pacific held 37.12% of the global AMR market revenue in 2025.
Wireless Test Segment
- Wireless Test Equipment: The global wireless testing market was estimated at USD 14.55 billion in 2023 and is expected to reach USD 31.91 billion by 2030. The global wireless test equipment market is projected to reach between USD 12.0 billion and USD 15.0 billion by 2025. Specifically, the Wi-Fi test equipment market is projected to grow from USD 15.6 billion in 2025 to USD 31.1 billion by 2035. North America held the largest revenue share in the global wireless testing market in 2023.
System Test Segment
- Defense/Aerospace Test Instrumentation and Systems: The global aerospace and defense test and measurement equipment market was valued at US$ 5,862.1 million in 2025. The global aerospace testing market size was valued at USD 5.90 billion in 2024 and is projected to grow to USD 9.40 billion by 2032. The military test equipment market globally is estimated at USD 9.8 billion in 2025 and is projected to reach USD 16.7 billion by 2035. North America dominated the aerospace testing market with a 45.42% market share in 2024.
- Circuit-board Test and Inspection Systems: The global printed circuit board inspection equipment market size in 2026 is estimated at USD 12.69 billion, growing to USD 19.79 billion by 2031. The global PCBA test and inspection equipment market size was valued at USD 1,867 million (approximately USD 1.87 billion) in 2024, with projections to grow to USD 2,959 million (approximately USD 2.96 billion) by 2032. Asia–Pacific holds the largest share of the PCB Testing Equipment market at around 40%.
AI Analysis | Feedback
AI Analysis | Feedback
Share Repurchases
- On January 25, 2023, Teradyne's Board authorized a $2 billion share repurchase program and projected repurchases of up to $500 million of common stock in 2023.
- In April 2025, the company announced an increase in its share repurchase program from a target of $400 million in 2025 to up to $1 billion, to be completed by the end of 2026.
- Teradyne returned $702.1 million to shareholders through share buybacks in 2025.
Share Issuance
- Teradyne's diluted shares outstanding for 2025 were 0.16 billion, a 2.2% decline from 2024.
- The number of shares outstanding decreased to 156.56 million as of March 6, 2026, from 160.63 million in 2025, reflecting a -1.37% change.
Outbound Investments
- In March 2025, Teradyne acquired Quantifi Photonics, a provider of photonics test and measurement equipment, for $127.2 million to enhance its Product Test segment and capabilities in photonic integrated circuit (PIC) testing.
- In January 2025, Teradyne strategically collaborated with Infineon Technologies, acquiring Infineon's automated test equipment team in Regensburg, Germany, for $18.3 million to strengthen its Semiconductor Test segment.
- In January 2026, Teradyne invested approximately $157 million to form MultiLane Test Products, a majority-owned joint venture aimed at accelerating the development of high-speed test solutions for the AI Data Center equipment market.
Capital Expenditures
- Teradyne's capital expenditures averaged $175.5 million annually from fiscal years 2021 to 2025.
- Capital expenditures peaked at $224 million in December 2025.
- Forecasted capital expenditures for 2026 are $245.6 million.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 363.67 |
| Mkt Cap | 53.1 |
| Rev LTM | 3,787 |
| Op Inc LTM | 1,030 |
| FCF LTM | 553 |
| FCF 3Y Avg | 524 |
| CFO LTM | 778 |
| CFO 3Y Avg | 726 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.2% |
| Rev Chg 3Y Avg | 3.5% |
| Rev Chg Q | 31.5% |
| QoQ Delta Rev Chg LTM | 7.0% |
| Op Inc Chg LTM | 43.1% |
| Op Inc Chg 3Y Avg | 5.5% |
| Op Mgn LTM | 18.2% |
| Op Mgn 3Y Avg | 16.9% |
| QoQ Delta Op Mgn LTM | 2.2% |
| CFO/Rev LTM | 17.4% |
| CFO/Rev 3Y Avg | 15.9% |
| FCF/Rev LTM | 14.6% |
| FCF/Rev 3Y Avg | 13.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Semiconductor Test | 2,524 | 2,124 | 1,957 | 2,081 | 2,642 |
| Product Test | 358 | 331 | |||
| Robotics | 308 | 365 | 375 | 403 | 376 |
| Corporate And Eliminations | 0 | 0 | 0 | 0 | |
| All Other | 344 | ||||
| System Test | 469 | 468 | |||
| Wireless Test | 202 | 217 | |||
| Total | 3,190 | 2,820 | 2,676 | 3,155 | 3,703 |
| $ Mil | 2004 | 2003 | 2002 | 2001 | 2000 |
|---|---|---|---|---|---|
| Semiconductor Test Systems | 199 | -60 | -266 | -232 | 675 |
| Connection Systems Segment | 25 | -36 | -80 | ||
| Other Test Systems Segment | 7 | 2 | 1 | -3 | 2 |
| Assembly Test Systems | 0 | ||||
| Circuit Board Test & Inspection Systems | -73 | -200 | |||
| Backplane Connection Systems Industry Operation | -12 | 155 | |||
| Total | 231 | -166 | -545 | -247 | 833 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Semiconductor Test | 1,734 | 1,287 | 1,389 | 1,383 | 1,246 |
| Corporate And Eliminations | 1,330 | 1,466 | 1,170 | 1,193 | 1,584 |
| Robotics | 733 | 742 | 737 | 666 | 701 |
| Product Test | 386 | 214 | |||
| All Other | 191 | ||||
| System Test | 166 | 171 | |||
| Wireless Test | 94 | 108 | |||
| Total | 4,184 | 3,709 | 3,487 | 3,501 | 3,809 |
Price Behavior
| Market Price | $437.92 | |
| Market Cap ($ Bil) | 68.5 | |
| First Trading Date | 03/11/1987 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $372.14 | $253.24 |
| DMA Trend | up | up |
| Distance from DMA | 17.7% | 72.9% |
| 3M | 1YR | |
| Volatility | 87.7% | 68.0% |
| Downside Capture | 501.34 | 236.54 |
| Upside Capture | 410.76 | 364.68 |
| Correlation (SPY) | 64.7% | 54.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.24 | 4.63 | 3.54 | 3.17 | 2.80 | 2.09 |
| Up Beta | 5.50 | 4.62 | 3.66 | 3.60 | 2.83 | 1.82 |
| Down Beta | -0.04 | -3.74 | 1.16 | 1.51 | 2.57 | 1.89 |
| Up Capture | 504% | 481% | 543% | 866% | 1296% | 4296% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 12 | 26 | 40 | 79 | 149 | 399 |
| Down Capture | 835% | 852% | 360% | 231% | 167% | 113% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 8 | 15 | 23 | 45 | 101 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 411.3% | 67.8% | 2.68 | - |
| Sector ETF (XLK) | 59.9% | 23.1% | 1.96 | 57.3% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 54.1% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 30.7% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -7.9% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 10.3% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 28.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 28.4% | 50.4% | 0.68 | - |
| Sector ETF (XLK) | 22.9% | 25.3% | 0.80 | 68.6% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 63.7% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 17.6% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 9.8% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 35.6% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 26.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 36.8% | 45.4% | 0.86 | - |
| Sector ETF (XLK) | 25.4% | 24.7% | 0.93 | 69.3% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 64.0% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 13.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 16.9% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 38.0% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 17.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -19.4% | -6.1% | 0.7% |
| 2/3/2026 | 13.4% | 24.2% | 22.4% |
| 10/29/2025 | 20.5% | 21.7% | 24.3% |
| 7/30/2025 | 18.9% | 18.1% | 29.2% |
| 4/29/2025 | -2.5% | -1.8% | 4.6% |
| 1/30/2025 | -5.7% | -7.7% | -9.9% |
| 10/24/2024 | -11.0% | -12.0% | -15.2% |
| 7/25/2024 | -13.4% | -8.6% | -8.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 12 |
| # Negative | 15 | 14 | 12 |
| Median Positive | 6.9% | 8.7% | 18.6% |
| Median Negative | -3.5% | -6.1% | -6.3% |
| Max Positive | 20.5% | 24.2% | 39.4% |
| Max Negative | -22.4% | -18.2% | -16.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -19.4% | -6.1% | 0.7% |
| 2/3/2026 | 13.4% | 24.2% | 22.4% |
| 10/29/2025 | 20.5% | 21.7% | 24.3% |
| 7/30/2025 | 18.9% | 18.1% | 29.2% |
| 4/29/2025 | -2.5% | -1.8% | 4.6% |
| 1/30/2025 | -5.7% | -7.7% | -9.9% |
| 10/24/2024 | -11.0% | -12.0% | -15.2% |
| 7/25/2024 | -13.4% | -8.6% | -8.6% |
| 4/25/2024 | 8.2% | 12.9% | 39.4% |
| 1/31/2024 | -7.6% | -6.5% | -0.8% |
| 10/26/2023 | -3.2% | -5.9% | 5.3% |
| 7/27/2023 | -3.5% | -6.0% | -10.9% |
| 4/27/2023 | -3.2% | -1.3% | 4.3% |
| 1/26/2023 | 0.2% | 4.4% | -2.6% |
| 10/26/2022 | 3.3% | 3.2% | 18.1% |
| 7/27/2022 | -0.2% | 0.8% | -5.7% |
| 4/27/2022 | -1.3% | 1.5% | -6.8% |
| 1/27/2022 | -22.4% | -18.2% | -16.2% |
| 10/27/2021 | 6.9% | 21.0% | 31.1% |
| 7/28/2021 | -1.1% | 2.7% | -4.4% |
| 4/28/2021 | 1.0% | -6.2% | -1.5% |
| 1/28/2021 | -7.8% | -7.3% | -1.1% |
| 10/21/2020 | 4.7% | -0.5% | 19.2% |
| 7/22/2020 | -0.3% | -3.0% | 0.6% |
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 12 |
| # Negative | 15 | 14 | 12 |
| Median Positive | 6.9% | 8.7% | 18.6% |
| Median Negative | -3.5% | -6.1% | -6.3% |
| Max Positive | 20.5% | 24.2% | 39.4% |
| Max Negative | -22.4% | -18.2% | -16.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/04/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.15 Bil | 1.20 Bil | 1.25 Bil | 0 | Same New | Guidance: 1.20 Bil for Q1 2026 | |
| Q2 2026 GAAP EPS | 1.83 | 1.98 | 2.12 | -1.5% | Lowered | Guidance: 2 for Q1 2026 | |
| Q2 2026 Non-GAAP EPS | 1.86 | 2 | 2.15 | -3.1% | Lowered | Guidance: 2.07 for Q1 2026 | |
Prior: Q4 2025 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.15 Bil | 1.20 Bil | 1.25 Bil | 25.0% | Higher New | Guidance: 960.00 Mil for Q4 2025 | |
| Q1 2026 GAAP EPS | 1.82 | 2 | 2.19 | 59.8% | Higher New | Guidance: 1.25 for Q4 2025 | |
| Q1 2026 Non-GAAP EPS | 1.89 | 2.07 | 2.25 | 55.6% | Higher New | Guidance: 1.33 for Q4 2025 | |
Insider Activity
Updated 6/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Matz, Marilyn | Direct | Sell | 6162026 | 423.03 | 1,200 | 507,636 | 7,377,929 | Form | |
| 2 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 6162026 | 423.03 | 4,000 | 1,692,120 | 50,962,243 | Form |
| 3 | Johnson, Mercedes | Direct | Sell | 6032026 | 369.74 | 167 | 61,747 | 2,537,895 | Form | |
| 4 | Poulin, Shannon John | President, Semiconductor Test | Direct | Sell | 5262026 | 355.00 | 656 | 232,880 | 5,581,160 | Form |
| 5 | Poulin, Shannon John | President, Semiconductor Test | Direct | Sell | 5262026 | 345.37 | 1,008 | 348,133 | 5,203,199 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Matz, Marilyn | Direct | Sell | 6162026 | 423.03 | 1,200 | 507,636 | 7,377,929 | Form | |
| 2 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 6162026 | 423.03 | 4,000 | 1,692,120 | 50,962,243 | Form |
| 3 | Johnson, Mercedes | Direct | Sell | 6032026 | 369.74 | 167 | 61,747 | 2,537,895 | Form | |
| 4 | Poulin, Shannon John | President, Semiconductor Test | Direct | Sell | 5262026 | 355.00 | 656 | 232,880 | 5,581,160 | Form |
| 5 | Poulin, Shannon John | President, Semiconductor Test | Direct | Sell | 5262026 | 345.37 | 1,008 | 348,133 | 5,203,199 | Form |
| 6 | Matz, Marilyn | Direct | Sell | 5262026 | 350.00 | 400 | 140,000 | 6,524,236 | Form | |
| 7 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 5192026 | 338.98 | 8,597 | 2,914,211 | 42,192,696 | Form |
| 8 | Matz, Marilyn | Direct | Sell | 5192026 | 338.98 | 800 | 271,184 | 6,454,408 | Form | |
| 9 | Driscoll, Ryan | VP, General Counsel, Secretary | Direct | Sell | 5112026 | 377.60 | 680 | 256,768 | 2,894,419 | Form |
| 10 | Mills, Regan | President, Product Test | Direct | Sell | 4092026 | 342.17 | 16 | 5,475 | 3,900,514 | Form |
| 11 | Johnson, Mercedes | Direct | Sell | 4072026 | 312.20 | 625 | 195,125 | 1,986,529 | Form | |
| 12 | Mills, Regan | President, Product Test | Direct | Sell | 4032026 | 290.88 | 252 | 73,302 | 3,320,496 | Form |
| 13 | Johnson, Mercedes | Direct | Sell | 3062026 | 299.20 | 625 | 187,000 | 2,090,810 | Form | |
| 14 | Mills, Regan | President, Product Test | Direct | Sell | 2272026 | 332.87 | 788 | 262,302 | 3,957,606 | Form |
| 15 | Johnson, Mercedes | Direct | Sell | 2062026 | 266.98 | 625 | 166,862 | 2,032,519 | Form | |
| 16 | Johnson, Mercedes | Direct | Sell | 1062026 | 211.85 | 625 | 132,406 | 1,745,220 | Form | |
| 17 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 12152025 | 201.31 | 1,108 | 223,051 | 18,804,165 | Form |
| 18 | Johnson, Mercedes | Direct | Sell | 12082025 | 200.00 | 625 | 125,000 | 1,772,600 | Form | |
| 19 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 11142025 | 180.20 | 1,108 | 199,662 | 17,031,962 | Form |
| 20 | Johnson, Mercedes | Direct | Sell | 11072025 | 177.05 | 625 | 110,656 | 1,679,850 | Form | |
| 21 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 10152025 | 145.24 | 1,108 | 160,926 | 13,765,411 | Form |
| 22 | Johnson, Mercedes | Direct | Sell | 10082025 | 147.90 | 625 | 92,438 | 1,495,713 | Form | |
| 23 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 9242025 | 126.39 | 554 | 70,020 | 12,118,905 | Form |
| 24 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 9162025 | 115.00 | 554 | 63,710 | 11,090,484 | Form |
| 25 | Johnson, Mercedes | Direct | Sell | 9092025 | 120.06 | 625 | 75,038 | 1,289,204 | Form | |
| 26 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 8142025 | 106.00 | 554 | 58,724 | 10,281,257 | Form |
| 27 | Johnson, Mercedes | Direct | Sell | 8072025 | 106.00 | 625 | 66,250 | 1,204,478 | Form | |
| 28 | Johnson, Mercedes | Direct | Sell | 8012025 | 105.73 | 1,875 | 198,244 | 1,267,491 | Form | |
| 29 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 8012025 | 105.73 | 554 | 58,574 | 10,313,644 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.