Tearsheet

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): $440.0
Market Cap: $68.8 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%

Attractive cash flow generation
CFO/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 support
Stock Buyback 3Y Total is 1.2 Bil

Megatrend and thematic drivers
Megatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/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 significantly
6M Rtn6 month market price return is 125%, 12M Rtn12 month market price return is 409%

Valuation getting more expensive
P/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 negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9%

Key risks
TER key risks include [1] persistent weakness in its Robotics segment and [2] significant customer concentration.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27%
2 Attractive cash flow generation
CFO/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%
3 Stock buyback support
Stock Buyback 3Y Total is 1.2 Bil
4 Megatrend and thematic drivers
Megatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more.
5 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
6 Expensive valuation multiples
P/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
7 Stock price has recently run up significantly
6M Rtn6 month market price return is 125%, 12M Rtn12 month market price return is 409%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 91%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9%
10 Key risks
TER key risks include [1] persistent weakness in its Robotics segment and [2] significant customer concentration.

TER in ETFs

Weight = TER's share of each fund

SPY0.10%
VOO0.09%
IVV0.10%
VTI0.08%
ITOT0.08%
IWB0.09%
RSP0.24%
VUG0.17%
+37 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/18/2026

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
Updated on 6/18/2026

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.

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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)22820266192026Change
Stock Price ($)319.91437.9236.9%
Change Contribution By: 
Total Revenues ($ Mil)3,1903,78718.7%
Net Income Margin (%)17.4%22.6%29.9%
P/E Multiple90.380.2-11.2%
Shares Outstanding (Mil)1561560.0%
Cumulative Contribution36.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/19/2026
ReturnCorrelation
TER36.9% 
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)113020256192026Change
Stock Price ($)181.75437.92141.0%
Change Contribution By: 
Total Revenues ($ Mil)2,8603,78732.4%
Net Income Margin (%)15.5%22.6%45.6%
P/E Multiple65.180.223.3%
Shares Outstanding (Mil)1591561.4%
Cumulative Contribution141.0%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/19/2026
ReturnCorrelation
TER141.0% 
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)53120256192026Change
Stock Price ($)78.40437.92458.6%
Change Contribution By: 
Total Revenues ($ Mil)2,9063,78730.3%
Net Income Margin (%)19.9%22.6%13.6%
P/E Multiple21.980.2265.5%
Shares Outstanding (Mil)1621563.3%
Cumulative Contribution458.6%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/19/2026
ReturnCorrelation
TER458.6% 
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)53120236192026Change
Stock Price ($)99.05437.92342.1%
Change Contribution By: 
Total Revenues ($ Mil)3,0173,78725.5%
Net Income Margin (%)21.1%22.6%6.8%
P/E Multiple24.280.2230.9%
Shares Outstanding (Mil)156156-0.3%
Cumulative Contribution342.1%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/19/2026
ReturnCorrelation
TER342.1% 
Market (SPY)85.7%60.6%
Sector (XLK)137.9%65.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TER Return37%-46%25%17%54%111%248%
Peers Return26%-27%28%-6%20%106%172%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
TER Win Rate58%50%58%67%67%83% 
Peers Win Rate62%35%58%48%60%75% 
S&P 500 Win Rate75%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

EventTERS&P 500
2025 US Tariff Shock
  % Loss-41.4%-18.8%
  % Gain to Breakeven70.5%23.1%
  Time to Breakeven139 days79 days
2024 Yen Carry Trade Unwind
  % Loss-28.2%-7.8%
  % Gain to Breakeven39.3%8.5%
  Time to Breakeven448 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-29.3%-9.5%
  % Gain to Breakeven41.5%10.5%
  Time to Breakeven180 days24 days
2023 SVB Regional Banking Crisis
  % Loss-15.6%-6.7%
  % Gain to Breakeven18.5%7.1%
  Time to Breakeven39 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.9%-24.5%
  % Gain to Breakeven132.0%32.4%
  Time to Breakeven1111 days427 days
2020 COVID-19 Crash
  % Loss-34.8%-33.7%
  % Gain to Breakeven53.3%50.9%
  Time to Breakeven74 days140 days

Compare to KEYS, COHU, FORM, ROK

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.

EventTERS&P 500
2025 US Tariff Shock
  % Loss-41.4%-18.8%
  % Gain to Breakeven70.5%23.1%
  Time to Breakeven139 days79 days
2024 Yen Carry Trade Unwind
  % Loss-28.2%-7.8%
  % Gain to Breakeven39.3%8.5%
  Time to Breakeven448 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-29.3%-9.5%
  % Gain to Breakeven41.5%10.5%
  Time to Breakeven180 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-56.9%-24.5%
  % Gain to Breakeven132.0%32.4%
  Time to Breakeven1111 days427 days
2020 COVID-19 Crash
  % Loss-34.8%-33.7%
  % Gain to Breakeven53.3%50.9%
  Time to Breakeven74 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-20.7%-19.2%
  % Gain to Breakeven26.2%23.8%
  Time to Breakeven32 days105 days
2014-2016 Oil Price Collapse
  % Loss-21.3%-6.8%
  % Gain to Breakeven27.0%7.3%
  Time to Breakeven207 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-28.2%-17.9%
  % Gain to Breakeven39.2%21.8%
  Time to Breakeven25 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-27.6%-15.4%
  % Gain to Breakeven38.2%18.2%
  Time to Breakeven157 days125 days
2008-2009 Global Financial Crisis
  % Loss-71.9%-53.4%
  % Gain to Breakeven255.9%114.4%
  Time to Breakeven397 days1085 days
Summer 2007 Credit Crunch
  % Loss-22.5%-8.6%
  % Gain to Breakeven29.0%9.5%
  Time to Breakeven1242 days47 days

Compare to KEYS, COHU, FORM, ROK

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

Teradyne sells primarily to other companies across its various segments. Based on its business operations in semiconductor test, wireless test, and industrial automation, its major customers include:
  • Intel Corporation (INTC)
  • Qualcomm Incorporated (QCOM)
  • Taiwan Semiconductor Manufacturing Company Limited (TSM)

AI Analysis | Feedback

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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:

  1. 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.
  2. 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

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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

Teradyne (TER) is expected to experience future revenue growth over the next 2-3 years, primarily driven by several key factors: * Surging AI-driven Demand in Semiconductor Test: Teradyne anticipates significant revenue growth from the increasing demand for testing semiconductors used in Artificial Intelligence (AI) applications, particularly in compute, networking, and memory (including High Bandwidth Memory or HBM, and DRAM). AI-driven demand constituted over 60% of the company's revenue in Q4 2025 and is projected to reach upwards of 70% in Q1 2026. The compute segment's revenue alone increased by 90% year-over-year in 2025. Products like the UltraFLEXplus and Magnum 7 platforms are crucial for this AI compute and memory testing. * Growth in Industrial Automation (Robotics) with AI Integration: The Industrial Automation segment, particularly its robotics offerings, is a significant growth driver. Robotics revenue saw consistent sequential growth in Q4 2025, up 19% from Q3. New AI-enabled products, such as the MiR1200 Pallet Jack with NVIDIA-powered AI, and expanding applications in e-commerce and warehouse automation, are expected to fuel this growth. The company projects its Robotics revenues to grow at a 20% to 30% Compound Annual Growth Rate (CAGR) from 2023 to 2026, with expectations for revenue to approximately triple from 2025 to 2026. * Expansion into New High-Growth Areas within Semiconductor Test: Teradyne is strategically expanding its reach into new segments of semiconductor testing. This includes initial successes in Graphics Processing Unit (GPU) testing, with production expected in the second half of 2026 and a target of low single-digit market share by year-end. The acquisition of Quantifi Photonics aims to bolster its optical test equipment development for silicon photonics, with commercial-scale deployment anticipated by the end of 2026. Additionally, the company secured new customers in System Level Test (SLT) for both mobile and compute applications in 2024 and 2025, and a new HDD customer ramping in 2026. * Recovery and Increased Electronic Content in Automotive and Industrial Sectors: A modest recovery is expected in the automotive and industrial sectors, contributing to revenue growth. The automotive semiconductor market is fundamentally driven by the increasing electronic content per vehicle, which is expected to support long-term growth despite short-term lulls in demand. * AI Adoption in Mobile Devices: The increasing integration of AI capabilities into mobile devices, particularly in premium tiers starting in 2024 and expanding more broadly in 2025, is anticipated to accelerate complexity and boost demand for Teradyne's test solutions in the mobile market.

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.

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Peer Comparisons

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Financials

TERKEYSCOHUFORMROKMedian
NameTeradyne Keysight.Cohu FormFact.Rockwell. 
Mkt Price437.92363.6769.40149.55473.79363.67
Mkt Cap68.562.23.311.653.153.1
Rev LTM3,7876,0884818408,8043,787
Op Inc LTM1,0301,106-49801,6691,030
FCF LTM5531,35740371,339553
FCF 3Y Avg5241,19828461,152524
CFO LTM7781,489521371,535778
CFO 3Y Avg7261,341431101,361726

Growth & Margins

TERKEYSCOHUFORMROKMedian
NameTeradyne Keysight.Cohu FormFact.Rockwell. 
Rev Chg LTM30.3%19.2%23.1%9.6%10.5%19.2%
Rev Chg 3Y Avg9.2%3.5%-12.2%5.8%2.2%3.5%
Rev Chg Q87.0%31.5%29.3%32.0%11.9%31.5%
QoQ Delta Rev Chg LTM18.7%7.2%6.3%7.0%2.8%7.0%
Op Inc Chg LTM70.1%28.6%33.7%72.7%43.1%43.1%
Op Inc Chg 3Y Avg19.2%-5.1%-409.4%118.9%5.5%5.5%
Op Mgn LTM27.2%18.2%-10.2%9.5%19.0%18.2%
Op Mgn 3Y Avg22.4%18.6%-9.3%5.7%16.9%16.9%
QoQ Delta Op Mgn LTM5.6%2.2%2.9%1.9%0.9%2.2%
CFO/Rev LTM20.5%24.5%10.8%16.3%17.4%17.4%
CFO/Rev 3Y Avg23.5%24.6%8.4%14.4%15.9%15.9%
FCF/Rev LTM14.6%22.3%8.3%4.4%15.2%14.6%
FCF/Rev 3Y Avg17.0%22.0%5.1%6.0%13.4%13.4%

Valuation

TERKEYSCOHUFORMROKMedian
NameTeradyne Keysight.Cohu FormFact.Rockwell. 
Mkt Cap68.562.23.311.653.153.1
P/S18.110.26.813.96.010.2
P/Op Inc66.556.2-66.1145.131.856.2
P/EBIT67.948.2-77.7129.339.848.2
P/E80.259.0-58.7170.348.859.0
P/CFO88.141.862.585.134.662.5
Total Yield1.4%1.7%-1.7%0.6%3.2%1.4%
Dividend Yield0.1%0.0%0.0%0.0%1.1%0.0%
FCF Yield 3Y Avg2.7%3.8%1.6%1.5%3.4%2.7%
D/E0.00.00.10.00.10.0
Net D/E-0.00.0-0.0-0.00.1-0.0

Returns

TERKEYSCOHUFORMROKMedian
NameTeradyne Keysight.Cohu FormFact.Rockwell. 
1M Rtn27.2%6.3%54.3%19.3%8.6%19.3%
3M Rtn50.6%31.0%135.1%62.2%33.8%50.6%
6M Rtn124.5%79.6%195.1%162.5%20.5%124.5%
12M Rtn409.0%127.1%281.7%349.2%49.3%281.7%
3Y Rtn307.5%123.7%71.0%380.6%57.9%123.7%
1M Excs Rtn34.3%3.7%60.3%25.6%10.2%25.6%
3M Excs Rtn31.3%11.8%115.1%43.7%20.1%31.3%
6M Excs Rtn117.6%67.2%188.5%156.9%8.6%117.6%
12M Excs Rtn382.6%101.2%255.7%319.6%24.6%255.7%
3Y Excs Rtn226.0%48.8%6.3%294.6%-13.8%48.8%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Semiconductor Test2,5242,1241,9572,0812,642
Product Test358331   
Robotics308365375403376
Corporate And Eliminations0000 
All Other  344  
System Test   469468
Wireless Test   202217
Total3,1902,8202,6763,1553,703


Operating Income by Segment
$ Mil20042003200220012000
Semiconductor Test Systems199-60-266-232675
Connection Systems Segment25-36-80  
Other Test Systems Segment721-32
Assembly Test Systems0    
Circuit Board Test & Inspection Systems -73-200  
Backplane Connection Systems Industry Operation   -12155
Total231-166-545-247833


Assets by Segment
$ Mil20252024202320222021
Semiconductor Test1,7341,2871,3891,3831,246
Corporate And Eliminations1,3301,4661,1701,1931,584
Robotics733742737666701
Product Test386214   
All Other  191  
System Test   166171
Wireless Test   94108
Total4,1843,7093,4873,5013,809


Price Behavior

Price Behavior
Market Price$437.92 
Market Cap ($ Bil)68.5 
First Trading Date03/11/1987 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$372.14$253.24
DMA Trendupup
Distance from DMA17.7%72.9%
 3M1YR
Volatility87.7%68.0%
Downside Capture501.34236.54
Upside Capture410.76364.68
Correlation (SPY)64.7%54.2%
TER Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta5.244.633.543.172.802.09
Up Beta5.504.623.663.602.831.82
Down Beta-0.04-3.741.161.512.571.89
Up Capture504%481%543%866%1296%4296%
Bmk +ve Days13283667141432
Stock +ve Days12264079149399
Down Capture835%852%360%231%167%113%
Bmk -ve Days7132757109318
Stock -ve Days8152345101350

[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
TER411.3%67.8%2.68-
Sector ETF (XLK)59.9%23.1%1.9657.3%
Equity (SPY)26.5%12.4%1.6154.1%
Gold (GLD)24.2%27.5%0.7730.7%
Commodities (DBC)19.8%18.8%0.83-7.9%
Real Estate (VNQ)11.0%13.7%0.5210.3%
Bitcoin (BTCUSD)-40.0%42.5%-1.0828.7%

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
TER28.4%50.4%0.68-
Sector ETF (XLK)22.9%25.3%0.8068.6%
Equity (SPY)13.5%17.1%0.6263.7%
Gold (GLD)17.1%18.3%0.7617.6%
Commodities (DBC)7.5%19.4%0.299.8%
Real Estate (VNQ)1.9%18.9%0.0035.6%
Bitcoin (BTCUSD)11.0%54.2%0.4026.4%

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
TER36.8%45.4%0.86-
Sector ETF (XLK)25.4%24.7%0.9369.3%
Equity (SPY)15.3%18.0%0.7364.0%
Gold (GLD)12.3%16.1%0.6313.1%
Commodities (DBC)5.9%18.0%0.2616.9%
Real Estate (VNQ)5.3%20.7%0.2238.0%
Bitcoin (BTCUSD)60.0%66.8%1.0017.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity6.9 Mil
Short Interest: % Change Since 515202612.4%
Average Daily Volume3.5 Mil
Days-to-Cover Short Interest2.0 days
Basic Shares Quantity156.4 Mil
Short % of Basic Shares4.4%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/2026-19.4%-6.1%0.7%
2/3/202613.4%24.2%22.4%
10/29/202520.5%21.7%24.3%
7/30/202518.9%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   
# Positive91012
# Negative151412
Median Positive6.9%8.7%18.6%
Median Negative-3.5%-6.1%-6.3%
Max Positive20.5%24.2%39.4%
Max Negative-22.4%-18.2%-16.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/29/2026-19.4%-6.1%0.7%
2/3/202613.4%24.2%22.4%
10/29/202520.5%21.7%24.3%
7/30/202518.9%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%
4/25/20248.2%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%
1/26/20230.2%4.4%-2.6%
10/26/20223.3%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%
10/27/20216.9%21.0%31.1%
7/28/2021-1.1%2.7%-4.4%
4/28/20211.0%-6.2%-1.5%
1/28/2021-7.8%-7.3%-1.1%
10/21/20204.7%-0.5%19.2%
7/22/2020-0.3%-3.0%0.6%
SUMMARY STATS   
# Positive91012
# Negative151412
Median Positive6.9%8.7%18.6%
Median Negative-3.5%-6.1%-6.3%
Max Positive20.5%24.2%39.4%
Max Negative-22.4%-18.2%-16.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/01/202610-Q
12/31/202502/19/202610-K
09/30/202510/30/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/20/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/22/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/22/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/01/202610-Q
12/31/202502/19/202610-K
09/30/202510/30/202510-Q
06/30/202508/01/202510-Q
03/31/202505/02/202510-Q
12/31/202402/20/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/22/202410-K
09/30/202311/03/202310-Q
06/30/202308/04/202310-Q
03/31/202305/05/202310-Q
12/31/202202/22/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202102/23/202210-K
09/30/202111/05/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202002/22/202110-K
09/30/202011/02/202010-Q
06/30/202008/03/202010-Q
03/31/202005/04/202010-Q
12/31/201903/02/202010-K
09/30/201911/08/201910-Q
06/30/201908/09/201910-Q

Recent Forward Guidance

Updated 5/31/2026

Latest: Q1 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue1.15 Bil1.20 Bil1.25 Bil0 Same NewGuidance: 1.20 Bil for Q1 2026
Q2 2026 GAAP EPS1.831.982.12-1.5% LoweredGuidance: 2 for Q1 2026
Q2 2026 Non-GAAP EPS1.8622.15-3.1% LoweredGuidance: 2.07 for Q1 2026

Prior: Q4 2025 Earnings Reported 2/3/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue1.15 Bil1.20 Bil1.25 Bil25.0% Higher NewGuidance: 960.00 Mil for Q4 2025
Q1 2026 GAAP EPS1.8222.1959.8% Higher NewGuidance: 1.25 for Q4 2025
Q1 2026 Non-GAAP EPS1.892.072.2555.6% Higher NewGuidance: 1.33 for Q4 2025

Insider Activity

Updated 6/16/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Matz, MarilynDirectSell6162026423.031,200507,6367,377,929Form
2Smith, Gregory StephenPresident and CEODirectSell6162026423.034,0001,692,12050,962,243Form
3Johnson, MercedesDirectSell6032026369.7416761,7472,537,895Form
4Poulin, Shannon JohnPresident, Semiconductor TestDirectSell5262026355.00656232,8805,581,160Form
5Poulin, Shannon JohnPresident, Semiconductor TestDirectSell5262026345.371,008348,1335,203,199Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Matz, MarilynDirectSell6162026423.031,200507,6367,377,929Form
2Smith, Gregory StephenPresident and CEODirectSell6162026423.034,0001,692,12050,962,243Form
3Johnson, MercedesDirectSell6032026369.7416761,7472,537,895Form
4Poulin, Shannon JohnPresident, Semiconductor TestDirectSell5262026355.00656232,8805,581,160Form
5Poulin, Shannon JohnPresident, Semiconductor TestDirectSell5262026345.371,008348,1335,203,199Form
6Matz, MarilynDirectSell5262026350.00400140,0006,524,236Form
7Smith, Gregory StephenPresident and CEODirectSell5192026338.988,5972,914,21142,192,696Form
8Matz, MarilynDirectSell5192026338.98800271,1846,454,408Form
9Driscoll, RyanVP, General Counsel, SecretaryDirectSell5112026377.60680256,7682,894,419Form
10Mills, ReganPresident, Product TestDirectSell4092026342.17165,4753,900,514Form
11Johnson, MercedesDirectSell4072026312.20625195,1251,986,529Form
12Mills, ReganPresident, Product TestDirectSell4032026290.8825273,3023,320,496Form
13Johnson, MercedesDirectSell3062026299.20625187,0002,090,810Form
14Mills, ReganPresident, Product TestDirectSell2272026332.87788262,3023,957,606Form
15Johnson, MercedesDirectSell2062026266.98625166,8622,032,519Form
16Johnson, MercedesDirectSell1062026211.85625132,4061,745,220Form
17Smith, Gregory StephenPresident and CEODirectSell12152025201.311,108223,05118,804,165Form
18Johnson, MercedesDirectSell12082025200.00625125,0001,772,600Form
19Smith, Gregory StephenPresident and CEODirectSell11142025180.201,108199,66217,031,962Form
20Johnson, MercedesDirectSell11072025177.05625110,6561,679,850Form
21Smith, Gregory StephenPresident and CEODirectSell10152025145.241,108160,92613,765,411Form
22Johnson, MercedesDirectSell10082025147.9062592,4381,495,713Form
23Smith, Gregory StephenPresident and CEODirectSell9242025126.3955470,02012,118,905Form
24Smith, Gregory StephenPresident and CEODirectSell9162025115.0055463,71011,090,484Form
25Johnson, MercedesDirectSell9092025120.0662575,0381,289,204Form
26Smith, Gregory StephenPresident and CEODirectSell8142025106.0055458,72410,281,257Form
27Johnson, MercedesDirectSell8072025106.0062566,2501,204,478Form
28Johnson, MercedesDirectSell8012025105.731,875198,2441,267,491Form
29Smith, Gregory StephenPresident and CEODirectSell8012025105.7355458,57410,313,644Form
Core Cache Last Updated: 6/19/2026