Teradyne (TER)
Market Price (11/3/2026): $269.0 | Market Cap: $42.0 BilInvestor Relations Sector: Information Technology | Industry: Semiconductor Materials & Equipment
Teradyne (TER)
Market Price (11/3/2026): $269.0Market Cap: $42.0 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 75% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -52% Stock buyback supportStock Buyback 3Y Total is 1.1 Bil Megatrend and thematic driversMegatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more. | 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 75% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -52% |
| Stock buyback supportStock Buyback 3Y Total is 1.1 Bil |
| Megatrend and thematic driversMegatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more. |
| Key risksTER key risks include [1] persistent weakness in its Robotics segment and [2] significant customer concentration. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 11/1/2026
Teradyne (TER) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Post-Earnings Correction Driven by Overvaluation Despite Strong Q3 2026 Performance.
Despite Teradyne reporting robust results for fiscal Q3 2026, which ended September 27, 2026, the stock experienced a significant decline, indicating a market correction of its previously high valuation. The company exceeded analyst expectations with non-GAAP earnings per share of $2.29 against estimates of $2.08, and revenue of $1.31 billion, surpassing estimates of $1.26 billion. However, prior to earnings, the stock was considered significantly overvalued, trading 39.3% above its intrinsic value estimate, suggesting a limited margin of safety for investors. This overvaluation made the stock vulnerable to a sharp correction, even in the face of strong quarterly performance. The stock was down 5.37% to $306.31 immediately after the Q3 earnings announcement on October 28, 2026.
2. Market Reaction to Perceived Conservative Q4 2026 Guidance.
While Teradyne's management expressed optimism for 2027 and highlighted over 60% of revenue being AI-driven in fiscal Q3 2026, the guidance provided for fiscal Q4 2026 may have been perceived as conservative by the market, failing to justify the stock's elevated valuation. The company issued revenue guidance for Q4 2026 between $1.25 billion and $1.35 billion, with non-GAAP diluted EPS guidance ranging from $1.95 to $2.25. This outlook, particularly in the context of the broader semiconductor industry where some peers like Intel provided revenue guidance well below Wall Street estimates, likely contributed to investor apprehension and the subsequent stock price drop.
Show more
Teradyne (TER) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Post-Earnings Correction Driven by Overvaluation Despite Strong Q3 2026 Performance.
Despite Teradyne reporting robust results for fiscal Q3 2026, which ended September 27, 2026, the stock experienced a significant decline, indicating a market correction of its previously high valuation. The company exceeded analyst expectations with non-GAAP earnings per share of $2.29 against estimates of $2.08, and revenue of $1.31 billion, surpassing estimates of $1.26 billion. However, prior to earnings, the stock was considered significantly overvalued, trading 39.3% above its intrinsic value estimate, suggesting a limited margin of safety for investors. This overvaluation made the stock vulnerable to a sharp correction, even in the face of strong quarterly performance. The stock was down 5.37% to $306.31 immediately after the Q3 earnings announcement on October 28, 2026.
2. Market Reaction to Perceived Conservative Q4 2026 Guidance.
While Teradyne's management expressed optimism for 2027 and highlighted over 60% of revenue being AI-driven in fiscal Q3 2026, the guidance provided for fiscal Q4 2026 may have been perceived as conservative by the market, failing to justify the stock's elevated valuation. The company issued revenue guidance for Q4 2026 between $1.25 billion and $1.35 billion, with non-GAAP diluted EPS guidance ranging from $1.95 to $2.25. This outlook, particularly in the context of the broader semiconductor industry where some peers like Intel provided revenue guidance well below Wall Street estimates, likely contributed to investor apprehension and the subsequent stock price drop.
Show more
Updated on 11/1/2026
Teradyne (TER) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Post-Earnings Correction Driven by Overvaluation Despite Strong Q3 2026 Performance.
Despite Teradyne reporting robust results for fiscal Q3 2026, which ended September 27, 2026, the stock experienced a significant decline, indicating a market correction of its previously high valuation. The company exceeded analyst expectations with non-GAAP earnings per share of $2.29 against estimates of $2.08, and revenue of $1.31 billion, surpassing estimates of $1.26 billion. However, prior to earnings, the stock was considered significantly overvalued, trading 39.3% above its intrinsic value estimate, suggesting a limited margin of safety for investors. This overvaluation made the stock vulnerable to a sharp correction, even in the face of strong quarterly performance. The stock was down 5.37% to $306.31 immediately after the Q3 earnings announcement on October 28, 2026.
2. Market Reaction to Perceived Conservative Q4 2026 Guidance.
While Teradyne's management expressed optimism for 2027 and highlighted over 60% of revenue being AI-driven in fiscal Q3 2026, the guidance provided for fiscal Q4 2026 may have been perceived as conservative by the market, failing to justify the stock's elevated valuation. The company issued revenue guidance for Q4 2026 between $1.25 billion and $1.35 billion, with non-GAAP diluted EPS guidance ranging from $1.95 to $2.25. This outlook, particularly in the context of the broader semiconductor industry where some peers like Intel provided revenue guidance well below Wall Street estimates, likely contributed to investor apprehension and the subsequent stock price drop.
3. Significant Insider Selling Activity.
A notable factor contributing to negative investor sentiment was the substantial insider selling activity observed during the period. Teradyne insiders executed twenty-two sales totaling approximately $11.87 million over the ninety days leading up to the stock's decline, with key leadership, including the CEO, participating in these planned divestments. This significant level of insider selling, exceeding the $5 million threshold, can signal a lack of confidence from company executives or substantial profit-taking at high valuations, which often prompts other investors to re-evaluate their positions.
4. Broader Tech and Semiconductor Sector Downturn.
The stock's decline also occurred amidst a wider negative trend in the technology and semiconductor sectors. October 2026 saw a "tech bloodbath" with the Nasdaq composite index experiencing a 5% decline. Despite strong demand for AI infrastructure driving growth in parts of the semiconductor market, overall industry sentiment was affected by continued pricing volatility, selective lead-time extensions, and geopolitical risks reshaping semiconductor procurement. This general market and sector weakness created a challenging environment, making even fundamentally strong companies like Teradyne susceptible to a significant sell-off as investors de-risked their portfolios.
Show less
Teradyne (TER) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Post-Earnings Correction Driven by Overvaluation Despite Strong Q3 2026 Performance.
Despite Teradyne reporting robust results for fiscal Q3 2026, which ended September 27, 2026, the stock experienced a significant decline, indicating a market correction of its previously high valuation. The company exceeded analyst expectations with non-GAAP earnings per share of $2.29 against estimates of $2.08, and revenue of $1.31 billion, surpassing estimates of $1.26 billion. However, prior to earnings, the stock was considered significantly overvalued, trading 39.3% above its intrinsic value estimate, suggesting a limited margin of safety for investors. This overvaluation made the stock vulnerable to a sharp correction, even in the face of strong quarterly performance. The stock was down 5.37% to $306.31 immediately after the Q3 earnings announcement on October 28, 2026.
2. Market Reaction to Perceived Conservative Q4 2026 Guidance.
While Teradyne's management expressed optimism for 2027 and highlighted over 60% of revenue being AI-driven in fiscal Q3 2026, the guidance provided for fiscal Q4 2026 may have been perceived as conservative by the market, failing to justify the stock's elevated valuation. The company issued revenue guidance for Q4 2026 between $1.25 billion and $1.35 billion, with non-GAAP diluted EPS guidance ranging from $1.95 to $2.25. This outlook, particularly in the context of the broader semiconductor industry where some peers like Intel provided revenue guidance well below Wall Street estimates, likely contributed to investor apprehension and the subsequent stock price drop.
3. Significant Insider Selling Activity.
A notable factor contributing to negative investor sentiment was the substantial insider selling activity observed during the period. Teradyne insiders executed twenty-two sales totaling approximately $11.87 million over the ninety days leading up to the stock's decline, with key leadership, including the CEO, participating in these planned divestments. This significant level of insider selling, exceeding the $5 million threshold, can signal a lack of confidence from company executives or substantial profit-taking at high valuations, which often prompts other investors to re-evaluate their positions.
4. Broader Tech and Semiconductor Sector Downturn.
The stock's decline also occurred amidst a wider negative trend in the technology and semiconductor sectors. October 2026 saw a "tech bloodbath" with the Nasdaq composite index experiencing a 5% decline. Despite strong demand for AI infrastructure driving growth in parts of the semiconductor market, overall industry sentiment was affected by continued pricing volatility, selective lead-time extensions, and geopolitical risks reshaping semiconductor procurement. This general market and sector weakness created a challenging environment, making even fundamentally strong companies like Teradyne susceptible to a significant sell-off as investors de-risked their portfolios.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -29.0% change in TER stock from 7/31/2026 to 11/2/2026 was primarily driven by a -40.6% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 367.55 | 261.01 | -29.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,464 | 5,001 | 12.0% |
| Net Income Margin (%) | 25.8% | 27.5% | 6.6% |
| P/E Multiple | 50.0 | 29.7 | -40.6% |
| Shares Outstanding (Mil) | 156 | 156 | 0.1% |
| Cumulative Contribution | -29.0% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| TER | -29.0% | |
| Market (SPY) | 0.7% | 48.6% |
| Sector (XLK) | -0.6% | 75.6% |
Fundamental Drivers
The -24.0% change in TER stock from 4/30/2026 to 11/2/2026 was primarily driven by a -69.3% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 343.21 | 261.01 | -24.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,190 | 5,001 | 56.8% |
| Net Income Margin (%) | 17.4% | 27.5% | 58.1% |
| P/E Multiple | 96.9 | 29.7 | -69.3% |
| Shares Outstanding (Mil) | 156 | 156 | 0.1% |
| Cumulative Contribution | -24.0% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| TER | -24.0% | |
| Market (SPY) | 4.9% | 58.5% |
| Sector (XLK) | 9.4% | 79.9% |
Fundamental Drivers
The 43.9% change in TER stock from 10/31/2025 to 11/2/2026 was primarily driven by a 77.2% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 181.41 | 261.01 | 43.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,860 | 5,001 | 74.9% |
| Net Income Margin (%) | 15.5% | 27.5% | 77.2% |
| P/E Multiple | 64.9 | 29.7 | -54.3% |
| Shares Outstanding (Mil) | 159 | 156 | 1.5% |
| Cumulative Contribution | 43.9% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| TER | 43.9% | |
| Market (SPY) | 11.2% | 57.7% |
| Sector (XLK) | 16.3% | 70.8% |
Fundamental Drivers
The 216.9% change in TER stock from 10/31/2023 to 11/2/2026 was primarily driven by a 74.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.37 | 261.01 | 216.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,861 | 5,001 | 74.8% |
| Net Income Margin (%) | 19.6% | 27.5% | 40.4% |
| P/E Multiple | 22.8 | 29.7 | 30.3% |
| Shares Outstanding (Mil) | 155 | 156 | -1.0% |
| Cumulative Contribution | 216.9% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| TER | 216.9% | |
| Market (SPY) | 86.0% | 57.6% |
| Sector (XLK) | 116.2% | 68.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TER Return | 37% | -46% | 25% | 17% | 54% | 35% | 122% |
| Peers Return | 26% | -27% | 28% | -6% | 20% | 56% | 107% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| TER Win Rate | 58% | 50% | 58% | 67% | 67% | 55% | |
| Peers Win Rate | 62% | 35% | 58% | 48% | 60% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| TER Max Drawdown | -27% | -57% | -29% | -37% | -51% | -46% | |
| Peers Max Drawdown | -25% | -45% | -28% | -30% | -40% | -34% | |
| 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 11/2/2026 (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.
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| 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
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)
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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.
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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.
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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.
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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.
Peer Outperformance in Semiconductor Materials & Equipment
TER has outperformed 63% of its 27 Semiconductor Materials & Equipment peers over 5Y. Semiconductor Materials & Equipment ranks 3rd of 12 industries in Information Technology by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Semiconductor Materials & Equipment constituents that TER has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
57%
of 28 industry peers · 43.9% return
3Y
89%
of 28 industry peers · 200.9% return
5Y
63%
of 27 industry peers · 90.9% return
No Semiconductor Materials & Equipment peer with a comparable growth profile has beaten TER by more than 20pp over 5Y.
Median price return by industry across the Information Technology sector, ranked by 5Y. Semiconductor Materials & Equipment is TER's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 18.4% | 110.0% | 198.4% | FLEX 551% · TTMI 451% · JBL 333% |
| Technology Distributors | 9 | 43.9% | 68.0% | 73.2% | AVT 146% · SNX 117% · CNXN 94% |
| Semiconductor Materials & Equipment ← | 28 | 37.3% | 61.0% | 45.7% | AXTI 464% · LRCX 317% · KLAC 313% |
| Electronic Components | 26 | -0.6% | 66.1% | 34.6% | CLS 2294% · BELFA 1195% · APH 329% |
| Communications Equipment | 36 | 2.5% | 73.5% | 32.6% | AAOI 695% · LITE 689% · ANET 434% |
| Semiconductors | 55 | 0.0% | 44.4% | 7.7% | MU 1107% · NVDA 669% · AVGO 555% |
| Electronic Equipment & Instruments | 27 | -4.1% | 24.7% | 3.5% | PI 139% · OSIS 114% · MIR 70% |
| Internet Services & Infrastructure | 6 | 1.5% | 45.7% | -10.1% | GDDY 73% · VRSN 39% · DOCN -3% |
| Technology Hardware, Storage & Peripherals | 21 | -3.4% | 85.5% | -12.0% | WDC 727% · SMCI 721% · DELL 693% |
| IT Consulting & Other Services | 30 | -24.8% | -3.5% | -25.0% | APLD 269% · IBM 152% · ADEA 142% |
| Application Software | 125 | -15.8% | -9.8% | -54.8% | PLTR 588% · FROG 159% · AGYS 148% |
| Systems Software | 70 | -12.3% | 22.2% | -56.2% | CRWD 261% · ZETA 243% · CVLT 145% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 268.07 |
| Mkt Cap | 41.9 |
| Rev LTM | 5,001 |
| Op Inc LTM | 1,333 |
| FCF LTM | 1,025 |
| FCF 3Y Avg | 645 |
| CFO LTM | 1,330 |
| CFO 3Y Avg | 881 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 25.5% |
| Rev Chg 3Y Avg | 6.6% |
| Rev Chg Q | 36.5% |
| QoQ Delta Rev Chg LTM | 8.1% |
| Op Inc Chg LTM | 85.3% |
| Op Inc Chg 3Y Avg | 5.7% |
| Op Mgn LTM | 19.7% |
| Op Mgn 3Y Avg | 17.1% |
| QoQ Delta Op Mgn LTM | 2.1% |
| CFO/Rev LTM | 19.9% |
| CFO/Rev 3Y Avg | 17.5% |
| FCF/Rev LTM | 16.8% |
| FCF/Rev 3Y Avg | 15.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Semiconductor Test | 2,524 | 2,124 | 1,957 | 2,351 | 2,642 |
| Product Test | 358 | 331 | 344 | ||
| Robotics | 308 | 365 | 375 | 403 | 376 |
| Corporate And Eliminations | 0 | 0 | 0 | 0 | 0 |
| All Other | 401 | ||||
| System Test | 468 | ||||
| Wireless Test | 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 | 1,436 | 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 | 191 | ||
| All Other | 207 | ||||
| System Test | 171 | ||||
| Wireless Test | 108 | ||||
| Total | 4,184 | 3,709 | 3,487 | 3,501 | 3,809 |
Price Behavior
Price Behavior
| Market Price | $261.01 | |
| Market Cap ($ Bil) | 40.8 | |
| First Trading Date | 03/11/1987 | |
| Distance from 52W High | -46.0% | |
| 50 Days | 200 Days | |
| DMA Price | $361.89 | $349.52 |
| DMA Trend | down | up |
| Distance from DMA | -27.9% | -25.3% |
| 3M | 1YR | |
| Volatility | 67.3% | 76.0% |
| Downside Capture | 417.29 | 325.85 |
| Upside Capture | 199.09 | 338.11 |
| Correlation (S&P 500) | 45.5% | 57.4% |
TER Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.49 | 3.24 | 3.11 | 3.93 | 3.42 | 2.29 |
| Up Beta | 5.90 | 2.15 | 3.56 | 5.16 | 3.95 | 2.01 |
| Down Beta | 3.38 | 5.52 | 4.69 | 2.85 | 2.43 | 2.03 |
| Up Capture | 191% | 216% | 198% | 612% | 1522% | 7429% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 23 | 32 | 65 | 145 | 402 |
| Down Capture | 587% | 312% | 301% | 269% | 180% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 13 | 20 | 32 | 61 | 106 | 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 | 48.1% | 76.0% | 0.84 | - |
| Sector ETF (XLK) | 16.5% | 27.2% | 0.53 | 70.8% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 57.7% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 34.7% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -7.5% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | -1.8% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 25.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 17.8% | 54.6% | 0.50 | - |
| Sector ETF (XLK) | 17.9% | 26.1% | 0.61 | 69.6% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 61.0% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 18.5% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 8.0% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 29.1% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 25.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 29.1% | 47.8% | 0.71 | - |
| Sector ETF (XLK) | 23.3% | 25.2% | 0.84 | 69.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 61.8% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 14.9% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 15.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 34.1% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 17.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -3.2% | ||
| 7/29/2026 | -0.4% | 25.9% | 13.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 11 |
| # Negative | 16 | 12 | 12 |
| Median Positive | 7.5% | 12.9% | 18.1% |
| Median Negative | -3.4% | -6.4% | -6.3% |
| Max Positive | 20.5% | 25.9% | 39.4% |
| Max Negative | -22.4% | -18.2% | -16.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | -3.2% | ||
| 7/29/2026 | -0.4% | 25.9% | 13.2% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 11 |
| # Negative | 16 | 12 | 12 |
| Median Positive | 7.5% | 12.9% | 18.1% |
| Median Negative | -3.4% | -6.4% | -6.3% |
| Max Positive | 20.5% | 25.9% | 39.4% |
| Max Negative | -22.4% | -18.2% | -16.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/30/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 10/29/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Exclude acquired intangible assets amortization per diluted share | Reported | 0.03 | ||||||
| Q4 2026 Exclude equity method investment amortization per diluted share | Reported | 0.05 | ||||||
| Q4 2026 Revenue | Reported | 1.25 Bil | 1.30 Bil | 1.35 Bil | 4.0% | Higher New | Guidance: 1.25 Bil for Q3 2026 | |
| Q4 2026 Non-GAAP tax adjustments per diluted share | Reported | -0.01 | ||||||
| Q4 2026 GAAP net income attributable to Teradyne per diluted share | Reported | 1.88 | 2.03 | 2.18 | 4.6% | Higher New | Guidance: 1.94 for Q3 2026 | |
| Q4 2026 Non-GAAP net income attributable to Teradyne per diluted share | Reported | 1.95 | 2.1 | 2.25 | 5.0% | Higher New | Guidance: 2 for Q3 2026 | |
Prior: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 1.20 Bil | 1.25 Bil | 1.30 Bil | 4.2% | Higher New | Guidance: 1.20 Bil for Q2 2026 | |
| Q3 2026 GAAP EPS | Reported | 1.79 | 1.94 | 2.09 | -1.8% | Lower New | Guidance: 1.98 for Q2 2026 | |
| Q3 2026 Non-GAAP EPS | Reported | 1.85 | 2 | 2.15 | -0.2% | Lower New | Guidance: 2.01 for Q2 2026 | |
Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 1.15 Bil | 1.20 Bil | 1.25 Bil | 0 | Affirmed | Guidance: 1.20 Bil for Q1 2026 | |
| Q2 2026 GAAP EPS | Reported | 1.83 | 1.98 | 2.12 | -1.5% | Lowered | Guidance: 2.01 for Q1 2026 | |
| Q2 2026 Non-GAAP EPS | Reported | 1.86 | 2.01 | 2.15 | -3.1% | Lowered | Guidance: 2.07 for Q1 2026 | |
Q4 2025 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 1.15 Bil | 1.20 Bil | 1.25 Bil | 25.0% | Higher New | Guidance: 960.00 Mil for Q4 2025 | |
| Q1 2026 GAAP EPS | Reported | 1.82 | 2.01 | 2.19 | 59.8% | Higher New | Guidance: 1.26 for Q4 2025 | |
| Q1 2026 Non-GAAP EPS | Reported | 1.89 | 2.07 | 2.25 | 55.6% | Higher New | Guidance: 1.33 for Q4 2025 | |
Insider Activity
Updated 10/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Matz, Marilyn | Direct | Sell | 10222026 | 350.00 | 400 | 140,000 | 4,424,236 | Form | |
| 2 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 10192026 | 341.28 | 4,000 | 1,365,120 | 35,662,193 | Form |
| 3 | Matz, Marilyn | Direct | Sell | 10192026 | 341.28 | 800 | 273,024 | 4,450,522 | Form | |
| 4 | Johnson, Mercedes | Direct | Sell | 10022026 | 402.90 | 167 | 67,284 | 2,496,771 | Form | |
| 5 | Matz, Marilyn | Direct | Sell | 9182026 | 351.11 | 400 | 140,444 | 4,859,599 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Matz, Marilyn | Direct | Sell | 10222026 | 350.00 | 400 | 140,000 | 4,424,236 | Form | |
| 2 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 10192026 | 341.28 | 4,000 | 1,365,120 | 35,662,193 | Form |
| 3 | Matz, Marilyn | Direct | Sell | 10192026 | 341.28 | 800 | 273,024 | 4,450,522 | Form | |
| 4 | Johnson, Mercedes | Direct | Sell | 10022026 | 402.90 | 167 | 67,284 | 2,496,771 | Form | |
| 5 | Matz, Marilyn | Direct | Sell | 9182026 | 351.11 | 400 | 140,444 | 4,859,599 | Form | |
| 6 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 9162026 | 337.83 | 4,000 | 1,351,320 | 36,653,004 | Form |
| 7 | Matz, Marilyn | Direct | Sell | 9162026 | 337.83 | 800 | 270,264 | 4,810,927 | Form | |
| 8 | Johnson, Mercedes | Direct | Sell | 9022026 | 341.30 | 167 | 56,997 | 2,172,033 | Form | |
| 9 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 8182026 | 425.00 | 4,000 | 1,700,000 | 47,810,548 | Form |
| 10 | Matz, Marilyn | Direct | Sell | 8182026 | 425.00 | 1,200 | 510,000 | 6,392,287 | Form | |
| 11 | Johnson, Mercedes | Direct | Sell | 8042026 | 358.15 | 166 | 59,453 | 2,339,078 | Form | |
| 12 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 7162026 | 356.31 | 4,000 | 1,425,240 | 41,508,479 | Form |
| 13 | Matz, Marilyn | Direct | Sell | 7162026 | 356.31 | 1,200 | 427,572 | 5,786,715 | Form | |
| 14 | Johnson, Mercedes | Direct | Sell | 7022026 | 460.00 | 167 | 76,820 | 3,080,620 | Form | |
| 15 | Matz, Marilyn | Direct | Sell | 6162026 | 423.03 | 1,200 | 507,636 | 7,377,929 | Form | |
| 16 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 6162026 | 423.03 | 4,000 | 1,692,120 | 50,962,243 | Form |
| 17 | Johnson, Mercedes | Direct | Sell | 6032026 | 369.74 | 167 | 61,747 | 2,537,895 | Form | |
| 18 | Poulin, Shannon John | President, Semiconductor Test | Direct | Sell | 5262026 | 355.00 | 656 | 232,880 | 5,581,160 | Form |
| 19 | Poulin, Shannon John | President, Semiconductor Test | Direct | Sell | 5262026 | 345.37 | 1,008 | 348,133 | 5,203,199 | Form |
| 20 | Matz, Marilyn | Direct | Sell | 5262026 | 350.00 | 400 | 140,000 | 6,524,236 | Form | |
| 21 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 5192026 | 338.98 | 8,597 | 2,914,211 | 42,192,696 | Form |
| 22 | Matz, Marilyn | Direct | Sell | 5192026 | 338.98 | 800 | 271,184 | 6,454,408 | Form | |
| 23 | Driscoll, Ryan | VP, General Counsel, Secretary | Direct | Sell | 5112026 | 377.60 | 680 | 256,768 | 2,894,419 | Form |
| 24 | Mills, Regan | President, Product Test | Direct | Sell | 4092026 | 342.17 | 16 | 5,475 | 3,900,514 | Form |
| 25 | Johnson, Mercedes | Direct | Sell | 4072026 | 312.20 | 625 | 195,125 | 1,986,529 | Form | |
| 26 | Mills, Regan | President, Product Test | Direct | Sell | 4032026 | 290.88 | 252 | 73,302 | 3,320,496 | Form |
| 27 | Johnson, Mercedes | Direct | Sell | 3062026 | 299.20 | 625 | 187,000 | 2,090,810 | Form | |
| 28 | Mills, Regan | President, Product Test | Direct | Sell | 2272026 | 332.87 | 788 | 262,302 | 3,957,606 | Form |
| 29 | Johnson, Mercedes | Direct | Sell | 2062026 | 266.98 | 625 | 166,862 | 2,032,519 | Form | |
| 30 | Johnson, Mercedes | Direct | Sell | 1062026 | 211.85 | 625 | 132,406 | 1,745,220 | Form | |
| 31 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 12152025 | 201.31 | 1,108 | 223,051 | 18,804,165 | Form |
| 32 | Johnson, Mercedes | Direct | Sell | 12082025 | 200.00 | 625 | 125,000 | 1,772,600 | Form | |
| 33 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 11142025 | 180.20 | 1,108 | 199,662 | 17,031,962 | Form |
| 34 | Johnson, Mercedes | Direct | Sell | 11072025 | 177.05 | 625 | 110,656 | 1,679,850 | Form | |
| 35 | Smith, Gregory Stephen | President and CEO | Direct | Sell | 10152025 | 145.24 | 1,108 | 160,926 | 13,765,411 | Form |
| 36 | Johnson, Mercedes | Direct | Sell | 10082025 | 147.90 | 625 | 92,438 | 1,495,713 | Form |
Investor Activity (13F)
Updated Nov 3, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Trivest Advisors Ltd | $135.4 Mil | 9.8% | 29 | New | 13F |
| Tensor Edge Capital, LLC | $52.6 Mil | 9.0% | 17 | ADD +53.0% | 13F |
| FengHe Fund Management Pte. Ltd. | $58.3 Mil | 8.1% | 31 | New | 13F |
| Alta Park Capital, LP | $27.7 Mil | 4.5% | 24 | TRIM -42.7% | 13F |
| Lone Pine Capital LLC | $555.2 Mil | 4.4% | 36 | New | 13F |
| Carmel Capital Management L.L.C. | $14.8 Mil | 4.3% | 25 | TRIM -16.3% | 13F |
| Amanah Holdings Trust | $32.6 Mil | 3.6% | 20 | Hold | 13F |
| WT Asset Management Ltd | $164.0 Mil | 3.4% | 32 | ADD +111.2% | 13F |
| E20 Capital Ltd | $30.0 Mil | 2.8% | 22 | New | 13F |
| XXEC, Inc. | $13.9 Mil | 2.4% | 23 | New | 13F |
| KADENSA CAPITAL Ltd | $16.1 Mil | 2.2% | 39 | New | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $19.8 Mil | 2.2% | 37 | New | 13F |
| Anther Capital Ltd | $75.0 Mil | 2.0% | 31 | New | 13F |
| Tairen Capital Ltd | $15.7 Mil | 1.7% | 44 | TRIM -52.9% | 13F |
| Evergreen Quality Fund GP, Ltd. | $31.8 Mil | 0.7% | 40 | ADD +9.5% | 13F |
| DSM Capital Partners LLC | $31.4 Mil | 0.6% | 44 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lone Pine Capital LLC | $555.2 Mil | 4.4% | 36 | New | 13F |
| Trivest Advisors Ltd | $135.4 Mil | 9.8% | 29 | New | 13F |
| Anther Capital Ltd | $75.0 Mil | 2.0% | 31 | New | 13F |
| FengHe Fund Management Pte. Ltd. | $58.3 Mil | 8.1% | 31 | New | 13F |
| DSM Capital Partners LLC | $31.4 Mil | 0.6% | 44 | New | 13F |
| E20 Capital Ltd | $30.0 Mil | 2.8% | 22 | New | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $19.8 Mil | 2.2% | 37 | New | 13F |
| KADENSA CAPITAL Ltd | $16.1 Mil | 2.2% | 39 | New | 13F |
| XXEC, Inc. | $13.9 Mil | 2.4% | 23 | New | 13F |
| WT Asset Management Ltd | $164.0 Mil | 3.4% | 32 | ADD +111.2% | 13F |
| Tensor Edge Capital, LLC | $52.6 Mil | 9.0% | 17 | ADD +53.0% | 13F |
| Evergreen Quality Fund GP, Ltd. | $31.8 Mil | 0.7% | 40 | ADD +9.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Estuary Capital Management LP | $36.2 Mil | 6.4% | 23 | Exited | Dec 31, 2025 | 13F |
| Ariose Capital Management Ltd | $32.3 Mil | 10.8% | 14 | Exited | Dec 31, 2025 | 13F |
| Talos Eurisko Asset Management LP | $18.2 Mil | 3.2% | 24 | Exited | Dec 31, 2025 | 13F |
| Tairen Capital Ltd | $15.7 Mil | 1.7% | 44 | TRIM -52.9% | Mar 31, 2026 | 13F |
| Alta Park Capital, LP | $27.7 Mil | 4.5% | 24 | TRIM -42.7% | Mar 31, 2026 | 13F |
| Carmel Capital Management L.L.C. | $14.8 Mil | 4.3% | 25 | TRIM -16.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lone Pine Capital LLC | $555.2 Mil | 4.4% | 36 | New | 13F |
| WT Asset Management Ltd | $164.0 Mil | 3.4% | 32 | ADD +111.2% | 13F |
| Trivest Advisors Ltd | $135.4 Mil | 9.8% | 29 | New | 13F |
| Anther Capital Ltd | $75.0 Mil | 2.0% | 31 | New | 13F |
| FengHe Fund Management Pte. Ltd. | $58.3 Mil | 8.1% | 31 | New | 13F |
| Tensor Edge Capital, LLC | $52.6 Mil | 9.0% | 17 | ADD +53.0% | 13F |
| Amanah Holdings Trust | $32.6 Mil | 3.6% | 20 | Hold | 13F |
| Evergreen Quality Fund GP, Ltd. | $31.8 Mil | 0.7% | 40 | ADD +9.5% | 13F |
| DSM Capital Partners LLC | $31.4 Mil | 0.6% | 44 | New | 13F |
| E20 Capital Ltd | $30.0 Mil | 2.8% | 22 | New | 13F |
| Alta Park Capital, LP | $27.7 Mil | 4.5% | 24 | TRIM -42.7% | 13F |
| CloudAlpha Capital Management Limited/Hong Kong | $19.8 Mil | 2.2% | 37 | New | 13F |
| KADENSA CAPITAL Ltd | $16.1 Mil | 2.2% | 39 | New | 13F |
| Tairen Capital Ltd | $15.7 Mil | 1.7% | 44 | TRIM -52.9% | 13F |
| Carmel Capital Management L.L.C. | $14.8 Mil | 4.3% | 25 | TRIM -16.3% | 13F |
| XXEC, Inc. | $13.9 Mil | 2.4% | 23 | New | 13F |
Teradyne — Investor Video Playlist
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The AI Chip Testing Industry | Chipnomics, Ep. 7
Products & Services
Teradyne Perspectives on Test - SLT for Data Center
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Teradyne 2026 Strategic Valuation and Q1 Performance Analysis TER $TER #TER #stockmarket
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This Stock Is Up 415% And Nobody's Talking About It 📈#WallStreetGameNotes #Earnings #Investing #WSGN
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Teradyne's AI Explosion: Stock Soars 19%!
Products & Services
Teradyne: Advancing Technology, Powering Progress
Leadership
Drill Down Earnings, Ep. 79: A quick look at Teradyne ($TER) and its Q1 earnings report.
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 |
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Core Cache Last Updated: 11/2/2026