Teradyne (TER)
Market Price (5/5/2026): $337.17 | Market Cap: $52.7 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Teradyne (TER)
Market Price (5/5/2026): $337.17Market Cap: $52.7 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Stock buyback supportStock Buyback 3Y Total is 1.2 Bil Megatrend and thematic driversMegatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more. | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 68x Stock price has recently run up significantly12M Rtn12 month market price return is 346% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% Key risksTER key risks include [1] persistent weakness in its Robotics segment and [2] significant customer concentration. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Stock buyback supportStock Buyback 3Y Total is 1.2 Bil |
| Megatrend and thematic driversMegatrends include Automation & Robotics, and Artificial Intelligence. Themes include Industrial Robotics, Factory Automation, Show more. |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 68x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 346% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% |
| Key risksTER key risks include [1] persistent weakness in its Robotics segment and [2] significant customer concentration. |
Qualitative Assessment
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Teradyne (TER) stock has gained about 40% since 1/31/2026 because of the following key factors:
1. Teradyne reported exceptional first-quarter 2026 financial results, significantly exceeding expectations due to surging AI-related demand. The company's Q1 2026 revenue reached $1.282 billion, an 87% increase year-over-year, and non-GAAP EPS was $2.56, marking a 241% increase year-over-year, both well above analyst estimates. Approximately 70% of Teradyne's revenue is now tied to AI-related demand.
2. The company provided a robust outlook and highlighted strategic initiatives for continued AI-driven growth. Teradyne's CEO emphasized the strength of its "wafer to AI data center strategy" and anticipated sustained AI-driven momentum. The company secured its first multi-system production test orders for merchant GPUs, with installations expected in the second quarter of 2026. This positive guidance for Q2 2026, projecting revenue between $1.15 billion and $1.25 billion and non-GAAP EPS of $1.86 to $2.15, fueled investor confidence.
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1. Teradyne reported exceptional first-quarter 2026 financial results, significantly exceeding expectations due to surging AI-related demand. The company's Q1 2026 revenue reached $1.282 billion, an 87% increase year-over-year, and non-GAAP EPS was $2.56, marking a 241% increase year-over-year, both well above analyst estimates. Approximately 70% of Teradyne's revenue is now tied to AI-related demand.
2. The company provided a robust outlook and highlighted strategic initiatives for continued AI-driven growth. Teradyne's CEO emphasized the strength of its "wafer to AI data center strategy" and anticipated sustained AI-driven momentum. The company secured its first multi-system production test orders for merchant GPUs, with installations expected in the second quarter of 2026. This positive guidance for Q2 2026, projecting revenue between $1.15 billion and $1.25 billion and non-GAAP EPS of $1.86 to $2.15, fueled investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The 40.0% change in TER stock from 1/31/2026 to 5/4/2026 was primarily driven by a 45.6% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 240.95 | 337.44 | 40.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,860 | 3,787 | 32.4% |
| Net Income Margin (%) | 15.5% | 22.6% | 45.6% |
| P/E Multiple | 86.2 | 61.8 | -28.3% |
| Shares Outstanding (Mil) | 159 | 156 | 1.4% |
| Cumulative Contribution | 40.0% |
Market Drivers
1/31/2026 to 5/4/2026| Return | Correlation | |
|---|---|---|
| TER | 40.0% | |
| Market (SPY) | 3.6% | 62.1% |
| Sector (XLK) | 12.8% | 50.2% |
Fundamental Drivers
The 85.9% change in TER stock from 10/31/2025 to 5/4/2026 was primarily driven by a 45.6% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 181.55 | 337.44 | 85.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,860 | 3,787 | 32.4% |
| Net Income Margin (%) | 15.5% | 22.6% | 45.6% |
| P/E Multiple | 65.0 | 61.8 | -4.9% |
| Shares Outstanding (Mil) | 159 | 156 | 1.4% |
| Cumulative Contribution | 85.9% |
Market Drivers
10/31/2025 to 5/4/2026| Return | Correlation | |
|---|---|---|
| TER | 85.9% | |
| Market (SPY) | 5.5% | 63.5% |
| Sector (XLK) | 8.1% | 56.6% |
Fundamental Drivers
The 356.4% change in TER stock from 4/30/2025 to 5/4/2026 was primarily driven by a 179.0% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.94 | 337.44 | 356.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,820 | 3,787 | 34.3% |
| Net Income Margin (%) | 19.2% | 22.6% | 17.3% |
| P/E Multiple | 22.1 | 61.8 | 179.0% |
| Shares Outstanding (Mil) | 162 | 156 | 3.9% |
| Cumulative Contribution | 356.4% |
Market Drivers
4/30/2025 to 5/4/2026| Return | Correlation | |
|---|---|---|
| TER | 356.4% | |
| Market (SPY) | 30.4% | 53.6% |
| Sector (XLK) | 55.2% | 53.2% |
Fundamental Drivers
The 273.8% change in TER stock from 4/30/2023 to 5/4/2026 was primarily driven by a 214.5% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5042026 | Change |
|---|---|---|---|
| Stock Price ($) | 90.27 | 337.44 | 273.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,155 | 3,787 | 20.0% |
| Net Income Margin (%) | 22.7% | 22.6% | -0.5% |
| P/E Multiple | 19.7 | 61.8 | 214.5% |
| Shares Outstanding (Mil) | 156 | 156 | -0.4% |
| Cumulative Contribution | 273.8% |
Market Drivers
4/30/2023 to 5/4/2026| Return | Correlation | |
|---|---|---|
| TER | 273.8% | |
| Market (SPY) | 78.7% | 61.8% |
| Sector (XLK) | 119.4% | 64.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TER Return | 37% | -46% | 25% | 17% | 54% | 79% | 194% |
| Peers Return | 26% | -27% | 28% | -6% | 20% | 80% | 138% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 6% | 92% |
Monthly Win Rates [3] | |||||||
| TER Win Rate | 58% | 50% | 58% | 67% | 67% | 80% | |
| Peers Win Rate | 62% | 35% | 58% | 48% | 60% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| TER Max Drawdown | -13% | -56% | -5% | -12% | -46% | 0% | |
| Peers Max Drawdown | -13% | -44% | -9% | -22% | -35% | -3% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[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 5/4/2026 (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% | 23.7% |
| 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. designs, develops, manufactures, sells, and supports automatic test equipment worldwide. The company operates through Semiconductor Test, System Test, Industrial Automation, and Wireless Test segments. The Semiconductor Test segment offers products and services for wafer level and device package testing in automotive, industrial, communications, consumer, smartphones, cloud computer and electronic game, and other applications. This segment also provides FLEX test platform systems; J750 test system to address the volume semiconductor devices; Magnum platform that tests memory devices, such as flash memory and DRAM; and ETS platform for semiconductor manufacturers, and assembly and test subcontractors in the analog/mixed signal markets. It serves integrated device manufacturers that integrate the fabrication of silicon wafers into their business; fabless companies that outsource the manufacturing of silicon wafers; foundries; and semiconductor assembly and test providers. The System Test segment offers defense/aerospace test instrumentation and systems; storage test systems; and circuit-board test and inspection systems. The Industrial Automation segment provides collaborative robotic arms, autonomous mobile robots, and advanced robotic control software for manufacturing, logistics, and light industrial customers. The Wireless Test segment provides test solutions for use in the development and manufacture of wireless devices and modules, smartphones, tablets, notebooks, laptops, peripherals, and Internet-of-Things devices under the LitePoint brand name. This segment also offers IQxel products for Wi-Fi and other standards; IQxstream solution for testing GSM, EDGE, CDMA2000, TD-SCDMA, WCDMA, HSPA+, LTE, and 5G technologies; IQcell, a multi-device cellular signaling test solution; IQgig test solution; and turnkey test software for wireless chipsets. Teradyne, Inc. was incorporated in 1960 and is headquartered in North Reading, Massachusetts.
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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.
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- 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.
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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%.
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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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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
| 04302025 | TER | Teradyne | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 135.0% | 364.6% | -0.6% |
| 11302022 | TER | Teradyne | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.4% | -0.9% | -11.2% |
| 04302022 | TER | Teradyne | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -20.8% | -13.0% | -32.2% |
| 12312018 | TER | Teradyne | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 56.3% | 118.9% | -5.7% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 337.44 |
| Mkt Cap | 45.0 |
| Rev LTM | 3,787 |
| Op Inc LTM | 906 |
| FCF LTM | 553 |
| FCF 3Y Avg | 524 |
| CFO LTM | 778 |
| CFO 3Y Avg | 726 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.1% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 23.3% |
| QoQ Delta Rev Chg LTM | 5.6% |
| Op Inc Chg LTM | 33.7% |
| Op Inc Chg 3Y Avg | 7.5% |
| Op Mgn LTM | 16.0% |
| Op Mgn 3Y Avg | 16.7% |
| QoQ Delta Op Mgn LTM | 2.0% |
| CFO/Rev LTM | 16.5% |
| CFO/Rev 3Y Avg | 15.3% |
| FCF/Rev LTM | 14.4% |
| FCF/Rev 3Y Avg | 12.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 45.0 |
| P/S | 10.6 |
| P/Op Inc | 51.3 |
| P/EBIT | 51.0 |
| P/E | 61.8 |
| P/CFO | 42.0 |
| Total Yield | 1.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.7% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 20.6% |
| 3M Rtn | 57.4% |
| 6M Rtn | 88.7% |
| 12M Rtn | 179.7% |
| 3Y Rtn | 144.6% |
| 1M Excs Rtn | 11.3% |
| 3M Excs Rtn | 54.2% |
| 6M Excs Rtn | 88.5% |
| 12M Excs Rtn | 162.1% |
| 3Y Excs Rtn | 73.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Semiconductor Test | 2,124 | 1,957 | 2,081 | 2,642 | 2,260 |
| Robotics | 365 | 375 | 403 | 376 | 280 |
| Product Test | 331 | ||||
| Corporate And Eliminations | 0 | 0 | 0 | -1 | |
| All Other | 344 | ||||
| System Test | 469 | 468 | 410 | ||
| Wireless Test | 202 | 217 | 173 | ||
| Total | 2,820 | 2,676 | 3,155 | 3,703 | 3,121 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate And Eliminations | 1,466 | 1,170 | 1,193 | 1,584 | 1,624 |
| Semiconductor Test | 1,287 | 1,389 | 1,383 | 1,246 | 1,070 |
| Robotics | 742 | 737 | 666 | 701 | 713 |
| Product Test | 214 | ||||
| All Other | 191 | ||||
| System Test | 166 | 171 | 138 | ||
| Wireless Test | 94 | 108 | 106 | ||
| Total | 3,709 | 3,487 | 3,501 | 3,809 | 3,652 |
Price Behavior
Price Behavior
| Market Price | $337.44 | |
| Market Cap ($ Bil) | 52.8 | |
| First Trading Date | 03/11/1987 | |
| Distance from 52W High | -19.3% | |
| 50 Days | 200 Days | |
| DMA Price | $330.05 | $210.53 |
| DMA Trend | up | up |
| Distance from DMA | 2.2% | 60.3% |
| 3M | 1YR | |
| Volatility | 84.2% | 63.1% |
| Downside Capture | 1.42 | 0.97 |
| Upside Capture | 331.61 | 308.84 |
| Correlation (SPY) | 51.3% | 50.3% |
TER Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.01 | 3.01 | 2.91 | 2.80 | 2.52 | 2.04 |
| Up Beta | 3.50 | 3.39 | 3.73 | 3.00 | 2.52 | 1.80 |
| Down Beta | -2.89 | 4.00 | 3.06 | 2.86 | 3.05 | 2.01 |
| Up Capture | 262% | 348% | 458% | 688% | 909% | 3384% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 28 | 41 | 80 | 145 | 398 |
| Down Capture | -388% | 201% | 151% | 159% | 133% | 112% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 15 | 23 | 45 | 107 | 353 |
[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 | 361.9% | 62.9% | 2.67 | - |
| Sector ETF (XLK) | 53.3% | 20.4% | 1.98 | 53.5% |
| Equity (SPY) | 29.7% | 12.5% | 1.83 | 53.8% |
| Gold (GLD) | 39.6% | 27.2% | 1.21 | 19.3% |
| Commodities (DBC) | 50.7% | 18.0% | 2.18 | -2.2% |
| Real Estate (VNQ) | 12.1% | 13.5% | 0.60 | 12.9% |
| Bitcoin (BTCUSD) | -19.0% | 42.2% | -0.39 | 28.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 21.3% | 49.0% | 0.57 | - |
| Sector ETF (XLK) | 18.7% | 24.8% | 0.67 | 68.1% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 65.2% |
| Gold (GLD) | 20.1% | 17.9% | 0.91 | 15.3% |
| Commodities (DBC) | 14.1% | 19.1% | 0.60 | 12.8% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 36.8% |
| Bitcoin (BTCUSD) | 7.3% | 56.2% | 0.34 | 25.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TER | |
|---|---|---|---|---|
| TER | 33.2% | 44.5% | 0.80 | - |
| Sector ETF (XLK) | 23.6% | 24.4% | 0.88 | 68.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 64.9% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | 10.8% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 18.9% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 38.7% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | -19.4% | ||
| 2/3/2026 | 13.4% | 24.2% | 22.4% |
| 10/29/2025 | 20.5% | 21.7% | 24.3% |
| 7/30/2025 | 18.9% | 18.1% | 29.2% |
| 4/29/2025 | -2.5% | -1.8% | 4.6% |
| 1/30/2025 | -5.7% | -7.7% | -9.9% |
| 10/24/2024 | -11.0% | -12.0% | -15.2% |
| 7/25/2024 | -13.4% | -8.6% | -8.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 10 | 11 |
| # Negative | 15 | 13 | 12 |
| Median Positive | 6.9% | 8.7% | 19.2% |
| Median Negative | -3.5% | -6.2% | -6.3% |
| Max Positive | 20.5% | 24.2% | 39.4% |
| Max Negative | -22.4% | -18.2% | -16.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.15 Bil | 1.20 Bil | 1.25 Bil | 0 | Same New | Guidance: 1.20 Bil for Q1 2026 | |
| Q2 2026 GAAP EPS | 1.83 | 1.98 | 2.12 | -1.5% | Lowered | Guidance: 2 for Q1 2026 | |
| Q2 2026 Non-GAAP EPS | 1.86 | 2 | 2.15 | -3.1% | Lowered | Guidance: 2.07 for Q1 2026 | |
Prior: Q4 2025 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.15 Bil | 1.20 Bil | 1.25 Bil | 25.0% | Higher New | Guidance: 960.00 Mil for Q4 2025 | |
| Q1 2026 GAAP EPS | 1.82 | 2 | 2.19 | 59.8% | Higher New | Guidance: 1.25 for Q4 2025 | |
| Q1 2026 Non-GAAP EPS | 1.89 | 2.07 | 2.25 | 55.6% | Higher New | Guidance: 1.33 for Q4 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mills, Regan | President, Product Test | Direct | Sell | 4092026 | 342.17 | 16 | 5,475 | 3,900,514 | Form |
| 2 | Johnson, Mercedes | Direct | Sell | 4072026 | 312.20 | 625 | 195,125 | 1,986,529 | Form | |
| 3 | Mills, Regan | President, Product Test | Direct | Sell | 4032026 | 290.88 | 252 | 73,302 | 3,320,496 | Form |
| 4 | Johnson, Mercedes | Direct | Sell | 3062026 | 299.20 | 625 | 187,000 | 2,090,810 | Form | |
| 5 | Mills, Regan | President, Product Test | Direct | Sell | 2272026 | 332.87 | 788 | 262,302 | 3,957,606 | Form |
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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