— Know what they know.
/
Not Investment Advice

TER

NASDAQ · USD
Teradyne, Inc.
Technology · Semiconductors
CEO Gregory Stephen Smith Employees 6,600 R&D / revenue 15.8%
Last price
$325.00−5.31%last session
Market cap
$50.8B
P/E (TTM)
44.3x
From 52w high
−33.4%
From 52w low
+139.3%
1-year return
+133.8%
RSI 14 · vs SMA200
33.1 · −5.7%
IS score
79.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

TER   SPY   XLK (sector ETF) · weekly closes
100150200250300350Jan 26Apr 26Jul 26Oct 26TER 234XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
98
Profitability
80
Growth
40
Value
90
Momentum
100
Risk (safety)
86
Quality
84
Balance sheet
62
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
▲ Beneish M above -1.78
Observations
Moat model: Narrow, Efficient ScalePiotroski 6 / 9Altman Z 31.0Beta 1.783 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
19 open-market sales, $12.4M
Form 144 notices (12m): 39, $19.4M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+200
339 new holders, 127 closed
1,434 filers hold 97.9% · 494 added, 465 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+180
1,350 funds adding shares
1,170 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
34.9%
20-day avg 56.3%, 50-day avg 52.8%
Latest 21.4 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.2B
Revenue growth YoY+13.1%
Gross margin58.6%
Operating income$693.4M
Operating margin21.7%
Net income$554.0M
Net margin17.4%
EPS (diluted)$3.48
Cash flow
Operating cash flow$674.4M
Capital expenditure$224.0M
Free cash flow$450.4M
FCF conversion (FCF / OCF)66.8%
Stock-based compensation$0
FCF less SBC$450.4M
Buybacks$702.1M
Dividends$76.3M
Balance sheet & returns
Cash & short-term investments$322.0M
Total debt$283.2M
Net cash$38.8M
Shareholders' equity$2.8B
Goodwill & intangibles$572.3M
Debt / equity0.03
ROE (TTM)38.0%
ROIC (TTM)30.4%
Operating margin by fiscal year
32.4%FY202126.4%FY202218.7%FY202321.1%FY202420.9%FY2025
Revenue $3.7B (FY2021) to $3.2B (FY2025), a -3.7% CAGR.

Valuation

P/E (TTM)44.3x
EV / EBITDA33.2x
Price / sales11.38x
Price / FCF63.5x
FCF yield1.57%
Buyback yield1.38%
SBC / revenue0.0%
Price / book14.79x
Forward P/E FY202635.3x
Forward P/E FY202727.7x
Forward P/E FY202821.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $440.40 across 5 analysts last quarter is theirs, not ours.

TER vs industry median

196 companies in Semiconductors
Gross margin 59.2% 45.0% Operating margin 30.2% 5.8% Net margin 25.8% 5.7% ROIC 30.4% 6.2%
TER (TTM)Industry median Asset turnover 0.91 vs industry 0.52 · financial leverage 1.43

Earnings delivery

Next report 2026-10-27 · consensus EPS $2.08
100%
beat rate, 12 of 12 quarters
+12.8%
median EPS surprise
12
longest beat streak
+20+10+11+55+12+14+4+21+5+8+30+21
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-26 to 2026-04-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
TER Teradyne, Inc. $50.8B44.3x38.0%25.8%+13.1% +133.8%
ALAB Astera Labs, Inc. Common Sto $49.6B131.7x25.8%39.0%+98.5% +74.8%
NXPI NXP Semiconductors N.V. $57.8B19.5x28.4%21.9%+8.8% +5.9%
MPWR Monolithic Power Systems, In $59.5B73.8x21.9%26.2%+28.7% +17.9%
TEL TE Connectivity plc $61.6B20.7x23.5%14.5%+15.5% −4.9%
STM STMicroelectronics N.V. $40.5B87.9x2.6%6.4%+10.3% —
MCHP Microchip Technology Incorpo $40.1B102.3x6.8%15.5%+20.9% —
CRDO Credo Technology Group Holdi $31.9B57.5x30.7%27.0%+165.1% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-10Material Agreement; Financial Obligation; Exhibits
2026-07-29Earnings Release; Exhibits
2026-04-29Earnings Release; Exhibits
2026-02-03Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-10-29Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-10-28Departure/Election of Directors; Appointment of Officers; Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding156,341,000
Free float99.8%
Institutional ownership97.9%
Beta1.78
Dividend yield0.16%
Last dividend$0.13 on 2026-09-04
50 / 200-day average$381.69 / $344.07
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where TER sits among 76 scored companies in Semiconductors (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureTERIndustry medianIndustry percentileSector median
P/E (TTM) 44.2x 45.9x
41st		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 1.52 2.30
39th		 1.36
Price / sales 11.4x 8.1x
64th		 3.9x
Price / book 14.8x 5.5x
85th		 4.4x
Price / tangible book 25.8x 10.3x
82nd		 8.8x
Price / free cash flow 63.5x 57.4x
57th		 20.3x
Price / operating cash flow 47.7x 38.7x
62nd		 17.9x
Enterprise value $50.6B $6.8B
79th		 $5.5B
EV / sales 11.3x 8.4x
64th		 4.1x
EV / EBITDA 34.8x 28.1x
57th		 18.9x
EV / EBIT 37.4x 38.4x
45th		 26.7x
EV / free cash flow 63.2x 57.4x
57th		 21.9x
Earnings yield 2.3% 1.2%
72nd		 2.0%
FCF yield 1.6% 1.4%
59th		 3.3%
Operating cash flow yield 2.1% 2.0%
52nd		 4.4%
Graham number (per share) $59.82 $34.80
79th		 $28.08

Profitability (TTM)

MeasureTERIndustry medianIndustry percentileSector median
Gross margin 59.2% 48.5%
80th		 55.7%
EBITDA margin 32.6% 18.7%
77th		 13.7%
Operating margin 30.6% 10.1%
87th		 8.2%
EBIT margin 30.3% 12.1%
81st		 8.6%
Net margin 25.8% 9.4%
81st		 5.7%
NOPAT margin 26.4% 9.3%
84th		 7.0%
FCF margin 17.9% 12.0%
67th		 15.0%
Operating cash flow margin 23.9% 18.3%
65th		 18.4%
R&D / revenue 12.5% 17.5%
31st		 12.9%
SG&A / revenue 15.5% 14.9%
53rd		 25.6%
Stock comp / revenue 0.4% 3.9%
7th		 4.4%
Effective tax rate 13.7% 17.4%
32nd		 21.0%

Returns on capital

MeasureTERIndustry medianIndustry percentileSector median
ROE (on average equity) 36.7% 6.8%
92nd		 9.4%
ROA 26.5% 4.2%
92nd		 4.1%
ROIC 37.1% 7.9%
88th		 9.0%
ROCE 35.5% 6.6%
95th		 8.6%
Return on tangible assets 31.1% 5.7%
92nd		 5.9%
Cash ROIC (OCF / invested capital) 33.5% 14.1%
78th		 20.7%
Gross profitability (GP / assets) 53.8% 21.5%
97th		 30.0%
ROIC, 3-yr average 22.7% 6.8%
78th		 7.4%
ROIC, 5-yr average 26.2% 16.5%
70th		 7.9%
ROE, 5-yr average 25.5% 10.9%
84th		 6.9%
Incremental ROIC 123.8% 13.4%
87th		 15.3%

Growth

MeasureTERIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 57.9% 17.8%
88th		 14.3%
Revenue growth (QoQ) 3.6% 13.2%
11th		 6.6%
Revenue CAGR, 3 yr 16.0% 3.5%
74th		 9.6%
Revenue CAGR, 5 yr 5.3% 6.5%
39th		 11.5%
Gross profit CAGR, 3 yr 16.7% 2.6%
73rd		 10.9%
Operating income CAGR, 3 yr 29.4% -2.2%
85th		 11.3%
Net income growth (TTM YoY) 145.2% 35.4%
80th		 21.6%
Net income CAGR, 3 yr 27.2% 1.9%
85th		 9.9%
EPS growth (TTM YoY) 150.4% 37.4%
80th		 22.3%
EPS CAGR, 3 yr 29.0% -0.5%
87th		 11.2%
EPS CAGR, 5 yr 7.4% 7.5%
49th		 12.0%
FCF growth (TTM YoY) 40.6% 31.5%
63rd		 24.6%
FCF CAGR, 3 yr 20.0% 2.9%
71st		 19.3%
Operating cash flow CAGR, 3 yr 19.9% 4.1%
74th		 17.9%
Book value CAGR, 3 yr 13.8% 7.2%
71st		 6.8%
Dividend CAGR, 3 yr 1.8% 1.9%
41st		 3.1%
Sustainable growth rate 34.2% 10.7%
90th		 14.2%

Margin history & stability

MeasureTERIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 58.5% 47.6%
79th		 53.2%
Operating margin, 3-yr average 23.2% 8.0%
77th		 6.6%
Net margin, 3-yr average 20.2% 7.9%
77th		 5.2%
FCF margin, 3-yr average 18.6% 11.5%
68th		 12.7%
Revenue stability (0-1) 0.10 0.58
14th		 0.87
Earnings stability (0-1) 0.00 0.36
3rd		 0.45
Margin stability (0-1) 0.98 0.93
96th		 0.95

Liquidity (latest quarter)

MeasureTERIndustry medianIndustry percentileSector median
Cash & short-term investments $354.8M $667.9M
32nd		 $494.1M
Net cash (− = net debt) $254.7M $201.8M
55th		 $49.8M
Working capital $1.3B $953.3M
59th		 $391.0M
Current ratio 2.12 3.45
20th		 1.92
Quick ratio 1.76 2.56
24th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.32 1.60
4th		 0.95
Defensive interval (days) 417 days 778 days
19th		 521 days

Leverage & solvency (latest quarter)

MeasureTERIndustry medianIndustry percentileSector median
Total debt $100.1M $307.1M
39th		 $349.3M
Debt / equity 0.03 0.17
21st		 0.29
Net debt / equity −0.07 −0.19
63rd		 −0.13
Debt / assets 2.0% 11.2%
20th		 16.9%
Debt / capital 2.8% 14.8%
21st		 22.3%
Debt / EBITDA 0.07 1.14
15th		 1.78
Net debt / EBITDA −0.18 −0.82
62nd		 −0.18
Interest coverage (EBIT / interest) 105.2x 12.4x
83rd		 5.8x
Cash interest coverage 82.9x 15.4x
83rd		 12.8x
Debt payback (years of OCF) 0.1 yrs 1.2 yrs
16th		 1.6 yrs
Liabilities / assets 29.5% 30.8%
47th		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 125
0th		 175

Efficiency

MeasureTERIndustry medianIndustry percentileSector median
Asset turnover 1.03 0.52
96th		 0.62
Fixed asset turnover 6.12 4.69
65th		 9.25
Inventory turnover 3.2 2.7
73rd		 3.8
Receivables turnover 5.8 6.3
41st		 6.2
Days sales outstanding 63 days 58 days
59th		 59 days
Days inventory outstanding 113 days 137 days
27th		 94 days
Days payables outstanding 56 days 50 days
65th		 46 days
Cash conversion cycle (days) 120 days 129 days
45th		 50 days
Capex / revenue 5.9% 4.5%
62nd		 2.3%
Capex / depreciation 2.61 0.94
89th		 0.56
Operating expense ratio 26.8% 32.6%
32nd		 44.3%

Cash flow & earnings quality

MeasureTERIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.93 1.34
29th		 1.61
FCF / net income 0.70 0.88
31st		 1.33
FCF / operating cash flow 75.1% 75.0%
51st		 88.0%
Capex / operating cash flow 24.9% 25.0%
49th		 12.0%
Accruals ratio 2.0% -4.4%
80th		 -6.3%
Sloan accruals ratio 5.6% 2.2%
56th		 -1.8%
Earnings quality score (0-1) 0.75 0.75
15th		 0.75

Dividends & buybacks

MeasureTERIndustry medianIndustry percentileSector median
Dividend yield 0.2% 0.0%
68th		 0.0%
Dividend per share (TTM) $0.51 $0.00
76th		 $0.00
Payout ratio (dividends / net income) 6.8% 5.0%
54th		 0.0%
Dividends / FCF 9.8% 0.0%
59th		 0.0%
Dividend growth (YoY) 3.2% 3.6%
41st		 4.1%
Buyback yield 1.0% 0.1%
77th		 1.2%
Shareholder yield (dividends + buybacks) 1.1% 0.3%
65th		 1.7%
Share count change (YoY) -2.1% 1.6%
7th		 0.1%
Buybacks, last 5 years $2.3B $67.3M
80th		 $215.3M

Scores & forensic checks

MeasureTERIndustry medianIndustry percentileSector median
IS score 79 59
91st		 56
IS profitability 98 43
93rd		 40
IS growth 80 69
85th		 65
IS value 40 36
72nd		 39
IS momentum 90 79
74th		 78
IS risk (safety) 100 100
12th		 100
IS quality 86 70
88th		 67
IS balance sheet 84 84
45th		 72
IS earnings quality 62 65
44th		 61
IS cash flow 76 58
77th		 66
Piotroski F-score (0-9) 6 6
43rd		 6
Altman Z-score 31.0 12.3
83rd		 4.0
Beneish M-score −1.15 −2.45
86th		 −2.58
Ohlson O-score −11.07 −9.33
23rd		 −8.00
IS credit score 93 78
91st		 69

Per share

MeasureTERIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $7.30 $1.49
84th		 $0.84
Book value per share $21.80 $17.90
64th		 $9.77
Tangible book per share $17.31 $11.01
69th		 $3.22
Revenue per share $28.31 $13.47
83rd		 $13.00
FCF per share $5.07 $1.50
81st		 $1.78
Operating cash flow per share $6.75 $2.35
85th		 $2.40
Cash per share $2.25 $6.31
11th		 $4.50

Size (TTM)

MeasureTERIndustry medianIndustry percentileSector median
Market cap $50.8B $6.8B
79th		 $4.7B
Revenue $4.5B $1.1B
73rd		 $1.2B
EBITDA $1.5B $207.9M
77th		 $185.8M
Net income $1.2B $119.3M
83rd		 $84.9M
Free cash flow $799.9M $114.6M
77th		 $170.6M
Total assets $4.9B $2.3B
67th		 $2.4B
Shareholders' equity $3.4B $1.4B
67th		 $1.1B
Employees 6,600 2,286
65th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Johnson Mercedes
Director
 Open-market sale 167$402.90$67,2846,197
2026-09-25Tufano Paul J
Director
 Other 19——66,008
2026-09-25Maddock Ernest E
Director
 Other 2——10,269
2026-09-25Herweck Peter
Director
 Other 4——16,282
2026-09-24Tufano Paul J
Director
 Award / grant 141——65,989
2026-09-24Henry Andrew Chisholm
Director
 Award / grant 64——2,991
2026-09-24Herweck Peter
Director
 Award / grant 77——16,278
2026-09-17Matz Marilyn
Director
 Open-market sale 400$351.11$140,44413,841
2026-09-15Smith Gregory Stephen
Director, President and CEO
 Open-market sale 4,000$337.83$1.4M108,495
2026-09-15Matz Marilyn
Director
 Open-market sale 800$337.83$270,26414,241
2026-09-01Johnson Mercedes
Director
 Open-market sale 167$341.30$56,9976,364
2026-08-17Smith Gregory Stephen
Director, President and CEO
 Open-market sale 4,000$425.00$1.7M112,495

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired145,857—
Open-market saleDisposed1933,608$12.4M
Option exerciseAcquired27,440$566,304
Option exerciseDisposed27,440$566,304
OtherAcquired650—
Tax withholdingDisposed11,531$529,695
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 39 notices · 67,192 shares · $19.4M
FiledFilerShares proposedEst. proceeds
2026-10-15Matz Marilyn800$273,024
2026-10-15Smith Gregory Stephen4,000$1.4M
2026-10-01Johnson Mercedes167$67,284
2026-09-17Matz Marilyn400$140,444
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 6 trades (4 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-04-29Michael McCaulHousePurchase$15,001 - $50,0002026-05-11
2026-04-29Michael T. McCaulHousePurchase$15,001 - $50,0002026-05-11
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2025-10-30Lisa C. McClainHouseSale (Full)$1,001 - $15,0002025-11-24
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-14
2024-05-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
2024-05-03Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-06-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.19,437,021$9.4B12.43%
VANGUARD CAPITAL MANAGEMENT LLC10,225,398$4.9B6.54%
VANGUARD PORTFOLIO MANAGEMENT LLC8,633,782$4.2B5.52%
STATE STREET CORP7,290,460$3.5B4.66%
Invesco Ltd.6,683,098$3.2B4.27%
JPMORGAN CHASE & CO4,784,603$2.2B3.06%
GEODE CAPITAL MANAGEMENT, LLC4,602,292$2.2B2.94%
FMR LLC4,105,776$2.0B2.63%
AMERIPRISE FINANCIAL INC2,719,428$1.3B1.74%
VAN ECK ASSOCIATES CORP2,607,914$1.3B1.67%
NORGES BANK2,223,866$1.1B1.42%
ALKEON CAPITAL MANAGEMENT LLC2,163,010$1.0B1.38%
GOLDMAN SACHS GROUP INC1,989,985$962.8M1.27%
T. Rowe Price Investment Management, Inc.1,774,086$858.4M1.13%
BANK OF AMERICA CORP /DE/1,741,943$842.8M1.11%

Institutional ownership by quarter

2023-092026-0697.9%
% of shares held by 13F filers
2023-092026-061,434
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,43497.9%339494465127
2026-03-311,23492.5%29742539388
2025-12-311,04596.5%29931132365
2025-09-30832103.3%19327825379
2025-06-30731103.2%108261282116
2025-03-3175099.5%124273253142
2024-12-31778102.1%13427226796
2024-09-30758102.0%9531124584
2024-06-30758102.8%13026624750
2024-03-31688103.2%7525924192
2023-12-31713100.6%11922527280
2023-09-3068599.4%7024925764

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-07-30SCHEDULE 13G/ABlackRock, Inc.11.1%17,452,401
2026-06-04SCHEDULE 13G/ABlackRock, Inc.10.1%15,850,543
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%11,732,982
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.5%8,623,026
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.09%$2.0B
VTI0.09%$2.0B
VTSAX0.09%$2.0B
VSMPX0.09%$2.0B
VFINX0.10%$1.6B
VFFSX0.10%$1.6B

Share structure

Shares outstanding156,341,000
Float156,028,069
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$3.7B$3.2B$2.7B$2.8B$3.2B
Cost of revenue$1.5B$1.3B$1.1B$1.2B$1.3B
Gross profit$2.2B$1.9B$1.5B$1.6B$1.9B
R&D$427.6M$440.6M$418.1M$460.9M$504.6M
SG&A$547.6M$558.1M$577.3M$617.0M$644.1M
Operating income$1.2B$831.9M$501.1M$593.8M$693.4M
EBITDA$1.3B$954.8M$640.3M$732.4M$768.1M
Pretax income$1.2B$840.4M$525.6M$601.9M$633.3M
Income tax$146.4M$124.9M$76.8M$59.5M$79.3M
Net income$1.0B$715.5M$448.8M$542.4M$554.0M
EPS, diluted$5.53$4.22$2.73$3.32$3.48
Diluted shares183.6M169.7M164.3M163.3M157.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.4B$894.4M$819.7M$599.7M$322.0M
Receivables$550.7M$491.1M$422.1M$471.4M$773.6M
Inventory$607.8M$816.1M$812.2M$664.4M$379.6M
Total current assets$2.6B$2.3B$2.2B$1.8B$1.9B
PP&E, net$456.0M$492.4M$518.9M$578.4M$639.6M
Goodwill & intangibles$501.7M$456.7M$451.1M$411.3M$572.3M
Total assets$3.8B$3.5B$3.5B$3.7B$4.2B
Accounts payable$153.1M$139.7M$180.1M$134.8M$269.2M
Total current liabilities$805.1M$746.3M$660.0M$624.6M$1.1B
Long-term debt$89.2M$0$0$0$63.9M
Total liabilities$1.2B$1.0B$960.9M$889.4M$1.4B
Shareholders' equity$2.6B$2.5B$2.5B$2.8B$2.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.0B$715.5M$448.8M$542.4M$554.0M
Depreciation & amortization$112.5M$110.1M$111.1M$119.7M$126.7M
Stock-based compensation$0$0$0$0$0
Change in working capital−$98.8M−$272.6M−$9.6M$23.9M−$72.5M
Operating cash flow$1.1B$577.9M$585.2M$672.2M$674.4M
Capital expenditure−$132.5M−$163.2M−$159.6M−$198.1M−$224.0M
Free cash flow$965.9M$414.7M$425.6M$474.1M$450.4M
Investing cash flow$120.4M$43.8M−$179.6M−$622.3M−$368.6M
Net debt issued / repaid−$343.0M−$66.8M−$50.3M$0$200.0M
Buybacks−$600.0M−$752.1M−$397.2M−$198.6M−$702.1M
Dividends paid−$66.0M−$69.7M−$67.9M−$76.4M−$76.3M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin59.6%59.2%57.4%58.5%58.3%
Operating margin32.4%26.4%18.7%21.1%20.9%
Net margin27.4%22.7%16.8%19.2%17.4%
FCF margin26.1%13.1%15.9%16.8%14.1%
ROE42.5%28.5%18.0%20.3%19.7%
ROIC75.9%41.9%23.9%23.3%20.5%
ROA27.2%19.6%12.8%15.1%14.1%
Debt / equity0.070.050.030.030.12
Interest coverage66.1x227.0x139.1x170.8x78.3x
Current ratio3.203.033.282.911.76
Revenue growth+18.6%−14.8%−15.2%+5.4%+13.1%
EPS growth+35.8%−24.1%−36.0%+20.1%+5.7%
P/E at year end28.2x19.9x38.9x37.7x55.1x
EV / EBITDA at year end21.0x14.1x26.1x27.2x39.1x
FCF yield at year end3.38%2.91%2.44%2.32%1.48%
Dividend payout6.5%9.7%15.1%14.1%13.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Product$3.2B$2.6B$2.1B$2.3B$2.7B
Service$506.3M$563.5M$580.0M$524.9M$529.8M

Revenue by region · FY2025

TAIWAN, PROVINCE OF CHINA$1.2B · 36%
CHINA$451.3M · 14%
KOREA, REPUBLIC OF$446.3M · 14%
UNITED STATES$360.9M · 11%
EMEA$215.4M · 7%
Rest of World$132.5M · 4%
MALAYSIA$107.4M · 3%
SINGAPORE$95.2M · 3%
PHILIPPINES$92.5M · 3%
THAILAND$67.6M · 2%
JAPAN$65.6M · 2%

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $2.08 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.1B$4.6B – $5.3B$9.21$9.02 – $9.451035.3x
2027$6.2B$5.3B – $6.9B$11.75$9.36 – $13.531227.7x
2028$7.8B$6.1B – $9.3B$15.46$10.66 – $20.09621.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-28$2.11$2.56+21.3%$1.2B$1.3B+6.9%
2026-02-02$1.38$1.80+30.4%$977.2M$1.1B+10.9%
2025-10-28$0.79$0.85+7.6%$744.1M$769.2M+3.4%
2025-07-29$0.54$0.57+5.2%$650.6M$651.8M+0.2%
2025-04-28$0.62$0.75+21.2%$680.5M$685.7M+0.8%
2025-01-29$0.91$0.95+4.4%$740.9M$752.9M+1.6%
2024-10-23$0.79$0.90+13.9%$716.4M$737.3M+2.9%
2024-07-24$0.77$0.86+11.7%$701.2M$729.9M+4.1%
2024-04-24$0.33$0.51+54.5%$566.4M$597.5M+5.5%
2024-01-30$0.71$0.79+11.3%$674.7M$670.6M−0.6%
2023-10-25$0.73$0.80+9.6%$684.6M$699.8M+2.2%
2023-07-26$0.66$0.79+19.7%$658.2M$684.0M+3.9%
2023-04-26$0.43$0.55+27.9%$597.5M$616.0M+3.1%
2023-01-25$0.75$0.92+22.7%$712.0M$731.8M+2.8%
2022-10-25$1.04$1.15+10.6%$800.5M$827.1M+3.3%
2022-07-26$1.14$1.21+6.1%$829.1M$840.8M+1.4%
2022-04-26$0.88$0.98+11.4%$741.3M$755.4M+1.9%
2022-01-26$1.29$1.37+6.2%$867.6M$885.0M+2.0%
2021-10-26$1.43$1.59+11.2%$933.2M$950.5M+1.9%
2021-07-27$1.76$1.91+8.5%$931.8M$1.1B+16.5%
2021-04-27$1.05$1.11+5.7%$760.1M$781.6M+2.8%
2021-01-27$1.01$1.10+8.9%$715.6M$759.0M+6.1%
2020-10-20$1.12$1.18+5.4%$777.8M$819.5M+5.4%
2020-07-21$1.03$1.33+29.1%$649.5M$838.7M+29.1%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.606-153.106-222.306-291.707-061.407-131.307-202.907-271.608-031.008-101.508-170.808-240.808-31
Week ofNotionalSharesTrades
2026-08-31$807.4M2,360,17491,830
2026-08-24$828.2M2,279,55993,328
2026-08-17$1.5B3,717,994122,998
2026-08-10$1.0B2,546,90692,712
2026-08-03$1.6B4,104,254121,136
2026-07-27$2.9B8,525,350207,713

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1534.9%
DateShort shareShort volumeTotal volume
2026-10-1534.9%512,5681,468,250
2026-10-1446.5%530,7621,141,289
2026-10-1349.7%477,787961,537
2026-10-1249.4%478,607968,790
2026-10-0953.4%317,994595,563
2026-10-0845.4%585,1121,288,657
2026-10-0755.2%520,339941,967
2026-10-0642.5%337,304793,859
2026-10-0557.6%350,841609,007
2026-10-0251.7%775,8781,501,579
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.6Jan+3.3Feb+0.1Mar+0.7Apr+2.8May-0.6Jun+2.1Jul-0.9Aug-0.2Sep+3.1Oct+2.7Nov+6.1Dec
MonthAvg returnUp yearsYears
Jan+1.6%50%20
Feb+3.3%60%20
Mar+0.1%57%21
Apr+0.7%55%20
May+2.8%65%20
Jun−0.6%45%20
Jul+2.1%55%20
Aug−0.9%40%20
Sep−0.2%45%20
Oct+3.1%65%20
Nov+2.7%65%20
Dec+6.1%80%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1433.1
MFI27.3
ADX18.8
Stochastic %K / %D5.0 / 9.3
Williams %R-99.3
CCI-202
TSI / signal-6.1 / 6.6
Chaikin money flow0.18
ATR$21.08
Bollinger width29.5%
Volume vs 20-day avg1.28x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$395.27 (−17.8%)
SMA 50$380.44 (−14.6%)
SMA 200$344.53 (−5.7%)
EMA 21$382.46 (−15.0%)
EMA 50$380.64 (−14.6%)
EMA 200$333.60 (−2.6%)
Bollinger upper$453.62 (−28.4%)
Bollinger lower$336.91 (−3.5%)
Parabolic SAR$424.39 (−23.4%)
Open the live chart, 110+ indicators

About Teradyne, Inc.

Teradyne, Inc., established in 1960 and headquartered in North Reading, Massachusetts, is a global leader specializing in the creation, production, sale, and maintenance of automated testing solutions. The company's operations are categorized into four principal divisions: 1. Semiconductor Test: This segment delivers solutions for testing microchips at both the wafer and finished device package stages. These capabilities serve a wide array of sectors, including automotive, industrial, telecommunications, consumer electronics, mobile devices, cloud computing, and gaming. Notable offerings include the FLEX test platform, the J750 system for high-volume semiconductor testing, the Magnum platform specialized for memory components like flash and DRAM, and the ETS platform, which caters to the analog/mixed-signal markets for chip makers and outsourced assembly/test providers. Its clientele encompasses integrated device manufacturers (IDMs), fabless chip companies, foundries, and independent semiconductor assembly and test firms. 2. System Test: This division provides instrumentation and systems for defense and aerospace applications, data storage testing apparatus, and solutions for circuit board examination and fault detection. 3. Industrial Automation: This segment supplies collaborative robotic arms, self-governing mobile robots, and sophisticated software for robotic control, primarily catering to clients in manufacturing, logistics, and lighter industrial applications. 4. Wireless Test: Operating under its LitePoint brand, this segment delivers crucial testing solutions for the development and production of various wireless products, ranging from modules and smartphones to tablets, laptops, peripherals, and Internet-of-Things (IoT) gadgets. Key offerings include IQxel for Wi-Fi and other connectivity standards, IQxstream for comprehensive cellular technology testing (including 5G), IQcell for multi-device cellular signaling verification, IQgig, and ready-to-use test software tailored for wireless chipsets.

https://www.teradyne.com

Key executives

NameTitlePayBorn
Gregory S. SmithPresident, Chief Executive Officer & Director$2.9M1964
Shannon PoulinPresident of Semiconductor Test Division$2.6M1971
Sanjay MehtaExecutive Advisor$1.8M1969
Ryan DriscollVice President, General Counsel & Secretary$1.1M1978
Regan MillsPresident of Product Test Group$751,3231970
Michelle L. TurnerVP, CFO, Treasurer & Principal Accounting Officer$697,7231974
Jean-Pierre HathoutPresident of the Teradyne Robotics—1970
Jim MahonVice President & Chief Human Resources Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Gregory S. Smith President and Chief Executive Officer2025$959,457$10.2M$1.9M$14.1M
Michelle Turner Vice President, Chief Financial Officer & Treasurer2025$118,154$7.9M$169,088$9.3M
Shannon Poulin President, Semiconductor Test2025$526,571$3.1M$814,295$6.0M
Sanjay Mehta Vice President, Chief Financial Officer & Treasurer2025$626,584$3.4M$1.0M$5.4M
Ryan Driscoll Vice President, General Counsel and Secretary2025$457,456$1.2M$637,474$2.4M
Regan Mills President, Product Test2025$305,953$550,072$422,979$1.3M

Employees

5k20185k20196k20206k20216k20226k20236k20247k2025

Dividends

Ex-dateAmountPaid
2026-09-04$0.132026-09-25
2026-05-21$0.132026-06-12
2026-02-13$0.132026-03-13
2025-11-24$0.122025-12-17
2025-09-05$0.122025-09-29
2025-05-22$0.122025-06-13
2025-02-14$0.122025-03-14
2024-11-25$0.122024-12-18

Moat model

Narrow · Efficient Scale · 2026-06-28
Cost advantage69
Intangibles79
Switching costs38
Network effect65
Efficient scale88
Our component scores (0-100) and overall 66.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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