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Teradyne (TER) stock

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NASDAQ: TER Nasdaq Semiconductor Materials & Equipment Next results ~January 27, 2027

B+ Fundamentals grade

Teradyne is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$190

Cash-flow model

Base case. Range ~$140–$240 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 28% below it.

Price used: $261.01, November 2, 2026

Teradyne valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 34 sales by directors and officers, last 12 monthsInsider trades
  • Funds797 adding, 589 cuttingOf 103 active managers that changed their stake, 38 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Teradyne files

10-Q filed October 30: Teradyne

Model value +9.4%

Revenue for the twelve months to September 2026 was $5.00bn, up 74.9% on a year earlier, faster than the 57.9% growth a quarter earlier. That growth ranks 1 of 16 among the semiconductor materials & equipment companies we cover. Free-cash-flow margin rose to 20.5% from 16.0% a year earlier. Operating margin widened to 32.1% from 17.9%. The diluted share count is down 2.2% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from B+ to A. Our model value rises from $169 to $185 a share, against a share price of $274. The rating stays Sell. At that price, our model says the market is pricing in about 22.6% a year of cash-flow growth for five years, faster than the 6.2% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Teradyne stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.46bn, up 57.9% on a year earlier, faster than 30.3% a quarter earlier. That growth ranks 34 of 931 among all the companies we cover. Free-cash-flow margin fell to 17.9% from 20.1% a year earlier. Operating margin widened to 30.2% from 18.3%. The diluted share count is down 2.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $147 a share, against a share price of $338. At that price, our model says the market is pricing in about 28.6% a year of cash-flow growth for five years, faster than the 3.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Teradyne's trailing-twelve-month revenue grew 74.9% year on year, with a free-cash-flow margin of 20.5%. Where it stands out: revenue growth of 74.9% ranks 1 of 20 semiconductor materials & equipment companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$140–$240 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 74.9% (+17.0pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 74.9% over the last 12 months, against a median of 15.8% for semiconductor materials & equipment companies we cover.
  • Growth speeding up. The growth rate is 17.0 points higher than a quarter earlier.
  • High operating margin. 32.1% of revenue is left as operating profit, against a median of 13.2% for semiconductor materials & equipment companies we cover.
  • Margins widening. Operating margin is up 14.3 points on a year ago.
  • Strong cash generation. 20.5% of revenue turned into free cash flow, against a median of 17.5% for semiconductor materials & equipment companies we cover.

Things to watch

  • Priced above our value. The share price of $261.01 is 28% above our value per share of $190.
  • Volatile shares. Over the past year the shares showed annualised volatility of 76% and a beta of 3.4 against the S&P 500.
  • Insiders selling. 6 insiders sold $16M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 75% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$2.29 against an average estimate of $2.06: beat by 11.2%
Revenue
$1.31bn, up 69.8% on a year earlier
Share reaction
-8.5% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
revenue $1,200m to $1,300m (third quarter of 2026); GAAP net income attributable to Teradyne per diluted share $1.79 to $2.09 (third quarter of 2026)
Next report
January 27, 2027; average EPS estimate $2.12

Teradyne's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.9%
  • 1 week-15.5%
  • 1 month-41.9%
  • This year+35.0%
  • 1 year+43.9%
  • 5 years+89.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5B
Operating margin
32.1%
Net margin
27.5%
EPS (TTM, diluted)
$8.71

Growth

Revenue growth
+74.9%
Change in growth rate
+17.0 pts
Share count change
−2.2%

Cash

Free cash flow (TTM)
$1B
FCF margin
20.5%
Stock pay % of revenue
1.6%

Earnings

Last results
October 28, 2026
Next results (est.)
February 2, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Our research
  4. Insider trade
  5. Results
  6. Announcement
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Insider trade
  12. Product
  13. Dividend
  14. Insider trade
  15. Agreement
  16. Results
  17. Guidance
  18. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Teradyne valuation models and calculator

What the price is pricing in

The share price implies about 22.3% a year of cash-flow growth for five years.That is faster than the 6.2% a year revenue growth Teradyne has delivered.

  • Priced in22.3%
  • Last 12 months74.9%
  • 3 years a year22.2%
  • 5 years a year6.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($272.68, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$190
Price used
$272.68close November 3, 2026
Implied change
▼ 31%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Teradyne's free cash flow after stock-based pay with after-tax interest added back ($825M, FY2026 Q3 TTM), growing 20% and 16.9% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$140–~$240 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Teradyne's free cash flow after stock-based pay ( $825M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Teradyne as an operating company, with every model that fits that kind of business. Cost of equity 12.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.59 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$190 ~$140–$240 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$76–$140 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$170–$250 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$89 ~$66–$120 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$60 ~$54–$68 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$60–$190 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Teradyne with Semiconductor Materials & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +28%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $78$105$142$189$251$332
8.5% $60$80$106$140$184$241
10% $49$65$85$111$145$188

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$19.42$24.14$40.11$30.33$66.40$117.35$160.55$86.14$107.48$125.23$193.33$261.01
Market value$4.1bn$4.9bn$8.1bn$5.8bn$11.9bn$21.5bn$29.5bn$14.6bn$17.7bn$20.5bn$30.9bn$41.1bn
+ Net debt (− = net cash)−$265m$45m−$430m−$547m−$379m−$504m−$1.0bn−$805m−$758m−$553m−$94m−$461m
Enterprise value$3.9bn$4.9bn$7.7bn$5.3bn$11.5bn$21.0bn$28.5bn$13.8bn$16.9bn$19.9bn$30.8bn$40.7bn
Multiples
Price / sales 2.5x2.8x3.8x2.8x5.2x6.9x8.0x4.6x6.6x7.3x9.7x8.2x
Price / earnings 20.1x—31.4x12.9x25.5x27.4x29.1x20.4x39.4x37.7x55.7x30.0x
Price / free cash flow 12.4x13.2x15.5x16.1x26.8x31.4x30.5x35.3x41.5x43.1x68.6x40.1x
EV / EBITDA 10.1x86.5x12.1x9.0x17.1x19.9x21.5x14.7x27.6x27.9x39.6x23.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

97 /100

Strong moat

How hard Teradyne's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 29.2% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 58.8%, moving by 1.2 percentage points (standard deviation) across 10 years.

  • Durability 17 / 20

    Operating margin has been a median 23.5%; its worst year was 17.9%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.1% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.3% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 27, 2027, after the close. Analysts expect revenue of $1.3bn and EPS of $2.12 (range $2.08 to $2.24) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.44 +139% $5.2bn +64%
Next $11.90 +26% $6.5bn +24%

Next year's EPS estimate has moved +5.7% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +3.8% on 90 days ago. In the last 30 days, 16 analysts raised Teradyne's forecast and 0 cut it.

Consensus EPS forecast Teradyne, last 90 days
$9.00 $10.00 $11.00 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.10 Current fiscal year, 60 days ago: $9.10 Current fiscal year, 30 days ago: $9.10 Current fiscal year, 7 days ago: $9.11 Current fiscal year, Now: $9.44 $9.44 Next fiscal year, 90 days ago: $11.26 Next fiscal year, 60 days ago: $11.37 Next fiscal year, 30 days ago: $11.37 Next fiscal year, 7 days ago: $11.46 Next fiscal year, Now: $11.90 $11.90

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.10$11.26
60 days ago $9.10$11.37
30 days ago $9.10$11.37
7 days ago $9.11$11.46
Now $9.44$11.90

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.06 $2.29 +11.2%
Jun 2026 $2.05 $2.47 +20.3%
Mar 2026 $2.12 $2.56 +20.9%
Dec 2025 $1.38 $1.80 +30.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • revenue third quarter of 2026 $1,200m to $1,300m
    “Guidance for the third quarter of 2026 is revenue of $1,200 million to $1,300 million, with GAAP net income attributable to Teradyne of $1.79 to $2.09 per diluted share and non-GAAP net income attributable to Teradyne of $1.85 to $2.15 per diluted share.” source
  • GAAP net income attributable to Teradyne per diluted share third quarter of 2026 $1.79 to $2.09 GAAP
    “Guidance for the third quarter of 2026 is revenue of $1,200 million to $1,300 million, with GAAP net income attributable to Teradyne of $1.79 to $2.09 per diluted share and non-GAAP net income attributable to Teradyne of $1.85 to $2.15 per diluted share.” source
  • non-GAAP net income attributable to Teradyne per diluted share third quarter of 2026 $1.85 to $2.15 Non-GAAP
    “Guidance for the third quarter of 2026 is revenue of $1,200 million to $1,300 million, with GAAP net income attributable to Teradyne of $1.79 to $2.09 per diluted share and non-GAAP net income attributable to Teradyne of $1.85 to $2.15 per diluted share.” source

How earlier guidance turned out

  • GAAP net income attributable to Teradyne per diluted share, third quarter of 2026 guided $1.79 to $2.09 Above range: $2.17
  • revenue, third quarter of 2026 guided $1,200m to $1,300m Above range: $1,306m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Teradyne's revenue by +20.0% next year and +16.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+23.2%, weight 69%) and the company's own record (+13.0%, weight 31%) . How the weights are set.

Analyst recommendations

17 analysts, Oct 2026
Buy1271%
Hold529%
Sell00%

Monthly trend

  1. Oct 202611517
  2. Sep 202611517
  3. Aug 202611517
  4. Jul 202612317

Counts of recommendations published by analysts covering Teradyne, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.8%
of tradable shares
Days to cover
3.06
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
6,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +43.9%

$181.41 on October 31, 2025 to $261.01

ThenNowEffect
Revenue (last 12 months) $2.8bn $4.5bn +57.9%
Net margin 16.6% 25.8% +55.3%
P/E multiple 62.8x 35.9x −42.9%
Share count 162m 158m +2.8%

Biggest factor: p/e multiple.

Last 3 years +200.9%

$86.76 on November 3, 2023 to $261.01

ThenNowEffect
Revenue (last 12 months) $2.9bn $4.5bn +56.0%
Net margin 19.6% 25.8% +31.8%
P/E multiple 25.9x 35.9x +38.2%
Share count 167m 158m +5.8%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
TER+37%−46%+25%+17%+54%+35%
Industry peers (median)+67%−36%+44%−4%+27%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
TER58%50%58%67%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
TER−27%−57%−29%−37%−51%−46%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 59% from December 27, 2021 to April 8, 2025. Getting back needed a 145% gain, reached on October 29, 2025, 204 days after the low.

Price behaviour

52-week range
$155.60 – $483.65
From 52-week high
−46.0%
vs 50-day average
−27.9%
vs 200-day average
−25.3%
Volatility (1 year)
76%
Beta vs S&P 500
3.44

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±11.2%
After a week
6 up, 5 down
typical move ±13.9%
After a month
7 up, 4 down
typical move ±16.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −8.5% 0.0% — —
July 29, 2026 +14.0% +0.1% +21.4% +16.0%
April 29, 2026 −9.6% +1.0% +0.6% −1.5%
February 3, 2026 +7.8% −1.3% +22.2% +22.5%
October 29, 2025 +22.5% −1.1% +29.9% +26.1%
July 30, 2025 +18.6% −0.5% +15.8% +30.2%
April 29, 2025 −3.4% +0.7% −3.6% +5.6%
January 30, 2025 −5.1% 0.0% −6.5% −13.2%
October 24, 2024 −10.2% +0.2% −14.6% −13.0%
July 25, 2024 −11.9% +0.6% −15.2% −5.3%
April 25, 2024 +13.3% +0.6% +16.6% +43.1%
January 31, 2024 −9.0% −0.3% −6.8% +1.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Teradyne’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.99× the last 60 days’ realised volatility , richer than 19% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TER Teradyne Grade B+ $261.91

Own 100 shares, sell the $360 call expiring December 18, 2026 (46 days) for $2.85 a share — $285 per contract.

Previous session · Bid $2.85, ask $3.80, quoted Mon 2 Nov, 17:37 New York time with TER at $261.91. Option prices move with the shares: check the live chain at your broker before trading.

  • If TER ends below $360: you keep your shares and the $285 — 1.1% extra on the position, 8.6% a year at that pace.
  • If it ends above $360: your shares are sold at $360, a total return of 38.5% including the premium — at or above our value of ~$190.
$10.1k $0 −$5.2k Break-even $259.06 Price $261.91 ← Our value ~$190
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$285
Annualised
8.6%
Break-even
$259.06
Max gain
$10,094
Chance of selling
~12%

Collar

Own the shares, buy the $240 put and sell the $360 call, both expiring December 18, 2026 (46 days).

  • Net cost of $13.95 a share ($1,395 per contract of 100 shares).
  • Worst case at expiry: -13.7%, if the shares fall below $240 (-8.4% from today).
  • Best case at expiry: +32.1%, if the shares rise above $360 (+37.5%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $190: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Teradyne in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Teradyne
$2B $3B $4B $5B $6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.7B Revenue (TTM), FY24 Q1: $2.7B Revenue (TTM), FY24 Q2: $2.7B Revenue (TTM), FY24 Q3: $2.7B Revenue (TTM), FY24 Q4: $2.8B Revenue (TTM), FY25 Q1: $2.9B Revenue (TTM), FY25 Q2: $2.8B Revenue (TTM), FY25 Q3: $2.9B Revenue (TTM), FY25 Q4: $3.2B Revenue (TTM), FY26 Q1: $3.8B Revenue (TTM), FY26 Q2: $4.5B Revenue (TTM), FY26 Q3: $5B $5B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.7B
FY24 Q1 $2.7B
FY24 Q2 $2.7B
FY24 Q3 $2.7B
FY24 Q4 $2.8B
FY25 Q1 $2.9B
FY25 Q2 $2.8B
FY25 Q3 $2.9B
FY25 Q4 $3.2B
FY26 Q1 $3.8B
FY26 Q2 $4.5B
FY26 Q3 $5B
Revenue growth, TTM YoY Teradyne
-50% 0% 50% 100% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -15.2% Revenue growth, TTM YoY, FY24 Q1: -11.9% Revenue growth, TTM YoY, FY24 Q2: -5.5% Revenue growth, TTM YoY, FY24 Q3: 0.0% Revenue growth, TTM YoY, FY24 Q4: 5.4% Revenue growth, TTM YoY, FY25 Q1: 9.3% Revenue growth, TTM YoY, FY25 Q2: 4.6% Revenue growth, TTM YoY, FY25 Q3: 4.5% Revenue growth, TTM YoY, FY25 Q4: 13.1% Revenue growth, TTM YoY, FY26 Q1: 30.3% Revenue growth, TTM YoY, FY26 Q2: 57.9% Revenue growth, TTM YoY, FY26 Q3: 74.9% 74.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -15.2%
FY24 Q1 -11.9%
FY24 Q2 -5.5%
FY24 Q3 0.0%
FY24 Q4 5.4%
FY25 Q1 9.3%
FY25 Q2 4.6%
FY25 Q3 4.5%
FY25 Q4 13.1%
FY26 Q1 30.3%
FY26 Q2 57.9%
FY26 Q3 74.9%
Operating margin (TTM) Teradyne
15% 20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 18.7% Operating margin (TTM), FY24 Q1: 18.3% Operating margin (TTM), FY24 Q2: 20.6% Operating margin (TTM), FY24 Q3: 20.6% Operating margin (TTM), FY24 Q4: 21.1% Operating margin (TTM), FY25 Q1: 21.9% Operating margin (TTM), FY25 Q2: 18.3% Operating margin (TTM), FY25 Q3: 17.9% Operating margin (TTM), FY25 Q4: 20.4% Operating margin (TTM), FY26 Q1: 26.5% Operating margin (TTM), FY26 Q2: 30.2% Operating margin (TTM), FY26 Q3: 32.1% 32.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 18.7%
FY24 Q1 18.3%
FY24 Q2 20.6%
FY24 Q3 20.6%
FY24 Q4 21.1%
FY25 Q1 21.9%
FY25 Q2 18.3%
FY25 Q3 17.9%
FY25 Q4 20.4%
FY26 Q1 26.5%
FY26 Q2 30.2%
FY26 Q3 32.1%
FCF margin (TTM) Teradyne
14% 16% 18% 20% 22% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 15.9% FCF margin (TTM), FY24 Q1: 15.5% FCF margin (TTM), FY24 Q2: 17.7% FCF margin (TTM), FY24 Q3: 16.6% FCF margin (TTM), FY24 Q4: 16.8% FCF margin (TTM), FY25 Q1: 20.9% FCF margin (TTM), FY25 Q2: 20.1% FCF margin (TTM), FY25 Q3: 16.0% FCF margin (TTM), FY25 Q4: 14.1% FCF margin (TTM), FY26 Q1: 14.6% FCF margin (TTM), FY26 Q2: 17.9% FCF margin (TTM), FY26 Q3: 20.5% 20.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 15.9%
FY24 Q1 15.5%
FY24 Q2 17.7%
FY24 Q3 16.6%
FY24 Q4 16.8%
FY25 Q1 20.9%
FY25 Q2 20.1%
FY25 Q3 16.0%
FY25 Q4 14.1%
FY26 Q1 14.6%
FY26 Q2 17.9%
FY26 Q3 20.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Teradyne took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $3.2B
  2. Cost of revenue $1.3B · 41.8%
  3. Gross profit $1.9B · 58.2%
  4. Research and development $505M · 15.8%
  5. Selling, general and admin $649M · 20.3%
  6. Other operating costs $53.8M · 1.7%
  7. Operating income $650M · 20.4%
  8. Income tax $79.3M · 2.5%
  9. Interest and other $16.7M · 0.5%
  10. Net income $554M · 17.4%

Shares of revenue. Source: Teradyne's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 777 1,566 1,429 1,657 1,428 1,648 1,640 1,753 2,137 2,101 2,295 3,121 3,703 3,155 2,676 2,820 3,190 5,001
Gross profit 299 858 712 886 809 879 916 959 1,221 1,220 1,340 1,786 2,207 1,867 1,537 1,649 1,857 2,967
EBITDA −20 508 338 433 341 249 384 57 633 587 674 1,055 1,326 943 612 714 778 1,745
Operating income −125 415 231 287 191 96 243 −63 525 474 554 928 1,201 832 501 594 650 1,606
Net income −134 385 370 217 165 81 206 −43 258 452 467 784 1,015 716 449 542 554 1,373
Diluted EPS −$0.77 $1.75 $1.63 $0.94 $0.70 $0.37 $0.97 −$0.21 $1.28 $2.35 $2.60 $4.28 $5.53 $4.22 $2.73 $3.32 $3.47 $8.71
Growth (year on year)
Revenue −29.8% +101.5% −8.8% +15.9% −13.8% +15.4% −0.5% +6.9% +21.9% −1.7% +9.2% +36.0% +18.6% −14.8% −15.2% +5.4% +13.1% +74.9%
EBITDA — — −33.5% +28.0% −21.1% −27.1% +54.1% −85.1% +>999% −7.3% +14.9% +56.5% +25.7% −28.9% −35.1% +16.6% +9.0% +175.3%
Operating income — — −44.2% +24.1% −33.7% −49.4% +152.0% −125.9% — −9.8% +16.9% +67.7% +29.3% −30.7% −39.8% +18.5% +9.5% +214.6%
Net income — — −3.9% −41.3% −24.0% −50.7% +154.1% −121.0% — +75.3% +3.5% +67.7% +29.4% −29.5% −37.3% +20.9% +2.2% +209.9%
Diluted EPS — — −6.9% −42.3% −25.5% −47.1% +162.2% −121.6% — +83.6% +10.6% +64.6% +29.2% −23.7% −35.3% +21.6% +4.5% +216.7%
Margins
Gross margin 38.5% 54.8% 49.8% 53.5% 56.6% 53.3% 55.8% 54.7% 57.2% 58.1% 58.4% 57.2% 59.6% 59.2% 57.4% 58.5% 58.2% 59.3%
EBITDA margin −2.6% 32.5% 23.7% 26.1% 23.9% 15.1% 23.4% 3.3% 29.6% 27.9% 29.4% 33.8% 35.8% 29.9% 22.9% 25.3% 24.4% 34.9%
Operating margin −16.1% 26.5% 16.2% 17.3% 13.4% 5.9% 14.8% −3.6% 24.6% 22.6% 24.1% 29.7% 32.4% 26.4% 18.7% 21.1% 20.4% 32.1%
Net margin −17.2% 24.6% 25.9% 13.1% 11.6% 4.9% 12.6% −2.5% 12.1% 21.5% 20.4% 25.1% 27.4% 22.7% 16.8% 19.2% 17.4% 27.5%
Free-cash-flow margin 10.4% 31.3% 13.2% 17.1% 11.2% 19.6% 20.3% 21.1% 24.4% 17.3% 19.4% 21.9% 26.1% 13.1% 15.9% 16.8% 14.1% 20.5%
Cash flow
Cash from operations 122 566 275 403 267 492 423 455 626 477 579 869 1,098 578 585 672 674 1,330
Capital spending 41 76 86 119 107 169 90 85 105 114 135 185 132 163 160 198 224 305
Free cash flow 81 490 189 284 161 323 333 370 521 363 444 684 966 415 426 474 450 1,025
Stock-based pay 24 30 32 40 37 40 30 31 34 34 38 45 46 48 58 60 64 80
Free cash flow after stock pay 56 460 156 244 124 283 303 339 487 329 406 639 920 366 368 414 386 945
Balance sheet
Cash 417 398 574 339 342 294 265 308 430 927 774 914 1,122 855 758 553 294 461
Total debt 143 — 165 176 373 0 0 353 — 380 395 410 108 50 — 0 200 0
Net debt (negative = net cash) −273 −398 −409 −163 32 −294 −265 45 −430 −547 −379 −504 −1,014 −805 −758 −553 −94 −461
Diluted shares 174m 227m 227m 230m 236m 223m 213m 203m 202m 193m 179m 183m 184m 170m 164m 163m 160m 158m
Returned to shareholders
Dividends — — — — — 37 51 49 55 67 61 66 66 70 68 76 76 80
Buybacks — — 31 — — — 300 146 200 823 500 88 600 752 397 199 702 357
Total returned — — 31 — — 37 351 195 256 891 561 155 666 822 465 275 778 437

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · September 27, 2026
What it owns · $5.4bn
Short-term assets $2.8bnLonger-term assets $2.7bn
What it owes, and who funded it · $5.4bn
Short-term liabilities $1.3bnLonger-term liabilities $371mShareholders' equity $3.7bn
  • Short-term assets cover short-term liabilities $2.8bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.8bn short-term assets against $371m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $1.6bn against $11m of interest.

From Teradyne's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$357M
Dividends (TTM)
$79.8M
Returned to shareholders
43%
of free cash flow
Buybacks, last 3 fiscal years
$1.3B
Diluted share count
−2.2%
year over year
Total shareholder yield
1.1%
dividends 0.2% + buybacks 0.9% of market value
Dividend payout ratio
6%
of net income paid out
R&D spending
12.0%
of revenue
Sales & admin spending
14.5%
of revenue
Days sales outstanding
81 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductor materials & equipment
Last 12 months unless stated TER MKSI ENTG UCTT KLAC ONTO Median
Revenue, last 12 months $5.0bn $4.3bn $3.5bn $2.4bn $14.5bn $1.1bn $994m
Revenue growth, last 12 months 74.9% 16.3% 9.4% 15.8% 15.8% 8.1% 15.8%
Revenue growth, 3-year average 22.2% 4.2% −1.2% 9.6% 12.6% 7.7% 7.8%
Revenue growth, latest quarter 69.8% 28.3% 24.6% 48.8% 28.9% 35.3% 33.7%
Gross margin 59.3% 47.0% 47.1% 16.1% 61.5% 50.4% 47.7%
Operating margin 32.1% 15.7% 18.2% 4.3% 22.6% 12.0% 13.2%
Operating margin, 3-year average 23.5% 13.3% 16.3% 1.2% 26.1% 15.9% 16.0%
Net margin 27.5% 10.1% 11.1% 1.1% 36.2% 11.8% 10.9%
Cash from operations / revenue 26.6% 14.6% 22.6% −4.4% 31.1% 23.8% 18.6%
Free-cash-flow margin 20.5% 10.5% 17.5% −6.7% 27.8% 22.5% 15.0%
Free-cash-flow margin, 3-year average 17.7% 12.2% 12.1% −1.6% 29.8% 22.0% 11.9%
Stock pay / revenue 1.6% 1.3% 2.1% 0.9% 2.2% 2.8% 2.4%
Change in share count −2.2% 3.3% 0.9% 0.7% −4.5% 0.3% 0.8%

Median of all 20 companies we cover in semiconductor materials & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 semiconductor materials & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 74.9% 15.8% 1 of 20
Change in growth rate Growth +17.0pp +7.5pp 4 of 20
Gross margin Profitability 59.3% 48.2% 2 of 19
Operating margin Profitability 32.1% 13.2% 3 of 19
Net margin Profitability 27.5% 11.1% 6 of 20
Free-cash-flow margin Cash generation 20.5% 17.5% 8 of 20
Stock pay as % of revenue Cash generation 1.6% 2.5% 7 of 20
Change in share count Balance sheet -2.2% 0.9% 2 of 19
Days sales outstanding Balance sheet 81 days 79 days 11 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $2.7B 83.4% ▲ 15.9%
Services $530M 16.6% ▲ 0.9%
Geography
Region Revenue YoY
Asia Pacific $2.5B ▲ 19.4%
Taiwan $1.2B ▲ 91.9%
China $451M ▲ 20.3%
South Korea $446M ▼ 35.8%
Americas $426M ▼ 2.3%
United States $361M ▼ 3.6%
EMEA $224M ▼ 12.7%
Europe $215M ▼ 14.3%
Rest of World $133M ▲ 24.8%
Malaysia $107M ▲ 72.1%
Singapore $95.2M ▲ 5.7%
PH $92.5M ▲ 72.5%
TH $67.6M ▲ 37.3%
Japan $65.6M ▼ 58.9%

These categories overlap or exclude eliminations, so shares aren't shown.

From Teradyne's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$73B
Institutions reporting
1,415
Shares held vs prior quarter
▲ 4.6%
Positions opened / closed
310 / 125

Top buyers and sellers, Q2 2026: 797 institutions bought and 589 sold ; the biggest buyer was Invesco Ltd (+4.2M shares) and the biggest seller Point72 Asset Management, L.P (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $9.4B 19.4M 12.9% ▲ 19.2%
Vanguard Capital Management LLC $4.9B 10.2M 6.8% ▲ 0.5%
Vanguard Portfolio Management LLC $4.2B 8.6M 5.7% ▲ 0.4%
State Street Corp $3.5B 7.3M 4.8% ▲ 4.6%
Invesco Ltd. $3.2B 6.7M 4.4% ▲ 165.1%
Jpmorgan Chase & Co $2.6B 5.6M 3.5% ▲ 94.0%
Geode Capital Management, LLC $2.2B 4.6M 3.0% ▲ 5.3%
FMR LLC $2B 4.1M 2.7% ▲ 13.7%
Ameriprise Financial Inc $1.3B 2.7M 1.8% ▼ 4.4%
Van Eck Associates Corp $1.3B 2.6M 1.7% ▲ 5.0%
AQR Capital Management LLC $1.1B 2.4M 1.6% ▲ 10.7%
Norges Bank $1.1B 2.2M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Teradyne's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $16M 34 trades by 6 insiders · 100% under pre-set plans
Net ▼ $16M net selling
Insider Date Trade Shares Price Value
Matz Marilyn Director October 21, 2026 Sell pre-set plan 400 $350.00 $140,000
Matz Marilyn Director October 15, 2026 Sell pre-set plan 800 $341.28 $273,024
Smith Gregory Stephen President and CEO October 15, 2026 Sell pre-set plan 4,000 $341.28 $1.4M
Johnson Mercedes Director October 1, 2026 Sell pre-set plan 167 $402.90 $67,284
Matz Marilyn Director September 17, 2026 Sell pre-set plan 400 $351.11 $140,444
Matz Marilyn Director September 15, 2026 Sell pre-set plan 800 $337.83 $270,264
Smith Gregory Stephen President and CEO September 15, 2026 Sell pre-set plan 4,000 $337.83 $1.4M
Johnson Mercedes Director September 1, 2026 Sell pre-set plan 167 $341.30 $56,997
Matz Marilyn Director August 17, 2026 Sell pre-set plan 1,200 $425.00 $510,000
Smith Gregory Stephen President and CEO August 17, 2026 Sell pre-set plan 4,000 $425.00 $1.7M
Johnson Mercedes Director August 3, 2026 Sell pre-set plan 166 $358.15 $59,453
Matz Marilyn Director July 15, 2026 Sell pre-set plan 1,200 $356.31 $427,572

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 15 trades and filings

No trades in Teradyne disclosed in the last 12 months; 15 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 3, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Teradyne was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Teradyne in brief

What does Teradyne do?
Teradyne is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.
What is Teradyne's stock ticker?
Teradyne trades under the ticker TER on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Teradyne's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Teradyne reported revenue of $5B, 74.9% higher than a year earlier, according to its SEC filings.
What is Teradyne's free cash flow?
Teradyne's free-cash-flow margin is 20.5% of revenue over the trailing twelve months, ranking 8 of the 20 semiconductor materials & equipment companies we cover.
What is Teradyne's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Teradyne's free cash flow after stock-based pay gives ~$190 per share in the base case, and ~$140–$240 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Teradyne's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Teradyne buying back stock, and does it pay a dividend?
Teradyne spent $357M on share repurchases over the trailing twelve months, and its diluted share count fell 2.2% over the year.
What is Teradyne's market cap?
On November 2, 2026, Teradyne's market capitalisation was about $41.1B, with a price-to-earnings ratio of 30.0 and net debt of -$461M. Market figures come from third-party market data and may be delayed.
Does Teradyne pay a dividend?
Yes: Teradyne paid $79.8M in dividends over the trailing twelve months, a dividend yield of 0.20% and a payout ratio of 5.8%.
Who are Teradyne's competitors?
In our Semiconductor Materials & Equipment peer group, the companies closest to Teradyne are MKS Inc, Entegris Inc, Ultra Clean Holdings, Inc., KLA Corporation and Onto Innovation Inc. The side-by-side comparison below sets their revenue, margins and growth against Teradyne's.
Are insiders buying or selling Teradyne stock?
Over the last 12 months, Teradyne's directors and officers reported 0 open-market purchases and 34 sales on Form 4. The insider trading page charts every trade.
When is Teradyne's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Teradyne announces its own schedule.