NASDAQ: TER
Teradyne
Technology · Instruments For Meas & Testing of Electricity & Elec Signals
52-week range
$151.52$487.91
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.$62.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.09B |
| FY2017, ended Dec 31, 2017 | $8.18B |
| FY2018, ended Dec 31, 2018 | $5.45B |
| FY2019, ended Dec 31, 2019 | $11.4B |
| FY2020, ended Dec 31, 2020 | $20.0B |
| FY2021, ended Dec 31, 2021 | $26.6B |
| FY2022, ended Dec 31, 2022 | $13.6B |
| FY2023, ended Dec 31, 2023 | $16.6B |
| FY2024, ended Dec 31, 2024 | $20.4B |
| FY2025, ended Dec 31, 2025 | $30.3B |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $62.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.$5.00B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.75B |
| FY2017, ended Dec 31, 2017 | $2.14B |
| FY2018, ended Dec 31, 2018 | $2.10B |
| FY2019, ended Dec 31, 2019 | $2.29B |
| FY2020, ended Dec 31, 2020 | $3.12B |
| FY2021, ended Dec 31, 2021 | $3.70B |
| FY2022, ended Dec 31, 2022 | $3.16B |
| FY2023, ended Dec 31, 2023 | $2.68B |
| FY2024, ended Dec 31, 2024 | $2.82B |
| FY2025, ended Dec 31, 2025 | $3.19B |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $5.00B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$43.4M | $370M |
| FY2017, ended Dec 31, 2017 | $258M | $521M |
| FY2018, ended Dec 31, 2018 | $452M | $363M |
| FY2019, ended Dec 31, 2019 | $467M | $444M |
| FY2020, ended Dec 31, 2020 | $784M | $684M |
| FY2021, ended Dec 31, 2021 | $1.01B | $966M |
| FY2022, ended Dec 31, 2022 | $716M | $415M |
| FY2023, ended Dec 31, 2023 | $449M | $426M |
| FY2024, ended Dec 31, 2024 | $542M | $474M |
| FY2025, ended Dec 31, 2025 | $554M | $450M |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $1.37B | $1.02B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.$461M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $308M |
| FY2017, ended Dec 31, 2017 | $430M |
| FY2018, ended Dec 31, 2018 | $927M |
| FY2019, ended Dec 31, 2019 | $774M |
| FY2020, ended Dec 31, 2020 | $914M |
| FY2021, ended Dec 31, 2021 | $1.12B |
| FY2022, ended Dec 31, 2022 | $855M |
| FY2023, ended Dec 31, 2023 | $758M |
| FY2024, ended Dec 31, 2024 | $553M |
| FY2025, ended Dec 31, 2025 | $294M |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $461M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.$0
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $353M |
| FY2017, ended Dec 31, 2017 | $366M |
| FY2018, ended Dec 31, 2018 | $380M |
| FY2019, ended Dec 31, 2019 | $395M |
| FY2020, ended Dec 31, 2020 | $410M |
| FY2021, ended Dec 31, 2021 | $108M |
| FY2022, ended Dec 31, 2022 | $50.1M |
| FY2023, ended Dec 31, 2023 | — |
| FY2024, ended Dec 31, 2024 | — |
| FY2025, ended Dec 31, 2025 | $200M |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $0 |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 22.1% since 2016.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.156M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 200M |
| FY2017, ended Dec 31, 2017 | 195M |
| FY2018, ended Dec 31, 2018 | 174M |
| FY2019, ended Dec 31, 2019 | 167M |
| FY2020, ended Dec 31, 2020 | 167M |
| FY2021, ended Dec 31, 2021 | 162M |
| FY2022, ended Dec 31, 2022 | 156M |
| FY2023, ended Dec 31, 2023 | 153M |
| FY2024, ended Dec 31, 2024 | 162M |
| FY2025, ended Dec 31, 2025 | 157M |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | 156M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 27, 2026. Hover or tap a column for another year.Net: $277M more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $146M | $30.8M |
| FY2017, ended Dec 31, 2017 | $200M | $34.1M |
| FY2018, ended Dec 31, 2018 | $823M | $33.6M |
| FY2019, ended Dec 31, 2019 | $500M | $37.9M |
| FY2020, ended Dec 31, 2020 | $88.5M | $44.9M |
| FY2021, ended Dec 31, 2021 | $600M | $45.6M |
| FY2022, ended Dec 31, 2022 | $752M | $48.2M |
| FY2023, ended Dec 31, 2023 | $397M | $57.7M |
| FY2024, ended Dec 31, 2024 | $199M | $60.1M |
| FY2025, ended Dec 31, 2025 | $702M | $64.0M |
| Trailing 12 months to Sep 27, 2026 (through Q3 FY2026) | $357M | $80.1M |
Revenue (TTM)
$5.00B
+74.9% YoY
Net income (TTM)
$1.37B
+210% YoY
Cash
$461M
+69.0% YoY
Total debt
$0
−100% YoY
Valuation
At current price- Market Cap
- $42.8B
- P/E
- 31.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 8.6×
- Price / Book
- 11.6×
- EV / EBITDA
- 24.3×
Growth
Trailing 12 months- Revenue (TTM)
- $5.00B
- Revenue Growth YoY
- 74.9%
- Revenue CAGR 3Y
- 0.4%
- Revenue CAGR 5Y
- 0.4%
- EPS Growth YoY
- 216%
- Net Income Growth YoY
- 210%
Profitability
Trailing 12 months- Gross Margin
- 59.3%
- Operating Margin
- 32.1%
- Net Margin
- 27.5%
- FCF Margin
- 20.5%
- Return on Equity
- 42.9%
Earnings
Trailing 12 months- Net Income
- $1.37B
- EPS (diluted)
- $8.70
- EBITDA
- $1.74B
- Operating Income
- $1.61B
Balance Sheet
As of Sep 27, 2026- Cash and cash equivalents
- $461M
- Total Debt
- $0
- Net Cash
- $461M
- Total Assets
- $5.45B
- Total Liabilities
- $1.71B
- Shareholders' Equity
- $3.69B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.33B
- Capital Expenditure
- $305M
- Free Cash Flow
- $1.02B
Dividends and risk
Last 12 months- Dividend Yield
- 0.2%
- Dividend / Share
- $0.51
- Beta (5Y)
- 1.75
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 74.9% over the last year, to $5.00B.
Strength
Operating margin widened 14.3 pts in a year, to 32.1%.
Strength
Holds more cash than debt, with $461M in net cash.
Strength
Turns 20.5% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 27, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K68Mildly positive
68Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 19, 2026 · Read the filing on EDGAR
- Revenue rose 13% to $3,190 million, and pre-tax income rose 7% to $653 million. AI-related chip testing drove most of the gain.
- AI-related demand made up most of revenue in the second half of 2025, and the top five customers grew to 44% of sales.
- Robot sales fell 15.5% and the robot loss widened to $99.4 million. A restructuring cut about 400 jobs.
- Teradyne spent $702 million on buybacks, borrowed $200 million on its credit line and agreed a $157 million joint venture with MultiLane.
Business momentum
Improving
“In 2025, our Semiconductor Test segment achieved considerable growth driven by robust demand from Artificial Intelligence (“AI”) applications in networking and with vertically integrated producer (“VIP”) compute solutions.”
Outlook
Positive
“Looking ahead to 2026, we expect AI related customer demand to continue to represent the bulk of our revenues in the first quarter.”
Financial stress
Low
“We believe our cash, cash equivalents, marketable securities and senior secured revolving credit facility will be sufficient to pay our quarterly dividend and meet our working capital and expenditure needs for at least the next twelve months.”
Tone against the previous report
More positive
Red flags
- Minor
Other
“we recorded $29.4 million of severance charges, $24.3 million of which is related to the Robotics restructuring which impacted approximately 400 employees”
Positives
Strong growth in chip testing
“The increase in Semiconductor Test revenues of $399.8 million, or 18.8%, was driven primarily by higher sales in compute related to artificial intelligence applications”
Large cash returns to shareholders
“we returned $778.4 million to shareholders through $702.1 million of share buybacks and $76.3 million of dividend payments.”
Singapore tax holiday extended to 2035
“The new tax holiday is scheduled to expire on December 31, 2035.”
Concerns
Robot business still shrinking and losing more
“The decrease in Robotics revenues of $56.5 million, or 15.5%, was primarily due to lower sales of collaborative robotic arms and autonomous mobile robots.”
Cash fell while borrowing rose
“Our cash, cash equivalents and marketable securities balance decreased by $275.5 million in 2025 to $448.3 million.”
Larger inventory write-downs
“During the year ended December 31, 2025, we recorded an inventory provision of $25.8 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products.”
New risks since the previous report
Sharply higher customer concentration
“The additional direct customer accounted for 19% of consolidated revenues including certain revenues specified by our 10% specifiers.”
Unpaid customer bills concentrated in two customers
“As of December 31, 2025, two customers primarily of our Semiconductor Test segment accounted for approximately 22% and 20%, respectively, of our accounts receivable balance.”
Credit line with $200 million borrowed expires in 2026
“The Credit Agreement is set to expire on December 10, 2026.”
Chinese counter-laws to US export rules
“In response to the regulations issued by the U.S. Department of Commerce, the Chinese government has passed new laws, including blocking legislation, which may impact our business activities in China.”
Risks from using AI tools
“Our use of AI tools may subject us to significant competitive, legal, regulatory and other risks, and there can be no assurance that our use of AI tools will enhance our products, business operations or result in a benefit to us.”
Biggest risks named
- Dependence on a few large customers and AI demand
- US export controls, tariffs and US-China tensions
- Cyclical chip industry demand
- Ongoing robot losses and currency exposure
- Integration of acquisitions and the MultiLane joint venture
Artificial intelligence in this business: Core to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 68 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 19, 2026 | 68 | Improving | 1 minor | |
| 10-K | Feb 20, 2025 | 69 | Improving | None | |
| 10-K | Feb 22, 2024 | 50 | Weakening | None | |
| 10-K | Feb 22, 2023 | 48 | Weakening | None | |
| 10-K | Feb 23, 2022 | 64 | Strong improvement | 1 medium | |
| 10-K | Feb 22, 2021 | 75 | Strong improvement | None | |
| 10-K | Mar 2, 2020 | 68 | Improving | 1 minor | |
| 10-K | Mar 1, 2019 | 50 | Weakening | None | |
| 10-K | Mar 1, 2018 | 74 | Strong improvement | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 27, 2026), filed Oct 30, 2026. View filings on SEC EDGAR