Teradyne, Inc.

TER · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$30,313	$20,508	$16,590	$13,605	$26,656	$19,543	$11,115	$5,115	$6,825	$4,140	$4,248	$4,016	$3,361	$3,156	$2,517	$2,526	$1,863	$720	$1,903	$2,913	$2,860	$3,318	$4,793	$2,378	$5,299	$6,456	$11,254	$7,105	$5,526	$4,143	$3,881	$1,935	$991	$508	$497	$208	$318	$338	$389	$327	$526
Enterprise value	$30,338	$20,042	$15,918	$12,908	$25,530	$18,621	$10,710	$4,378	$5,413	$3,314	$3,506	$3,188	$2,620	$2,559	$2,010	$1,872	$1,542	$520	$1,265	$2,297	$2,470	$3,438	$4,919	$2,512	$5,391	$6,169	$11,028	$6,925	$5,454	$3,918	$3,634	$1,750	$864	$475	$494	$232	$360	$401	$431	$313	$521
P/E (TTM) at period end	54.71×	37.81×	36.97×	19.02×	26.27×	24.92×	23.78×	11.32×	26.49×	–	20.57×	49.41×	20.38×	14.54×	6.81×	6.56×	–	–	26.50×	14.66×	–	20.08×	–	–	–	14.23×	58.71×	69.58×	43.31×	44.28×	24.37×	27.27×	28.15×	22.56×	27.18×	–	31.20×	–	–	1636.00×	26.04×
P/S (TTM) at period end	9.50×	7.27×	6.20×	4.31×	7.20×	6.26×	4.84×	2.43×	3.19×	2.36×	2.59×	2.44×	2.35×	1.91×	1.76×	1.61×	2.40×	0.65×	1.73×	2.15×	2.74×	2.35×	3.54×	1.95×	3.68×	2.12×	6.28×	4.77×	4.36×	3.54×	3.26×	2.86×	1.79×	0.96×	0.98×	0.45×	0.66×	0.73×	1.03×	1.07×	1.56×
P/B at period end	10.84×	7.27×	6.57×	5.55×	10.40×	8.85×	7.51×	3.36×	3.49×	2.26×	2.16×	1.93×	1.69×	1.77×	1.67×	2.25×	2.80×	1.02×	1.55×	2.14×	2.30×	2.93×	5.05×	2.31×	3.00×	3.78×	9.76×	6.92×	5.90×	4.92×	5.11×	3.92×	2.36×	1.47×	1.62×	0.76×	1.09×	1.22×	1.40×	1.24×	2.08×
EV / EBITDA (TTM)	39.84×	28.85×	26.84×	13.99×	19.76×	18.46×	17.15×	8.09×	9.15×	1828.96×	11.27×	18.77×	10.56×	7.47×	7.11×	4.00×	–	–	11.53×	8.32×	397.00×	13.46×	–	–	–	7.59×	32.01×	32.93×	23.26×	22.56×	12.64×	13.11×	10.07×	7.53×	8.15×	16.72×	6.98×	–	–	–	–
EV / Sales (TTM)	9.51×	7.11×	5.95×	4.09×	6.89×	5.97×	4.67×	2.08×	2.53×	1.89×	2.14×	1.93×	1.83×	1.54×	1.41×	1.20×	1.98×	0.47×	1.15×	1.69×	2.36×	2.44×	3.64×	2.06×	3.74×	2.03×	6.16×	4.65×	4.31×	3.34×	3.05×	2.58×	1.56×	0.90×	0.97×	0.51×	0.74×	0.87×	1.14×	1.02×	1.55×
Returns
Return on equity	19.8%	19.2%	17.8%	29.2%	39.6%	35.5%	31.6%	29.7%	13.2%	(2.4%)	10.5%	3.9%	8.3%	12.2%	24.6%	34.3%	(20.1%)	(55.8%)	5.8%	14.6%	(3.7%)	14.6%	(20.4%)	(69.9%)	(11.5%)	26.6%	16.6%	9.9%	13.6%	11.1%	21.0%	14.4%	8.4%	6.5%	6.0%	(7.8%)	3.5%	(1.2%)	(7.7%)	0.1%	8.0%
Return on invested capital	20.0%	22.3%	22.3%	39.5%	62.4%	44.7%	40.6%	46.9%	13.7%	(2.7%)	11.7%	4.6%	8.5%	14.5%	21.2%	45.3%	(30.0%)	(74.7%)	5.7%	22.4%	(5.3%)	10.0%	(15.5%)	(45.0%)	(11.5%)	33.6%	18.2%	10.9%	13.1%	12.4%	25.7%	20.6%	12.2%	7.7%	7.1%	(5.3%)	3.9%	–	(6.5%)	–	5.7%
Dividend yield	0.3%	0.4%	0.4%	0.5%	0.2%	0.3%	0.6%	1.3%	0.8%	1.2%	1.2%	0.9%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.75×	2.91×	3.28×	3.03×	3.20×	3.45×	3.08×	3.64×	5.00×	4.36×	3.38×	4.27×	3.03×	4.15×	2.94×	3.24×	2.69×	1.85×	4.23×	3.42×	2.12×	2.91×	2.74×	2.90×	4.08×	2.22×	2.31×	2.97×	2.62×	2.74×	3.22×	3.21×	3.20×	2.82×	2.51×	2.04×	2.58×	2.76×	2.70×	3.82×	3.68×
Debt / equity	0.09×	0.03×	0.03×	0.05×	0.07×	0.21×	0.31×	0.25×	0.19×	0.19×	–	–	0.19×	0.10×	0.11×	0.14×	0.22×	0.17×	–	–	0.25×	0.36×	0.44×	0.45×	0.26×	0.01×	0.02×	0.02×	0.02×	0.03×	0.04×	0.04×	0.04×	0.10×	0.10×	0.12×	0.15×	0.27×	0.19×	0.07×	0.08×
Effective tax rate	12.1%	9.8%	14.6%	14.9%	12.6%	13.0%	11.1%	3.4%	50.9%	21.1%	18.4%	14.8%	18.3%	18.4%	(60.4%)	4.2%	5.9%	(3.3%)	9.3%	12.1%	24.6%	14.1%	(4.2%)	(28.1%)	38.0%	30.0%	30.0%	30.0%	34.0%	33.0%	36.3%	31.0%	30.0%	13.5%	9.9%	23.4%	27.1%	3400.0%	35.2%	107.4%	26.8%
Share count
Diluted shares outstanding	160	163	164	170	184	183	179	193	202	203	213	223	236	230	227	227	174	171	185	204	196	197	188	183	176	181	179	344	345	340	309	228	143	132	125	119	117	115	97	80	91

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$4,464	$3,190	$2,820	$2,676	$3,155	$3,703	$3,121	$2,295	$2,101	$2,137	$1,753	$1,640	$1,648	$1,428	$1,657	$1,429	$1,566	$777	$1,107	$1,102	$1,356	$1,045	$1,410	$1,353	$1,222	$1,441	$3,044	$1,791	$1,489	$1,266	$1,172	$1,191	$677	$555	$530	$509	$459	$484	$462	$378	$306	$336
Cost of revenue	($1,819)	($1,333)	($1,171)	($1,140)	($1,288)	($1,496)	($1,336)	($955)	($880)	($913)	($794)	($724)	($769)	($619)	($771)	($717)	($709)	($478)	($609)	($589)	($704)	($650)	($749)	($954)	($990)	($1,182)	($1,670)	($961)	($871)	($675)	($725)	($646)	($379)	($280)	($277)	($260)	($248)	($241)	($235)	($201)	($152)	($165)
Gross profit	$2,645	$1,857	$1,649	$1,537	$1,867	$2,207	$1,786	$1,340	$1,220	$1,221	$959	$916	$879	$809	$886	$712	$858	$299	$498	$513	$652	$395	$661	$399	$233	$259	$1,374	$830	$618	$591	$447	$545	$299	$275	$252	$249	$211	$242	$227	$177	$154	$172
Operating expenses
Research and development	($560)	($505)	($461)	($418)	($441)	($428)	($375)	($323)	($302)	($307)	($292)	($292)	($292)	($264)	($256)	($201)	($192)	($161)	($216)	($204)	($202)	($216)	($250)	($255)	($294)	($289)	($301)	($229)	($195)	($162)	($144)	($123)	($70)	($62)	–	–	–	–	–	–	–	–
Selling, general and administrative	($693)	($649)	($617)	($577)	($558)	($548)	($465)	($437)	($391)	($349)	($317)	($306)	($320)	($280)	($277)	($232)	($225)	($195)	($248)	($251)	($283)	($246)	($254)	($249)	($290)	($270)	($363)	($256)	($213)	($194)	($180)	($177)	($130)	($189)	($190)	($188)	($197)	($191)	($178)	($177)	($137)	($129)
Total operating expenses	($1,295)	($1,207)	($1,055)	($1,036)	($1,035)	($1,006)	($857)	($786)	($747)	($696)	($1,022)	($673)	($782)	($618)	($599)	($480)	($443)	($424)	($879)	($471)	($449)	($480)	($506)	($575)	($788)	($612)	($663)	($571)	($484)	($416)	($324)	($300)	($200)	($223)	($225)	($225)	($232)	($225)	($207)	($209)	($160)	($153)
Total costs and expenses	($3,115)	($2,540)	($2,226)	($2,175)	($2,323)	($2,502)	($2,193)	($1,741)	($1,627)	($1,611)	($1,816)	($1,397)	($1,551)	($1,237)	($1,369)	($1,198)	($1,151)	($902)	($1,488)	($1,060)	($1,154)	($1,130)	($1,255)	($1,529)	($1,778)	($1,793)	($2,333)	($1,533)	($1,355)	($1,091)	($1,049)	($947)	($579)	($503)	($502)	($485)	($480)	($466)	($442)	($410)	($313)	($317)
Operating income	$1,349	$650	$594	$501	$832	$1,201	$928	$554	$474	$525	($63)	$243	$96	$191	$287	$231	$415	($125)	($381)	$42	$202	($85)	$155	($176)	($556)	($353)	$711	$258	$134	$175	$123	$244	$98	$51	$28	$24	($21)	$18	$20	($32)	($7)	$19
Earnings
EBITDA	$1,467	$761	$695	$593	$923	$1,292	$1,009	$624	$541	$591	$2	$311	$170	$248	$342	$283	$468	($20)	($309)	$110	$276	$6	$255	($24)	($396)	($214)	$813	$344	$210	$234	$174	$288	$133	$86	$63	$61	$14	$52	–	–	–	–
Interest income	$12	$16	$25	$27	$6	$3	$6	$17	$20	$18	$9	$7	$6	$4	$4	$7	$6	$3	$13	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($11)	($7)	($4)	($4)	($4)	($18)	($24)	($22)	($22)	($22)	($4)	($2)	($7)	($26)	($25)	($24)	($24)	($22)	($14)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,347	$653	$609	$526	$840	$1,161	$901	$526	$468	$524	($55)	$253	$95	$202	$266	$214	$396	($144)	($382)	$79	$230	($80)	$154	($186)	($561)	($326)	$740	$274	$146	$193	$140	$250	$103	$51	$26	$20	($28)	$14	$0	($33)	($3)	$28
Income tax expense	($181)	($79)	($60)	($77)	($125)	($146)	($117)	($58)	($16)	($267)	$12	($47)	($14)	($37)	($49)	$130	($17)	$9	($13)	($7)	($28)	$20	($22)	($8)	($158)	$124	($222)	($82)	($44)	($66)	($46)	($91)	($32)	($15)	($4)	($2)	$6	($4)	($3)	$12	$3	($7)
Net income	$1,150	$554	$542	$449	$716	$1,015	$784	$467	$452	$258	($43)	$206	$81	$165	$217	$370	$385	($134)	($394)	$72	$199	($46)	$165	($194)	($718)	($202)	$454	$192	$102	$128	$94	$159	$71	$35	$22	$18	($21)	$10	($3)	($22)	$0	$20
Per share
Diluted EPS (GAAP)	$7.29	$3.47	$3.32	$2.73	$4.22	$5.53	$4.28	$2.60	$2.35	$1.28	($0.21)	$0.97	$0.37	$0.70	$0.94	$1.63	$1.75	($0.77)	($2.31)	$0.42	$1.01	$0.46	$0.84	($1.03)	($3.93)	($1.15)	$2.51	$1.07	$0.30	$0.37	$0.55	$0.52	$0.31	$0.06	$0.0425	$0.0375	($0.18)	$0.0225	($0.0287)	($0.22)	$0.0025	$0.055
Basic EPS (GAAP)	$7.33	$3.48	$3.41	$2.91	$4.52	$6.15	$4.72	$2.74	$2.41	$1.30	($0.21)	$0.98	$0.40	$0.86	$1.16	$2.00	$2.14	($0.77)	($2.31)	$0.42	$1.02	$0.46	$0.85	($1.03)	($3.93)	($1.15)	$2.62	$1.12	$0.31	$0.38	$0.55	$0.52	$0.31	$0.06	$0.0425	$0.0375	($0.18)	$0.0225	($0.0287)	($0.22)	$0.0025	$0.055
Basic shares outstanding	157	159	159	154	158	165	166	170	188	198	203	212	203	191	187	185	180	174	171	184	195	196	194	188	183	176	173	171	335	345	340	309	228	143	132	125	119	117	115	97	80	91
Margins
Gross margin	59.2%	58.2%	58.5%	57.4%	59.2%	59.6%	57.2%	58.4%	58.1%	57.2%	54.7%	55.8%	53.3%	56.6%	53.5%	49.8%	54.8%	38.5%	45.0%	46.6%	48.1%	37.8%	46.9%	29.5%	19.0%	18.0%	45.1%	46.3%	41.5%	46.7%	38.2%	45.7%	44.1%	49.5%	47.7%	48.9%	45.9%	50.1%	49.1%	46.9%	50.2%	51.1%
Operating margin	30.2%	20.4%	21.1%	18.7%	26.4%	32.4%	29.7%	24.1%	22.6%	24.6%	(3.6%)	14.8%	5.9%	13.4%	17.3%	16.2%	26.5%	(16.1%)	(34.4%)	3.8%	14.9%	(8.1%)	11.0%	(13.0%)	(45.5%)	(24.5%)	23.4%	14.4%	9.0%	13.8%	10.5%	20.5%	14.5%	9.2%	5.2%	4.7%	(4.5%)	3.7%	4.3%	(8.5%)	(2.2%)	5.7%
Net margin	25.8%	17.4%	19.2%	16.8%	22.7%	27.4%	25.1%	20.4%	21.5%	12.1%	(2.5%)	12.6%	4.9%	11.6%	13.1%	25.9%	24.6%	(17.2%)	(35.6%)	6.5%	14.7%	(4.4%)	11.7%	(14.3%)	(58.8%)	(14.0%)	14.9%	10.7%	6.9%	10.1%	8.0%	13.4%	10.5%	6.3%	4.2%	3.6%	(4.6%)	2.1%	(0.7%)	(5.7%)	0.1%	6.0%

Analyst consensus

Buy31 analysts

Bearish · 0 · Hold · 12 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$0.90	$0.79	Beat
Q4 2024	$0.95	$0.91	Beat
Q1 2025	$0.75	$0.62	Beat
Q2 2025	$0.57	$0.54	Beat
Q3 2025	$0.85	$0.79	Beat
Q4 2025	$1.80	$1.38	Beat
Q1 2026	$2.56	$2.11	Beat
Q2 2026	$2.47	$2.09	Beat

Peers

Company overview

IPO dateSep 14, 1970

CEOGregory Stephen Smith

Employees6,600

SectorTechnology

IndustrySemiconductors

CountryUS

ExchangeNASDAQ Global Select

Websitewww.teradyne.com

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.

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