olivLaw · US equity research
Teradyne, Inc. TER
Instruments For Meas & Testing of Electricity & Elec Signals · SIC 3825 · Vertical: Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825)
Teradyne (TER) is a global provider of automated test equipment and robotics, with revenue of $1,329 million in the second quarter of 2026. Growth was mainly supported by AI-related demand in the Semiconductor Test segment. Guidance for the third quarter of 2026 points to revenue between $1,200 and $1,300 million.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Teradyne, Inc. (TER) stock was 250.99 USD (−6.82% on the day), with market capitalisation 39.2 bn USD, P/E 28.8 on diluted EPS of 8.71 USD over the last 12 months, dividend yield 0.20%, beta 2.28, 52-week range 155.90–483.84 USD. Latest reported quarter (Q3 2026): revenue of 1.3 bn USD (+69.8% YoY), net income of 342.4 m USD (+186.4% YoY), diluted EPS 2.17 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 27.1
- oversold (≤ 30)
- Bollinger (20, 2)
- 240.15 – 412.47
- in the lower half of the band · %B 0.06 · band width 52.8%
- SMA 50 / 200
- 357.69 / 350.03
- mixed trend
- MACD (12, 26, 9)
- -30.61 / -22.76
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −43.5% | −1.1% | −42.4 pp | — |
| 3 months | −35.5% | −0.5% | −35.1 pp | — |
| 6 months | −34.4% | +4.4% | −38.8 pp | — |
| Year to date | +29.7% | +12.3% | +17.4 pp | — |
| 1 year | +42.9% | +13.5% | +29.3 pp | +73.7% |
| 3 years | +186.2% | +76.4% | +109.8 pp | +50.8% |
| 5 years | +74.0% | +63.7% | +10.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 752.9 m | 685.7 m | 651.8 m | 769.2 m | 1.1 bn | 1.3 bn | 1.3 bn | 1.3 bn |
| Cost of revenue | 305.6 m | 270.3 m | 278.8 m | 319.9 m | 463.6 m | 501.5 m | 534.4 m | 534.7 m |
| Gross profit | 447.3 m | 415.3 m | 373.0 m | 449.3 m | 619.7 m | 780.9 m | 794.6 m | 771.3 m |
| SG&A | 155.7 m | 157.3 m | 157.8 m | 169.1 m | 164.7 m | 166.7 m | 192.5 m | 199.0 m |
| Operating income | 153.6 m | 120.8 m | 90.7 m | 145.3 m | 293.2 m | 473.0 m | 437.8 m | 402.0 m |
| Depreciation & amortisation | 31.1 m | 30.3 m | 31.4 m | 30.5 m | 35.8 m | 32.7 m | 33.7 m | 36.9 m |
| Interest expense | 589.0 k | 795.0 k | 805.0 k | 1.3 m | 3.9 m | 3.2 m | 3.0 m | 868.0 k |
| Pre-tax income | 157.8 m | 119.0 m | 96.6 m | 148.1 m | 289.6 m | 465.7 m | 443.6 m | 404.3 m |
| Income tax | 5.4 m | 14.5 m | 12.3 m | 23.3 m | 29.2 m | 62.2 m | 66.8 m | 59.8 m |
| Net income | 146.3 m | 98.9 m | 78.4 m | 119.6 m | 257.2 m | 398.9 m | 374.5 m | 342.4 m |
| Diluted EPS | 0.90 ≈ | 0.61 | 0.49 | 0.75 | 1.63 ≈ | 2.53 | 2.38 | 2.17 |
| Operating cash flow | 282.6 m | 161.6 m | 182.1 m ≈ | 49.1 m ≈ | 281.6 m | 265.1 m | 469.1 m ≈ | 313.6 m ≈ |
| Capex | 57.4 m | 64.0 m | 50.4 m ≈ | 46.7 m ≈ | 62.9 m | 64.7 m | 90.7 m ≈ | 86.3 m ≈ |
| Dividends paid | 19.5 m | 19.4 m | 19.2 m | 19.0 m ≈ | 18.7 m | 20.4 m | 20.3 m ≈ | 20.3 m ≈ |
| Share repurchases | 143.5 m | 157.5 m | 117.4 m ≈ | 243.8 m ≈ | 183.4 m | 5.5 m | 68.7 m ≈ | 99.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 40-quarter history (min 13.2, median 28.6, max 59.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.3 bn | 3.1 bn | 3.7 bn | 3.2 bn | 2.7 bn | 2.8 bn | 3.2 bn |
| Revenue YoY | −1.7% | +9.2% | +36.0% | +18.6% | −14.8% | −15.2% | +5.4% | +13.1% |
| Net income | 451.8 m | 467.5 m | 784.1 m | 1.0 bn | 715.5 m | 448.8 m | 542.4 m | 554.0 m |
| Net income YoY | +75.3% | +3.5% | +67.7% | +29.4% | −29.5% | −37.3% | +20.9% | +2.2% |
| Diluted EPS | 2.35 | 2.60 | 4.28 | 5.53 | 4.22 | 2.73 | 3.32 | 3.47 |
| Diluted EPS YoY | +83.6% | +10.6% | +64.6% | +29.2% | −23.7% | −35.3% | +21.6% | +4.5% |
| net % | 21.5% | 20.4% | 25.1% | 27.4% | 22.7% | 16.8% | 19.2% | 17.4% |
| Free cash flow | 362.5 m | 444.1 m | 684.0 m | 965.9 m | 414.7 m | 425.6 m | 474.1 m | 450.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 293.8 m USD
- Financial debt
- 200.0 m USD
- Net debt
- -93.8 m USD
- Equity
- 2.8 bn USD
- Total assets
- 4.2 bn USD
- Debt / equity
- 0.07x
- Current ratio
- 1.75x
- ROE
- 19.7%
- ROA
- 14.0%
- FCF margin
- 14.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 3.7 bn | 3.2 bn | 2.7 bn | 2.8 bn | 3.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 1.3 bn | 1.5 bn | 1.3 bn | 1.1 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 1.8 bn | 2.2 bn | 1.9 bn | 1.5 bn | 1.6 bn | 1.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 464.8 m | 547.6 m | 558.1 m | 577.3 m | 617.0 m | 648.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 928.4 m | 1.2 bn | 831.9 m | 501.1 m | 593.8 m | 650.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 126.7 m | 125.5 m | 110.7 m | 110.9 m | 119.7 m | 128.0 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 1.1 bn ≈ | 1.3 bn ≈ | 942.6 m ≈ | 612.0 m ≈ | 713.5 m ≈ | 778.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 24.2 m | 17.8 m | 3.7 m | 3.8 m | 3.6 m | 6.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 901.0 m | 1.2 bn | 840.4 m | 525.6 m | 609.1 m | 653.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 116.9 m | 146.4 m | 124.9 m | 76.8 m | 59.5 m | 79.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 784.1 m | 1.0 bn | 715.5 m | 448.8 m | 542.4 m | 554.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 4.28 | 5.53 | 4.22 | 2.73 | 3.32 | 3.47 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 183.0 m | 183.6 m | 169.7 m | 164.3 m | 163.3 m | 159.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 0.40 | 0.40 | 0.44 | 0.44 | 0.48 | 0.48 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 914.1 m | 1.1 bn | 854.8 m | 757.6 m | 553.4 m | 293.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 497.5 m | 550.7 m | 491.1 m | 422.1 m | 471.4 m | 786.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 222.2 m | 243.3 m | 325.0 m | 310.0 m | 298.5 m | 379.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 2.4 bn | 2.6 bn | 2.3 bn | 2.2 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 394.8 m | 387.2 m | 418.7 m | 445.5 m | 508.2 m | 563.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 453.9 m | 426.0 m | 403.2 m | 415.7 m | 395.4 m | 521.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 100.9 m | 75.6 m | 53.5 m | 35.4 m | 15.9 m | 51.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 3.7 bn | 3.8 bn | 3.5 bn | 3.5 bn | 3.7 bn | 4.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 133.7 m | 153.1 m | 139.7 m | 180.1 m | 134.8 m | 269.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | — | — | — | — | — | 200.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 700.9 m | 805.1 m | 746.3 m | 660.0 m | 624.6 m | 1.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 1.4 bn | 1.2 bn | 1.0 bn | 960.9 m | 889.4 m | 1.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 2.2 bn † | 2.6 bn † | 2.5 bn † | 2.5 bn † | 2.8 bn | 2.8 bn | SEC (XBRL)· 31 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 868.9 m | 1.1 bn | 577.9 m | 585.2 m | 672.2 m | 674.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 185.0 m | 132.5 m | 163.2 m | 159.6 m | 198.1 m | 224.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 684.0 m ≈ | 965.9 m ≈ | 414.7 m ≈ | 425.6 m ≈ | 474.1 m ≈ | 450.4 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -569.8 m | 120.4 m | 43.8 m | -179.6 m | -622.3 m | -368.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -158.3 m | -1.0 bn | -893.0 m | -501.9 m | -251.8 m | -562.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 66.5 m | 66.0 m | 69.7 m | 67.9 m | 76.4 m | 76.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 88.5 m | 600.0 m | 752.1 m | 397.2 m | 198.6 m | 702.1 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 39.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation57
- Balance sheet92
- Quality90
- Growth2
- Returns50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 82.15 – 284.71 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)82.15 – 122.77 (Mid 98.01)WACC 9.3% · starting FCFF 1.0 bn USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA202.23 – 284.71 (Mid 244.68)5 companies used · median multiple 21.6x · quartiles 17.8x – 25.2xALNT, INTT, ITRI, TRNS, VLTO
- Peers: P/E197.58 – 282.14 (Mid 252.09)3 companies used · median multiple 28.9x · quartiles 22.7x – 32.4xALNT, ITRI, VLTO
- Dividend discount (DDM)outside the aggregate6.31 – 8.48 (Mid 7.24)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 47.3% | 100 (vs peers) | 10% |
| Net margin · Quality | 27.5% | 100 (vs peers) | 6% |
| FCF conversion · Quality | 74.6% | 64 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 0.4% | 3 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -6.3% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | -0.3x | 83 (vs peers) | 10% |
| Interest coverage · Balance sheet | 147.1x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 28.8x | 83 (vs peers) | 10% |
| EV/EBITDA · Valuation | 22.2x | 50 (vs peers) | 10% |
| FCF yield · Valuation | 2.6% | 33 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 7.8% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet92/100 · 3/3 factors with a value
- Growth2/100 · 2/2 factors with a value
- Quality90/100 · 3/3 factors with a value
- Returns50/100 · 2/2 factors with a value
- Valuation57/100 · 3/3 factors with a value
Memo
TERADYNE, INC. (TER). Latest full fiscal year: 2025; data up to 2026-09-27.
Figures computed from the financial statements: revenue 3.2 bn USD in 2025; YoY growth 13.1%; net margin 27.5%; ROE 42.9%; net debt/EBITDA -0.3x.
The estimated value range is 197.58–282.14 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 244.68 USD, the price of 250.99 USD leaves a potential of -2.5% (value / price − 1) and a margin of safety of -2.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 47.3%
- Net margin: 27.5%
- Net debt / EBITDA: -0.3x
- Interest coverage: 147.1x
- Current ratio: 2.1x
- P/E (TTM): 28.8x
- Payout ratio (FCF): 7.8%
What contradicts it
- Revenue CAGR 3Y: 0.4%
- EPS CAGR 3Y: -6.3%
- Shareholder yield (distributions): 1.1%
Versus the vertical median
Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825) · same industry (4-digit SIC) · compared with 9 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TERTeradyne, Inc. | 39.2 bn | 28.8 | 42.9% | 27.5% | +13.1% | +43% / +186% |
| VLTOVeralto Corporation | 28.5 bn | 28.9 | 33.0% | 17.3% | +6.0% | +16% / +51% |
| ITRIItron, Inc. | 4.5 bn | 16.4 | 16.5% | 12.1% | −3.0% | +3% / +51% |
| COHUCohu, Inc. | 2.1 bn | — | -2.8% | -4.0% | +12.7% | +81% / +39% |
| AEHRAehr Test Systems | 2.0 bn | — | -4.2% | -14.3% | −15.2% | +165% / +165% |
| ALNTAllient Inc | 1.4 bn | 35.8 | 12.1% | 6.2% | +4.6% | +48% / +205% |
| TRNSTranscat, Inc. | 1.0 bn | 226.7 | 1.5% | 1.3% | +19.2% | +91% / +10% |
| FEIMFrequency Electronics, Inc. | 693.5 m | 243.8 | 3.0% | 3.7% | −9.4% | +115% / +523% |
| INTTinTest Corporation | 175.9 m | 335.2 | 0.6% | 0.5% | −12.9% | +74% / +7% |
| DAIOData I | 25.2 m | — | -61.2% | -50.1% | −1.2% | −16% / −16% |
1- and 3-year price returns: for TER from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 143.57 Total return -43% · Per year -43% | 254.34 Total return 2% · Per year 2% | 383.83 Total return 53% · Per year 53% |
| 3 years | 128.00 Total return -49% · Per year -20% | 256.22 Total return 3% · Per year 1% | 426.14 Total return 71% · Per year 19% |
| 5 years | 114.13 Total return -54% · Per year -14% | 258.11 Total return 4% · Per year 1% | 473.13 Total return 90% · Per year 14% |
- Exit P/E± 64.05
- Net margin± 44.84
- Annual revenue growth± 38.32
- Annual dilution± 3.77
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Teradyne (TER) is a global provider of automated test equipment and robotics, with revenue of $1,329 million in the second quarter of 2026 3. Growth was mainly supported by AI-related demand in the Semiconductor Test segment 23. Guidance for the third quarter of 2026 points to revenue between $1,200 and $1,300 million 3.
SWOT
Strengths
- Leading position in automated semiconductor test, with the FLEX and UltraFLEXplus platforms widely recognized in the industry 1.
- Diversified portfolio that includes collaborative robots with a large installed customer base 1.
- Strong revenue and profitability growth in 2026, with consecutive record results 23.
Weaknesses
Opportunities
Risks
- Customer concentrationhigh
A small number of customers account for a large share of revenue, and losing a major one could significantly affect results 1.
- Industry cyclicalityhigh
Customers' capital spending can fall sharply, which could lead to oversupply and price pressure 1.
- Trade and export risksmedium
Tariffs, export controls and US-China tensions could limit sales and raise costs 12.
- Acquisition integrationmedium
Acquisitions and partnerships, including MultiLane, may not deliver expected synergies or may require impairments 12.
- Currency exposurelow
Robotics revenue is mostly in foreign currencies, so a stronger dollar could reduce revenue 1.
Investment thesis
What would need to be true (bull case)
- If AI demand and wafer fab investment continue, record results could support growth into 2027 23.
- Diversification across three segments and recent acquisitions could reduce dependence on a single product or customer 12.
- Growth in the Robotics segment, with five consecutive quarters of sequential increase, could point to a durable recovery 2.
What to watch
- Delivery of third-quarter 2026 revenue guidanceQ3 2026
- Closing and integration of the MultiLane Test Products joint venture2026
- Impact of wafer fab equipment investment on test demand2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Teradyne, founded in 1960 and incorporated in Massachusetts, designs and sells automated test systems for semiconductors, wireless products, data storage and electronic systems, as well as collaborative robots and autonomous mobile robots 1. Activity is organized in three reportable segments: Semiconductor Test, Robotics and Product Test, the last created in March 2025 1. In 2025 sales to customers outside the United States were 89% of revenue, and the five largest direct customers accounted for 44% 1. In 2026 the company took a controlling 75% stake in MultiLane Test Products, for an investment of about $157.8 million 2.
Acquisition activity was significant. In 2025 Teradyne acquired Quantifi Photonics for $127.2 million and the AET test technology from Infineon 1. In 2025 the company returned $778.4 million to shareholders through buybacks and dividends 1.
On results, the second quarter of 2026 brought a second consecutive revenue record, with GAAP EPS of $2.38 per diluted share 3. The company indicated that growth could continue if wafer fab equipment investment accelerates 3.
Segments
Semiconductor Test
The Semiconductor Test segment generated $1,122 million in the second quarter of 2026, the company's largest segment 3. AI-related demand in both compute and memory markets was the main driver 23.
Market context
The semiconductor test market is concentrated, with a few large customers accounting for a substantial part of equipment purchases 1. AI and data center demand has become the main growth driver, while the industrial robot market depends on manufacturers' capital spending 12.
Semiconductor industry cycles could abruptly reduce equipment demand, which could affect revenue and margins 1. Customer consolidation and international trade pressures add to the competitive context 1.
Trends
- AI demand for testingtailwind
AI-related demand dominated Semiconductor Test revenue in the second half of 2025 and in 2026 12. If hyperscaler investment continues, this demand could support growth 2.
- Trade uncertaintymixed
Tariffs and export controls limit the company's ability to compete in some regions 1. IEEPA tariff refunds began in 2026 but their impact was not material 2.
- Industry cyclicalityheadwind
The semiconductor and robotics industries have suffered sudden slowdowns and periods of oversupply 1. A reduction in customer capital spending could quickly affect results 1.
Competitive position
In semiconductor test, competitors include Advantest, SPEA and Cohu 1. In robotics, traditional makers such as KUKA, ABB, FANUC and Yaskawa compete alongside Asian cobot producers 1.
In Product Test, competitors include Keysight, Rohde & Schwarz, Anritsu and National Instruments 1. Some competitors have greater financial resources, and emerging Asian companies and customers' internal supply add pressure 1.
- Keysight Technologies
Competitor in the Product Test segment, with measurement and test equipment.
- FANUC
Traditional industrial robot maker, competitor in the Robotics segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report10 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report11 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Mar 2026
- Annual report19 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Teradyne, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / Teradyne, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Teradyne, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.