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Makes automated test equipment for chips plus collaborative robots (cobots) and mobile warehouse robots.
Makes automated test equipment for chips plus collaborative robots (cobots) and mobile warehouse robots.
Sells chip-testing machines in waves that follow chipmakers' production plans, then supports them with software and service. Its robotics unit sells collaborative robot arms (bought Universal Robots in 2015) and mobile robots to factories and warehouses. Robotics is the smaller part by sales.
Moat: narrow (switching costs, IP / patents, installed base). Test programs are deeply integrated into customer production lines, making switching costly.
Headquarters: North Reading, Massachusetts, US · Founded: 1960 · Employees: 6,600
Size Teradyne (TER) is a United States Information Technology company (Electronic Production Equipment) with a market value of $34.1B, the 331st largest of 3,117 United States companies the cockpit tracks. Shares closed at $218.22 on 6 Nov 2026.
Performance Over six months the shares fell 39.3%, against -22.2% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 10 in its peer set.
Growth Revenue grew 74.9% over the last twelve months (peer median +32.4%); the operating margin is 32.6% (peer median 17.7%).
Valuation It trades at 20.2× forward earnings against a peer median of 16.3× (3rd most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 23.8 points above its cost of capital (13.5% WACC).
Backlog Backlog (remaining performance obligations) was $131M at 27 Sep 2026, down 92% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 5.0% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.00B | $3.19B | $2.82B | $2.67B | $3.15B |
| Revenue growth | — | +13% | +5% | -15% | — |
| Gross profit | $2.96B | $1.76B | $1.54B | $1.45B | $1.88B |
| EBITDA | $1.77B | $815M | $668M | $634M | $959M |
| Net income | $1.37B | $554M | $542M | $449M | $716M |
| Free cash flow | $1.02B | $450M | $474M | $426M | $415M |
| Capital expenditure | $305M | $224M | $198M | $160M | $163M |
| Total debt | $137M | $283M | $76.6M | $82.6M | $133M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Teradyne TER | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% |
| Advantest 6857.T | $124B | -1% | +48% | 50% | 27.5× | 36.4% |
| Cohu COHU | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% |
| Fanuc 6954.T | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% |
| ABB ABBN.SW | $147B | -17% | +1% | 18% | 24.5× | 4.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TER | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -45.3% | -35.6% | 2nd lowest of 12 |
| 6-month return | -39.3% | -22.2% | 3rd lowest of 10 |
| Distance from 52-week high | -55.3% | -55.3% | 6th lowest of 12 |
| Revenue growth (TTM) | +74.9% | +32.4% | 3rd highest of 12 |
| Operating margin | 32.6% | 17.7% | highest of 12 |
| Forward P/E | 20.2× | 16.3× | 3rd most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 20.9% | 18.1% | 4th most demanding of 9 |
| Growth delivered (Del g) | +0.4% | +14.5% | lowest of 9 |
| Hurdle (Req g minus delivered) | +20.5 pp | +8.8 pp | 3rd most demanding of 9 |
| ROIC minus cost of capital | +23.8 pp | +6.3 pp | 3rd highest of 12 |
| EV / EBITDA | 19.1× | 14.4× | 3rd most expensive of 10 |
| Net debt / EBITDA | -0.2× | -0.2× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Teradyne TER | United States | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% | +0.4% |
| Quanta Computer 2382.TW | Taiwan | $36.0B | -10% | +63% | 3% | 10.1× | n/a | n/a |
| Asia Vital Components 3017.TW | Taiwan | $27.4B | -15% | +99% | 24% | 17.5× | 9.0% | +28.6% |
| Flex FLEX | United States | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% | +3.0% |
| Yageo 2327.TW | Taiwan | $23.3B | +8% | +32% | 27% | 13.9× | 17.7% | +14.5% |
| Murata Manufacturing 6981.T | Japan | $57.1B | -5% | +15% | 20% | 23.0× | 29.8% | +2.3% |
| HKC 001399.SZ | China | $18.2B | n/a | +2% | 10% | n/a | 30.7% | +17.5% |
| Delta Electronic 2308.TW | Taiwan | $82.9B | -51% | +38% | 17% | 19.0× | 18.5% | +14.4% |
| Shenzhen Jlc Technology Group Co Lt 001232.SZ | China | $12.9B | n/a | +28% | 15% | n/a | 52.7% | +28.4% |
| MPI 6223.TWO | Taiwan | $10.2B | -31% | +38% | 30% | 37.2× | n/a | n/a |
| Phison Electronics 8299.TWO | Taiwan | $10.0B | -29% | +157% | 31% | 3.7× | n/a | n/a |
| Littelfuse LFUS | United States | $9.04B | -22% | +19% | 18% | 16.3× | 15.3% | +10.5% |
Teradyne reported $131M of remaining performance obligations at 27 Sep 2026, down 92% from a year earlier and up 1% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.