Supplier of semiconductor and electronics test systems, with industrial robotics businesses including Universal Robots and Mobile Industrial Robots.MoreShow less
Profile & Fundamentals
Teradyne (TER.NASDAQ) Profile & Fundamentals
Review Teradyne reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Teradyne: Company Profile & Ownership
Teradyne, Inc. engages in the design, development, manufacture, and sale of automated test systems and robotics products in the United States, Asia Pacific, Europe, the Middle East, and Africa. The company operates through Semiconductor Test, Robotics, and Other segments. The Semiconductor Test segment offers products and services for wafer level and device package testing, and system level testing of semiconductor devices in automotive, industrial, communications, consumer, smartphones, cloud, computer and electronic game, and other applications. This segment also provides FLEX test platform systems; J750 test system to address the volume semiconductor devices, including microcontrollers; Magnum platform that tests memory devices, such as flash memory and DRAM; and ETS platform for semiconductor manufacturers, and assembly and test subcontractors in the analog/mixed signal markets. It serves integrated device manufacturers that integrate the fabrication of silicon wafers into their business; fabless companies that outsource the manufacturing of silicon wafers; foundries; and semiconductor assembly and test providers. The Robotics segment provides collaborative robotic arms and autonomous mobile robots for manufacturing, logistics, and industrial customers. It also provides product test instruments which includes operations related to the design, manufacturing and marketing of products and services for defense/aerospace test, circuit-board test, wireless test systems, and silicon photonics testing. The company has a strategic collaboration with Tokyo Electron Limited for the development of a test cell solution for device screening in AI and data center applications. Teradyne, Inc. was incorporated in 1960 and is headquartered in North Reading, Massachusetts.
Company profile record
Teradyne Inc
Common Stock · Information Technology · Semiconductor Materials & Equipment
Company
- Company / asset
- Teradyne Inc
- Security type
- Common Stock
- Sector
- Information Technology
- Industry
- Semiconductor Materials & Equipment
- HQ
- 🇺🇸 United States
- Head office
- 600 Riverpark Drive, North Reading, MA, United States, 01864
Leadership & scale
- Chief executive
- Mr. Gregory Stephen Smith
- CEO year born
- 1964
- Full-time employees
- 6.6K
- Fiscal year end
- December
- IPO date
- 1987-03-11
Fundamentals snapshot
- Market Cap
- USD 38.7B
- P/E
- 28.1x
- Revenue (Q3 26)
- USD 1.3B
- Profit (Q3 26)
- USD 342.4M
- Dividend Yield
- 0.1%
- Revenue (FY 25)
- USD 3.2B
- Shares in public float
- 155.8M
- Insider ownership
- 0.2%
Reporting & identifiers
- Symbol
- TER.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US8807701029
- Asset ID
- equity_93983b26-1e5e-5fb4-8f06-92981cd741e8
Teradyne: Ownership
Shares Outstanding
Latest: 157.5M | Max: 196.0M | Min: 157.5M
Latest reported ownership snapshot
Float Shares
98.93%
155.8M latest reported shares
Insider Ownership
0.20%
Latest reported insider stake
Short Float
0.06%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 196,010,000 |
| 2018-01-01 | 181,520,000 |
| 2019-01-01 | 181,780,000 |
| 2020-01-01 | 186,837,000 |
| 2021-01-01 | 178,020,000 |
| 2022-01-01 | 165,468,000 |
| 2023-01-01 | 162,106,000 |
| 2024-01-01 | 163,184,000 |
| 2025-01-01 | 157,651,000 |
| 2026-01-01 | 157,502,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 19,437,021 | 12.45% | 2026-06-30 |
| Vanguard Capital Management, LLC | 10,225,398 | 6.55% | 2026-06-30 |
| Vanguard Portfolio Management, LLC | 8,633,782 | 5.53% | 2026-06-30 |
| State Street Corp | 7,290,460 | 4.67% | 2026-06-30 |
| Amvescap Plc. | 6,683,098 | 4.28% | 2026-06-30 |
| JPMorgan Chase & Co | 5,570,053 | 3.57% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 4,962,838 | 3.18% | 2026-09-30 |
| Geode Capital Management, LLC | 4,602,292 | 2.95% | 2026-06-30 |
| iShares Semiconductor ETF | 4,128,635 | 2.64% | 2026-10-30 |
| FMR Inc | 4,105,776 | 2.63% | 2026-06-30 |
| Vanguard 500 Index Investor | 4,104,531 | 2.63% | 2026-09-30 |
| Vanguard MStar Mid Cap Index Instl | 3,347,779 | 2.14% | 2026-09-30 |
| Invesco QQQ Trust | 3,251,880 | 2.08% | 2026-10-30 |
| Ameriprise Financial Inc | 2,719,428 | 1.74% | 2026-06-30 |
| Van Eck Associates Corporation | 2,607,914 | 1.67% | 2026-06-30 |
Teradyne: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Teradyne's financial trajectory experienced an extraordinary inflection in the first half of 2026, highlighted by second-quarter revenue surging 104% year-over-year to $1.33 billion and net income climbing to $375 million. This explosive expansion was driven almost entirely by the Semiconductor Test division, where urgent customer demand for artificial intelligence compute and memory validation pushed trailing twelve-month revenue to $4.46 billion. Operating leverage worked powerfully in the company's favor, expanding trailing net earnings to $1.15 billion. However, this headline performance masks underlying cyclical lumpiness. Automated test equipment purchases precede volume chip manufacturing, meaning current record shipments reflect front-loaded factory outfitting rather than recurring subscription revenue. With management guiding third-quarter 2026 revenue sequentially lower toward $1.25 billion, the business faces an impending capacity absorption lull as customer cleanrooms digest newly installed machinery.
Teradyne's financial trajectory experienced an extraordinary inflection in the first half of 2026, highlighted by second-quarter revenue surging 104% year-over-year to $1.33 billion and net income climbing to $375 million. This explosive expansion was driven almost entirely by the Semiconductor Test division, where urgent customer demand for artificial intelligence compute and memory validation pushed trailing twelve-month revenue to $4.46 billion. Operating leverage worked powerfully in the company's favor, expanding trailing net earnings to $1.15 billion. However, this headline performance masks underlying cyclical lumpiness. Automated test equipment purchases precede volume chip manufacturing, meaning current record shipments reflect front-loaded factory outfitting rather than recurring subscription revenue. With management guiding third-quarter 2026 revenue sequentially lower toward $1.25 billion, the business faces an impending capacity absorption lull as customer cleanrooms digest newly installed machinery.
Revenue, Net Income, and Free Cash Flow
Latest: USD 3.2B | Max: USD 3.7B | Min: USD -43.4M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 55x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Teradyne's profitability illustrates the power of high operating leverage layered over a structurally durable gross margin. Gross margins held remarkably steady near 58.6% in 2025 and approached 60% in the second quarter of 2026, defended by proprietary software locks and specialized instrumentation pricing. Operating margins expanded from 21.7% in 2025 toward 31% in recent quarters as fixed overhead costs were absorbed across surging shipment volumes. Nevertheless, operating leverage cuts both ways in capital goods manufacturing. Management's guidance for the third quarter of 2026 already projects slight gross margin compression due to product mix shifts and rising research expenses. When tester shipment volumes eventually slow during customer digestion phases, fixed engineering overhead will inevitably compress operating margins back toward historical mid-twenties baselines.
Teradyne's profitability illustrates the power of high operating leverage layered over a structurally durable gross margin. Gross margins held remarkably steady near 58.6% in 2025 and approached 60% in the second quarter of 2026, defended by proprietary software locks and specialized instrumentation pricing. Operating margins expanded from 21.7% in 2025 toward 31% in recent quarters as fixed overhead costs were absorbed across surging shipment volumes. Nevertheless, operating leverage cuts both ways in capital goods manufacturing. Management's guidance for the third quarter of 2026 already projects slight gross margin compression due to product mix shifts and rising research expenses. When tester shipment volumes eventually slow during customer digestion phases, fixed engineering overhead will inevitably compress operating margins back toward historical mid-twenties baselines.
Profitability Margins
Latest: 58.2% | Max: 59.6% | Min: -3.6%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
58.2%
Gross profit / revenue
Operating Margin
20.4%
Operating income / revenue
Net Margin
17.4%
Net income / revenue
FCF Margin
14.1%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 1,753,250,000 | -43,421,000 | 360,527,000 |
| 2017-12-31 | 2,136,606,000 | 257,692,000 | 521,120,000 |
| 2018-12-31 | 2,100,802,000 | 451,779,000 | 362,502,000 |
| 2019-12-31 | 2,294,965,000 | 467,468,000 | 444,108,000 |
| 2020-12-31 | 3,121,469,000 | 784,147,000 | 683,958,000 |
| 2021-12-31 | 3,702,881,000 | 1,014,589,000 | 965,894,000 |
| 2022-12-31 | 3,155,045,000 | 715,501,000 | 414,674,000 |
| 2023-12-31 | 2,676,298,000 | 448,752,000 | 425,589,000 |
| 2024-12-31 | 2,819,880,000 | 542,372,000 | 474,081,000 |
| 2025-12-31 | 3,190,024,000 | 554,047,000 | 450,406,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 55.1 | Trailing four quarters |
| 2024-12-31 | 37.9 | Trailing four quarters |
| 2023-12-31 | 39.2 | Trailing four quarters |
| 2022-12-31 | 20.2 | Annual net income |
| 2021-12-31 | 28.7 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 54.68 | -3.59 | -2.48 | 20.56 |
| 2017-12-31 | 57.17 | 24.59 | 12.06 | 24.39 |
| 2018-12-31 | 58.09 | 22.55 | 21.51 | 17.26 |
| 2019-12-31 | 58.38 | 24.12 | 20.37 | 19.35 |
| 2020-12-31 | 57.21 | 29.74 | 25.12 | 21.91 |
| 2021-12-31 | 59.59 | 32.43 | 27.4 | 26.08 |
| 2022-12-31 | 59.18 | 26.37 | 22.68 | 13.14 |
| 2023-12-31 | 57.42 | 18.72 | 16.77 | 15.9 |
| 2024-12-31 | 58.48 | 21.06 | 19.23 | 16.81 |
| 2025-12-31 | 58.22 | 20.38 | 17.37 | 14.12 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-10.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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