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Teradyne, Inc. TER

NasdaqSemiconductor equipment and materialsFinancials to Jun 28, 2026 · Updated Oct 9, 2026

On Stock Analysis · affiliate link
TER financials
Moat score
83
ROIC
38.3%
P/E
54.2
EV/EBIT
45.8
FCF yield
1.3%
Dividend yield
0.1%
Market cap
$62.3B

Moat ranks

Score rankTied #100 of 396
Durabilitydurable
Market structureDuopoly
Pricing powermoderate

Balance sheet

6/28/26
$BDec 31Jun 28
Cash0.30.3
Securities0.00.0
Long-term securities0.10.2
Debt0.20.0
Net cash0.20.5
Equity2.83.4
Leverage
Debt / EBITDA
0.00×
Debt / equity
0.00×
Leases (6/28/26)
$100M
Capital
Diluted shares
158M
Book value / share
$21.80
Price / book
18.1×
Net cash / share
$3.28
Market cap
$62.3B
Enterprise value
$61.8B

Per-share record

Fiscal years and TTM
Scale
$0$10$20$30'16'17'18'19'20'21'22'23'2419.97'2528.31TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q2 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth103.9%+114.6 pts
Operating margin32.9%+19.0 pts
FCF margin28.5%+8.3 pts
Capex / revenue6.8%-0.9 pts
Semiconductor Test revenue$1.1B+128%
Semiconductor Test income before tax$427M+346%
Robotics revenue$100M+33%
Robotics income before tax−$3M+86%
System-on-a-chip test revenue$843M+113%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About TER

Teradyne sells semiconductor production testers, electronic test systems, collaborative robots and mobile robots. Semiconductor Test supplied 79.1% of 2025 revenue.

Revenue mix
Semiconductor Test 79.1%Product Test 11.2%Robotics 9.7%
  • Format Lock In

    The IG-XL software environment is embedded in tester program development workflows (and shared across key platforms), increasing friction to switch tester vendors once production programs are built and validated.

  • Capex Knowhow Scale

    High-end ATE platforms require deep engineering (signal integrity, RF, mixed-signal, high-speed digital), broad instrument portfolios, and field applications support; scale supports faster time-to-market for new device nodes and packaging.

  • Design In Qualification

    Tester selection is tightly tied to device qualification and production flows; OSAT purchasing behavior and the cost/effort of requalifying testers raise hurdles for switching once a platform is entrenched.

  • Ecosystem Complements

    Universal Robots' partner ecosystem and training infrastructure reduce deployment work.

Timeline
  1. Oct 6, 2026

    Teradyne introduced production-deployed Titan HP burn-in capabilities, adding per-device reliability testing and Atlas test-program reuse across its system-level testers. Source: https://investors.teradyne.com/news-events/press-releases/detail/452/teradyne-introduces-titan-hp-platform-with-burn-in-capabilities-for-advanced-ai-data-center-devices

  2. Oct 1, 2026

    Teradyne Robotics settled the Elite Robots dispute by mutual agreement on confidential terms. Elite made no admission of infringement or liability, so the settlement does not establish a permanent exclusion of rival products. Source: https://www.universal-robots.com/news-and-media/news-center/pending-legal-dispute-between-elite-robots-and-teradyne-robotics-resolved-by-mutual-agreement/

  3. Sep 29, 2026

    Teradyne launched Magnum E2 for next-generation DRAM and NAND interfaces, widening its memory-test capability without a disclosed sales contribution. Source: https://investors.teradyne.com/news-events/press-releases/detail/451/teradyne-announces-magnum-e2-to-address-next-generation-memory-test-demands-driven-by-ai-and-high-performance-computing

  4. Sep 21, 2026

    Teradyne introduced the production-proven Iris 100 system for MicroLED testing, broadening its specialized test portfolio without disclosed sales. Source: https://investors.teradyne.com/news-events/press-releases/detail/450/teradyne-introduces-iris-100-production-proven-test-system-for-microled-devices

  5. Sep 15, 2026

    Teradyne Robotics appointed Jacob Pascual Pape chief commercial officer across Universal Robots and MiR, putting both sales organizations under shared commercial leadership. Source: https://www.universal-robots.com/news-and-media/news-center/teradyne-robotics-appoints-jacob-pascual-pape-chief-commercial-officer/

Ownership

To 10/8/26
CEO
Gregory S. Smith
Since 2023 · 3 yrs
Professional CEOSingle share class
Insider trades64
Planned sales27

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share ($)
Revenue8.6510.6010.9112.7917.0520.1718.5916.2917.2719.9728.31+9.7%/yr
Cash flow2.253.112.483.224.755.983.403.564.124.226.75+7.3%/yr
Earnings-0.211.282.352.604.285.534.222.733.323.477.29–
Free cash flow1.832.581.882.473.745.262.442.592.902.825.07+4.9%/yr
Capex0.420.520.590.751.010.720.960.971.211.401.68+14.3%/yr
Dividends0.240.270.350.340.360.360.410.410.470.480.50+8.0%/yr
Book value9.039.697.908.2512.0613.9514.4415.3717.2617.5021.80+7.6%/yr
Diluted shares (M)203202193179183184170164163160158-2.6%/yr
Totals ($B)
Revenue1.82.12.12.33.13.73.22.72.83.24.5+6.9%/yr
Operating income-0.10.50.50.60.91.20.80.50.60.71.3–
Net income-0.00.30.50.50.81.00.70.40.50.61.2–
Free cash flow0.40.50.40.40.71.00.40.40.50.50.8+2.2%/yr
Buybacks0.10.20.80.50.10.60.80.40.20.70.5+19.0%/yr
Dividends0.00.10.10.10.10.10.10.10.10.10.1+5.1%/yr
Net cash1.31.50.80.61.11.41.00.90.70.20.5−$1.0B
Margins & returns (%)
Gross margin54.757.258.158.457.259.659.257.458.558.259.2+3.5 pts
Operating margin-3.624.622.624.129.732.426.418.721.120.430.2+24.0 pts
Net margin-2.512.121.520.425.127.422.716.819.217.425.8+19.8 pts
FCF margin21.124.417.319.421.926.113.115.916.814.117.9-7.0 pts
ROIC-5.584.952.850.368.880.645.325.723.421.338.3+26.8 pts
Return on equity-2.413.229.731.635.539.629.217.819.219.833.5+22.2 pts
R&D % of revenue16.714.414.414.112.011.514.015.616.315.812.5-0.8 pts
Stock pay % of revenue1.81.61.61.71.41.21.52.22.12.01.7+0.3 pts
Capex % of revenue4.94.95.45.95.93.65.26.07.07.05.9+2.2 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Jun 28, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 12.5% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score83
Strength
Confidence
Structure
Duopoly
Durability
durable
Trajectory
stable
Pricing power
moderate
Segments
  • Semiconductor Test79.1%
    3 claims
  • Product Test11.2%
    Not scored: evidence insufficient
  • Robotics9.7%
    1 claim

Moat claims

Applies to
Semiconductor Test
Confidence
Durability
durable
Trajectory
stableas of Oct 8, 2026
Why it holds

The IG-XL software environment is embedded in tester program development workflows (and shared across key platforms), increasing friction to switch tester vendors once production programs are built and validated.

Why stable

Titan HP adds Atlas program reuse across Teradyne system-level testers. This supports platform dependence, but Q2 Semiconductor Test revenue of USD1.122 billion does not disclose retention or switching rates.

Indicators
  • Semiconductor Test revenue$1.1B+128%
  • Semiconductor Test annual revenue$2.5B+19%
  • Semiconductor Test income before tax$427M+346%
  • Semiconductor Test annual income before tax$701M+26%
  • Five largest direct customers44.0%+8.0 pts
  • System-on-a-chip test annual revenue$1.9B+23%
  • System-on-a-chip test revenue$843M+113%
  • Memory test annual revenue$505M+1%
  • Memory test revenue$212M+248%
  • Integrated system test annual revenue$129M+52%
  • Integrated system test revenue$67M+94%
Risks
  • Competing test platforms improve software compatibility and migration tooling
  • Large customers enforce multi-vendor strategies to preserve bargaining power
  • Downcycles increase price competition and reduce willingness to pay for platform advantages

Profile change log

  1. Oct 9, 2026 · business change

    Teradyne Robotics settled the Elite Robots dispute by mutual agreement on confidential terms. Elite made no admission of infringement or liability, so the settlement does not establish a permanent exclusion of rival products. Source: https://www.universal-robots.com/news-and-media/news-center/pending-legal-dispute-between-elite-robots-and-teradyne-robotics-resolved-by-mutual-agreement/

  2. Oct 9, 2026 · business change

    Teradyne Robotics appointed Jacob Pascual Pape chief commercial officer across Universal Robots and MiR, putting both sales organizations under shared commercial leadership. Source: https://www.universal-robots.com/news-and-media/news-center/teradyne-robotics-appoints-jacob-pascual-pape-chief-commercial-officer/

  3. Oct 9, 2026 · business change

    Universal Robots launched Gen 7 with PolyScope X, compatible controllers and third-party application tools, broadening its automation ecosystem without a disclosed sales contribution. Source: https://www.universal-robots.com/news-and-media/news-center/universal-robots-unveils-gen-7-new-platform-industrial-automation-physical-ai/

  4. Oct 9, 2026 · business change

    JAKA announced legal action against Teradyne Robotics public statements and rejected the patent allegations, adding litigation and reputational uncertainty without a disclosed financial amount. Source: https://www.jaka.com/en_eu/newsDetail/1677

  5. Oct 9, 2026 · business change

    Teradyne Robotics announced a patent case against JAKA at the Copenhagen Unified Patent Court, seeking protection for cobot hardware and software; infringement remained an allegation. Source: https://www.universal-robots.com/news-and-media/news-center/collaborative-robot-leader-teradyne-robotics-patent-infringement-against-chinese-robot-competitor-european-court/

  6. Oct 9, 2026 · business change

    Teradyne Robotics reported a preliminary Hamburg injunction against Elite Robots Germany over software copyright, showing enforceable interim protection without a final judgment. Source: https://www.universal-robots.com/news-and-media/news-center/german-court-rules-for-teradyne-robotics-in-copyright-case-against-elite-robots-deutschland/

  7. Oct 9, 2026 · analyst revision

    Robotics evidence now includes the disclosed cumulative cobot and mobile-robot fleet; its competitive market profile names rival suppliers without implying a common leader ranking. Sales and ecosystem reach remain separate from proof of profitable repeat demand.

  8. Oct 9, 2026 · business change

    Teradyne settled the AutoGuide acquisition earn-out dispute for USD26.7m, resolving a contingent acquisition obligation after USD12m of charges in 2021 and USD14.7m in 2022. Source: https://www.sec.gov/Archives/edgar/data/97210/000119312523044711/d414778d10k.htm

  9. Oct 9, 2026 · analyst revision

    Reported fourth-quarter diluted shares now complete 2023-2025 share history. The collection notes distinguish small legal-settlement, asset-sale and debt-conversion items from recurring expenses; SoC, memory, system-test and cumulative robot sales broaden the operating evidence. Sources: annual reports and fourth-quarter results.

  10. Oct 9, 2026 · analyst revision

    The later pension-cost presentation increases FY2016 cost of revenue from USD793.683m to USD794.642m and FY2017 from USD912.734m to USD915.153m, bringing them onto the same basis as gross and operating profit. Sources: 2018 and 2019 Form 10-K comparatives.

  11. Oct 8, 2026 · business change

    Teradyne introduced the production-proven Iris 100 system for MicroLED testing, broadening its specialized test portfolio without disclosed sales. Source: https://investors.teradyne.com/news-events/press-releases/detail/450/teradyne-introduces-iris-100-production-proven-test-system-for-microled-devices

  12. Oct 8, 2026 · business change

    Teradyne opened an India office to support the growing local semiconductor ecosystem; the announcement does not quantify orders or revenue. Source: https://investors.teradyne.com/news-events/press-releases/detail/449/teradyne-opens-office-in-india-deepening-commitment-to-the-countrys-growing-semiconductor-ecosystem

  13. Oct 8, 2026 · analyst revision

    Converted short legacy source extracts to paraphrased evidence notes after checking the annual report, and retained the four supported moat claims without changing their strengths.

  14. Oct 8, 2026 · business change

    Teradyne introduced production-deployed Titan HP burn-in capabilities, adding per-device reliability testing and Atlas test-program reuse across its system-level testers. Source: https://investors.teradyne.com/news-events/press-releases/detail/452/teradyne-introduces-titan-hp-platform-with-burn-in-capabilities-for-advanced-ai-data-center-devices

  15. Oct 8, 2026 · business change

    Teradyne launched Magnum E2 for next-generation DRAM and NAND interfaces, widening its memory-test capability without a disclosed sales contribution. Source: https://investors.teradyne.com/news-events/press-releases/detail/451/teradyne-announces-magnum-e2-to-address-next-generation-memory-test-demands-driven-by-ai-and-high-performance-computing

  16. Oct 8, 2026 · business change

    Teradyne launched three UltraFLEXplus instruments for AI and data-center device testing, extending its existing tester platform into higher-speed and higher-power applications. Source: https://investors.teradyne.com/news-events/press-releases/detail/447/teradyne-launches-advanced-ultraflexplus-instruments-engineered-for-ai-and-data-center-computing-devices

  17. Oct 8, 2026 · business change

    Teradyne entered a five-year USD1bn secured revolving facility, undrawn at signing, replacing the USD750m facility and expanding liquidity with borrowing costs tied to leverage. Source: https://www.sec.gov/Archives/edgar/data/97210/000119312526342367/ter-20260807.htm

  18. Oct 8, 2026 · business change

    Teradyne and Tokyo Electron introduced a validated known-good-die screening cell for advanced AI packages, reducing integration risk for manufacturing customers. Source: https://investors.teradyne.com/news-events/press-releases/detail/443/teradyne-introduces-integrated-test-solution-for-ai-and-data-center-devices-in-collaboration-with-tokyo-electron

  19. Oct 8, 2026 · business change

    Teradyne paid USD157.8m for a controlling 75% interest in the MultiLane test-products venture, adding high-speed AI data-center connection test development to Product Test. Source: https://www.sec.gov/Archives/edgar/data/97210/000119312526327715/ter-20260628.htm

  20. Oct 8, 2026 · business change

    Teradyne bought Quantifi Photonics for USD127.2m, adding photonic integrated-circuit test capability to Product Test. Source: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

  21. Oct 8, 2026 · business change

    Teradyne bought Infineon automated-test technology and its Regensburg development team for EUR17.6m, adding Semiconductor Test engineering. Source: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

  22. Oct 8, 2026 · business change

    Teradyne sold Device Interface Solutions to Technoprobe for USD85m net of cash sold and adjustments and bought a 10% Technoprobe stake for USD524.1m, replacing a controlled business with a strategic partner investment. Source: https://www.sec.gov/Archives/edgar/data/97210/000119312526059002/ter-20251231.htm

  23. Oct 8, 2026 · analyst revision

    Added dated moat trajectories, management, operating KPI history and a testable debate. Product Test remains unscored with insufficient evidence: the latest filing identifies rivals and internal supply but gives no whole-segment switching or qualification measure.

  24. Oct 8, 2026 · analyst revision

    Removed the 31%-33% Semiconductor Test share range and 3,565 HHI: their denominators mixed ATE and broader test markets, while the residual shares were assumed. They do not establish segment-wide concentration.

  25. Oct 8, 2026 · analyst revision

    Segment weights now use exact FY2025 revenue: Semiconductor Test 79.1%, Product Test 11.2%, Robotics 9.7%, replacing rounded Q2 2026 weights. Industry, sector and profile timestamps remain as recorded.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianTEREMRROK

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Global semiconductor production test

As of Oct 8, 2026
DuopolyHigh cyclicality

Automated test systems for semiconductor wafer, packaged-device, memory, system-level and reliability production testing, including related instruments, software and support. Excludes wafer-fabrication equipment, stand-alone laboratory measurement, robot automation and device-interface components sold separately.

  1. Advantest
  2. Teradyne
2025 leaders, no comparable shares · Advantest investor guide
StocksMoatGross m.Op. m.
TER8359.2%30.2%
Industry median98252.7%35.3%
Sector median777564.9%23.6%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • AI accelerators, inference chips and advanced memory require more power, signal integrity and test coverage per device.
  • Advanced packaging makes finding bad dies before expensive assembly more valuable and requires coordinated testers, probers and thermal control.
  • Higher wafer output and packaging capacity create demand for additional production-test throughput; device complexity can add test demand even when unit growth slows.
  • Validated test programs and the installed fleet support upgrades, instruments and service demand.
Risks
  • A strong AI investment cycle can reverse if data-center returns disappoint or customers digest earlier capacity purchases; orders are concentrated and cancellable.
  • Advantest and Teradyne can both fund new platforms; architecture changes let a customer choose a rival at a new device generation.
  • US export licensing and tariffs can reduce the addressable China market and create unequal restrictions across suppliers.
  • Advanced-packaging bottlenecks, memory shortages or Asian supply-chain disruption can delay customer production and tester deliveries.
  • Higher rates raise the cost of capacity investments, while sole-source electronic components and skilled-engineer costs can constrain output and profit.

Bulls & bears

Key question · as of Oct 8, 2026

Can Teradyne turn rising AI test complexity into lasting program wins and profit across a chip cycle, while Robotics earns an adequate return?

Arguments

4 forFaded: weakening or settled4 against

What to watch

  1. 1Semiconductor Test revenue and segment pretax income alongside Advantest test-system results.
  2. 2Customer concentration, AI device qualification wins and service revenue.
  3. 3Robotics revenue and segment pretax income, Gen 7 customer deployments, patent-case outcomes, acquisition spending and operating cash flow.

Next check: Q3 2026 results: compare test demand and Robotics profit with the July 28 guidance of USD1.2bn to USD1.3bn revenue; no confirmed date was found.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 8, 2026. Not investment advice.

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Moat Score 83/100 by <a href="https://www.findmymoat.com/stocks/XNAS:TER">Find My Moat</a> (as of September 2026)

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