VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Keyence Corporation vs Teradyne, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Keyence Corporation

6861.T · Tokyo Stock Exchange

Market cap (USD)$87.6B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryJP
Data as of2026-01-02
Moat score
73/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Keyence Corporation's moat claims, evidence, and risks.

View 6861.T analysis

Teradyne, Inc.

TER · Nasdaq Stock Market

Market cap (USD)$32.8B
Gross margin (TTM)58.9%
Operating margin (TTM)17.9%
Net margin (TTM)15.5%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-23
Moat score
79/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Teradyne, Inc.'s moat claims, evidence, and risks.

View TER analysis

Comparison highlights

  • Moat score gap: Teradyne, Inc. leads (79 / 100 vs 73 / 100 for Keyence Corporation).
  • Segment focus: Keyence Corporation has 3 segments; Teradyne, Inc. has 3 segments (77.9% in Semiconductor Test).
  • Primary market structure: Oligopoly vs Duopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Keyence Corporation has 7 moat types across 2 domains; Teradyne, Inc. has 6 across 3.

Primary market context

Keyence Corporation

Sensors & Safety/Static Control

Market

Industrial sensors and safety/static control for factory automation

Geography

Global

Customer

Manufacturers (production/automation teams) and machine builders

Role

Component OEM and application-solution provider

Teradyne, Inc.

Semiconductor Test

Market

Semiconductor automated test equipment (ATE) and system-level test (SLT)

Geography

Global

Customer

IDMs, foundries, fabless, OSATs

Role

Capital equipment supplier

Revenue share

77.9%

Side-by-side metrics

Keyence Corporation
Teradyne, Inc.
Ticker / Exchange
6861.T - Tokyo Stock Exchange
TER - Nasdaq Stock Market
Market cap (USD)
$87.6B
$32.8B
Gross margin (TTM)
n/a
58.9%
Operating margin (TTM)
n/a
17.9%
Net margin (TTM)
n/a
15.5%
Sector
Technology
Technology
Industry
n/a
Semiconductors
HQ country
JP
US
Primary segment
Sensors & Safety/Static Control
Semiconductor Test
Market structure
Oligopoly
Duopoly
Market share
n/a
27%-30% (implied)
HHI estimate
n/a
3,565
Pricing power
Strong
Moderate
Moat score
73 / 100
79 / 100
Moat domains
Supply, Demand
Demand, Supply, Network
Last update
2026-01-02
2025-12-23

Moat coverage

Shared moat types

Design In QualificationBrand Trust

Keyence Corporation strengths

Service Field NetworkLearning Curve YieldOperational ExcellenceDistribution ControlScope Economies

Teradyne, Inc. strengths

Format Lock InCapex Knowhow ScaleSwitching Costs GeneralEcosystem Complements

Segment mix

Keyence Corporation segments

Full profile >

Sensors & Safety/Static Control

Oligopoly

n/a

Machine Vision, Code Reading & Laser Marking

Oligopoly

n/a

Metrology & Microscopes

Oligopoly

n/a

Teradyne, Inc. segments

Full profile >

Semiconductor Test

Duopoly

77.9%

Product Test

Competitive

11.7%

Robotics

Competitive

10.4%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.