FirmAtlas
Company handbook · TER · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
TER · CIK 97210 · LATEST FILING: 10-Q JUN '26 · FILED JUL 31, 2026
TERADYNE, INC.
$325.00
−18.21 (−5.31%)
Close, Oct 16, 2026 · 52-week $136–488
Teradyne makes automated test equipment that checks chips and electronics as they are made, including chips for AI, phones and cars. It also makes collaborative robot arms (Universal Robots) and mobile robots for factories and warehouses (MiR).
Business
- SegmentsSemiconductor Test 79% · All Other Segments 11% · Industrial Automation 10% (FY25)
- ProductsProduct 83% · Service 17% (FY25)
- CustomersChipmakers, chip designers and test service companies, and makers of electronics; factories and warehouses (robots); sold by its own sales force and, for robots, mostly through distributors
- Cash useFY24–FY25: buybacks $901M · capex $422M · dividends $153M · acquisitions $144M
Reinvested 42% of operating cash flow · returned 114% of free cash flow
Last fiscal year
TERADYNE, INC. reported revenue of $3.2B for the year ended Dec 31, 2025 (FY25), up 13.1% from FY24. Net income was $554M, operating cash flow $674M and free cash flow $450M. Source: 10-K filed Feb 19, 2026.
Market cap
$50.7B
P/E
44.1
EV/EBITDA
65.1x
P/B
14.8
Div yield
0.16%
ROIC
23.0%
Revenue 1Y
13.1%/yr
EPS 1Y
4.5%/yr
Shares 1Y
−3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGregory S. Smith
HQNorth Reading, MA
AuditorPricewaterhouseCoopers LLP
Employees6,600
Year endsDecember
Revenue by segment · FY25
Semiconductor Test79%
All Other Segments11%
Industrial Automation10%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
31.4%
23.3%
49.6%
133.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.6B deployed
Capex
$422M
26.1%
Acquisitions
$144M
8.9%
Dividends
$153M
9.4%
Buybacks
$901M
55.6%
Operating cash flow over the period: $1.3B. Total debt changed by $0M. R&D of $965M is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
2,820
3,190+13.1%
4,464
YoY
+13.1%
Gross profit
1,649
1,857+12.6%
2,645
Gross margin
58.5%
58.2%−0.3 pp
—
Operating income
594
650+9.5%
1,349
Operating margin
21.1%
20.4%−0.7 pp
—
EBITDA
714
778+9.0%
—
EBITDA margin
25.3%
24.4%−0.9 pp
—
Interest expense
4
7+90.9%
—
Interest coverage
198.92x
113.65x−85.27x
—
Net income
542
554+2.2%
1,150
YoY
+2.2%
Net margin
19.2%
17.4%−1.9 pp
—
EPS (diluted, $)
3.32
3.47+4.5%
7.31
YoY
+4.5%
Balance sheet
Total assets
3,709
4,184+12.8%
4,926
Cash & short-term investments
553
294−46.9%
—
Accounts receivable
471
787+66.9%
—
Inventory
298
380+27.2%
—
Net PP&E
508
563+10.8%
—
Other assets
1,877
2,160+15.1%
—
Total liabilities
889
1,388+56.0%
1,488
Accounts payable
135
269+99.7%
—
Total debt
—
200
0
Other liabilities
755
919+21.7%
—
Shareholders’ equity
2,819
2,796−0.8%
3,437
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
672
674+0.3%
1,065
Net income
542
554+2.2%
—
Depreciation & amortization
120
128+6.9%
—
Stock-based compensation
60
64+6.4%
—
Working capital & other
(50)
(72)n/m
—
Cash from investing
(622)
(369)n/m
—
Capex
(198)
(224)n/m
—
PP&E sold
0
—
—
Acquisitions
0
(144)n/m
—
Investments sold / matured
38
49+27.6%
—
Other investing
(463)
(49)n/m
—
Cash from financing
(252)
(562)n/m
—
Dividends
(76)
(76)n/m
—
Buybacks
(199)
(702)n/m
—
Other financing
23
216+830.5%
—
Net change in cash
(204)
(260)n/m
—
Free cash flow (OCF − capex)
474
450−5.0%
800
Where the cash went
Operating cash flow
672
674+0.3%
1,065
Reinvested in the business
198
368+86.0%
—
% of operating cash flow
29.5%
54.6%
Capex
198
224+13.1%
265
Acquisitions
0
144n/m
—
R&D (memo, already in costs)
461
505+9.5%
—
Free cash flow
474
450−5.0%
800
YoY
−5.0%
Returned to shareholders
275
778+183.1%
—
% of free cash flow
58.0%
172.8%
Dividends
76
76−0.1%
—
Buybacks
199
702+253.6%
—
FCF conversion (FCF ÷ net income)
87.4%
81.3%−6.1 pp
—
Owner earnings
—
196
—
Owner earnings margin
—
6.1%
—
Buyback yield
1.0%
2.3%+1.3 pp
—
Returns & ratios
ROIC (all capital)
23.6%
23.0%−0.7 pp
—
ROIC (operating)
46.9%
43.9%−3.0 pp
—
Net debt / EBITDA
—
−0.12x
—
Debt / equity
—
0.07x
—
Cash conversion cycle (days)
112
120+8 d
—
ROE
19.2%
19.8%+0.6 pp
—
ROA
14.6%
13.2%−1.4 pp
—
ROCE
19.3%
21.2%+1.9 pp
—
NOPAT
536
571+6.6%
—
Invested capital (operating)
1,143
1,460+27.7%
—
Invested capital (all)
2,266
2,702+19.2%
—
Reinvestment rate
—
55.5%
—
Debtor days
61
90+29 d
—
Inventory days
93
104+11 d
—
Days payable
42
74+32 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
769
1,083
1,282
1,329
vs year-ago quarter
Gross profit
449
620
781
795
Gross margin
58.4%
57.2%
60.9%
59.8%
Operating income
145
293
473
438
Net income
120
257
399
375
vs year-ago quarter
Net margin
15.5%
23.7%
31.1%
28.2%
EPS (diluted, $)
0.75
1.65
2.53
2.38
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
3,964
4,184
4,434
4,926
Cash & equivalents
273
294
242
350
Total debt
200
200
0
0
Shareholders’ equity
2,717
2,796
3,144
3,437
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
49
282
265
469
Capex
47
63
65
91
Free cash flow
2
219
200
378
vs year-ago quarter