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Teradyne

TER Nasdaq Semiconductor Materials & Equipment Financials FY2016–FY2025

Teradyne's revenue rose 13.1% to $3.2 billion in fiscal 2025. Its operating margin was 20.4%, down from 21.1% a year earlier. Free cash flow was $450 million, down 5.0%. It paid out $778 million in dividends and buybacks, 173% of free cash flow. The diluted share count fell 2.2%.

Last close · Oct 23, 2026

$308.85

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$3.2B
13.1% vs prior year
Operating margin Operating income as a share of revenue.
20.4%
0.7 pts
Net income Profit after all expenses, interest and tax.
$554M
2.1%
Free cash flow Cash from operations minus capital spending.
$450M
5.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
23.0%
3.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$49.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Teradyne does

No business description yet.

Legal name
TERADYNE, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001193125-26-059002
0000097210

Revenue and margins

Teradyne had $3.2B of revenue in fiscal 2025, up 13.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $450M in fiscal 2025, 14.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Teradyne returned $778M to shareholders in fiscal 2025, 173% of free cash flow. The diluted share count fell 2.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Teradyne yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of $93.8M and divides by 159.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

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Reference multiples: today 89.0x · peers 36.8x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Teradyne can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.1B$855M$758M$553M$294M
Debt incl. finance leases $108M$50.1M$0.0M$0.0M$200M
Net debt / EBITDA −0.8x−0.9x−1.2x−0.8x−0.1x
Debt / equity 0.0x0.0x0.0x0.0x0.1x
Interest coverage 67.4x223.7x131.7x165.5x95.0x
Current ratio 3.2x3.0x3.3x2.9x1.8x
Quick ratio 2.9x2.6x2.8x2.4x1.4x
Total assets $3.8B$3.5B$3.5B$3.7B$4.2B
Total liabilities $1.2B$1.1B$961M$889M$1.4B
Shareholders' equity $2.6B$2.5B$2.5B$2.8B$2.8B
Net debt (− = net cash) −$1.0B−$805M−$758M−$553M−$93.8M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.4M

3 insiders

Of sales under plans

100%

$7.4M

DateInsiderTradeSharesPriceValueFiling
Oct 21, 2026 Marilyn MatzDirector Sold plan 400 $350.00 $0.1M Form 4
Oct 15, 2026 Gregory Stephen SmithPresident and CEO, Director Sold plan 4,000 $341.28 $1.4M Form 4
Oct 15, 2026 Marilyn MatzDirector Sold plan 800 $341.28 $0.3M Form 4
Oct 1, 2026 Mercedes JohnsonDirector Sold plan 167 $402.90 $0.1M Form 4
Sep 17, 2026 Marilyn MatzDirector Sold plan 400 $351.11 $0.1M Form 4
Sep 15, 2026 Gregory Stephen SmithPresident and CEO, Director Sold plan 4,000 $337.83 $1.4M Form 4
Sep 15, 2026 Marilyn MatzDirector Sold plan 800 $337.83 $0.3M Form 4
Sep 1, 2026 Mercedes JohnsonDirector Sold plan 167 $341.30 $0.1M Form 4
Aug 17, 2026 Gregory Stephen SmithPresident and CEO, Director Sold plan 4,000 $425.00 $1.7M Form 4
Aug 17, 2026 Marilyn MatzDirector Sold plan 1,200 $425.00 $0.5M Form 4
Aug 3, 2026 Mercedes JohnsonDirector Sold plan 166 $358.15 $0.1M Form 4
Jul 15, 2026 Gregory Stephen SmithPresident and CEO, Director Sold plan 4,000 $356.31 $1.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 6 / 97 / 95 / 9
Accruals ratio −3.9%−3.6%−3.1%
Altman Z'' 7.217.375.05

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Teradyne TER $49.3B 13.1% 20.4% 14.1% 23.0% — 5
Entegris ENTG $20.7B −1.4% 14.3% 12.4% 5.8% 67.3x 6 Compare →
MKS Instruments MKSI $14.3B 9.6% 13.4% 12.6% 7.9% 31.3x 6 Compare →
Qnity Electronics Q $23.1B 9.7% — 20.8% 7.3% — — Compare →
Advanced Energy AEIS $9.2B 21.4% 9.3% 7.0% 13.6% 40.3x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.8B $2.1B $2.1B $2.3B $3.1B $3.7B $3.2B $2.7B $2.8B $3.2B
Gross profit $959M $1.2B $1.2B $1.3B $1.8B $2.2B $1.9B $1.5B $1.6B $1.9B
Research and development $292M $307M $302M $323M $375M $428M $441M $418M $461M $505M
Operating income −$63.0M $525M $474M $554M $928M $1.2B $832M $501M $594M $650M
Interest expense $3.6M $21.7M $21.8M $22.2M $24.2M $17.8M $3.7M $3.8M $3.6M $6.8M
Pretax income −$55.1M $524M $468M $526M $901M $1.2B $840M $526M $609M $653M
Income tax −$11.6M $267M $16.0M $58.3M $117M $146M $125M $76.8M $59.5M $79.3M
Net income −$43.4M $258M $452M $468M $784M $1.0B $716M $449M $542M $554M
Diluted EPS −$0.21 $1.28 $2.35 $2.60 $4.28 $5.53 $4.22 $2.73 $3.32 $3.47
Diluted shares 0.20B 0.20B 0.19B 0.18B 0.18B 0.18B 0.17B 0.16B 0.16B 0.16B
Cash flow
Cash from operations $455M $627M $477M $579M $869M $1.1B $578M $585M $672M $674M
Capital expenditure $85.3M $105M $114M $135M $185M $133M $163M $160M $198M $224M
Free cash flow $370M $521M $363M $444M $684M $966M $415M $426M $474M $450M
Depreciation and amortization $120M $108M $113M $121M $127M $126M $111M $111M $120M $128M
Stock-based compensation $30.8M $34.1M $33.6M $37.9M $44.9M $45.6M $48.2M $57.7M $60.1M $64.0M
Acquisitions $0.0M $0.0M $170M $79.7M $0.1M $12.0M $0.0M $0.0M $0.0M $144M
Share buybacks $146M $200M $824M $500M $88.5M $600M $752M $397M $199M $702M
Dividends paid $48.6M $55.4M $67.3M $61.3M $66.5M $66.0M $69.7M $67.9M $76.4M $76.3M
Dividends and buybacks $195M $256M $891M $561M $155M $666M $822M $465M $275M $778M
Balance sheet
Cash and short-term investments $308M $430M $927M $774M $914M $1.1B $855M $758M $553M $294M
Total debt $353M $366M $380M $395M $410M $108M $50.1M $0.0M $0.0M $200M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.6B $2.3B $1.7B $1.7B $2.4B $2.6B $2.3B $2.2B $1.8B $1.9B
Current liabilities $373M $454M $476M $539M $701M $805M $746M $660M $625M $1.1B
Inventory $136M $108M $154M $197M $222M $243M $325M $310M $299M $380M
Property and equipment, net $254M $268M $280M $320M $395M $387M $419M $446M $508M $563M
Total assets $2.8B $3.1B $2.7B $2.8B $3.7B $3.8B $3.5B $3.5B $3.7B $4.2B
Total liabilities $934M $1.2B $1.2B $1.3B $1.4B $1.2B $1.1B $961M $889M $1.4B
Shareholders' equity $1.8B $2.0B $1.5B $1.5B $2.2B $2.6B $2.5B $2.5B $2.8B $2.8B
Margins
Gross margin 54.7% 57.2% 58.1% 58.4% 57.2% 59.6% 59.2% 57.4% 58.5% 58.2%
Operating margin −3.6% 24.6% 22.6% 24.1% 29.7% 32.4% 26.4% 18.7% 21.1% 20.4%
EBITDA margin 3.3% 29.7% 27.9% 29.4% 33.8% 35.8% 29.9% 22.9% 25.3% 24.4%
Net margin −2.5% 12.1% 21.5% 20.4% 25.1% 27.4% 22.7% 16.8% 19.2% 17.4%
FCF margin 21.1% 24.4% 17.3% 19.4% 21.9% 26.1% 13.1% 15.9% 16.8% 14.1%
Returns
Return on capital −2.8% 14.0% 31.9% 47.4% 57.6% 64.5% 44.3% 25.1% 26.6% 23.0%
Return on capital employed −2.8% 20.8% 19.4% 24.7% 35.7% 40.3% 28.9% 18.0% 20.1% 21.1%
Return on equity −2.3% 13.6% 26.0% 31.1% 42.5% 42.6% 28.5% 18.0% 20.3% 19.7%
Return on assets −1.6% 8.8% 15.5% 17.0% 24.4% 27.2% 19.6% 12.8% 15.1% 14.0%
Growth
Revenue growth 6.9% 21.9% −1.7% 9.2% 36.0% 18.6% −14.8% −15.2% 5.4% 13.1%
Net income growth −121.0% — 75.3% 3.5% 67.7% 29.4% −29.5% −37.3% 20.9% 2.2%
EPS growth −121.7% — 83.6% 10.6% 64.6% 29.2% −23.7% −35.3% 21.6% 4.5%
FCF growth 11.0% 40.9% −30.4% 22.5% 54.0% 41.2% −57.1% 2.6% 11.4% −5.0%
Share count change −5.0% −0.5% −4.5% −6.8% 2.0% 0.3% −7.6% −3.2% −0.6% −2.2%
Financial health
Net debt / EBITDA 0.8x −0.1x −0.9x −0.6x −0.5x −0.8x −0.9x −1.2x −0.8x −0.1x
Debt / equity 0.2x 0.2x 0.3x 0.3x 0.2x 0.0x 0.0x 0.0x 0.0x 0.1x
Interest coverage −17.3x 24.3x 21.8x 24.9x 38.4x 67.4x 223.7x 131.7x 165.5x 95.0x
Current ratio 4.4x 5.0x 3.6x 3.1x 3.5x 3.2x 3.0x 3.3x 2.9x 1.8x
Quick ratio 4.0x 4.8x 3.3x 2.7x 3.1x 2.9x 2.6x 2.8x 2.4x 1.4x
Capital allocation
Capex / revenue 4.9% 4.9% 5.4% 5.9% 5.9% 3.6% 5.2% 6.0% 7.0% 7.0%
Stock comp / revenue 1.8% 1.6% 1.6% 1.7% 1.4% 1.2% 1.5% 2.2% 2.1% 2.0%
Payouts / FCF 52.7% 49.1% 245.7% 126.4% 22.7% 69.0% 198.2% 109.3% 58.0% 172.8%
Quality scores
Piotroski F-score 5.0 9.0 6.0 7.0 7.0 5.0 4.0 6.0 7.0 5.0
Altman Z'' 5.2 7.0 5.4 4.9 6.7 8.0 7.6 7.2 7.4 5.1
Accruals ratio −18.8% −12.6% −0.9% −4.1% −2.6% −2.3% 3.8% −3.9% −3.6% −3.1%

Source: SEC EDGAR XBRL filings (CIK 0000097210). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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