# Teradyne, Inc. (TER)

> Source: Nexqual · https://nexqual.com/TER · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Teradyne, Inc. (TER), nexqual.com/TER" · informational, not investment advice.

**Price:** USD 308.75 (-10.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 345.49 · day 306.84–323.88 · 52w 138–487.91 · market cap $48.3B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $4.46B, net income $1.15B (25.8% margin), free cash flow $800M (SEC filings).
- Valuation: P/E 42.0x (avg 44.5x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold TER (13F, Q2 2026): 1 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 24 Form 4 filings, $14.5M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 6 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.24 on a 1–5 scale) (17 analysts), mean target USD 445.47 (range 350–550).
- Total return with dividends: 1Y +113.3% vs S&P 500 +14.9%; 5Y +171.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 2.05, revenue estimate $1.26B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.70B | $3.16B | $2.68B | $2.82B | $3.19B | $4.46B |
| Gross profit | $2.21B | $1.87B | $1.54B | $1.65B | $1.86B | — |
| Operating income | $1.20B | $832M | $501M | $594M | $650M | $1.35B |
| Net income | $1.01B | $716M | $449M | $542M | $554M | $1.15B |
| EPS (diluted) | $5.53 | $4.22 | $2.73 | $3.32 | $3.47 | — |
| Free cash flow | $966M | $415M | $426M | $474M | $450M | $800M |
| Gross margin | 59.6% | 59.2% | 57.4% | 58.5% | 58.2% | — |
| Operating margin | 32.4% | 26.4% | 18.7% | 21.1% | 20.4% | 30.2% |
| Net margin | 27.4% | 22.7% | 16.8% | 19.2% | 17.4% | 25.8% |
| Revenue growth | +18.6% | -14.8% | -15.2% | +5.4% | +13.1% | — |
| Cash + short-term investments | — | — | $758M | $553M | $294M | — |
| Total debt | $89.2M | $0K | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 42.0x · P/S 10.8x · P/FCF 60.3x · P/B 14.0x · FCF yield 1.66% · Earnings yield 2.38% · Dividend yield (paid, TTM) 0.16% · Buyback yield (TTM) 1.04%
P/E at fiscal year-ends: Dec 2025 55.8x, Dec 2024 37.9x, Dec 2023 39.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold TER. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 4.42% | $722M | Reduced -20.3% |
| Lee Ainslie | Maverick Capital | 0.01% | $1.0M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
24 of 24 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-21 | Matz Marilyn | Director | 400 | $140K | 3.1% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-10-15 | Smith Gregory Stephen | President and CEO | 4,000 | $1.4M | 3.7% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-10-15 | Matz Marilyn | Director | 800 | $273K | 5.8% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-10-01 | Johnson Mercedes | Director | 167 | $67K | 2% | Yes (adopted March 4, 2026) | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-09-17 | Matz Marilyn | Director | 400 | $140K | 2.8% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-15 | Smith Gregory Stephen | President and CEO | 4,000 | $1.4M | 3.6% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-15 | Matz Marilyn | Director | 800 | $270K | 5.3% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-09-01 | Johnson Mercedes | Director | 167 | $57K | 2% | Yes (adopted March 4, 2026) | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-08-17 | Smith Gregory Stephen | President and CEO | 4,000 | $1.7M | 3.4% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-17 | Matz Marilyn | Director | 1,200 | $510K | 7.4% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-03 | Johnson Mercedes | Director | 166 | $59K | 1.9% | Yes (adopted March 4, 2026) | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-07-15 | Smith Gregory Stephen | President and CEO | 4,000 | $1.4M | 3.3% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-15 | Matz Marilyn | Director | 1,200 | $428K | 6.9% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-01 | Johnson Mercedes | Director | 167 | $77K | 1.9% | Yes (adopted March 4, 2026) | Routine (sold in Jul each year 2023–2025) |
| 2026-06-15 | Matz Marilyn | Director | 1,200 | $508K | 6.4% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-15 | Smith Gregory Stephen | President and CEO | 4,000 | $1.7M | 3.2% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Johnson Mercedes | Director | 167 | $62K | 1.9% | Yes (adopted March 4, 2026) | Routine (sold in Jul each year 2023–2025; this trade is outside those months) |
| 2026-05-21…2026-05-22 | Poulin Shannon John | President, Semiconductor Test | 1,664 | $581K | 9.6% | Yes (adopted February 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-21 | Matz Marilyn | Director | 400 | $140K | 2.1% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-15 | Smith Gregory Stephen | President and CEO | 8,597 | $2.9M | 6.5% | Yes (adopted February 12, 2026) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.24 on a 1–5 scale), 17 analysts; mean target USD 445.47 (low 350, high 550).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-21 | Baird | Downgrade | Outperform → Neutral | $420 |
| 2026-07-30 | Morgan Stanley | Target raised | Equal-Weight | $387 → $397 |
| 2026-07-30 | Evercore ISI Group | Target raised | Outperform | $370 → $420 |
| 2026-07-29 | Cantor Fitzgerald | Reiterated | Overweight | $550 |
| 2026-07-20 | UBS | Target raised | Buy | $440 → $500 |
| 2026-07-06 | Goldman Sachs | Target raised | Buy | $350 → $465 |
| 2026-06-30 | Susquehanna | Target raised | Positive | $415 → $550 |
| 2026-06-29 | Cantor Fitzgerald | Target raised | Overweight | $400 → $550 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +113.3% | +171.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +113.8% | +22.0% |
| Volatility (annualized) | 78.2% | 50.1% |
| Max drawdown | -36.2% (Jun 2026→Oct 2026) | -57.7% (Jan 2022→Mar 2025) |

## Peers (Semiconductor Equipment & Materials)
Q (Qnity Electronics, Inc.) USD 108.78 -9.48% · ENTG (Entegris, Inc.) USD 128.31 -13.12% · KLAC (KLA Corporation) USD 147.83 -9.55% · NVMI (Nova Ltd.) USD 310.13 -6.37% · ONTO (Onto Innovation Inc.) USD 198.67 -10.57% · AMKR (Amkor Technology, Inc.) USD 39.05 -10.70%

## More
Full page: https://nexqual.com/TER · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TER in their own reports (relationship from TER's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | ASE Technology Holding Co., Ltd. (ASX) | 20-F 2026-04-01 | "We purchase testers from major international manufacturers, primarily Teradyne, Inc., Tokyo Electron Limited, and Advantest Corporation." |

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Semiconductor Test | $1.12B | 84.4% | +128.1% |
| Product Test | $107.2M | 8.1% | +26.1% |
| Robotics | $99.9M | 7.5% | +33.5% |
| Total revenue | $1.33B | 100% | — |

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $1.19B | 89.6% | +127.9% |
| Service | $137.7M | 10.4% | +6.6% |
| Total revenue | $1.33B | 100% | — |

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific | $1.16B | 87.2% | +128.7% |
| Americas | $109.6M | 8.2% | +22.8% |
| EMEA | $60.5M | 4.6% | +8.4% |
| Total revenue | $1.33B | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Guidance • Revenue up 104% and earnings up over 300% from Q2'25 • Record Memory revenue driven by continued strength in DRAM and a resurgence in NAND final test Q2'26 Q2'25 Q1'26 Revenue (mil) $ 1,329 $ 652 $ 1,282 GAAP EPS $ 2.38 $ 0.49 $ 2.53 Non-GAAP EPS $ 2.47 $ 0.57 $ 2.56 NORTH READING, Mass. – July 28, 2026 – Teradyne, Inc ."
- "This strength became evident in the year-on-year market expansion for all three of our business groups," said Teradyne CEO Greg Smith. "In the short term, our Q3 guidance reflects robust AI-related demand."
- "Looking further ahead, rapid increase in wafer fab equipment investment sets the stage for continued growth in 2027 and beyond." Guidance for the third quarter of 2026 is revenue of $1,200 million to $1,300 million, with GAAP net income attributable to Teradyne of $1.79 to $2.09 per diluted share and non-GAAP net income attributable to Teradyne of $1.85 to $2.15 per diluted share."
- "Non-GAAP guidance excludes acquired intangible asset amortization and amortization on our investment in Technoprobe, as well as the related tax impact on non-GAAP adjustments."

Analysts expect $1.26B for the current quarter, +1.0% vs the guidance midpoint $1.25B. Source: https://www.sec.gov/Archives/edgar/data/97210/000119312526321933/ter-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.05 | $1.44 | +42.1% | $1.26B | 15 |
| Next quarter (ends 2026-12-31) | $2.02 | $1.29 | +56.1% | $1.26B | 15 |
| Current fiscal year (ends 2026-12-31) | $9.10 | $7.31 | +24.5% | $5.14B | 16 |
| Next fiscal year (ends 2027-12-31) | $11.75 | $10.28 | +14.2% | $6.30B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±13.4%; last 8 reports averaged ±11.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 112.3% | ±13.4% |
| 2026-11-06 | 14 | 93.0% | ±15.2% |
| 2026-11-13 | 21 | 88.4% | ±17.4% |
| 2026-11-20 | 28 | 83.1% | ±18.8% |
| 2026-11-27 | 35 | 77.2% | ±19.4% |
| 2026-12-04 | 42 | 74.7% | ±20.5% |
| 2026-12-18 | 56 | 71.4% | ±22.7% |
| 2027-01-15 | 84 | 67.3% | ±26.0% |