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TERTeradyne

Technology · Test & Measurement · Nasdaq

Teradyne, Inc. (“Teradyne”) was founded in 1960 and is a leading global provider of automated test equipment and robotics solutions. 10-K, Item 1

TER quote by TradingView
Employees
6,600
Headquarters
North Reading, MA
CEO
Gregory Stephen Smith
Next results
around Feb 2, 2027
Compare with peers → Embed
All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)8.70Sales (ttm)5.0BNet income (ttm)1.4BSales growth+13.1%EPS growth+4.5%Sales Q/Q+69.8%
Free cash flow1.0BGross margin59.3%Oper. margin32.1%Net margin27.5%FCF margin20.5%ROE37.2%
ROA25.2%R&D / sales15.8%Dividend0.48Debt/Eq0.00Curr. ratio2.08Cash460.7M
Op. cash flow (ttm)1.3BEBITDA778.0MEBITDA margin24.4%Net debt-460.7MQuick ratio1.80Interest cover94.95
ROIC15.5%Payout ratio13.8%Tax rate12.1%Stock pay / sales2.0%Shares out.156.1MShares Y/Y-2.2%
Book / share23.62Cash / share2.95Sales / share32.03Asset turnover0.92Inventory turns3.51Days sales out.90
Sales 3Y CAGR+0.4%Sales 5Y CAGR+0.4%EPS 3Y CAGR-6.3%EPS 5Y CAGR-4.1%Employees6,600Sales / employee758K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +13.1%+5.4% → +13.1% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

TER against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
TERPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+13.1%42nd of 75 · median +14.1%
Net margin
27.5%25th of 75 · median 19.1%
Return on equity
37.2%19th of 69 · median 23.9%
Free cash flow margin
20.5%40th of 71 · median 22.3%
Debt / equity (less is better)
0.001st of 61 · median 0.46
TER and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
TER Teradyne$5.0B +13.1%59.3%27.5%37.2%20.5%0.00
Q Qnity Electronics$5.5B +9.7%46.9%10.2%7.4%14.2%0.53
CRWD CrowdStrike$5.4B +21.7%75.2%0.8%0.9%29.8%0.15
GEN Gen Digital$5.2B +27.1%77.4%23.1%44.0%33.7%2.96
GDDY GoDaddy$5.2B +8.3%-18.6%-33.7%-
FSLR First Solar$5.0B +24.1%49.3%37.1%17.1%4.6%0.01

From $3.7B of sales to $1.0B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.2BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $1.0BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $186.1MOperating expenses to R&D: $427.6MOperating expenses to Sales, admin & other: $578.3M Revenue: $3.7B Revenue$3.7B +19% Y/Y Gross profit: $2.2B · 60% margin Gross profit$2.2B60% margin +24% Y/Y Cost of revenue: $1.5B · 40% of revenue Cost of revenue$1.5B40% of revenue Operating profit: $1.2B · 32% margin Operating profit$1.2B32% margin +29% Y/Y Operating expenses: $1.0B · 27% of revenue Operating expenses$1.0B27% of revenue Net profit: $1.0B · 27% margin Net profit$1.0B27% margin +29% Y/Y Tax & other: $186.1M · 5% of revenue Tax & other$186.1M5% of revenue R&D: $427.6M · 12% of revenue R&D$427.6M12% of revenue Sales, admin & other: $578.3M · 16% of revenue Sales, admin & other$578.3M16% of revenue

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From $3.2B of sales to $715.5M of profit

FY2022, from the 10-K income statement and revenue by product
Product to Revenue: $2.6BService to Revenue: $563.5MRevenue to Gross profit: $1.9BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $831.9MGross profit to Operating expenses: $1.0BOperating profit to Net profit: $715.5MOperating profit to Tax & other: $116.4MOperating expenses to R&D: $440.6MOperating expenses to Sales, admin & other: $594.6M Product: $2.6B · 82% Product$2.6B82% Service: $563.5M · 18% Service$563.5M18% Revenue: $3.2B Revenue$3.2B −15% Y/Y Gross profit: $1.9B · 59% margin Gross profit$1.9B59% margin −15% Y/Y Cost of revenue: $1.3B · 41% of revenue Cost of revenue$1.3B41% of revenue Operating profit: $831.9M · 26% margin Operating profit$831.9M26% margin −31% Y/Y Operating expenses: $1.0B · 33% of revenue Operating expenses$1.0B33% of revenue Net profit: $715.5M · 23% margin Net profit$715.5M23% margin −29% Y/Y Tax & other: $116.4M · 4% of revenue Tax & other$116.4M4% of revenue R&D: $440.6M · 14% of revenue R&D$440.6M14% of revenue Sales, admin & other: $594.6M · 19% of revenue Sales, admin & other$594.6M19% of revenue

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From $2.7B of sales to $448.8M of profit

FY2023, from the 10-K income statement and revenue by product
Product to Revenue: $2.1BService to Revenue: $580.0MRevenue to Gross profit: $1.5BRevenue to Cost of revenue: $1.1BGross profit to Operating profit: $501.1MGross profit to Operating expenses: $1.0BOperating profit to Net profit: $448.8MOperating profit to Tax & other: $52.3MOperating expenses to R&D: $418.1MOperating expenses to Sales, admin & other: $617.6M Product: $2.1B · 78% Product$2.1B78% Service: $580.0M · 22% Service$580.0M22% Revenue: $2.7B Revenue$2.7B −15% Y/Y Gross profit: $1.5B · 57% margin Gross profit$1.5B57% margin −18% Y/Y Cost of revenue: $1.1B · 43% of revenue Cost of revenue$1.1B43% of revenue Operating profit: $501.1M · 19% margin Operating profit$501.1M19% margin −40% Y/Y Operating expenses: $1.0B · 39% of revenue Operating expenses$1.0B39% of revenue Net profit: $448.8M · 17% margin Net profit$448.8M17% margin −37% Y/Y Tax & other: $52.3M · 2% of revenue Tax & other$52.3M2% of revenue R&D: $418.1M · 16% of revenue R&D$418.1M16% of revenue Sales, admin & other: $617.6M · 23% of revenue Sales, admin & other$617.6M23% of revenue

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From $2.8B of sales to $542.4M of profit

FY2024, from the 10-K income statement and revenue by product
Product to Revenue: $2.3BService to Revenue: $524.9MRevenue to Gross profit: $1.6BRevenue to Cost of revenue: $1.2BGross profit to Operating profit: $593.8MGross profit to Operating expenses: $1.1BOperating profit to Net profit: $542.4MOperating profit to Tax & other: $51.4MOperating expenses to R&D: $460.9MOperating expenses to Sales, admin & other: $594.3M Product: $2.3B · 81% Product$2.3B81% Service: $524.9M · 19% Service$524.9M19% Revenue: $2.8B Revenue$2.8B +5% Y/Y Gross profit: $1.6B · 58% margin Gross profit$1.6B58% margin +7% Y/Y Cost of revenue: $1.2B · 42% of revenue Cost of revenue$1.2B42% of revenue Operating profit: $593.8M · 21% margin Operating profit$593.8M21% margin +19% Y/Y Operating expenses: $1.1B · 37% of revenue Operating expenses$1.1B37% of revenue Net profit: $542.4M · 19% margin Net profit$542.4M19% margin +21% Y/Y Tax & other: $51.4M · 2% of revenue Tax & other$51.4M2% of revenue R&D: $460.9M · 16% of revenue R&D$460.9M16% of revenue Sales, admin & other: $594.3M · 21% of revenue Sales, admin & other$594.3M21% of revenue

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From $3.2B of sales to $554.0M of profit

FY2025, from the 10-K income statement and revenue by product
Product to Revenue: $2.7BService to Revenue: $529.8MRevenue to Gross profit: $1.9BRevenue to Cost of revenue: $1.3BGross profit to Operating profit: $650.1MGross profit to Operating expenses: $1.2BOperating profit to Net profit: $554.0MOperating profit to Tax & other: $96.0MOperating expenses to R&D: $504.6MOperating expenses to Sales, admin & other: $702.7M Product: $2.7B · 83% Product$2.7B83% Service: $529.8M · 17% Service$529.8M17% Revenue: $3.2B Revenue$3.2B +13% Y/Y Gross profit: $1.9B · 58% margin Gross profit$1.9B58% margin +13% Y/Y Cost of revenue: $1.3B · 42% of revenue Cost of revenue$1.3B42% of revenue Operating profit: $650.1M · 20% margin Operating profit$650.1M20% margin +9% Y/Y Operating expenses: $1.2B · 38% of revenue Operating expenses$1.2B38% of revenue Net profit: $554.0M · 17% margin Net profit$554.0M17% margin +2% Y/Y Tax & other: $96.0M · 3% of revenue Tax & other$96.0M3% of revenue R&D: $504.6M · 16% of revenue R&D$504.6M16% of revenue Sales, admin & other: $702.7M · 22% of revenue Sales, admin & other$702.7M22% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median27.5% vs 19.1%
  • ✓
    Gross margin up over 5 years57.2% → 58.2%
  • ✓
    Return on equity above 15%37.2%
  • !
    A profit in 9 of 10 years
Net margin, FY2016 to FY2025: -2.5% → 17.4%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 95.0× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.00 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.08
  • ✓
    More cash than debtNet cash $460.7M

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$450.4M last year
  • ✓
    Share count down over 5 years−12.7%
  • ✓
    Dividend per share up over 5 years$0.40 → $0.48
  • ✓
    Cash from operations above net income$674.4M vs $554.0M
Free cash flow, FY2016 to FY2025: 369.9M → 450.4M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 3.2B Net income 554.0M
FY2016 revenue 1.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-19-059974 FY2016 net income -43.4M · NetIncomeLoss, 0001193125-19-059974 1.8B FY2016 FY2017 revenue 2.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-19-059974 FY2017 net income 257.7M · NetIncomeLoss, 0001193125-20-058676 2.1B FY2017 FY2018 revenue 2.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-19-059974 FY2018 net income 451.8M · NetIncomeLoss, 0001193125-21-050735 2.1B FY2018 FY2019 revenue 2.3B · Revenues, 0001193125-22-049828 FY2019 net income 467.5M · NetIncomeLoss, 0001193125-22-049828 2.3B FY2019 FY2020 revenue 3.1B · Revenues, 0001193125-23-044711 FY2020 net income 784.1M · NetIncomeLoss, 0001193125-23-044711 3.1B FY2020 FY2021 revenue 3.7B · Revenues, 0000950170-24-018701 FY2021 net income 1.0B · NetIncomeLoss, 0000950170-24-018701 3.7B FY2021 FY2022 revenue 3.2B · Revenues, 0000950170-25-023784 FY2022 net income 715.5M · NetIncomeLoss, 0000950170-25-023784 3.2B FY2022 FY2023 revenue 2.7B · Revenues, 0001193125-26-059002 FY2023 net income 448.8M · NetIncomeLoss, 0001193125-26-059002 2.7B FY2023 FY2024 revenue 2.8B · Revenues, 0001193125-26-059002 FY2024 net income 542.4M · NetIncomeLoss, 0001193125-26-059002 2.8B FY2024 FY2025 revenue 3.2B · Revenues, 0001193125-26-059002 FY2025 net income 554.0M · NetIncomeLoss, 0001193125-26-059002 3.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

TER's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue3.2B
FY2016: 1.8BFY2017: 2.1BFY2018: 2.1BFY2019: 2.3BFY2020: 3.1BFY2021: 3.7BFY2022: 3.2BFY2023: 2.7BFY2024: 2.8BFY2025: 3.2B FY2017FY2019FY2021FY2023FY2025
Net income554.0M
FY2016: -43.4MFY2017: 257.7MFY2018: 451.8MFY2019: 467.5MFY2020: 784.1MFY2021: 1.0BFY2022: 715.5MFY2023: 448.8MFY2024: 542.4MFY2025: 554.0M FY2017FY2019FY2021FY2023FY2025
Free cash flow450.4M
FY2016: 369.9MFY2017: 521.1MFY2018: 362.5MFY2019: 444.1MFY2020: 684.0MFY2021: 965.9MFY2022: 414.7MFY2023: 425.6MFY2024: 474.1MFY2025: 450.4M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)3.47
FY2016: -0.21FY2017: 1.28FY2018: 2.35FY2019: 2.60FY2020: 4.28FY2021: 5.53FY2022: 4.22FY2023: 2.73FY2024: 3.32FY2025: 3.47 FY2017FY2019FY2021FY2023FY2025
Dividend per share0.48
FY2016: 0.24FY2017: 0.28FY2018: 0.36FY2019: 0.36FY2020: 0.40FY2021: 0.40FY2022: 0.44FY2023: 0.44FY2024: 0.48FY2025: 0.48 FY2017FY2019FY2021FY2023FY2025
Diluted shares159.7M
FY2016: 202.6MFY2017: 201.6MFY2018: 192.6MFY2019: 179.5MFY2020: 183.0MFY2021: 183.6MFY2022: 169.7MFY2023: 164.3MFY2024: 163.3MFY2025: 159.7M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-19

Compared with the 10-K of Feb 20, 2025: new segment Product Test; no longer reported: Reportable Segments, All Other.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Semiconductor Test 2.5B79.1% +18.8%
Product Test 358.0M11.2% +8.1%
Robotics 308.3M9.7% -15.5%

10-K 0001193125-26-059002, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Product 2.7B83.4% +15.9%
Service 529.8M16.6% +0.9%

10-K 0001193125-26-059002, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
Asia Pacific 2.5B79.6% +19.4%
Taiwan 1.2B36.2% +91.9%
CHINA 451.3M14.1% +20.3%
KOREA 446.3M14.0% -35.8%
Americas 425.5M13.3% -2.3%
UNITED STATES 360.9M11.3% -3.6%
Europe, Middle East and Africa 224.2M7.0% -12.7%
Europe 215.4M6.8% -14.3%
Rest Of The World 132.5M4.2% +24.8%
MALAYSIA 107.4M3.4% +72.1%
Singapore 95.2M3.0% +5.7%
PHILIPPINES 92.5M2.9% +72.5%
THAILAND 67.6M2.1% +37.3%
JAPAN 65.6M2.1% -58.9%

10-K 0001193125-26-059002, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.8B2.1B2.1B2.3B3.1B3.7B3.2B2.7B2.8B3.2B
Cost of revenue793.7M912.7M880.4M955.1M1.3B1.5B1.3B1.1B1.2B1.3B
Gross profit958.6M1.2B1.2B1.3B1.8B2.2B1.9B1.5B1.6B1.9B
R&D292.2M307.3M301.5M322.8M375.0M427.6M440.6M418.1M460.9M504.6M
SG&A316.5M348.9M390.7M437.1M464.8M547.6M558.1M577.3M617.0M648.9M
Operating income-63.0M525.3M473.8M553.7M928.4M1.2B831.9M501.1M593.8M650.1M
Interest expense3.6M21.7M21.8M22.2M24.2M17.8M3.7M3.8M3.6M6.8M
Pretax income-55.1M524.4M467.8M525.8M901.0M1.2B840.4M525.6M609.1M653.3M
Income tax-11.6M266.7M16.0M58.3M116.9M146.4M124.9M76.8M59.5M79.3M
Net income-43.4M257.7M451.8M467.5M784.1M1.0B715.5M448.8M542.4M554.0M
EPS (diluted)-0.211.282.352.604.285.534.222.733.323.47
Diluted shares202.6M201.6M192.6M179.5M183.0M183.6M169.7M164.3M163.3M159.7M
Depreciation & amortization120.0M108.1M113.2M120.7M126.7M125.5M110.7M110.9M119.7M128.0M
EBITDA57.0M633.4M587.0M674.3M1.1B1.3B942.6M612.0M713.5M778.0M
Gross margin54.7%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%
Net margin-2.5%12.1%21.5%20.4%25.1%27.4%22.7%16.8%19.2%17.4%
Revenue growth-+21.9%-1.7%+9.2%+36.0%+18.6%-14.8%-15.2%+5.4%+13.1%
EPS growth--+83.6%+10.6%+64.6%+29.2%-23.7%-35.3%+21.6%+4.5%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash307.9M429.8M926.8M773.9M914.1M1.1B854.8M757.6M553.4M293.8M
Receivables192.4M272.8M291.3M362.4M497.5M550.7M491.1M422.1M471.4M786.9M
Inventory136.0M107.5M153.5M196.7M222.2M243.3M325.0M310.0M298.5M379.6M
Current assets1.6B2.3B1.7B1.7B2.4B2.6B2.3B2.2B1.8B1.9B
Property & equipment253.8M268.4M279.8M320.2M394.8M387.2M418.7M445.5M508.2M563.0M
Goodwill223.3M252.0M381.9M416.4M453.9M426.0M403.2M415.7M395.4M521.0M
Total assets2.8B3.1B2.7B2.8B3.7B3.8B3.5B3.5B3.7B4.2B
Accounts payable95.4M86.4M100.7M126.6M133.7M153.1M139.7M180.1M134.8M269.2M
Current liabilities372.7M454.3M476.3M539.0M700.9M805.1M746.3M660.0M624.6M1.1B
Total debt---------200.0M
Total liabilities933.8M1.2B1.2B1.3B1.4B1.2B1.0B960.9M889.4M1.4B
Shareholders' equity1.8B2.0B1.5B1.5B2.2B2.6B2.5B2.5B2.8B2.8B
Retained earnings230.3M272.0M-158.2M-241.9M387.4M736.6M725.7M706.5M970.8M744.4M

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow455.2M626.5M476.9M578.8M868.9M1.1B577.9M585.2M672.2M674.4M
Capital spending85.3M105.4M114.4M134.6M185.0M132.5M163.2M159.6M198.1M224.0M
Free cash flow369.9M521.1M362.5M444.1M684.0M965.9M414.7M425.6M474.1M450.4M
Stock-based pay (added back)30.8M34.1M33.6M37.9M44.9M45.6M48.2M57.7M60.1M64.0M
Dividends paid48.6M55.4M67.3M61.3M66.5M66.0M69.7M67.9M76.4M76.3M
Buybacks146.3M200.3M823.5M500.0M88.5M600.0M752.1M397.2M198.6M702.1M
Acquisitions--169.5M79.7M-149K12.0M000144.4M
Debt raised450.8M---------
Investing cash flow-640.5M-262.8M923.0M-156.7M-569.8M120.4M43.8M-179.6M-622.3M-368.6M
Financing cash flow228.4M-245.2M-903.4M-574.3M-158.3M-1.0B-893.0M-501.9M-251.8M-562.2M
Dividend per share0.240.280.360.360.400.400.440.440.480.48

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)30.8M34.1M33.6M37.9M44.9M45.6M48.2M57.7M60.1M64.0M
Stock-based pay / revenue1.8%1.6%1.6%1.7%1.4%1.2%1.5%2.2%2.1%2.0%
Operating lease cash paid---19.4M24.1M24.6M20.8M26.1M24.0M24.6M
Right-of-use assets--50.1M57.5M54.6M68.8M73.7M73.4M70.2M76.6M
Operating lease liabilities--54.3M65.3M62.6M76.2M82.8M82.6M76.6M83.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on TER in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/TER/export.csv") into a cell.