TERADYNE, INC (TER) Stock Analysis

Price updated today · SEC data refreshed 2 months ago ⓘ · Not investment advice

TERADYNE, INC

TER Healthcare Instruments For Meas & Testing of Electricity & Elec Signals📄 SEC filings ↗ CUSIP 880770102
Valuation N/A
Long-term trend (200d) 89% above 200-day Risk 35/100 Moderate
▾ What's in the 35/100 risk score? (higher = riskier)
Fundamental health (43%) 31/100 → +13.3
leverage 20/100 · FCF trend 45/100 · Altman Z not scored — input unavailable (see Financial Health)
Smart money (short interest + insider buying) (31%) 45/100 → +14.1
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 30/100 → +7.7
Total35/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the the Altman Z score, whose retained-earnings input this filer does not report separately, which relies on a proxied (estimated) input. See the Financial Health section for the full balance-sheet read.

💵 Price $443.14 · today 📄 Financials SEC EDGAR · refreshed 2 months ago
📍 START HERE

How to read TER (regulated utility)

A regulator sets what a utility can earn, so its value tracks book value, dividend yield and payout — not a free-market DCF.

Where to start — the sections that matter most for this stock
  1. 1 Utility lens (P/B, yield, payout) ↓
    These are the metrics utility-fund managers actually use.
Or — what are you trying to decide?
One rule first: never trade out of fear — and that includes the fear of missing out. A stock up 10% a day for three days is excitement, not data. If you can't point to the evidence behind a trade, you're more likely to lose. So whichever of these you are, check the data below before you act.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ Using the right valuation lens for this business type

Standard DCF doesn't fit TER well — but that's expected for this kind of business. The Utility Valuation Lens below uses the metrics actually used by analysts who value instruments for meas & testing of electricity & elec signals. Reverse DCF + Football Field also work as cross-checks.

ⓘ Why does TER trade at $443.14?

TERADYNE, INC has 159.7 million shares outstanding. At $443.14 per share, the market values all outstanding TER equity at $70.8 billion. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash (TER carries little or no debt, so the two are close here). The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values TER in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
₿ BUSINESS-MODEL ADVISORY — CRYPTOCURRENCY MINING COMPANY

How to read a company this small

This is a crypto-mining operation, not a traditional business. The SEC may have classified it as "Financial Services" but the economics are completely different from a bank.

✅ What actually drives value for this kind of company
  • Bitcoin (or other crypto) price — the most important variable; mining revenue scales linearly with the coin price
  • Hash rate / network difficulty — how much of the total mining capacity this company controls
  • Cost of electricity — typically 60-80% of operating cost; cheap power = competitive edge
  • Hardware refresh cycle — ASIC miners depreciate fast (2-3 years); CapEx is huge and recurring
  • Balance-sheet crypto holdings — how much BTC sits on their balance sheet (HODL strategy)
  • Capital structure — share issuance is constant; check for dilution
❌ Metrics that DON'T apply (ignore these even if you see them below)

P/B, ROE, ROA, P/E — these are bank-style metrics that don't describe a crypto miner. Standard DCF projects revenue trajectory but crypto price is wildly volatile so projections are speculative.

📚 Where to actually look

The 10-K explains hash rate, fleet size, electricity cost per kWh, and crypto holdings. Quarterly reports show production numbers. Glassnode and CoinMetrics track on-chain economics.

Classified as Cryptocurrency Mining Company (confidence 90%). Disagree? An admin can override via the post edit screen.

PEER BASKET — LIMITED COMPARABLES

⚠ We found only 1 genuine same-industry (Instruments For Meas & Testing of Electricity & Elec Signals) comparable — fewer than the 4 we require for a reliable median. The 3 names in the table below therefore include 2 broader Healthcare names marked fallback, whose business models and margins differ — which is why any median below is computed over that wider set, not over true comparables. So we do not derive a peer-implied share value here. Read the multiples as rough context only.

How does TER stack up against its closest peers?

Ideally we compare TER only to same-industry peers, but too few exist in our universe right now, so the basket below mixes in broader-sector names. Treat the multiples as rough context, not a valuation. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 3 peers (broad — see caveat); implausible multiples excluded.

What TER would be worth at the median peer's multiple
We're not showing a peer-implied price for TER: with only 1 genuine same-industry comparable, a median built partly from broader-sector names would be misleading. Lean on the DCF above; use the multiples table only as loose context.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (3)
Ticker Company Industry Mcap EV/Sales EV/GP EV/EBIT FCF Yield
VLTO Veralto Corp Instruments For Meas & Tes $20.2B 4.2x 6.9x 17.9x 4.6%
UTHR UNITED THERAPEUTICS Corp Pharmaceuticals ·fallback $23.6B 7.4x 8.4x 15.8x 3.3%
ZLAB Zai Lab Ltd Pharmaceuticals ·fallback $19.6B 43.0x — — 0.8%
FINANCIAL HEALTH SCREENS

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
n/a
Not reliably computable

We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.

Piotroski F-Score?Piotroski F-Score — A 9-point quality checklist scoring profitability, leverage, and operating efficiency.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
6 / 9
Mediocre
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✓ Positive net income
    Net income $554.0M in the latest year.
  • ✓ Positive operating cash flow
    Operating cash flow $674.4M (was $672.2M the prior year).
  • ✓ Cash flow backs up reported profit
    Operating cash flow $674.4M vs net income $554.0M.
  • ✗ Return on assets improving
    Return on assets 13.2% vs 14.6% a year ago.
    Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
  • ✓ Debt load (vs assets)
    Long-term debt is 0.0% of assets vs 0.0% a year ago ($0.0M now).
  • ✗ Short-term liquidity (current ratio)
    Current ratio 1.75x vs 2.91x a year ago.
    Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
  • ✓ Share count (dilution)
    Share count declined 2.2% (163.3M → 159.7M year-over-year), so the no-dilution check passed. (This 1-year change differs from the ~4%/yr multi-year buyback CAGR the DCF cites.)
  • ✗ Pricing power (gross margin)
    Gross margin 58.2% vs 58.5% a year ago.
    Why this matters: Rising gross margin means stronger pricing power or lower input costs — a sign of competitive strength. Falling margin signals pressure.
  • ✓ Sales per asset (asset turnover)
    Asset turnover 0.76x vs 0.76x a year ago.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for TER. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for TER because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
—
—

—

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation quietly eats returns: a 9% gain at 3% inflation is only ~6% in real purchasing power. The intrinsic value above is already in today's dollars (a nominal DCF cancels inflation out of both growth and the discount rate), so this doesn't change the value — it shows what's left of your return after the tax.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think TER can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$443.14
    Model IVNot applicable — DCF couldn't price this stock. See Reverse DCF and Football Field below.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →     (DCF) valuation is not meaningful for Teradyne, Inc. because the model used is a revenue/margin projection, and the market price is 17.9x the model's intrinsic value?Intrinsic Value — Our DCF model's estimate of what each share is mathematically worth based on projected cash flows.
    Why it matters: Compare to current price. Below IV = potentially undervalued. Above IV = priced for growth that must actually happen.
    Reference: Model-derived; quality depends on data and assumptions.
    Full explanation →    , suggesting significant optionality or future growth is being priced in beyond trailing cash flows. Investors are likely betting on the company's ability to re-accelerate revenue growth and expand margins, which are currently declining and compressing, respectively. The primary quantifiable risk is the continued revenue decline of -3.7% per year over the last four years.

    ⚠️ Revenue/margin projection model used - trailing FCF may understate growth runway at current scale.

    As of 2 months ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    TER TERADYNE, INC stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    17.4%
    profit
    Where each $1 of revenue goes
    Net profit — 17.4¢ of every dollar ($3.47/sh — latest fiscal-year net income per share)
    Costs & taxes — 82.6¢ (on $19.97 revenue/sh)
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: $443/share buys $19.97 of revenue per share per year, generates $3.47 of net income per current share, and $2.42 of free cash flow per share. Each share carries $0.00 of debt.
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    THE KEY DEBATE

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    Revenue must re-accelerate from the current -3.7%/yr decline, potentially driven by new semiconductor cycles or increased adoption of industrial automation, to justify the current market valuation.
    🐻 The Bear Case
    Continued revenue decline and gross margin compression (59.6% → 58.2%) would imply a shrinking market share or increased competitive pressure, making it difficult to achieve future profitability and cash flow growth.
    📌 Signposts to watch — update your view as these print
    • Reported revenue growth rate in upcoming quarters
    • Gross margin trends in future earnings reports
    • Announcements of new product wins or market expansions
    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (2024 → 2025)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Revenue grew +13% to $3.19B.
    • Net income grew +2% to $554.0M.
    ⚠ Worsening
    • Free cash flow fell to $386.4M.

    Roughly flat: Gross margin held to 58% (0 pts).

    WHO

    Management & Leadership

    Teradyne, Inc. is led by Greg Smith, who has served as CEO since 2014. The company's executive team focuses on delivering automated test solutions and robotics to a global customer base. Michael Bradley serves as the President of the Semiconductor Test Division.

    Greg Smith
    Chief Executive Officer
    Michael Bradley
    President, Semiconductor Test Division
    WHAT

    What They Make

    Teradyne, Inc. designs, develops, manufactures, and sells automatic test equipment and industrial robotics. Its products are primarily used by manufacturers of semiconductors, wireless products, data storage, and complex electronic systems.

    End Markets

    Semiconductor manufacturingIndustrial automationConsumer electronics

    Revenue Drivers

    Semiconductor Test
    System Test
    Industrial Automation
    Market Cap: 70.8BBeta: 1.92
    WHY

    Why Is It Priced Like This?

    Why Customers Pay

    Enables efficient, high-volume testing of complex electronic components
    Improves product quality and reliability for manufacturers
    Provides automation solutions for various industrial applications
    No discounted-cash-flow value for this filer We aren't publishing a discounted-cash-flow value here: the model's output failed our plausibility checks, so showing it would imply more precision than we have.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is likely pricing in expectations for future revenue re-acceleration and margin expansion, given that the current price is 17.9x the model's intrinsic value?Intrinsic Value — Our DCF model's estimate of what each share is mathematically worth based on projected cash flows.
    Why it matters: Compare to current price. Below IV = potentially undervalued. Above IV = priced for growth that must actually happen.
    Reference: Model-derived; quality depends on data and assumptions.
    Full explanation →    . The market may be assigning value to the potential for new product cycles in semiconductor test or expansion into new robotics applications, which is not fully captured by the backward-looking model. Despite current revenue declining and gross margin compressing, the company has been profitable for five consecutive years and has positive operating cash flow, suggesting underlying business health that could support future growth.

    HOW

    Business Model & Valuation

    How They Make Money

    Sales of semiconductor test equipment
    Sales of system test equipment
    Sales of industrial automation robots

    The company has positive operating cash flow and has been profitable for five consecutive years, suggesting it can fund its operations internally, though specific dividend or buyback rates are not provided.

    Growth / Revenue DCF

    Extreme market premium (P/FCF 152x): market is pricing future growth far beyond current FCF. Using revenue/margin model.

    Show advanced inputs
    RevenueGrowth2.0%

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project its revenue segments independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Growth / re-investment phase

    Moat Signals

    Specialized technical expertise in test solutions
    Established customer relationships in semiconductor industry
    Proprietary robotics technology

    Revenue has been declining at -3.7% per year over the last four years, from $3703M to $3190M, while net income has been positive for five consecutive years.

    WHERE

    Geography & Markets

    Teradyne, Inc. is a global company with significant operations and customer bases across North America, Europe, and Asia, particularly in regions with strong semiconductor manufacturing and industrial automation industries. Specific geographic revenue mix percentages are not available from current data.

    Geographic Risks

    Cyclicality of the semiconductor industry
    Competition in the automated test equipment and robotics markets
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape bullish
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    54.7NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BullishLine above signalThe fast trend is above the slow trend — short-term momentum is currently upward.
    50-Day Average$348.66Price above (+27.1%)Price above its 50-day average = near-term uptrend.
    200-Day Average$233.90Price aboveThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossGolden50-day above 200-dayA "golden cross" — the medium trend has overtaken the long trend (often read as bullish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    QUALITY

    Data Quality & Risk Flags (5 notes — click to expand/collapse)
    Guardrail Notes (5)
    • Revenue/margin projection model used - trailing FCF may understate growth runway at current scale.
    • Terminal growth (3%) capped to 1.6% (80% of near-term growth 2%).
    • Price is 17.9x model IV - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
    • Extreme valuation (P/IV 17.8839x, IV $20.93 vs price $374.31); output dominated by data/units issue (often a multi-class share-count mismatch). Suppressed.
    • DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From TERADYNE, INC's SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    20253.2B554.0M$3.47
    20242.8B542.4M$3.32
    20232.7B448.8M$2.73
    20223.2B715.5M$4.22
    20213.7B1.0B$5.53

    Cash Flow (5yr)

    YearOperating CFCapEx− SBC & adj.Free Cash Flow
    2025 674.4M 224.0M 64.0M 386.4M
    2024 672.2M 198.1M 60.1M 414.0M
    2023 585.2M 159.6M 57.7M 367.9M
    2022 577.9M 163.2M 48.2M 366.4M
    2021 1.1B 132.5M 45.6M 920.3M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 674.4M − 224.0M − 64.0M (SBC & adj.) = 386.4M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.

    Balance Sheet

    Total Assets4.2B
    Total Liabilities1.4B
    Equity2.8B
    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed May 30, 2026 (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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