Latest revenue
$1.28B
as of 2026-03-29
Latest net income
$398.9M
as of 2026-03-29
Net margin
31.1%
as of 2026-03-29
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $56.11B
- Enterprise value
- $55.87B
- P/E (trailing)
- 101.3×
- Forward P/E
- —
- P/B
- 17.85×
- Dividend yield
- 0.1%
- 52-wk high
- $422.11
- 52-wk low
- $77.02
- Beta
- —
- Shares out
- 156.5M
5-year trend
What this company does
Teradyne builds automated test equipment used by semiconductor makers to verify chips, alongside industrial automation and robotics products. The company earns most of its revenue from selling testing systems and related services, with product sales driving roughly 89% of the $1.28 billion booked in the latest quarter. Revenue nearly doubled year-over-year and net income quadrupled to $399 million, signaling a sharp upcycle in semiconductor test demand tied to AI compute and HBM memory.
Key risks
- Customer concentration risk: accounts receivable surged 41% to $1.11B in Q1 against $1.28B revenue, signaling heavy reliance on few large semiconductor customers.
- Equity-method investment of $522M (likely Technoprobe) is exposed to mark-downs; quarterly earnings contribution fell to $4.6M from $5.6M year-over-year.
- Cyclicality exposure: 87% revenue jump to $1.28B reflects AI/HBM test demand surge that historically reverses sharply in semiconductor capex downturns.
Profitability
Gross margin
58.2%
0.4%Operating margin
20.4%
3.2%Net margin
17.4%
9.7%Return on equity
19.8%
7.7%Return on assets
13.2%
9.4%Leverage
Debt / equity
0.50×
6.0%Debt / assets
33.2%
4.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-29 | $1.28B | +87.0% | $398.9M | +303.4% | 31.1% |
Q4 2025 2025-12-31 | $1.08B | +43.9% | $257.2M | +75.9% | 23.7% |
Q3 2025 2025-09-28 | $769.2M | +4.3% | $119.6M | -17.9% | 15.5% |
Q2 2025 2025-06-29 | $651.8M | -10.7% | $78.4M | -57.9% | 12.0% |
Q1 2025 2025-03-30 | $685.7M | +14.3% | $98.9M | +54.1% | 14.4% |
Q4 2024 2024-12-31 | $752.9M | — | $146.3M | — | 19.4% |
Q3 2024 2024-09-29 | $737.3M | +4.8% | $145.6M | +13.7% | 19.8% |
Q2 2024 2024-06-30 | $729.9M | +6.6% | $186.3M | +55.2% | 25.5% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Instruments For Meas & Testing of Electricity & Elec Signals · SIC 3825
Your notes
Keep private notes on TER — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$6.0M
Net activity
−$6.0M
Distinct insiders
5
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns TER
Institutional value
$15.49B
Total shares held
54.9M
Distinct holders
786
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 10.2M | $3.02B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 8.6M | $2.55B | — | New |
| 3 | Invesco Ltd. | 2.5M | $747.3M | — | New |
| 4 | Sumitomo Mitsui Trust Group, Inc. | 1.7M | $505.1M | — | New |
| 5 | Assenagon Asset Management S.A. | 1.5M | $431.4M | — | New |
| 6 | FEDERATED HERMES, INC. | 1.4M | $417.9M | — | New |
| 7 | ARK Investment Management LLC | 1.2M | $369.1M | — | New |
| 8 | Allspring Global Investments Holdings, LLC | 1.1M | $347.4M | — | New |
| 9 | CITIGROUP INC | 1.1M | $339.4M | — | New |
| 10 | UBS Group AG | 1.1M | $329.1M | — | New |
| 11 | Legal & General Group Plc | 1.1M | $324.4M | — | New |
| 12 | Bank of New York Mellon Corp | 885.3K | $262.5M | — | New |
| 13 | VANGUARD FIDUCIARY TRUST CO | 881.3K | $261.3M | — | New |
| 14 | DEUTSCHE BANK AG\ | 851.6K | $252.5M | — | New |
| 15 | Pictet Asset Management Holding SA | 800.5K | $237.2M | — | New |
| 16 | BNP PARIBAS FINANCIAL MARKETS | 798.5K | $236.7M | — | New |
| 17 | DIMENSIONAL FUND ADVISORS LP | 720.7K | $213.5M | — | New |
| 18 | Nikko Asset Management Americas, Inc. | 555.6K | $164.6M | — | New |
| 19 | WT Asset Management Ltd | 553.2K | $164.0M | — | New |
| 20 | PRIMECAP MANAGEMENT CO/CA/ | 550.6K | $163.2M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Revenue nearly doubled YoY to $1.28B but AR jumped $321M to $1.11B—what's driving the receivables build, and is any concentrated in one HBM/AI customer?
- 2
With product revenue up 103% YoY, how much is sustainable AI/HBM test demand versus pull-ins, and what's your visibility into 2H 2026 bookings?
- 3
Buybacks collapsed from $157M to $5M YoY despite record earnings—why hoard cash, and does this signal caution on the cycle peaking?