Teradyne
ConvictionModerate
Capital-equipment vendor: sells test platforms (Semiconductor Test, Product Test) plus recurring consumables/service and instruments; cobots/AMRs via Robotics. Revenue is project-/order-driven and cyclical, levered to chipmakers' and OSATs' test capacity capex.
Revenuefact
$1,282.5M Q1 FY26$3,190M FY2025 (factRev growthfact
+87% YoY Q1 FY26+18% QoQGross marginfact
60.9% non-GAAP Q1 FY2658.3% FY2025Op marginfact
37.5% non-GAAP Q1 FY2622.3% FY2025Capex intensityfact
~5.0% Q1 FY26$64.7M capex / $1,282.5M rev); ~7.0% FY2025 ($224M / $3,190MMarket cap
~$67-73Bfact, ~Jun 24 2026; varies by source — ~$72.8B CNBC, ~$67.6B stockanalysisAcross the boards
The thesis on this name
opportunityModerate
State of the Memory Supercycle
Full context
position · longModerate
State of the Memory Supercycle
Full context
book · long
State of the Memory Supercycle
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-19. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$3.7B
FY’22
$3.2B-15%
FY’23
$2.7B-15%
FY’24
$2.8B+5%
FY’25
$3.2B+13%
Margins & balance sheet — FY’25
Gross margin58.2%
Operating margin20.4%
Net margin17.4%
Net cash$55M
The read
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Full financial intelligence for Teradyne
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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