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Teradyne

Our readThe pure-play picks-and-shovels winner of AI-chip test, printing a vertical Q1'26 (+87%, $2.53 EPS) — but the stock fell ~14% on it because Q2 guidance steps DOWN sequentially and a ~54x P/E prices permanent acceleration; great business, demanding price, cyclical tape. NEUTRAL/WATCHING into the next print.

TER has closed the print week up in 0 of its last 3 prints; the median move is 11.2%.Website
Ticker
TER
Beat
hardware
Size
Public Company
Revenue
$1.3B
last stored quarter: Q2 ’26 — Q3 filed 30 Oct, not yet in our figures
Cash
$350M
as of Jun 2026
Researched · Fresh
8 days ago

The pure-play picks-and-shovels winner of AI-chip test, printing a vertical Q1'26 (+87%, $2.53 EPS) — but the stock fell ~14% on it because Q2 guidance steps DOWN sequentially and a ~54x P/E prices permanent acceleration; great business, demanding price, cyclical tape. NEUTRAL/WATCHING into the next print.

Orbit · who it trades with and competes with
3 on the rings · 3 trade · 1 rival
10 mentions across our dossiers
Focus · Hardware
Teradyne
TER · public
No published house view
Trades and competes with
Trades with
Links · 3 companies · 3 trade · 1 rival
“More balanced against the mega-buyers (TSMC, Samsung, SK Hynix, Micron) who can dual-source with Teradyne and who ultimately control the capex spigot.”Advantest · BOTH · from Advantest’s dossier
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Price

Weekly closes

TER · weekly close
274.37 USD−11.2%
Friday 30 Oct 2026 · last 52 Fridays 158.91–449.04
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 11,551 sh · 9 filings, Form 4 · 3 Nov 2026
  2. Short interest: 7,855,474 sh · 2.91 days to cover, FINRA · settled 15 Oct 2026
  3. Insiders bought, 90 days: 307 sh · 4 filings, Form 4 · 25 Sept 2026
274.37USD-11.2%hardware -0.4%TER · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 3 Nov 2026
9 filings · 11,551 shares
Insiders bought, last 90 daysSEC Form 4 · newest 25 Sept 2026
4 filings · 307 shares
Shares sold shortFINRA · settled 15 Oct 2026
7,855,474 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.91
see the whole series
Financials

The reported figures

Revenue · quarterly
$1.3B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$1.3B USD
as of 28 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Teradyne, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’231 Oct 2023$704M USD20.5% share of revenue$140M USD$34.6M USD$637M USD152.9M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$671M USD18.5% share of revenue$204M USD$44.3M USD$758M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$600M USD13.0% share of revenue-$36.7M USD$44.0M USD$707M USD156.1M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$730M USD28.8% share of revenue$171M USD$44.8M USD$422M USD163.2M sharesFiled · primarysec.gov
Q3 ’2429 Sept 2024$737M USD20.6% share of revenue$114M USD$51.8M USD$510M USD162.9M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$753M USD20.4% share of revenue$225M USD$57.4M USD$553M USD161.7M sharesFiled · primarysec.gov
Q1 ’2530 Mar 2025$686M USD17.6% share of revenue$97.6M USD$64.0M USD$476M USD160.4M sharesFiled · primarysec.gov
Q2 ’2529 Jun 2025$652M USD13.9% share of revenue$132M USD$50.4M USD$339M USD159.1M sharesFiled · primarysec.gov
Q3 ’2528 Sept 2025$769M USD18.9% share of revenue$2.4M USD$46.7M USD$273M USD156.6M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$1.1B USD27.1% share of revenue$219M USD$62.9M USD$294M USD—Filed · primarysec.gov
Q1 ’2629 Mar 2026$1.3B USD36.9% share of revenue$200M USD$64.7M USD$242M USD156.5M sharesFiled · primarysec.gov
Q2 ’2628 Jun 2026$1.3B USD32.9% share of revenue$378M USD$90.7M USD$350M USD156.3M sharesFiled · primarysec.gov

Teradyne’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$1.3B+104% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $704M, as of Oct 2023Revenue Q4 ’23: $671M, as of Dec 2023Revenue Q1 ’24: $600M, as of Mar 2024Revenue Q2 ’24: $730M, as of Jun 2024Revenue Q3 ’24: $737M, as of Sep 2024Revenue Q4 ’24: $753M, as of Dec 2024Revenue Q1 ’25: $686M, as of Mar 2025Revenue Q2 ’25: $652M, as of Jun 2025Revenue Q3 ’25: $769M, as of Sep 2025Revenue Q4 ’25: $1.1B, as of Dec 2025Revenue Q1 ’26: $1.3B, as of Mar 2026Revenue Q2 ’26: $1.3B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
32.9%+19.0 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 20.5%, as of Oct 2023Operating margin Q4 ’23: 18.5%, as of Dec 2023Operating margin Q1 ’24: 13.0%, as of Mar 2024Operating margin Q2 ’24: 28.8%, as of Jun 2024Operating margin Q3 ’24: 20.6%, as of Sep 2024Operating margin Q4 ’24: 20.4%, as of Dec 2024Operating margin Q1 ’25: 17.6%, as of Mar 2025Operating margin Q2 ’25: 13.9%, as of Jun 2025Operating margin Q3 ’25: 18.9%, as of Sep 2025Operating margin Q4 ’25: 27.1%, as of Dec 2025Operating margin Q1 ’26: 36.9%, as of Mar 2026Operating margin Q2 ’26: 32.9%, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$378M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: $140M, as of Oct 2023Free cash flow Q4 ’23: $204M, as of Dec 2023Free cash flow Q1 ’24: -$36.7M, as of Mar 2024Free cash flow Q2 ’24: $171M, as of Jun 2024Free cash flow Q3 ’24: $114M, as of Sep 2024Free cash flow Q4 ’24: $225M, as of Dec 2024Free cash flow Q1 ’25: $97.6M, as of Mar 2025Free cash flow Q2 ’25: $132M, as of Jun 2025Free cash flow Q3 ’25: $2.4M, as of Sep 2025Free cash flow Q4 ’25: $219M, as of Dec 2025Free cash flow Q1 ’26: $200M, as of Mar 2026Free cash flow Q2 ’26: $378M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$350M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $637M, as of Oct 2023Cash Q4 ’23: $758M, as of Dec 2023Cash Q1 ’24: $707M, as of Mar 2024Cash Q2 ’24: $422M, as of Jun 2024Cash Q3 ’24: $510M, as of Sep 2024Cash Q4 ’24: $553M, as of Dec 2024Cash Q1 ’25: $476M, as of Mar 2025Cash Q2 ’25: $339M, as of Jun 2025Cash Q3 ’25: $273M, as of Sep 2025Cash Q4 ’25: $294M, as of Dec 2025Cash Q1 ’26: $242M, as of Mar 2026Cash Q2 ’26: $350M, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
156.3M+2.3% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 152.9M, as of Oct 2023Shares outstanding Q1 ’24: 156.1M, as of Mar 2024Shares outstanding Q2 ’24: 163.2M, as of Jun 2024Shares outstanding Q3 ’24: 162.9M, as of Sep 2024Shares outstanding Q4 ’24: 161.7M, as of Dec 2024Shares outstanding Q1 ’25: 160.4M, as of Mar 2025Shares outstanding Q2 ’25: 159.1M, as of Jun 2025Shares outstanding Q3 ’25: 156.6M, as of Sep 2025Shares outstanding Q1 ’26: 156.5M, as of Mar 2026Shares outstanding Q2 ’26: 156.3M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateWhat happened
30 Oct 202610-Q: quarter ended 27 Sep 2026, revenues $1.31bnRevenues $1,305,950k vs $769,210k; net income attributable to Teradyne $342,407k; diluted EPS $2.17.filing · SEC 10-Q · 30 Oct 2026
29 Oct 2026Sources added: 0 → 1The dossier's cited-link count grew from 0 to 1.editorial note · the dossier
28 Oct 20268-K: Teradyne Q3 2026 revenue $1,306mQuarter ended 27 Sep 2026: revenue $1,306m (Q3 2025: $769m); GAAP net income $342.4m, $2.17 diluted EPS; non-GAAP $2.29. Q4 revenue guidance $1,250m-$1,350m.guidance · SEC 8-K · 28 Oct 2026
dossier age
8 days
researched 29 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 19 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-24), 650 words, 19 filing mentions
  2. The dossier: What held, 81 words, no filing mention
Research

The Teradyne dossier

The verdict

The pure-play picks-and-shovels winner of AI-chip test, printing a vertical Q1'26 (+87%, $2.53 EPS) — but the stock fell ~14% on it because Q2 guidance steps DOWN sequentially and a ~54x P/E prices permanent acceleration; great business, demanding price, cyclical tape. NEUTRAL/WATCHING into the next print.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-24)

  1. Q2 2026 beat the guide the prior dossier names as the selloff catalyst. Prior dossier: Q2 guidance revenue $1.15B to $1.25B, non-GAAP EPS $1.86 to $2.15, stepping down from Q1's $1.282B / $2.56. Reported: revenue $1,329M (Q2'25: $652M), GAAP EPS $2.38, non-GAAP EPS $2.47; $1,122M Semiconductor Test, $107M Product Test, $100M Robotics [Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. Q2, quarter ended 2026-06-28]. GAAP gross profit $794.6M, income from operations $437.8M (Q2'25: $90.7M), net income attributable to Teradyne $374.5M [Form 10-QThe quarterly version of the annual report. Lighter, and not audited. Q2, statements of operations].

  2. Q3 2026 revenue fell slightly from Q2 but beat the guide. Revenue $1,306M (Q3'25: $769M; Q2'26: $1,329M), GAAP EPS $2.17 ($0.75), non-GAAP EPS $2.29 ($0.85); $1,072M Semiconductor Test, $138M Product Test, $96M Robotics. The release says revenue "exceed[ed] the high end of our Q3 guidance"; the Q2 release had guided Q3 to $1,200M to $1,300M and non-GAAP EPS $1.85 to $2.15 [8-K Q3; 8-K Q2]. Sequential change −1.7%. Net income attributable to Teradyne was $342.4M GAAP and $359.9M non-GAAP [8-K Q3].

  3. Q4 2026 guidance: revenue $1,250M to $1,350M; GAAP EPS $1.88 to $2.18; non-GAAP EPS $1.95 to $2.25 [8-K Q3]. The midpoint of $1,300M is below Q3's $1,306M and Q2's $1,329M. Management says the company approaches 2027 "with a more diversified business" and that demand "extended across the AI value chain" (CEO quote) [8-K Q3]. Q3 headlines: record Memory and Integrated Systems Test revenue; Robotics "achieved profitability" [8-K Q3]. The prior seed names the Robotics break-even as a bull-case element.

  4. Product mix and AI language. Six-month Product Test revenue growth of 17.9% and Q2 growth of 26.0% are attributed to AI-related demand plus Defense and Aerospace; Robotics Q2 revenue was +33.4% on collaborative arms and mobile robots [10-Q Q2, MD&A]. Revenue by country, six months ended 2026-06-28 against 2025: Taiwan 41% (31%), Korea 20% (10%), China 11% (17%), United States 7% (12%) [10-Q Q2, MD&A]. The prior seed names an "11–14% China book"; the six-month share is 11%.

  5. Balance sheet and funding, 2026-06-28 against 2025-12-31 [10-Q Q2]: cash and equivalents $349.5M ($293.8M); marketable securities $5.3M ($28.2M); receivables $1,109.7M ($786.9M); inventories $403.3M ($379.6M); total assets $4,925.6M ($4,183.6M). Receivables rose about $323M in six months; the prior dossier flagged the FY2025 receivables jump (+$305.6M) as its one balance-sheet watch item. On 2026-08-07 Teradyne signed a five-year, $1.0B senior secured revolving credit facility with PNC as agent; "has not borrowed any funds under the Credit Facility" at the filing [8-K credit, Items 1.01 and 2.03].

  6. Technoprobe stake and MultiLane JV. Teradyne holds 10% of Technoprobe and a board seat, equity-method; the publicly traded stake had a fair value of $2,457.9M at 2026-06-28 against a carrying value of about $522.6M at the start of Q2 [10-Q Q2, investments note; carrying value is the Q2 opening balance in the roll-forward]. The MultiLane Test Products JV (MLTP), in which Teradyne holds a controlling 75%, was formed with a total purchase price of $157.8M "subject to customary post-closing adjustments" [10-Q Q2, acquisitions note]. The prior seed lists "MultiLane JV close (H1-2026)" as a catalyst; the 10-Q describes it as formed, with a 2026-04-08 date appearing in its tagged data.

  7. Buybacks. Six months: 0.2 million shares repurchased for $74.2M at an average $341.89 [10-Q Q2, equity note]. The prior seed names "pro-cyclical buyback exposure" as a risk.

  8. Teradyne buys into FormFactor. In FormFactor's 8-K of 2026-10-13, FormFactor agreed on 2026-10-06 to sell 2,234,887 shares to Teradyne for about $300.0M in a private placement, expected to close in FormFactor's fourth fiscal quarter, alongside a joint technology collaboration on probe, interface and test for HPC, advanced packaging, High-bandwidth memoryMemory stacked in layers beside a processor so data reaches it faster. The usual bottleneck in AI chips. and silicon photonics [sec.gov: 8-K filed by FormFactor 2026-10-13, https://www.sec.gov/Archives/edgar/data/1039399/000103939926000037/form-20261006.htm, Item 3.02; ex. 99.1]. This is a use of cash the prior dossier does not mention; Teradyne's cash and securities were $354.8M at 2026-06-28 and it has an undrawn $1.0B revolver (fact 5). Teradyne did not file its own 8-K for this in the list read.

What held

  • The sequential-digestion theme the prior dossier worried about showed up in the guide only; actual revenue then exceeded the high end of guidance in both Q2 and Q3 (facts 1, 2).
  • AI-linked demand is still the stated driver; Taiwan and Korea together are 61% of six-month revenue (fact 4).
  • Q4 guidance at the midpoint is flat to slightly down from Q3 (fact 3), so the "plateau versus peak" question the seed names is not settled by anything read.

How our view changed

2 dossiers on Teradyne since . The verdict has held each time.

Research trail

The research around Teradyne

Covered in the Knowledge Base

Hardware — Memory & Compute Architecture

Company details

IndustrySemiconductors
SizePublic Company
WebsiteVisit Teradyne

Others in hardware

5 names

Where Teradyne sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.