Teradyne
This acquisition enables the delivery of scalable PIC test solutions and is included in our Product Test segment.
10-K, Feb 19, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001193125-26-059002 · filed Feb 19, 2026
Business
How does Teradyne make money?
Semiconductor Test is 79.1% of revenue.
Source and method
Revenue by segments, FY2025.
annual report FY2025 · 0001193125-26-059002 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($3.2B).
- Semiconductor Test: $2.5B · 79.1%
- Product Test: $358M · 11.2%
- Robotics: $308M · 9.7%
What is left of every $100?
Of every $100 in revenue, $17 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $3.2B
- Gross profit: $1.9B
- Operating income: $650M
- Net income: $554M
- Free cash flow: $450M
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“Over time, we also intend to leverage Quantifi's engineering expertise and technology to enhance functionality and create additional differentiation in our Semiconductor Test business, specifically with integration into our UltraFlexplus platform.”
“On January 31, 2025, we acquired Infineon Technologies AG's (“Infineon”) automated test equipment technology and associated development team (“AET”) based in Regensburg, Germany for a total purchase price of 17.6 million Euros, equivalent to $18.3 million.”
“AET adds resources and expertise to our company and strengthens the relationship between us and this key customer.”
Item 1 · Business · 10-K · 0001193125-26-059002 · filed Feb 19, 2026
Where did the growth actually come from?
Segments were redrawn between FY2016 and FY2025.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
No filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 13% to $3.2B.
Revenue grew 104% YoY to $1.3B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 7.4%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
20.4% operating margin, down from 21.1%.
58.2% gross margin, down from 58.5%.
Operating income grew 9.5% to $650M.
Net income grew 2.2% to $554M.
SG&A grew 5.2% to $649M.
EPS diluted grew 4.5% to $3.47.
32.9% operating margin, up from 13.9%.
59.8% gross margin, up from 57.2%.
Operating income grew 382% YoY to $438M.
Net income grew 378% YoY to $375M.
SG&A grew 22% YoY to $193M.
EPS diluted grew 386% YoY to $2.38.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $14 of every $100 as free cash.
Operating cash flow grew 0.3% to $674M.
Capex grew 13% to $224M.
Buybacks grew 254% to $702M.
Dividends fell 0.1% to $76.3M.
Stock-based compensation grew 6.4% to $64.0M.
Free cash flow grew 187% YoY to $378M.
Operating cash flow grew 158% YoY to $469M.
Capex grew 80% YoY to $90.7M.
Buybacks fell 41% YoY to $68.7M.
Dividends grew 6.0% YoY to $20.3M.
Stock-based compensation grew 19% YoY to $20.1M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $294M; debt not reported.
Interest expense grew 91% to $6.8M.
Total assets grew 13% to $4.2B.
Equity fell 0.8% to $2.8B.
Cash grew 3.0% YoY to $350M.
Interest expense grew 268% YoY to $3.0M.
Total assets grew 31% YoY to $4.9B.
Equity grew 21% YoY to $3.4B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Teradyne depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Teradyne annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Teradyne
No supplier among the covered companies is named in the filings.
Teradyne holds stakes in
No stake in a covered company found in SEC filings.
Others name Teradyne
1 supplier mention (e.g. ASE Technology) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 38 risk factors, one per theme.
Customer concentration
“The market for our products is concentrated, and our business depends, in part, on obtaining orders from a few significant customers.”
Item 1A · Risk Factors · 10-K · 0001193125-26-059002 · filed Feb 19, 2026
Supply chain and manufacturing
“If our suppliers do not meet product or delivery requirements, we could have reduced revenues and earnings.”
Item 1A · Risk Factors · 10-K · 0001193125-26-059002 · filed Feb 19, 2026
AI and new products
“If we fail to develop new technologies to adapt to our customers’ needs or if our customers fail to accept our new products, our revenues will be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001193125-26-059002 · filed Feb 19, 2026
Acquisitions
“We may not fully realize the benefits of our acquisitions or strategic alliances.”
Item 1A · Risk Factors · 10-K · 0001193125-26-059002 · filed Feb 19, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 11.1%.
BlackRock, Inc.11.1%
13G/A · as of Jun 30, 2026 · filed Jul 30, 2026
Vanguard Capital Management LLC7.49%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Vanguard Portfolio Management LLC5.5%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
6 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.12.8%
19.4M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.7%
10.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.7%
8.6M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp4.8%
7.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.4%
6.7M shares · 13F filed Aug 14, 2026 · share of 13F-reported
1,422 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 31 sales · $14.2M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 34 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
| Sales & marketing | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Balance sheet 8
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | not reported | |||||||
| Total assets | ||||||||||
| Total debt calc. | not reported | not reported | not reported | |||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values