TERADYNE, INC
TER · Instruments For Meas & Testing of Electricity & Elec Signals · 156.5M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $340M (gross $397M, SBC $58M)
Reference price $423.03 · est. market cap ~$66.2B — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A85Category-leading semiconductor/ATE test franchise with top-decile returns, strong margins and AI-driven growth.
Strengths
- Top-decile ROA (13.2%, 90th pct) and gross/operating margins (~88th pct); ocf margin 100th pct
- Wide moat in the concentrated ATE duopoly with AI/HBM tailwinds; interest coverage 95x and strong FCF (90.9th pct)
Risks
- Highly concentrated customer base and cyclical, backlog-driven demand
- Net income growth flat (2.2%, 50th pct); FX drag on robotics revenue
Notable findings
- Strong balance sheetStrong balance sheet — $294M cash & investments
- Buying back stockNet buyback — share count -2%/yr over 4y
- China exposureand foreign laws and regulations, including, without limitation, tariffs, trade sanctions, trade barriers, trade embargoes, regulations relating to import-export control, technology transfer restricti
- Insider sellingInsider selling — 16 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$7M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
58.2%
Operating margin
20.4%
Net margin
17.4%
Return on equity
19.8%
Return on assets
13.2%
Revenue growth (QoQ)
18.4%
Net-income growth
2.2%
Interest coverage
95.0×
Current ratio
1.7×
Free cash flow
$450M
EBITDA
$778M
Tangible book value
$2.2B
Cash & investments
$294M
Stock comp / revenue
2.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | MATZ MARILYN | Sell | 1.2K | $423.03 |
| 2026-06-15 | Smith Gregory Stephen | Sell | 4.0K | $423.03 |
| 2026-06-12 | MADDOCK ERNEST E | Other | 2 | — |
| 2026-06-12 | Herweck Peter | Other | 4 | — |
| 2026-06-12 | TUFANO PAUL J | Other | 19 | — |
| 2026-06-02 | Hathout Jean Pierre | Tax withheld | 174 | $392.62 |
| 2026-06-02 | JOHNSON MERCEDES | Sell | 167 | $369.74 |
| 2026-06-01 | Hathout Jean Pierre | Tax withheld | 267 | $369.47 |
| 2026-05-22 | Poulin Shannon John | Sell | 656 | $355.00 |
| 2026-05-21 | Poulin Shannon John | Sell | 1.0K | $345.37 |
| 2026-05-21 | Poulin Shannon John | Option exercise | 2.8K | $82.61 |
| 2026-05-21 | Poulin Shannon John | Tax withheld | 1.5K | $345.98 |
| 2026-05-21 | MATZ MARILYN | Sell | 400 | $350.00 |
| 2026-05-15 | Smith Gregory Stephen | Sell | 8.6K | $338.98 |
| 2026-05-15 | Smith Gregory Stephen | Option exercise | 4.6K | $72.10 |
| 2026-05-15 | MATZ MARILYN | Sell | 800 | $338.98 |
| 2026-05-08 | Henry Andrew Chisholm | Grant | 668 | — |
| 2026-05-08 | Herweck Peter | Grant | 668 | — |
| 2026-05-08 | JOHNSON MERCEDES | Grant | 668 | — |
| 2026-05-08 | MATZ MARILYN | Grant | 668 | — |
| 2026-05-08 | van Kralingen Bridget A | Grant | 668 | — |
| 2026-05-08 | TUFANO PAUL J | Grant | 668 | — |
| 2026-05-08 | Sayiner Necip | Grant | 668 | — |
| 2026-05-08 | MADDOCK ERNEST E | Grant | 668 | — |
| 2026-05-07 | Driscoll Ryan | Sell | 680 | $377.60 |
| 2026-04-08 | Mills Regan | Sell | 16 | $342.17 |
| 2026-04-06 | JOHNSON MERCEDES | Sell | 625 | $312.20 |
| 2026-04-02 | Mills Regan | Sell | 252 | $290.88 |
| 2026-04-01 | Poulin Shannon John | Tax withheld | 1.2K | $312.20 |
| 2026-04-01 | Mills Regan | Tax withheld | 222 | $312.20 |
| 2026-03-26 | TUFANO PAUL J | Grant | 159 | — |
| 2026-03-26 | Herweck Peter | Grant | 92 | — |
| 2026-03-26 | Henry Andrew Chisholm | Grant | 75 | — |
| 2026-03-13 | TUFANO PAUL J | Other | 25 | — |
| 2026-03-13 | MADDOCK ERNEST E | Other | 2 | — |
| 2026-03-13 | Herweck Peter | Other | 5 | — |
| 2026-03-05 | JOHNSON MERCEDES | Sell | 625 | $299.20 |
| 2026-02-25 | Mills Regan | Sell | 788 | $332.87 |
| 2026-02-05 | JOHNSON MERCEDES | Sell | 625 | $266.98 |
| 2026-02-04 | Driscoll Ryan | Grant | 1.8K | — |
| 2026-02-04 | Mills Regan | Grant | 1.0K | — |
| 2026-02-04 | Hathout Jean Pierre | Grant | 1.0K | — |
| 2026-02-04 | Poulin Shannon John | Grant | 4.5K | — |
| 2026-02-04 | Smith Gregory Stephen | Grant | 13K | — |
| 2026-02-02 | Smith Gregory Stephen | Tax withheld | 6.8K | $249.53 |
| 2026-02-02 | Hathout Jean Pierre | Tax withheld | 381 | $249.53 |
| 2026-02-02 | Mills Regan | Tax withheld | 345 | $249.53 |
| 2026-02-02 | Driscoll Ryan | Tax withheld | 414 | $249.53 |
| 2026-01-28 | Driscoll Ryan | Tax withheld | 82 | $250.48 |
| 2026-01-28 | Smith Gregory Stephen | Tax withheld | 486 | $250.48 |
| 2026-01-28 | Mills Regan | Tax withheld | 167 | $250.48 |
| 2026-01-27 | Driscoll Ryan | Tax withheld | 113 | $238.94 |
| 2026-01-27 | Mills Regan | Tax withheld | 193 | $238.94 |
| 2026-01-27 | Smith Gregory Stephen | Grant | 59K | — |
| 2026-01-27 | Smith Gregory Stephen | Tax withheld | 31K | $238.94 |
| 2026-01-05 | JOHNSON MERCEDES | Sell | 625 | $211.85 |
| 2025-12-17 | MADDOCK ERNEST E | Other | 2 | — |
| 2025-12-17 | TUFANO PAUL J | Grant | 256 | — |
| 2025-12-17 | TUFANO PAUL J | Other | 36 | — |
| 2025-12-17 | Herweck Peter | Grant | 148 | — |
| 2025-12-17 | Herweck Peter | Other | 7 | — |
| 2025-12-12 | Smith Gregory Stephen | Sell | 1.1K | $201.31 |
| 2025-12-05 | JOHNSON MERCEDES | Sell | 625 | $200.00 |
| 2025-11-12 | Smith Gregory Stephen | Sell | 1.1K | $180.20 |
| 2025-11-05 | JOHNSON MERCEDES | Sell | 625 | $177.05 |
| 2025-11-05 | Smith Gregory Stephen | Option exercise | 2.1K | $36.75 |
| 2025-11-05 | Smith Gregory Stephen | Tax withheld | 1.2K | $177.05 |
| 2025-11-03 | Turner Michelle L. | Grant | 11K | — |
| 2025-10-10 | Smith Gregory Stephen | Sell | 1.1K | $145.24 |
| 2025-10-06 | JOHNSON MERCEDES | Sell | 625 | $147.90 |
| 2025-09-29 | TUFANO PAUL J | Other | 49 | — |
| 2025-09-29 | MADDOCK ERNEST E | Other | 3 | — |
| 2025-09-29 | Herweck Peter | Other | 9 | — |
| 2025-09-25 | TUFANO PAUL J | Grant | 357 | — |
| 2025-09-25 | Herweck Peter | Grant | 206 | — |
| 2025-09-22 | Smith Gregory Stephen | Sell | 554 | $126.39 |
| 2025-09-12 | Smith Gregory Stephen | Sell | 554 | $115.00 |
| 2025-09-05 | JOHNSON MERCEDES | Sell | 625 | $120.06 |
| 2025-08-12 | Smith Gregory Stephen | Sell | 554 | $106.00 |
| 2025-08-05 | JOHNSON MERCEDES | Sell | 625 | $106.00 |
| 2025-08-01 | Kumar Ujjwal | Tax withheld | 657 | $104.16 |
| 2025-07-30 | JOHNSON MERCEDES | Sell | 1.9K | $105.73 |
| 2025-07-30 | Smith Gregory Stephen | Sell | 554 | $105.73 |
| 2025-07-01 | Sayiner Necip | Grant | 2.1K | — |
| 2025-07-01 | Henry Andrew Chisholm | Grant | 2.1K | — |
| 2025-06-26 | TUFANO PAUL J | Grant | 521 | — |
| 2025-06-26 | Herweck Peter | Grant | 302 | — |
| 2025-06-13 | MADDOCK ERNEST E | Other | 6 | — |
| 2025-06-13 | Herweck Peter | Other | 15 | — |
| 2025-06-13 | TUFANO PAUL J | Other | 79 | — |
| 2025-05-09 | JOHNSON MERCEDES | Grant | 3.0K | — |
| 2025-05-09 | Herweck Peter | Grant | 3.0K | — |
| 2025-05-09 | MADDOCK ERNEST E | Grant | 3.0K | — |
| 2025-05-09 | TUFANO PAUL J | Grant | 3.0K | — |
| 2025-05-09 | MATZ MARILYN | Grant | 3.0K | — |
| 2025-05-09 | van Kralingen Bridget A | Grant | 3.0K | — |
| 2025-03-27 | Herweck Peter | Grant | 320 | — |
| 2025-03-27 | TUFANO PAUL J | Grant | 554 | — |
| 2025-03-14 | MADDOCK ERNEST E | Other | 3 | — |
| 2025-03-14 | Herweck Peter | Other | 11 | — |
| 2025-03-14 | TUFANO PAUL J | Other | 73 | — |
| 2025-03-03 | JOHNSON MERCEDES | Sell | 625 | $110.96 |
| 2025-02-04 | Mehta Sanjay | Sell | 1.4K | $111.49 |
| 2025-02-04 | Burns Richard John | Sell | 445 | $111.49 |
| 2025-02-04 | Driscoll Ryan | Sell | 216 | $111.49 |
| 2025-02-03 | Lukez John | Tax withheld | 94 | $111.09 |
| 2025-02-03 | Burns Richard John | Tax withheld | 371 | $111.09 |
| 2025-02-03 | Wood John Francis | Tax withheld | 191 | $111.09 |
| 2025-02-03 | Mehta Sanjay | Tax withheld | 1.3K | $111.09 |
| 2025-02-03 | JOHNSON MERCEDES | Sell | 625 | $112.58 |
| 2025-02-03 | Smith Gregory Stephen | Tax withheld | 3.5K | $111.09 |
| 2025-02-03 | Driscoll Ryan | Tax withheld | 199 | $111.09 |
| 2025-02-03 | Kumar Ujjwal | Tax withheld | 399 | $111.09 |
| 2025-01-31 | Burns Richard John | Grant | 4.8K | — |
| 2025-01-31 | Mehta Sanjay | Grant | 8.8K | — |
| 2025-01-31 | Smith Gregory Stephen | Grant | 27K | — |
| 2025-01-31 | Lukez John | Grant | 1.3K | — |
| 2025-01-31 | Kumar Ujjwal | Grant | 4.4K | — |
| 2025-01-31 | Wood John Francis | Grant | 4.3K | — |
| 2025-01-31 | Driscoll Ryan | Grant | 3.1K | — |
| 2025-01-30 | Mehta Sanjay | Sell | 614 | $102.00 |
| 2025-01-30 | Driscoll Ryan | Sell | 437 | $102.00 |
| 2025-01-29 | Wood John Francis | Tax withheld | 123 | $122.05 |
| 2025-01-29 | Mehta Sanjay | Tax withheld | 576 | $122.05 |
| 2025-01-29 | Lukez John | Tax withheld | 136 | $122.05 |
| 2025-01-29 | Burns Richard John | Sell | 1.5K | $122.90 |
| 2025-01-29 | Smith Gregory Stephen | Tax withheld | 384 | $122.05 |
| 2025-01-29 | Driscoll Ryan | Tax withheld | 77 | $122.05 |
| 2025-01-29 | Mehta Sanjay | Sell | 5.3K | $122.90 |
| 2025-01-29 | Driscoll Ryan | Sell | 76 | $122.90 |
| 2025-01-28 | Smith Gregory Stephen | Grant | 4.0K | — |
| 2025-01-28 | Mehta Sanjay | Grant | 6.7K | — |
| 2025-01-28 | Mehta Sanjay | Tax withheld | 3.0K | $121.95 |
| 2025-01-28 | Burns Richard John | Grant | 3.3K | — |
| 2025-01-28 | Burns Richard John | Tax withheld | 1.2K | $121.95 |
| 2025-01-28 | Driscoll Ryan | Tax withheld | 82 | $121.95 |
| 2025-01-28 | Wood John Francis | Tax withheld | 128 | $121.95 |
| 2025-01-28 | Lukez John | Tax withheld | 138 | $121.95 |
| 2025-01-28 | Smith Gregory Stephen | Tax withheld | 1.9K | $121.95 |
| 2025-01-28 | Burns Richard John | Sell | 407 | $120.51 |
| 2025-01-28 | Burns Richard John | Sell | 407 | $120.51 |
| 2025-01-28 | Driscoll Ryan | Sell | 107 | $120.51 |
| 2025-01-28 | Mehta Sanjay | Sell | 1.8K | $120.51 |
| 2025-01-27 | Lukez John | Tax withheld | 172 | $120.27 |
| 2025-01-27 | Burns Richard John | Tax withheld | 420 | $120.27 |
| 2025-01-27 | Driscoll Ryan | Tax withheld | 114 | $120.27 |
| 2025-01-27 | Smith Gregory Stephen | Tax withheld | 1.6K | $120.27 |
| 2025-01-27 | Wood John Francis | Tax withheld | 147 | $120.27 |
| 2025-01-27 | Mehta Sanjay | Tax withheld | 821 | $120.27 |
| 2025-01-27 | Burns Richard John | Tax withheld | 420 | $120.27 |
| 2025-01-03 | Smith Gregory Stephen | Sell | 3.1K | $130.00 |
| 2025-01-02 | JOHNSON MERCEDES | Sell | 625 | $126.76 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-11 | Shareholder vote | filing ↗ |
| 2026-04-29 | ResultsExhibits | filing ↗ |
| 2026-02-03 | ResultsExhibits | filing ↗ |
| 2025-10-29 | ResultsExhibits | filing ↗ |
| 2025-10-28 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-09-02 | Exec/director change | filing ↗ |
| 2025-07-30 | ResultsExhibits | filing ↗ |
| 2025-06-26 | Exec/director changeReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-11 | 2026-05-08 | 0001193125-26-215848 ↗ |
| 10-Q | 2026-05-01 | 2026-03-29 | 0001193125-26-201058 ↗ |
| 8-K | 2026-04-29 | 2026-04-28 | 0001193125-26-188706 ↗ |
| 10-K | 2026-02-19 | 2025-12-31 | 0001193125-26-059002 ↗ |
| 8-K | 2026-02-03 | 2026-02-02 | 0001193125-26-034348 ↗ |
| 10-Q | 2025-10-30 | 2025-09-28 | 0001193125-25-258477 ↗ |
| 8-K | 2025-10-29 | 2025-10-28 | 0001193125-25-254602 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001193125-25-253857 ↗ |
| 8-K | 2025-09-02 | 2025-08-29 | 0001193125-25-194047 ↗ |
| 10-Q | 2025-08-01 | 2025-06-29 | 0000950170-25-101248 ↗ |
| 8-K | 2025-07-30 | 2025-07-29 | 0000950170-25-099876 ↗ |
| 8-K | 2025-06-26 | 2025-06-26 | 0001193125-25-148926 ↗ |