Equity · Technology
Teradyne, Inc. (TER) perpetual futures
TER perpetual futures on 17 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade TERUSDT.
Teradyne, Inc. designs and makes automated test systems for semiconductors, wireless devices, defense/aerospace, and industrial automation, including collaborative robots.
Price chart
Use the left and right arrow keys to inspect points on the chart.
Trading data
Perpetual market activity
17/17 live markets
Trading data
Perpetual market activity
Spot performance
Venue matrix
17 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 KuCoin | Trade | TER/USDT | Trading | $242.75 | 0.0% APR 0.000% every 8h | +21.4 bps | $3.8K | $586.9K | $176.8K | USDT | 20x | |
 Binance | Trade | TER/USDT | Trading | $242.36 | 0.0% APR 0.000% every 8h | +3.7 bps | - | $335K | $542.7K | USDT | - | |
 XT.com | Trade | TER/USDT | Trading | $242.36 | 0.0% APR 0.000% every 8h | +3.7 bps | $229.5K | $301.7K | - | USDT | 25x | |
 Bitget | Trade | TER/USDT | Trading | $242.62 | 0.0% APR 0.000% every 8h | +0.4 bps | $281.1K | $276.9K | $420.1K | USDT | 20x | |
 Gate.io | Trade | TER/USDT | Trading | $242.30 | 0.0% APR 0.000% every 8h | +24.8 bps | $8.1K | $145.8K | $102.3K | USDT | 20x | |
 MEXC | Trade | TER/USDT | Trading | $242.54 | 0.0% APR 0.000% every 8h | +16.5 bps | $341.6K | $109K | $91.9K | USDT | 20x | |
 Bitunix | Trade | TER/USDT | Trading | $242.38 | -8.5% APR -0.00777% every 8h | +5.4 bps | $62.6K | $78.2K | $24.2K | USDT | 50x | |
 LBank | Trade | TER/USDT | Trading | $242.39 | 0.0% APR 0.000% every 8h | +3.7 bps | $176K | $69.6K | $60.5K | USDT | 50x | |
 Variational | Trade | TER/USDC | Trading | $242.28 | 0.0% APR 0.000% every 8h | +7.0 bps | no public depth feed | $63.3K | $51.8K | USDC | - | |
 HTX | Trade | TER/USDT | Trading | $243.13 | +11.0% APR +0.010% every 8h | +81.5 bps | $100.2K | $62.7K | $14.5K | USDT | - | |
 OKX | Trade | TER/USDT | Trading | $242.32 | 0.0% APR 0.000% every 8h | +28.9 bps | $12.4K | $47.1K | $161.2K | USDT | 20x | |
 Bybit | Trade | TER/USDT | Trading | $242.05 | 0.0% APR 0.000% every 8h | +21.9 bps | $8.4K | $45.7K | $548.1K | USDT | 25x | |
 Hyperliquid HIP-3 | Trade | para:TER | Trading | $241.79 | -151.1% APR -0.017% every 1h | +60.1 bps | $85.7K | $20.4K | $63.2K | USDC | 10x | |
 Crypto.com Exchange | Trade | TER/USD | Trading | $242.34 | +5.0% APR +0.00057% every 1h | +15.7 bps | $2.9K | $0 | $1.1K | USD | 50x | |
 Extended | Trade | TER/USD | Trading | $244.31 | +4.4% APR +0.00050% every 1h | +604.5 bps | - | $0 | $19.8K | USD | 10x | |
 Deepcoin | Trade | TER/USDT | Trading | $242.23 | - | +3.7 bps | - | $2.5M⚠ | $145.4 | USDT | 25x | |
 BingX | Trade | TER-USDT | Trading | $242.39 | +5.5% APR +0.00500% every 8h | +4.1 bps | $98.8K | $722.7K⚠ | $2.4K | USDT | - |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| TERxxStocks | $241.80 | -0.31% | $3k | $237k | Solana · Ethereum · Ink · Mantle |
| TERRobinhood | – | – | – | $6k | Robinhood Chain |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 13 of 17 venues absorb $10k · Typical cost: +18.3 bps – +61.2 bps
Cheapest execution: XT.com · +12.5 bps
Too thin: KuCoin, Crypto.com Exchange
No fresh book data: Variational, Extended
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
TERTightest spread
TERHighest volume
TERFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
No unusual perp activity right now.
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6Company events
6Peer comparison
Similar listed perpsRevenue mix
Latest annualAnalysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $445.13 |
| 12-month target range (low – high) | $284 – $550 |
| Ratings in the provider's consensus | 31 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 2 | 12 | 5 | 0 | 0 |
| Oct 2026 | 2 | 11 | 5 | 0 | 1 |
| Sep 2026 | 1 | 11 | 5 | 0 | 0 |
| Aug 2026 | 1 | 12 | 5 | 0 | 1 |
| Jul 2026 | 1 | 12 | 5 | 1 | 1 |
| Jun 2026 | 1 | 11 | 6 | 1 | 1 |
| May 2026 | 1 | 11 | 6 | 1 | 1 |
| Apr 2026 | 1 | 11 | 6 | 1 | 1 |
| Mar 2026 | 0 | 11 | 6 | 0 | 1 |
| Feb 2026 | 0 | 12 | 7 | 1 | 1 |
| Jan 2026 | 0 | 12 | 5 | 1 | 1 |
| Dec 2025 | 0 | 12 | 5 | 1 | 1 |
Ownership
Institutional · 2026-Q2Reference market activity
TER-PERPPrice performance
11Insider activity
FY2026 Q4Insider transactions
25Teradyne CFO Michelle L. Turner disposed of 818 common shares at $269.35 each on Nov 3, 2026, under an F-InKind tax-withholding entry, leaving 10,442 shares held.
Director Mercedes Johnson sold 166 shares of Teradyne common stock at $275.44 on Nov 2, 2026, leaving 6,031 shares owned after the sale.
Director Marilyn Matz sold 400 shares of Teradyne common stock at $350 per share on Oct 21, 2026, leaving 12,641 shares owned.
CEO Gregory Stephen Smith sold 4,000 shares of Teradyne common stock at $341.28 per share, leaving 104,495 shares owned.
Director Marilyn Matz sold 800 shares of Teradyne common stock on Oct 15, 2026 at $341.28, leaving 13,041 shares owned.
Teradyne director Mercedes Johnson sold 167 common shares at $402.90 on Oct 1, 2026, leaving 6,197 shares held.
Teradyne director Peter Herweck reported acquiring 77 common shares via an A-Award grant and 4 shares classified as J-Other, together 81 shares, bringing holdings to 16,282.
Teradyne director Paul J. Tufano acquired 141 common shares via an A-Award grant and 19 shares through an other acquisition on Sept 24-25, 2026, holding 66,008 shares after.
Teradyne director Ernest E. Maddock reported acquiring 2 common shares at $0.00 via a J-Other transaction on 2026-09-25, leaving 10,269 shares owned.
Teradyne director Henry Andrew Chisholm was granted 64 shares of Common Stock (Code A) at $0.00 on 2026-09-24, bringing direct holdings to 2,991 shares. Filed via Form 4.
Director Marilyn Matz reported an open-market sale (S) of 400 common shares of Teradyne at $351.11 on 2026-09-17, leaving 13,841 shares owned.
Teradyne CEO Gregory Stephen Smith sold 4,000 common shares on the open market at $337.83 per share, leaving 108,495 shares owned after the sale.
Director Marilyn Matz sold 800 shares of Teradyne (TER) common stock at $337.83 per share on 2026-09-15, leaving 14,241 shares owned.
Director Mercedes Johnson sold 167 common shares at $341.30 each on September 1, 2026, retaining 6,364 shares.
On August 17, 2026, CEO Gregory Smith sold 4,000 common shares at $425 each, reducing his holdings to 112,495 shares.
Director Marilyn Matz sold 1,200 common shares of Teradyne at $425 each on August 17, 2026, leaving 15,041 shares owned.
Teradyne director Mercedes Johnson sold 166 shares of common stock at $358.15 on 2026-08-03, leaving 6,531 shares owned afterward.
Teradyne President and CEO Gregory Stephen Smith sold 4,000 common shares at $356.31, leaving 116,495 shares owned afterward.
Teradyne director Marilyn Matz sold 1,200 shares of common stock at $356.31 on 2026-07-15, leaving 16,241 shares owned afterward.
Director Mercedes Johnson sold 167 shares of Teradyne common stock at $460 on 2026-07-01, leaving 6,697 shares owned afterward.
Teradyne director Paul J. Tufano received a grant of 116 shares of common stock on 2026-06-25, bringing his total ownership to 65,848 shares. This was a compensation award, not an open-market purchase.
Director Henry Andrew Chisholm was granted 52 shares of Teradyne common stock as compensation on 2026-06-25, bringing his total holding to 2,927 shares.
Director Peter Herweck received a grant of 63 shares of Teradyne common stock on 2026-06-25, bringing his total ownership to 16,201 shares.
Filings
65 · Latest SEC filingsTeradyne CFO Michelle L. Turner disposed of 818 common shares at $269.35 each on Nov 3, 2026, under an F-InKind tax-withholding entry, leaving 10,442 shares held.
Director Mercedes Johnson sold 166 shares of Teradyne common stock at $275.44 on Nov 2, 2026, leaving 6,031 shares owned after the sale.
Director Marilyn Matz sold 400 shares of Teradyne common stock at $350 per share on Oct 21, 2026, leaving 12,641 shares owned.
CEO Gregory Stephen Smith sold 4,000 shares of Teradyne common stock at $341.28 per share, leaving 104,495 shares owned.
Director Marilyn Matz sold 800 shares of Teradyne common stock on Oct 15, 2026 at $341.28, leaving 13,041 shares owned.
Teradyne director Mercedes Johnson sold 167 common shares at $402.90 on Oct 1, 2026, leaving 6,197 shares held.
Teradyne director Henry Andrew Chisholm was granted 64 shares of Common Stock (Code A) at $0.00 on 2026-09-24, bringing direct holdings to 2,991 shares. Filed via Form 4.
Teradyne director Paul J. Tufano acquired 141 common shares via an A-Award grant and 19 shares through an other acquisition on Sept 24-25, 2026, holding 66,008 shares after.
Teradyne director Ernest E. Maddock reported acquiring 2 common shares at $0.00 via a J-Other transaction on 2026-09-25, leaving 10,269 shares owned.
Teradyne director Peter Herweck reported acquiring 77 common shares via an A-Award grant and 4 shares classified as J-Other, together 81 shares, bringing holdings to 16,282.
Director Marilyn Matz reported an open-market sale (S) of 400 common shares of Teradyne at $351.11 on 2026-09-17, leaving 13,841 shares owned.
Teradyne CEO Gregory Stephen Smith sold 4,000 common shares on the open market at $337.83 per share, leaving 108,495 shares owned after the sale.
Director Marilyn Matz sold 800 shares of Teradyne (TER) common stock at $337.83 per share on 2026-09-15, leaving 14,241 shares owned.
Director Mercedes Johnson sold 167 common shares at $341.30 each on September 1, 2026, retaining 6,364 shares.
On August 17, 2026, CEO Gregory Smith sold 4,000 common shares at $425 each, reducing his holdings to 112,495 shares.
Director Marilyn Matz sold 1,200 common shares of Teradyne at $425 each on August 17, 2026, leaving 15,041 shares owned.
Teradyne director Mercedes Johnson sold 166 shares of common stock at $358.15 on 2026-08-03, leaving 6,531 shares owned afterward.
Teradyne President and CEO Gregory Stephen Smith sold 4,000 common shares at $356.31, leaving 116,495 shares owned afterward.
Teradyne director Marilyn Matz sold 1,200 shares of common stock at $356.31 on 2026-07-15, leaving 16,241 shares owned afterward.
Director Mercedes Johnson sold 167 shares of Teradyne common stock at $460 on 2026-07-01, leaving 6,697 shares owned afterward.
Director Peter Herweck received a grant of 63 shares of Teradyne common stock on 2026-06-25, bringing his total ownership to 16,201 shares.
Teradyne director Paul J. Tufano received a grant of 116 shares of common stock on 2026-06-25, bringing his total ownership to 65,848 shares. This was a compensation award, not an open-market purchase.
Director Henry Andrew Chisholm was granted 52 shares of Teradyne common stock as compensation on 2026-06-25, bringing his total holding to 2,927 shares.
Director Marilyn Matz sold 1,200 shares of Teradyne common stock at $423.03 on 2026-06-15, leaving 17,441 shares owned afterward.
Gregory Stephen Smith (President and CEO, director) sold 4,000 shares of Teradyne common stock at $423.03 on 2026-06-15, leaving 120,470 shares owned afterward.
Ernest E. Maddock, a Teradyne director, acquired 2 shares of common stock on 2026-06-12 via a Form 4
Director Peter Herweck acquired 4 shares of common stock via a Form 4
Paul J. Tufano, director, acquired 19 shares of Teradyne common stock via a Code J (other) transaction on 2026-06-12, bringing his total holdings to 65,732 shares.
Teradyne officer Poulin Shannon John exercised 2,843 options at $82.61 into common shares, then had 1,531 shares withheld for taxes and sold 1,664 shares at $345.37–$355. He holds 15,066 shares after.
Director Marilyn Matz sold 400 shares of Teradyne common stock at $350 on 2026-05-21, leaving 18,641 shares owned afterward.
Director Marilyn Matz sold 800 shares of Teradyne common stock at $338.98 per share, leaving 19,041 shares owned afterward.
Teradyne CEO Gregory Smith exercised 4,597 options at $72.10 and sold 8,597 common shares at $338.98, leaving 124,470 shares.
Ernest E. Maddock, director, was awarded 668 shares of Teradyne common stock on 2026-05-08 as compensation (no cash paid), bringing his total holdings to 10,265 shares.
Director Paul J. Tufano was awarded 668 shares of Teradyne common stock as compensation on 2026-05-08, bringing his total ownership to 65,713 shares. This was a grant, not an open-market purchase.
Director Bridget A. van Kralingen was awarded 668 shares of Teradyne common stock on 2026-05-08, a grant rather than a purchase. She now owns 6,224 shares.
Director Henry Andrew Chisholm was awarded 668 shares of Teradyne common stock as compensation on 2026-05-08, bringing his total ownership to 2,875 shares.
Director Necip Sayiner received a grant of 668 Teradyne common shares on 2026-05-08, bringing his total holdings to 2,800 shares.
Director Peter Herweck was awarded 668 shares of Teradyne common stock on 2026-05-08 at $0.00 (compensation grant, not a purchase), bringing his total holdings to 16,134 shares.
Director Mercedes Johnson received an award grant of 668 Teradyne common shares, bringing her total ownership to 7,031 shares.
Director Marilyn Matz was awarded 668 shares of Teradyne common stock as compensation on 2026-05-08, bringing her total ownership to 19,841 shares. No cash was paid for these shares.
Ryan Driscoll (VP, General Counsel, Secretary) sold 680 shares of Teradyne common stock at $377.60 on 2026-05-07, leaving 7,665 shares owned afterward.
Regan Mills, President of Product Test at Teradyne, sold 16 shares of common stock at $342.17 on 2026-04-08, leaving 11,399 shares owned afterward.
Transcripts
Earnings callsFY2026 Q22026-07-29
Earnings calls
AI summary
positiveTeradyne reported record second quarter 2026 revenue of $1.3 billion, up over 100% year-over-year, with non-GAAP EPS of $2.47, up over 300% year-over-year. AI-driven revenue exceeded 60% of total company revenue, with strong performance across Semi Test, Product Test, and Robotics groups. Semi Test revenue exceeded $1 billion for the second consecutive quarter, with compute revenue growing nearly 600% year-over-year and memory revenue reaching another record at $212 million. The company is executing on its wafer-to-AI data center strategy, with completed correlation at a second major hyperscaler and shipment of a merchant GPU order. Management provided Q3 2026 guidance of $1.2-1.3 billion in revenue and non-GAAP EPS of $1.85-2.15. The company expects the ATE TAM to reach or exceed $20 billion by the end of the decade, driven by WFE CapEx approaching $250 billion and advanced packaging trends requiring higher test intensity.
Key takeaways
- AI-driven revenue represents over 60% of total revenue, with compute up nearly 600% year-over-year and memory at record levels of $212 million
- Teradyne completed correlation with a second major hyperscaler and shipped merchant GPU orders, positioning for 2027 market share gains through dual vendor qualification strategies
- The ATE TAM is expected to reach or exceed $20 billion by end of decade as test equipment spending represents 7-9% of semiconductor CapEx, up from 4% in 2023
- Data center build-out driving growth across all three business groups with robotics electronics manufacturing segment growing 50% sequentially and U.S. sales reaching 32% of robotics revenue
- Management expects 2027 to deliver healthy growth consistent with transistor and bit growth dynamics, with CPO alone projected as $300-700 million TAM by 2028
Financial highlights
- Total company revenue of $1.3 billion, up 4% sequentially and over 100% year-over-year, exceeding guidance
- Non-GAAP EPS of $2.47, up over 300% year-over-year, with operating margin of 33.7%
- Gross margin of 59.8%, up 250 basis points year-over-year, driven by Semi Test volume and favorable product mix
- Free cash flow of $351 million in Q2 2026 with $579 million in first half 2026, up 150% year-over-year
Guidance
- Q3 2026 revenue guidance of $1.2-1.3 billion with non-GAAP EPS of $1.85-2.15
- Q3 2026 gross margins expected at 58-59% with operating expenses at 29-30% of sales and operating profit rate of 28-30%
- First-half weighted revenue expected at 50-52% of annual 2026 revenue with second-half growth expected in memory, auto/industrial, IST, product test and robotics
- Management expects 2027 resurgence in growth driven by overall ATE TAM expansion and market share gains, with OpEx in Q4 comparable to Q3 guidance
Q&A themes
- ATE TAM expected to reach $16-20 billion range with test equipment spending stabilizing at 7-9% of semiconductor CapEx compared to 4% in 2023
- Memory business showing strength in HBM and DRAM with DDR stronger than expected and beginning inflection in NAND capacity demand in 2027
- Dual vendor qualification strategies at major hyperscalers taking 9-12 months through four phases of competition, solution development, correlation and production ramp
- CPU and networking markets showing growth with Teradyne positioned to gain share through ARM exposure and new solutions like Photon 100 for optical connections and MLTP for copper
Risks
- Memory TAM growth potentially offset by margin pressure from memory business, expected to continue through 2027 as lower-priced equipment serves bit growth portion of market
- Uncertainty around CPO market adoption timing and maturation, with 2028 TAM range of $300-700 million reflecting significant variance in market source projections
- WFE correlation shows time lag of approximately three quarters from fab equipment revenue to test equipment revenue, creating unpredictability in year-to-year ATE TAM growth
FY2026 Q12026-04-29
Earnings calls
AI summary
positiveTeradyne achieved record Q1 results with revenue 87% higher year-over-year and 18% sequentially, exceeding guidance due to strong AI data center demand across all business segments. The company is executing its wafer-to-AI data center strategy with new product launches (Photon 100 for silicon photonics, Omnyx for board test) and closed two strategic acquisitions (MultiLane JV and TestInsight). Q2 guidance of $1.15-$1.25 billion revenue and $1.86-$2.15 non-GAAP EPS suggests continued strong growth, though second-half visibility remains limited due to lumpy large customer ordering patterns.
Key takeaways
- Q1 revenue of $1.282 billion with non-GAAP EPS of $2.56 represents record performance; Semiconductor Test broke $1 billion threshold at $1.1 billion
- AI-related revenue increased to ~70% of total (from 60% in Q4 2025), with compute representing ~75% of SoC revenue
- Received first multi-system production test orders for merchant GPU in Q1 with systems expected to ship and reach production in Q2; expects low double-digit share of GPU TAM over midterm
- Gross margin of 60.9% in Q1 driven by strong volume and favorable product mix, with Q2 guidance of 58-59% reflecting normalization of nonrecurring benefits
Financial highlights
- Q1 2026 revenue: $1.282 billion (up 87% YoY, up 18% sequentially); non-GAAP EPS: $2.56 (up 241% YoY, up 42% sequentially)
- Semiconductor Test revenue: $1.1 billion (SoC $882M, memory $203M, IST $27M); Product Test: $80M (up 8% YoY); Robotics: $91M (up 32% YoY)
- Q1 non-GAAP operating income: $480 million with 37.5% operating margin (all-time records); gross margin: 60.9% (up 370 bps sequentially)
- Cash and investments: ~$400 million; capital expenditures flat year-over-year with expectation for Q2 increase; paid $20M dividends; used ~$165M cash for MultiLane and TestInsight deals funded via credit revolver
Guidance
- Q2 2026 revenue guidance: $1.15-$1.25 billion; non-GAAP EPS: $1.86-$2.15; gross margin: 58-59%; operating expenses: 27-28% of sales; non-GAAP operating profit rate: 30-32%
- FY2026 full-year target model: $6 billion revenue with $9.50-$11.00 non-GAAP EPS
- Expanded first-half 2026 revenue range to 55-60% of annual (from prior 60% point estimate) reflecting both strong demand signals and potential lumpiness; second-half visibility limited
- Line of sight to ~$50 million merchant GPU revenue in 2026; expect silicon photonics revenue around $100 million in 2026 with $300-700 million midterm opportunity; memory TAM expected to track toward solid growth with low single-digit share gains
Q&A themes
- GPU fast-follower strategy and path to 25-30% share: Company will compete on platform differentiation, throughput, performance and responsiveness to demand; expects fast follower phase to yield late 2026 production releases with full ramp in 2027
- Silicon photonics/CPO market: Share currently balanced with competitor; Teradyne strong at insertion 2 (electrical test on compound wafer); working with ficonTEC, foundries and customers across four test insertions; expect 10x efficiency improvements over next couple years despite TAM stability
- Visibility limitations vs. competitors: Tester lead times similar to wafer lead time, not wafer front-end equipment; customers hold back test equipment orders until wafer production confirmed; ASIC first-silicon delays can shift device ramps 2+ quarters
- Custom ASIC opportunities: Two hyperscaler compute programs at scale with third in edge automotive; actively competing for non-ramped programs and dual-source status, with timing more 2027 than 2026; expects low double-digit GPU share sufficient to hit $6B revenue model
Risks
- High revenue concentration with 2 specifying customers and 1 purchasing customer exceeding 10% of revenue; VIP compute demand heavily front-half weighted with next generation pull-in uncertain; concentration increases risk of demand bottlenecks and lumpiness in customer ordering
- Silicon photonics ramp timing and slope uncertain; currently limited end-customer production ramps and unknown test insertion split could impact revenue trajectory; ficonTEC ownership by Chinese entity presents potential geopolitical risk, though company states no current evidence of impact
- Second-half 2026 visibility materially limited with increasing contributions expected over midterm; potential for ecosystem hiccups in AI data center buildout (e.g., tester acceptance delays) could shift demand within or across quarters; robotics business still developing predictability after only 4 sequential growth quarters
FY2025 Q42026-02-03
Earnings calls
AI summary
positiveTeradyne reported Q4 2025 revenue of $1.083 billion with non-GAAP EPS of $1.80, both exceeding guidance, driven by AI compute and memory demand. The company projects Q1 2026 revenue of $1.15-$1.25 billion (new quarterly record) with AI expected to drive over 70% of revenue. Management introduced a new evergreen target earnings model assuming a $12-14 billion ATE TAM with projected $6 billion company revenue, 59-61% gross margins, and $9.50-$11 EPS.
Key takeaways
- Q4 2025 revenue reached $1.083 billion, second-highest quarter in company history; SoC revenue up 47% QoQ and memory revenue up 61% QoQ to record levels
- AI-driven revenue increased to over 60% in Q4 2025 from 40-50% in Q3, with expectations to exceed 70% in Q1 2026
- Company shifted revenue concentration from Q2/Q3 dominance to 60% in second half 2025; expects 2026 to be inverse with 60% in first half
- Maintains approximately 50% market share in VIP compute; expects compute TAM to grow significantly while maintaining relatively lower overall market share
- Announced MultiLane joint venture for AI data center interconnect test solutions, expected to close Q2 2026 with de minimis 2026 EPS impact
Financial highlights
- FY2025 revenue $3.2 billion, up 13% YoY; non-GAAP EPS $3.96, up 23% YoY
- Q4 2025 non-GAAP gross margin 57.2%; full-year 2025 gross margin 58.3%
- Generated $450 million free cash flow in 2025; returned $785 million (174% of FCF) to shareholders
- Q1 2026 guidance: revenue $1.15-$1.25 billion; non-GAAP EPS $1.89-$2.25; expected gross margins 58.5-59.5%
Guidance
- Q1 2026 revenue expected $1.15-$1.25 billion (11% growth from Q4, 75% from prior year Q1), representing new quarterly record
- Target earnings model at $12-14 billion ATE TAM: $6 billion revenue, 59-61% gross margins, 27-29% OpEx, 30-34% operating profit, $9.50-$11 EPS
- 2026 ATE TAM expected to grow 20-40% from 2025; SoC TAM expected to grow faster than memory TAM
- Robotics business targeting breakeven in 2026 with large e-commerce customer revenue expected to triple from 2025 levels
Q&A themes
- 2026 revenue heavily weighted to first half with improved backlog and 13+ week visibility; second half contains significant uncertainty
- Merchant GPU test expected to achieve production qualification with single-digit market share initially, scaling to 30-70% competitive range over time; not included in Q1 2026 guidance
- Mobile SoC TAM expected to reach approximately 1.5x current levels through device complexity growth, not unit volume increases; customer capital efficiency improvements may moderate capacity additions
- Teradyne and Advantest expected to compete on generational basis for new VIP compute design wins; 4-5 total customer logos anticipated in target model versus current concentrated base
Risks
- Significant revenue lumpiness persists due to AI infrastructure build-out timing and concentrated customer base; 20-40% ATE TAM growth range reflects inability to forecast second half 2026 with confidence
- VIP compute market share subject to competitive pressure and customer ASIC benchmarking; no share is assumed safe with multiple programs ramping on unpredictable schedules
- Merchant GPU share gains dependent on successful production qualification and competitive positioning; assumes single-digit initial share that may not materialize or scale as projected
FY2025 Q32025-10-29
Earnings calls
AI summary
positiveTeradyne reported Q3 revenue of $769 million with non-GAAP EPS of $0.85, near the high end of guidance, driven primarily by AI-related semiconductor test demand in compute and memory. Q4 guidance of $920 million to $1 billion represents approximately $150 million upside versus consensus, with 2/3 of the upside from compute/networking and 1/3 from memory. The company expects AI and verticalization to drive growth in 2026, with long-term positioning strengthened despite lumpy project-based execution.
Key takeaways
- Q3 sequential revenue growth of 18% and non-GAAP EPS growth of 49%, driven by AI accelerator, networking, memory and power device test demand
- Memory test revenue more than doubled sequentially to $128 million, with 75% DRAM (primarily HBM and LPDDR) and 25% flash; now participating in all major HBM test insertions including new singulated stack performance test
- Q4 guidance of $920M-$1B reflects continued AI project acceleration, with compute/networking comprising 2/3 of incremental growth and memory 1/3; gross margin guidance of 57-58% includes onetime supply costs to meet accelerated demand
- AI-driven revenue represented approximately 50% of total Q3 revenue and is expected to reach 60% in Q4; long-term model composition shifting toward heavier weighting on compute and AI-driven memory markets
- Full-year 2025 OpEx expected to grow 7% while revenue grows 9%; company targets long-term OpEx growth at approximately 50% of revenue growth rate, with 2026 expected to approach this target
Financial highlights
- Q3 revenue: $769 million; non-GAAP EPS: $0.85; non-GAAP gross margin: 58.5% (above guidance)
- Semi Test Q3 revenue: $606 million (SoC $440M up 11% sequentially, Memory $128M up 110% sequentially)
- Q4 revenue guidance: $920 million to $1 billion; Q4 gross margin: 57-58%; Q4 non-GAAP EPS: $1.20-$1.46 on 157M diluted shares
- Free cash flow Q3: $2 million; share repurchases Q3: $246 million; cash and marketable securities: $427 million at quarter-end
Guidance
- Q4 2025 revenue guidance: $920 million to $1 billion with gross margins of 57-58%
- Q4 OpEx expected at 31-33% of sales; non-GAAP operating profit rate at midpoint: 25.5%
- 2026 expected to show solid growth from 2025 baseline with AI and verticalization as primary drivers; business conditions for mobile, auto/industrial and robotics expected to improve but timing/intensity uncertain
- Long-term 2026 model update to be provided in January; company expects continued strength in AI-driven demand for compute, networking, memory and power across data center investments
Q&A themes
- Compute and memory test intensity expected to increase due to larger die sizes, chiplet-based designs, tolerance requirements in data center deployments, and dual-sourcing strategies among customers
- VIP customer base remains highly concentrated among 2 major hyperscalers with slow expansion; merchant GPU opportunities under development but not yet reflected in guidance; customer control over supply chain increasing
- Memory TAM declining low-double digits overall with flash weakness; DRAM and HBM driving growth; NAND/flash currently at historically low levels expected to recover with mobile protocol shifts and AI data center SSD demand
- Mobile SoC remains uncertain for 2026 with test intensity expected to increase double-digits with N2 technology, but unit volume inflection in handset sales is key X-factor; AI accelerator revenue significantly exceeded prior-year expectations
Risks
- AI project execution is highly concentrated and lumpy, with timing of individual projects potentially swinging quarterly results significantly; Q4 growth expected to continue but linear extrapolation not appropriate
- Memory market composition shifting toward wafer sort capacity additions where Teradyne has lower share; wafer sort TAM expansion expected in 2026 may offset final test share gains
- Mobile and auto/industrial markets remain weak with uncertain recovery timing and intensity; robotics showing slow recovery from Q1 2025 trough with persistent weakness in core indirect distribution channel
FY2025 Q22025-07-30
Earnings calls
AI summary
positiveTeradyne delivered Q2 2025 revenue of $652 million and non-GAAP EPS of $0.57, both above guidance midpoints, with SOC AI compute exceeding expectations. The company projects Q3 revenue of $710-$770 million and raised confidence in full-year outlook due to strengthening AI compute demand in both SOC and Memory segments. Management expects AI compute to represent the majority of semi test revenue in the second half of 2025.
Key takeaways
- Q2 revenue of $652M and non-GAAP EPS of $0.57 exceeded guidance; Q3 guidance of $710-$770M reflects confidence in AI compute ramp
- AI compute revenue was approximately 20% of Q2 SOC revenue ($397M) and is expected to be majority of semi test revenue in H2 2025
- Closed Quantifi Photonics acquisition in May to strengthen silicon photonics capabilities for AI compute testing; pursuing opportunities in merchant GPU space with modest 2026 impact if successful
- Robotics secured plan of record with large customer; expects not material impact in 2025 but significant growth driver in 2026; opening U.S. manufacturing facility for supply chain resilience
- Memory revenue expected to snap back in second half of 2025; secured HBM4 post-stack singulated die win, representing new test insertion point
Financial highlights
- Q2 2025: Revenue $652M, non-GAAP EPS $0.57, non-GAAP gross margin 57.3%, non-GAAP operating profit 15.1%
- Q2 semi test revenue: $492M total ($397M SOC, $61M Memory, $34M IST); Product test $85M; Robotics $75M
- Q3 guidance: Revenue $710-$770M, gross margin 56.5%-57.5%, non-GAAP EPS $0.69-$0.87 on 158M diluted shares
- Free cash flow in Q2 was $132M; returned $316M in H1 2025 through dividends and buybacks (138% of free cash flow); ended quarter with $489M cash
Guidance
- Q3 2025 revenue guidance: $710-$770M with non-GAAP operating profit rate of 19.5% at midpoint; tax rate 16.3% (catch-up impact from new tax legislation; full year expected 14.5%)
- Expect significant Q3 over Q2 growth and Q4 over Q3 growth in AI compute; expect Q4 2025 overall company revenue stronger than Q4 2024
- AI compute expected to represent majority of semi test revenue in second half 2025; Memory revenue expected back-half weighted; modest mobile expectations in Q3 and H2
- Long-term growth drivers of AI, electrification, and verticalization remain intact; expect continued growth across all semi test segments through midterm
Q&A themes
- GPU/merchant compute opportunity requires proving equivalent test capability and superior value; modest 2026 impact if successful, building over time; represents $2B+ TAM versus $400M+ VIP ASIC TAM
- Mobile recovery likely second-half 2026 driven by 2-nanometer gate-all-around complexity and potential memory bandwidth improvements; mobile to be smaller portion of overall mix due to compute strength
- HDD HAMR transition expected to strengthen through 2026 but won't match CapEx doubling; HDD market filling with idle capacity utilization before new system demand
- IST business doubled year-over-year in Q2 driven by HDD and mobile SLT; positioned for growth from HDD bit growth, SSD emergence, and AI accelerator SLT needs
Risks
- Quarterly timing of AI compute shipments between Q3/Q4 and Q4/Q1 remains uncertain due to customer schedules and program ramps that don't correlate with consumer patterns
- Robotics expected not to break even in 2025 despite restructuring benefits; near-term macro factors and weak end market persist with margin pressure from lower volumes
- GPU/merchant compute opportunities are unproven wins; require successful qualification and multi-year ramp; customer may continue purchasing from sole-source for period during transition
FY2025 Q12025-04-29
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 15, 2026, 04:38 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Gregory Stephen Smith
- Employees
- 6,600
- IPO date
- Sep 14, 1970
- Country
- US
- Exchange
- NASDAQ Global Select
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 3/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
Congressional disclosures
Senate
House
Market cap history
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.07% | 5M |
| VOO | 0.08% | 4.2M |
| SOXX | 3.07% | 3.7M |
| VO | 0.52% | 3.4M |
| QQQ | 0.29% | 3.3M |
| SMH | 1.28% | 2.4M |
| IVV | 0.09% | 2.1M |
| 1557.T | 0.09% | 1.9M |
| SPY | 0.11% | 1.9M |
| FXAIX | 0.09% | 1.8M |
| VUG | 0.16% | 1.8M |
| SOXL | 2.11% | 1.2M |
Analyst track record
How the analysts covering TER have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 89 | 251 |
| Analysts | 22 | 29 |
| Buy / hold / sell | 68 / 20 / 1 | 166 / 62 / 23 |
| Upgrades / downgrades / initiations | 5 / 5 / 2 | 12 / 12 / 6 |
| Price targets hit / missed | 13 / 71 (15%) | 164 / 71 (70%) |
| Avg. return after a rating (TipRanks) | -23.1% | +66.8% |
| Best / worst call | +55.2% / -52.1% | +287.9% / -52.1% |
After buy calls on this stock: median 21-day move +7.0% vs S&P 500 +2.2% (n = 164)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Gus RichardNorthland Securities100% hit rate on this stock · 12 targets measuredHoldno targetJul 30, 2026
- Krish SankarTD Cowen90% hit rate on this stock · 10 targets measuredBuytarget $450Jul 29, 2026
- Vivek AryaBank of America Securities90% hit rate on this stock · 10 targets measuredBuytarget $450Oct 28, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 11, 2026 | Dushyant AilaniJefferiesNov 11, 2026 | BuyInitiated | $284↗ | article ↗ |
| Oct 29, 2026 | Timothy ArcuriUBSOct 29, 2026 | BuyReiterated | $430↗ | article ↗ |
| Oct 29, 2026 | Quinn FredricksonRobert W. BairdOct 29, 2026 | HoldMaintained | $385↗ | article ↗ |
| Oct 29, 2026 | Steve BargerKeyBancOct 29, 2026 | HoldMaintained | –↗ | article ↗ |
| Oct 29, 2026 | Shane Brett CFAMorgan StanleyOct 29, 2026 | HoldMaintained | $380↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 89 ratings
Frequently asked questions
Where can I trade TER perpetual futures?
Teradyne, Inc. (TER) perpetual futures trade on 17 crypto venues, including Deepcoin, BingX, KuCoin. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade TER around the clock?
Yes. Unlike the underlying stock, TER perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on TER perpetuals?
Right now the TER perp funding rate is 0.0% annualized (venue median), ranging from -151.1% to +11.0% across 17 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the TER perp price compare to the Teradyne, Inc. stock?
The venue-median TER perp mark is $242.4 versus a reference stock price of $242.5, a basis of -0.1%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a TER perpetual future?
A TER perpetual is a derivative that tracks the price of Teradyne, Inc. with no expiry date. It lets you take long or short exposure to Teradyne, Inc. on crypto venues, around the clock.
What is TERUSDT perpetual?
TERUSDT is the symbol most crypto exchanges use for the Teradyne, Inc. perpetual settled in USDT (Tether). It tracks the TER share price through an index, trades 24/7 with leverage and never expires.
Embed this asset
<a href="https://perpequities.com/stocks/ter-perp"><img src="https://perpequities.com/badge/ter-perp.svg" width="240" height="64" alt="TER perpetuals · perpequities.com" loading="lazy"></a>