TER
Updated: 23/09/2026, 21:08:20
Teradyne, Inc., established in 1960 and headquartered in North Reading, Massachusetts, is a global leader specializing in the creation, production, sale, and maintenance of automated testing solutions. The company's operations are categorized into four principal divisions: 1. Semiconductor Test: This segment delivers solutions for testing microchips at both the wafer and finished device package stages. These capabilities serve a wide array of sectors, including automotive, industrial, telecommunications, consumer electronics, mobile devices, cloud computing, and gaming. Notable offerings include the FLEX test platform, the J750 system for high-volume semiconductor testing, the Magnum platform specialized for memory components like flash and DRAM, and the ETS platform, which caters to the analog/mixed-signal markets for chip makers and outsourced assembly/test providers. Its clientele encompasses integrated device manufacturers (IDMs), fabless chip companies, foundries, and independent semiconductor assembly and test firms. 2. System Test: This division provides instrumentation and systems for defense and aerospace applications, data storage testing apparatus, and solutions for circuit board examination and fault detection. 3. Industrial Automation: This segment supplies collaborative robotic arms, self-governing mobile robots, and sophisticated software for robotic control, primarily catering to clients in manufacturing, logistics, and lighter industrial applications. 4. Wireless Test: Operating under its LitePoint brand, this segment delivers crucial testing solutions for the development and production of various wireless products, ranging from modules and smartphones to tablets, laptops, peripherals, and Internet-of-Things (IoT) gadgets. Key offerings include IQxel for Wi-Fi and other connectivity standards, IQxstream for comprehensive cellular technology testing (including 5G), IQcell for multi-device cellular signaling verification, IQgig, and ready-to-use test software tailored for wireless chipsets.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
0.6B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
0.5B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
0.7B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Founded 1960; leading global provider of automated test equipment (semiconductors, wireless products, data storage, silicon photonics, complex electronics) and robotics (collaborative arms, autonomous mobile robots)
“Teradyne, Inc. (“Teradyne”) was founded in 1960 and is a leading global provider of automated test equipment and robotics solutions.”
Reportable segments
Semiconductor Test; Robotics; Product Test (new segment effective March 2025)
“the creation of the Product Test division as a new segment effective March 2025”
Semiconductor Test product families
FLEX/UltraFLEXplus, J750/IP750, Magnum memory test, ETS/Eagle power-device test, SLT/HDD/SSD testers
“The Integrated System Test group is comprised of our system level test (“SLT”) testers and our HDD and SSD testers.”
Robotics products
Collaborative robotic arms and autonomous mobile robots for manufacturing, logistics, industrial customers
“Teradyne's robotics product offerings consist primarily of collaborative robotic arms and autonomous mobile robots used by global manufacturing, logistics and industrial customers”
Product Test segment offerings
Circuit-board test/inspection, wireless test, PIC test, defense & aerospace test instrumentation
“product test (“Product Test”) systems, which include circuit-board test and inspection systems, wireless test systems, photonic integrated circuit (“PIC”) test solutions, and defense and aerospace test instrumentation and systems.”
Robotics foreign-currency revenue exposure
Majority of Robotics revenue in foreign currencies; USD strengthening is a headwind
“the majority of our Robotics revenue is denominated in foreign currencies. Strengthening of the U.S. dollar has, and will continue to, negatively affect Robotics revenue in 2025 and 2026”
Non-cancelable purchase commitments
As of Dec 31, 2025, non-cancelable purchase commitments for components and materials aggregate ~$1,473.0 million, of which $1,415.1 million is due in less than one year.
“Teradyne had entered into non-cancelable purchase commitments for certain components and materials. The purchase commitments covered by the agreements aggregate to approximately $1,473.0 million, of which $1,415.1 million is for less than one year.”
Acquisition history and 2025 acquisitions
Acquisitions since 2015 include Universal Robots (2015), Energid and MiR (2018), Lemsys and AutoGuide (2019), AET and Quantifi (2025); 10% equity stake in Technoprobe (May 2024)
“Since 2015, we have completed the acquisitions of Universal Robots (2015), Energid and MiR (2018), Lemsys and AutoGuide (2019), and most recently, AET and Quantifi in 2025. Additionally, in May 2024, we closed on our strategic partnership agreement with Technoprobe which included our acquisition of 10% of the equity in Technoprobe.”
Quantifi Photonics acquisition
Acquired Quantifi Photonics for $127.2 million (May 31, 2025); Product Test segment
“On May 31, 2025, we acquired privately held Quantifi Photonics (“Quantifi”), a leader in PIC test solutions for a total purchase price of $127.2 million.”
Infineon AET acquisition
Acquired Infineon's AET business for EUR 17.6M ($18.3M); Semiconductor Test segment
“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.”
AI-driven Semiconductor Test growth
AI applications and VIP compute drove majority of revenue in H2 2025; expected bulk of Q1 2026 revenue
“AI related customer demand driving the majority of our revenue in the second half of 2025. Looking ahead to 2026, we expect AI related customer demand to continue to represent the bulk of our revenues in the first quarter.”
Capital allocation and shareholder returns 2025
2025: $778.4M returned to shareholders ($702.1M buybacks, $76.3M dividends)
“we returned $778.4 million to shareholders through $702.1 million of share buybacks and $76.3 million of dividend payments.”
MultiLane joint venture (MLTP)
JV with MultiLane (MLTP): ~$157M investment for 75% ownership, targeting AI data center test; close expected H1 2026
“we will invest approximately $157 million in exchange for 75% ownership of MLTP. This transaction is expected to close in the first half of 2026”
Trade restrictions and tariffs
Changing global trade environment/tariffs limit competitiveness in certain markets; monitoring potential further export controls
“current trade restrictions are limiting our ability to be competitive, particularly in certain markets, where some competitors are not subjected to the same restrictions.”
Cyclicality of semiconductor test capital equipment demand
Business depends on capex of semiconductor/electronics manufacturers; recurring cycles have caused periods of over-supply
“Our business and results of operations depend, in significant part, upon capital expenditures of manufacturers of semiconductors, electronics, and other industrial products”
Intense competition and industry consolidation
Faces intense global competition in each reportable segment, including emerging Asian companies and customer internal development; semiconductor industry consolidation could hurt competitive position
“We also face competition from emerging Asian companies and internal development at several of our customers.”
Customer consolidation trend
Semiconductor industry customer consolidation could increase dependence on fewer customers and pricing/contract-term pressure
“it could make us more dependent on fewer customers who may be able to exert increased pressure on our prices and other contract terms”
New technology development and customer acceptance risk
Success depends on developing/acquiring new technologies and customer acceptance; products often replaced by technologically advanced substitutes
“In the electronics, semiconductor, and robotics industries, products are often replaced by more technologically advanced substitutes”
AI-related customer demand drove majority of Semiconductor Test revenue in H2 2025 and expected bulk of Q1 2026 revenue
“AI related customer demand driving the majority of our revenue in the second half of 2025.”
Top-5 direct customers accounted for 44% of 2025 consolidated revenues, up from 36% and 32% in prior years, indicating rising concentration.
“our five largest direct customers in aggregate accounted for 44%, 36% and 32% of consolidated revenues, respectively”
Revenue depends on capital expenditures of semiconductor, electronics and industrial manufacturers, which are cyclical and prone to over-supply periods.
“Capital equipment providers in the electronics, semiconductor industries and robotics, such as Teradyne, have, in the past, been negatively impacted by both sudden slowdowns in the global economies and recurring cyclicality within those industries.”
Semiconductor Test sales concentrated among a limited number of major IDMs, Fabless companies, Foundries, and OSATs
“We expect that sales of our test products will continue to be concentrated with a limited number of major customers for the foreseeable future.”
EAR, Entity List and FDP rules restrict exports of US-origin technology and have limited ability to compete in certain regions.
“compliance with these laws has limited our ability to compete in certain regions, and could continue to limit them in the future”
Intense competition including well-resourced rivals, emerging Asian companies, and customer internal development could pressure prices and margins.
“We face significant competition throughout the world in each of our reportable segments.”
Tariffs and trade restrictions limit competitiveness in certain markets and could affect supply chain, cost structure, or market access
“We are subject to tariffs and restrictions from the dynamically changing global trade environment.”
US tariffs and Chinese retaliation could disrupt global operations and supply chain and increase costs; no material effect to date.
“In recent years, the United States has imposed significant tariffs on goods from some of our trading partners, and more significant tariffs continue to be threatened”
Attempted cyber-attacks (criminal, espionage, state-sponsored) on own and third-party systems could disrupt business and expose proprietary data; AI use and remote work expand the threat surface.
“evolving geopolitical tensions or conflicts have created a heightened risk of cybersecurity attacks”
Large non-cancelable purchase commitments ($1,473.0M) for components and materials create fixed near-term supply obligations that could pressure costs if demand weakens.
“The purchase commitments covered by the agreements aggregate to approximately $1,473.0 million, of which $1,415.1 million is for less than one year.”
MLTP joint venture created to serve growing demand from AI Data Center equipment market for high speed data connection test
“MLTP is being created to serve the growing demand from the AI Data Center equipment market”
USD strengthening negatively affects Robotics revenue since majority of Robotics revenue is in foreign currencies
“Strengthening of the U.S. dollar has, and will continue to, negatively affect Robotics revenue in 2025 and 2026”
Product Test 2025 revenue growth bolstered primarily by strength in defense and aerospace applications
“bolstered primarily by strength in defense and aerospace applications”
Robotics restructuring drove the bulk of 2025 severance charges ($24.3M, ~400 employees), signaling cost rationalization in that segment.
“$24.3 million of which is related to the Robotics restructuring which impacted approximately 400 employees”
Robotics demand driven by manufacturing, logistics, and industrial customers in ecommerce, logistics, semiconductor, and electronics verticals
“concentrating on high-growth verticals such as ecommerce, logistics, semiconductor, and electronics.”
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