Teradyne
TER on Nasdaq. Teradyne sells test equipment and robots to electronics and industrial manufacturers. Market value $69.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.15 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 61 of 100. Price score: 32 of 100. Our list needs 70 on quality and 60 on price.
$444.53 a share, 237% above its 1-year low
Over the past year the price has ranged from $131.75 to $487.91.
Dividend: 0.1% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $800 million in the past 12 months, $450 million in the year to December 2025.
| Revenue | |||||
| Revenue | $3.7bn | $3.2bn | $2.7bn | $2.8bn | $3.2bn |
| Operating margin | |||||
| Operating margin | 32.4% | 26.4% | 18.7% | 21.1% | 20.4% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.16bn | 0.15bn | 0.16bn | 0.16bn | 0.16bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 0.4% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.3 billion last quarter, up 104% on a year ago.
- Profit: $375 million, up 378% on a year ago.
- It keeps 30 cents of each $1 of sales as operating profit, up from 18 cents a year earlier.
- Spare cash over the past 12 months: $800 million, up from $569 million.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $737m |
| December 2024 | $753m |
| March 2025 | $686m |
| June 2025 | $652m |
| September 2025 | $769m |
| December 2025 | $1.1bn |
| March 2026 | $1.3bn |
| June 2026 | $1.3bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $146m |
| December 2024 | $146m |
| March 2025 | $99m |
| June 2025 | $78m |
| September 2025 | $120m |
| December 2025 | $257m |
| March 2026 | $399m |
| June 2026 | $375m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 21 October 2026
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 1,421 funds in all.
- Oasis ManagementSeth Fischer
- Value
- $483,840
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $52m | 0.1% | Cut |
| Mawer Investment ManagementMawer team | $17m | 0.1% | New |
| Oasis ManagementSeth Fischer | $483,840 | <0.1% |
Sold out this quarter
- GMOJeremy GranthamSold out
Largest holders overall
- BlackRock$9.4bnAdded
- Vanguard Capital Management$4.9bn
- Vanguard Portfolio Management$4.2bn
- State Street$3.5bnAdded
- Invesco$3.2bnAdded
- JPMorgan Chase$2.6bnAdded
- Geode Capital Management$2.2bnAdded
- FMR$2.0bnAdded
- Ameriprise Financial$1.3bnCut
- VAN ECK Associates$1.3bnAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor11.1%+1.0 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor7.5%Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor5.5%Since 31 March 2026
- FMR LLCPassive investorat least 4.9%−2.2 pts(filed with 1 related holder)Since 31 March 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 11.1%+1.0 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 7.5% | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 5.5% | 31 March 2026 | |
FMR LLC Passive investor | at least 4.9%−2.2 pts (filed with 1 related holder) | 31 March 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 6 sold $14m, $14m of it under preset trading plans.
- JOHNSON MERCEDESDirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 167
- Price
- $402.90
- Value
- $67,284
- MATZ MARILYNDirectorSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 400
- Price
- $351.11
- Value
- $140,444
- Smith Gregory StephenPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 4,000
- Price
- $337.83
- Value
- $1m
- MATZ MARILYNDirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 800
- Price
- $337.83
- Value
- $270,264
- JOHNSON MERCEDESDirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 167
- Price
- $341.30
- Value
- $56,997
- Smith Gregory StephenPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 4,000
- Price
- $425.00
- Value
- $2m
- MATZ MARILYNDirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 1,200
- Price
- $425.00
- Value
- $510,000
- JOHNSON MERCEDESDirectorSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 166
- Price
- $358.15
- Value
- $59,453
- Smith Gregory StephenPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 4,000
- Price
- $356.31
- Value
- $1m
- MATZ MARILYNDirectorSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 1,200
- Price
- $356.31
- Value
- $427,572
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | JOHNSON MERCEDES Director | Sold under a preset trading plan | 167 | $402.90 | $67,284 |
| 17 September 2026 | MATZ MARILYN Director | Sold under a preset trading plan | 400 | $351.11 | $140,444 |
| 15 September 2026 | Smith Gregory Stephen President and CEO, Director | Sold under a preset trading plan | 4,000 | $337.83 | $1m |
| 15 September 2026 | MATZ MARILYN Director | Sold under a preset trading plan | 800 | $337.83 | $270,264 |
| 1 September 2026 | JOHNSON MERCEDES Director | Sold under a preset trading plan | 167 | $341.30 | $56,997 |
| 17 August 2026 | Smith Gregory Stephen President and CEO, Director | Sold under a preset trading plan | 4,000 | $425.00 | $2m |
| 17 August 2026 | MATZ MARILYN Director | Sold under a preset trading plan | 1,200 | $425.00 | $510,000 |
| 3 August 2026 | JOHNSON MERCEDES Director | Sold under a preset trading plan | 166 | $358.15 | $59,453 |
| 15 July 2026 | Smith Gregory Stephen President and CEO, Director | Sold under a preset trading plan | 4,000 | $356.31 | $1m |
| 15 July 2026 | MATZ MARILYN Director | Sold under a preset trading plan | 1,200 | $356.31 | $427,572 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have barely grown: 0.4% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.