Companies/Equipment/TER

TER

Teradyne

Cyclical AI Beneficiary

Semiconductor manufacturing equipment·US·North Reading, MA·#6 / 8 in segment·2.8% of segment mcap

$344.34

308.8% vs S&P 12m

Business overview

AI capex leverage

Provides automated test equipment for semiconductors plus a small robotics franchise via Universal Robots and MiR.

Test intensity per AI die rises with chip complexity and binning requirements; Teradyne benefits but has less direct HBM exposure than Advantest.

Products

UltraFLEX testers
Magnum memory testers
Robotics (UR, MiR)

Customers (3)

Competitors (2)

Advantest
Cohu

Composite score

Higher = stronger overall research case

Fundamental73

Technical80

Valuation20

AI relevance65

Risk-adjusted (higher = safer)65

Segment-relative fundamental percentile: 57

Synthetic 1Y price action

Deterministic price series; 50d (yellow) and 200d (orange) MAs shown

3M RS: 0.7%6M RS: 94.3%12M RS: 308.8%Vol30d: 92%DD52w: -17.6%

Financial summary

Curated, illustrative

Revenue

$3.79B

Growth (YoY)

87.0%

Gross margin

58.7%

Operating margin

37.6%

FCF

$298.31M

Capex

$479.59M

Net cash / (debt)

$163.20M

ROIC

15.8%

Customer conc.

Medium

Valuation

Market cap

$53.90B

Enterprise value

$53.74B

P/E (TTM)

63.6x

Forward P/E

36.2x

EV / Sales

14.2x

EV / EBITDA

46.3x

P / FCF

180.7x

PEG

1.4x

Rule of 40

—

Risks

Severity 1 (low) to 5 (severe)

3
Mobile cycle exposure
2
Robotics segment underperformance

Score components

What drove the composite

Growth100

Profitability92

Cash generation42

Balance sheet80

Moat / AI relevance75

Capital intensity (higher = lighter)53

Customer diversification60

Valuation discipline (dilution)65

Trend (MA50/MA200)95

Momentum (3/6/12m)73

Relative strength100

Realized vol (higher = lower vol)22

Segment peers

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