Teradyne, Inc.
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+ FollowMarket Cap$33.24B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Strong Q3 results driven by AI across all groups (what’s good/surprising):
- Total revenue >$1.3B, +70% YoY and flat vs prior quarter.
- Non-GAAP EPS $2.29, +150% YoY.
- AI-driven revenue >60% of total (key proof of “wafer-to-data center” strategy working).
- All 3 segments grew YoY: Semi Test, Product Test, Robotics.
Semiconductor Test expansion + dual-vendor strategy supporting share gains (what’s good/opportunity):
- Management points to a structurally growing ATE TAM as semiconductor CapEx allocates more to test: 6.4% (2025) → 8.1% (first 8 months of 2026), with upward revisions expected for 2027/2028+.
- Dual vendor qualification and ramps underway (phased progress across multiple customers):
- 1st hyperscaler: mature phase, next major ramp expected mid-2027.
- merchant GPU: fast follower, incremental 2027 revenue expected.
- 2nd hyperscaler: fast follower, capacity buys expected 2H 2027.
- New ATE instruments aimed at next-gen device complexity: UltraFLEXplus lineup (e.g., deeper memory, high-power testing, PCIe Gen6) plus KRONOS 100 for optical microLED/VCSEL.
Memory record strength; HPC/storage and product test also strong (what’s good):
- Memory Q3 revenue $301M, another record; +YoY and 4th straight quarter >$200M driven by HBM/DRAM and a resurgence in NAND.
- IST revenue $95M, ~+150% YoY, driven by AI-related HDD demand from all 3 major suppliers.
- Product test: $138M, +56% YoY, book-to-bill 1.4x, with strength in MultiLane interconnect test and other data-center interconnect/optical/high-speed needs.
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$49.51
76.7% downside
Current Fair Value
76.7% downsideOvervalued by 76.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $33.24 Billion |
|---|---|
| Enterprise Value | $198.09 Billion |
| Annual dividend | $0.51 |
| Dividend yield | 0.19% |
| Earnings per Share | $3.49 |
| Beta | 1.75 |
| Outstanding Shares | 156,262,000 |
Return
| Return on Equity | 39.95% |
|---|---|
| Return on Assets | 27.88% |
| Return on Invested Capital | 42.33% |
Valuation & Multiples
| P/E Ratio | 31.29 |
|---|---|
| PEG | 16.78 |
| Price to Sales | 6.65 |
| Price to Book Ratio | 9.67 |
| Enterprise Value to Revenue | 39.61 |
| Enterprise Value to EBIT | 122.77 |
| Enterprise Value to Net Income | 144 |
| Total Debt to Enterprise | 0.83 |
| Debt to Equity | 48.06 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$2.09
Consensus analyst estimateRevenue Estimate
$1.27 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$2.12
Consensus analyst estimateRevenue Estimate
$1.31 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.71, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.7084▼ 47.80% |
|---|---|
| Total Calls | 134,100▼ 96.52% |
| Total Puts | 95,000▼ 97.92% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.15%▼ 92.80% |
|---|---|
| Total Invested | $3.21B▼ 95.64% |
| Investors Holding | 490▼ 1011.00% |
About Teradyne, Inc.
5,400 employees
CEO: Mark Jagiela
Teradyne brings high-quality innovations such as smart devices, life-saving medical equipment and data storage systems to market, faster. Its advanced test solutions for semiconductors, electronic systems, wireless devices and more ensur...