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Teradyne

TER
61
Semiconductors · Technology
Price
$322.36
+0.06 (+0.02%)
Market Cap
$50.46B
Exchange
NASDAQ
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−14.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 183.6M (2021) → 157.7M (2025)

Teradyne, Inc. designs, develops, manufactures, sells, and supports automatic test equipment worldwide. The company operates through Semiconductor Test, System Test, Industrial Automation, and Wireless Test segments. The Semiconductor Test segment offers products and services for wafer level and device package testing in automotive, industrial, communications, consumer, smartphones, cloud computer and electronic game, and other applications. This segment also provides FLEX test platform systems;

Winston Score History

Politician Trades

12 trades / 12mo

8 Congressional buys and 4 sells on TER in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+87.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+318.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$505M/ year

↑ Rising (+9% vs prior year)

15.8% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$242M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Teradyne grew revenue 87% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
60.9%
Premium pricing power — 60.9% gross margin
Operating Margin
36.9%
Excellent — 36.9% operating margin
ROCE
15.0%
Good — 15.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
+30.3%
Fast-growing sales (30.3% YoY)
EPS YoY
+51.7%
Earnings growing fast (51.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
91%
Modest — 91% of profit becomes cash
FCF Margin
14.6%
Converts sales into free cash efficiently (14.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.01
Conservative — low debt load (0.01)
Interest Cover
70.04x
Comfortably covers interest (70.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
59.4x
Expensive — P/E 59.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+9.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (59.4 → 49.5)

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Dividends

Dividend Yield
0.14%
Small dividend — 0.14% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+4.2%
Dividend growing modestly (4.2% YoY)

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