Teradyne Inc
NASDAQ:TER
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Intrinsic Value
The intrinsic value of one TER stock under the Base Case scenario is 96.89 USD. Compared to the current market price of 105.52 USD, Teradyne Inc is Overvalued by 8%.
The Intrinsic Value is calculated as the average of DCF and Relative values:
Valuation Backtest
Teradyne Inc
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Fundamental Analysis
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Teradyne Inc. is a leading global provider of automated test equipment essential for ensuring the quality and performance of complex electronics. Founded in 1960 and headquartered in North Reading, Massachusetts, the company specializes in testing semiconductors, electronics, and wireless devices, catering to a vast array of industries, including automotive, industrial, and communications. Over the years, Teradyne has established itself as a crucial partner in the technology supply chain, helping manufacturers diagnose potential issues in their products before they reach the market. This mission has positioned Teradyne at the forefront of the burgeoning electronics sector, particularly as in...
Teradyne Inc. is a leading global provider of automated test equipment essential for ensuring the quality and performance of complex electronics. Founded in 1960 and headquartered in North Reading, Massachusetts, the company specializes in testing semiconductors, electronics, and wireless devices, catering to a vast array of industries, including automotive, industrial, and communications. Over the years, Teradyne has established itself as a crucial partner in the technology supply chain, helping manufacturers diagnose potential issues in their products before they reach the market. This mission has positioned Teradyne at the forefront of the burgeoning electronics sector, particularly as innovations like 5G, artificial intelligence, and the Internet of Things continue to drive demand for sophisticated testing solutions.
Investors keen on Teradyne will find a company that not only thrives on innovation but also champions operational efficiency and strategic growth. By leveraging its advanced test technology and expanding its product offerings through strategic acquisitions, Teradyne has been able to capture significant market share and enhance its competitive advantage. The company's financial performance reflects its robust business model, characterized by strong revenue growth and healthy profit margins. With a forward-looking approach focused on capturing emerging trends in technology and a commitment to enhancing value for shareholders, Teradyne presents a compelling investment opportunity for those seeking exposure to the high-tech sector and an insight into the mechanics of electronic devices that are integral to modern life.
Teradyne Inc. is a prominent supplier of automation equipment for test and industrial applications. As of my last update, the company operates through several core business segments that primarily include:
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Automated Test Equipment (ATE): This is one of Teradyne's key segments, focusing on testing integrated circuits, semiconductors, and electronic systems. The ATE segment includes a range of platforms such as:
- Semiconductor Test: Equipment designed to test a variety of semiconductor devices.
- System Test: Solutions intended for testing complete systems and electronic assemblies.
- Wireless Test: Specialized testing equipment for wireless devices and applications.
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Industrial Automation: This segment encompasses products and services related to industrial robotics and automation systems. It includes:
- Collaborative Robots (Cobots): Robots designed to work alongside humans in manufacturing and production environments, enhancing productivity and safety.
- Automated Solutions: Systems that integrate robotics into manufacturing processes for improved efficiency.
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Test and Measurement: This segment provides various test and measurement products and solutions that assist in ensuring the reliability and performance of electronic devices.
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Defense and Aerospace: Teradyne has offerings tailored for defense and aerospace applications, focusing on ensuring the security and readiness of mission-critical systems.
These segments allow Teradyne to deliver a diverse array of testing and automation solutions to various industries, including consumer electronics, automotive, telecommunications, and industrial sectors. The company positions itself as a leader in innovation within these segments, consistently investing in technology to meet the evolving demands of its customers.
Understanding these core segments offers insight into Teradyne's operational focus and strategic direction in the ever-evolving landscape of electronic testing and automation.
Teradyne Inc. holds several competitive advantages in the semiconductor and automated test equipment (ATE) markets, which help distinguish it from its rivals. Here are some unique competitive advantages:
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Strong Market Position: Teradyne is a market leader in ATE, particularly for semiconductor testing. Its established presence allows it to benefit from economies of scale and brand recognition.
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Innovative Technology: The company invests significantly in research and development, allowing it to stay at the forefront of technology. Its advanced testing solutions, such as high-speed testers and integrated solutions for complex chips, provide customers with efficient and effective testing capabilities.
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Diverse Product Portfolio: Teradyne offers a wide range of products and services, including test systems for semiconductors, electronics, and system testing. This diversification helps mitigate risks associated with dependence on a single market segment.
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Strong Customer Relationships: Teradyne has built long-term relationships with major semiconductor manufacturers and other clients. These relationships foster customer loyalty and repeat business, which are critical in industries characterized by high switching costs.
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Operational Excellence: The company's lean manufacturing practices and efficient operational processes help maintain cost competitiveness while ensuring high-quality products.
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Strategic Acquisitions: Teradyne has strategically acquired companies to enhance its technology and market position. For instance, acquisitions in robotics and automation complement its core business and open new markets.
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Global Reach: With a presence in key markets around the world, Teradyne can serve a global customer base, enhancing its growth opportunities and operational flexibility.
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Strong Financial Position: Teradyne typically enjoys a solid balance sheet and strong cash flow, giving it the flexibility to invest in new technologies, react to market changes, and weather economic downturns better than its rivals.
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Focus on Emerging Markets: Teradyne is well-positioned to capitalize on trends in emerging technologies, such as electric vehicles, 5G, and IoT, where testing and automation requirements are increasing.
These competitive advantages contribute to Teradyne's ability to maintain its leadership position and drive sustained growth in the highly competitive ATE market.
Teradyne Inc., a leading provider of automation equipment for the semiconductor industry and various other sectors, faces several risks and challenges in the near future. Here are some key considerations:
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Supply Chain Disruptions: The semiconductor industry has been facing supply chain challenges, including shortages of critical components and materials. Any further disruptions could impact Teradyne's ability to deliver its products on time.
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Market Volatility: The demand for semiconductor testing equipment is closely tied to the overall health of the semiconductor market. Economic slowdowns or fluctuations in demand could adversely affect Teradyne’s sales and revenue.
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Technological Advances: Rapid advancements in technology mean that Teradyne must continually innovate to keep pace with competitors. Failure to develop advanced testing solutions could lead to loss of market share.
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Competition: The test equipment market is competitive, with major players like Advantest, National Instruments, and others. Intense competition may lead to price wars, resulting in reduced profit margins.
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Regulatory Challenges: Changes in regulations or trade policies, including tariffs or export restrictions on semiconductor technology, could pose challenges to Teradyne's operations and market access.
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Customer Demand Variability: Demand from key customers in the semiconductor industry can be volatile, influenced by factors such as consumer electronics trends, automotive demand, and 5G deployment. This variability can create forecasting difficulties for Teradyne.
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Global Economic Conditions: Fluctuations in global economic conditions, including inflation, currency exchange rates, and geopolitical tensions, can impact operating costs and profitability.
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Cybersecurity Threats: As with any technology company, Teradyne faces potential cybersecurity threats that could compromise its systems, intellectual property, or customer data.
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Environmental Regulations: Increasing focus on sustainability and environmental regulations may require Teradyne to adapt its manufacturing processes or products, which could involve additional costs or operational changes.
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Acquisition Integration Risks: If Teradyne pursues acquisitions to bolster its capabilities or expand its market presence, integrating new businesses can present challenges, including cultural alignment and operational integration.
Addressing these challenges effectively will be crucial for Teradyne to maintain its competitive position and continue its growth trajectory in the dynamic semiconductor market.
Revenue & Expenses Breakdown
Teradyne Inc
Balance Sheet Decomposition
Teradyne Inc
Current Assets | 1.8B |
Cash & Short-Term Investments | 551.7m |
Receivables | 484.4m |
Other Current Assets | 802.8m |
Non-Current Assets | 1.9B |
Long-Term Investments | 664.3m |
PP&E | 562.5m |
Intangibles | 440.7m |
Other Non-Current Assets | 263.4m |
Current Liabilities | 594.9m |
Accounts Payable | 158.5m |
Accrued Liabilities | 284.1m |
Other Current Liabilities | 152.3m |
Non-Current Liabilities | 272.3m |
Other Non-Current Liabilities | 272.3m |
Earnings Waterfall
Teradyne Inc
Revenue
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2.7B
USD
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Cost of Revenue
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-1.2B
USD
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Gross Profit
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1.6B
USD
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Operating Expenses
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-1.1B
USD
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Operating Income
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524.1m
USD
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Other Expenses
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-10.9m
USD
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Net Income
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513.2m
USD
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Free Cash Flow Analysis
Teradyne Inc
USD | |
Free Cash Flow | USD |
In Q3, Teradyne reported sales of $737 million, exceeding guidance. Non-GAAP EPS reached $0.90, with gross margins at 59.7%. Key revenue drivers were the semiconductor test business, particularly memory, benefiting from strong AI-driven demand, resulting in record memory revenue. For Q4, sales are expected between $710-$760 million, with margins projected at 59.5%-60.5%. The company anticipates approximately 5% revenue growth for the full year, increased from earlier low single-digits expectations, bolstered by a robust cloud AI environment, particularly in compute. Looking ahead, Teradyne aims for 15%-20% growth in robotics, roughly 5%-10% amid current market conditions.
What is Earnings Call?
TER Profitability Score
Profitability Due Diligence
Teradyne Inc's profitability score is 62/100. The higher the profitability score, the more profitable the company is.
Score
Teradyne Inc's profitability score is 62/100. The higher the profitability score, the more profitable the company is.
TER Solvency Score
Solvency Due Diligence
Teradyne Inc's solvency score is 78/100. The higher the solvency score, the more solvent the company is.
Score
Teradyne Inc's solvency score is 78/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
TER Price Targets Summary
Teradyne Inc
According to Wall Street analysts, the average 1-year price target for TER is 135.19 USD with a low forecast of 111.1 USD and a high forecast of 189 USD.
Dividends
Current shareholder yield for TER is .
Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?
Ownership
TER Insider Trading
Buy and sell transactions by insiders
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Profile
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Description
Teradyne, Inc. engages in the development and sale of automatic test systems. The company is headquartered in North Reading, Massachusetts and currently employs 5,900 full-time employees. The firm designs, develops, manufactures and sells automatic test systems used to test semiconductors, wireless products, data storage and complex electronics systems. The Company’s segments include Semiconductor Test, which includes operations related to the design, manufacturing and marketing of semiconductor test products and services; System Test, which includes operations related to the design, manufacturing and marketing of products and services for storage and system level test, defense/aerospace instrumentation test, and circuit-board test; Wireless Test, which includes operations related to the design, manufacturing and marketing of wireless test products and services, and Industrial Automation, which includes operations related to the design, manufacturing and marketing of collaborative robotic arms, autonomous mobile robots and advanced robotic control software.
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IPO
Employees
Officers
The intrinsic value of one TER stock under the Base Case scenario is 96.89 USD.
Compared to the current market price of 105.52 USD, Teradyne Inc is Overvalued by 8%.