بإذنك، نستخدم تحليلات محدودة تراعي الخصوصية لفهم مسارات البحث الفعالة. لا نستخدم أدوات تتبع إعلانية أو تسجيل الجلسات. يمكنك تغيير هذا الخيار في التفضيلات. اقرأ سياسة الخصوصية.
Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
TER — frequently asked questions
Is Teradyne, Inc. overvalued?
In our latest published analysis dated 2026-10-21, TER looks meaningfully overvalued. The price recorded at analysis is 345 USD versus our fair value of 192 USD; the high endpoint is presented separately as potential value of 246 USD. That implies roughly 44.3% downside to fair value at that date.
Our latest published report, analyzed 2026-10-21, gives TER a fair value of 192 USD and a potential value of 246 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Teradyne, Inc.'s archetype; it is a dated research output, not a live price.
Should I buy TER now?
Our latest published rating for TER, analyzed 2026-10-21, is Sell. Teradyne, Inc. looks meaningfully overvalued at the analysis-date price of 345 USD versus fair value of 192 USD; potential value is 246 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for TER?
The dedicated bear-case section in our report analyzed 2026-10-21 documents Teradyne, Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is TER's rating?
Our latest published rating for TER, analyzed 2026-10-21, is Sell, with a published moat assessment of 7.5/10 (Narrow). It reflects our fair value of 192 USD, the potential value of 246 USD, and the price recorded at analysis (345 USD).
لم تتم ترجمة هذا التقرير بعد. قم بالتحديث خلال بضع دقائق بمجرد أن تلحق قائمة انتظار الترجمة بالركب.
§1 الملخص التنفيذيEN
الإجابة في 30 ثانيةSell
السعر مقابل القيمة
Price
$345.49
Fair value
$192.45
Potential value
$245.85
As of
2026-10-21
لماذا قد تنجح الفرضية
The most compelling operational upside opportunity lies in accelerated commercialization of co-packaged optics (CPO), which is projected to expand into a $300M-$700M market by 2028, alongside rapid hyperscaler deployment of custom ARM server silicon.
ما الذي سيغيّر تقييمنا
Test equipment spending as a percentage of total semiconductor capital expenditure reverting from 8.0% in 2026 toward 6.0%-7.0% in 2027.
Teradyne, Inc. (TER) receives a Sell rating from our investment committee with a Fair value of $192.45 per share, reflecting a -44.3% implied return relative to the analysis price of $345.49, which trades at a 79.5% price premium relative to Fair value.3
Teradyne is benefiting from a strong cyclical demand surge across its automated test equipment business, catalyzed by expanding test intensity for artificial intelligence compute accelerators, high-bandwidth memory (HBM), and 2.5D/3D advanced packaging architectures. In Q2 2026, revenue expanded 104% year-over-year to $1,329 million, driven by $1,122 million in Semiconductor Test revenue, while GAAP diluted EPS surged to $2.38. Management guided Q3 2026 revenue between $1.2 billion and $1.3 billion with non-GAAP operating margins between 28% and 30%.
Despite robust near-term operational momentum, market valuation has completely detached from underlying economic fundamentals. At the analysis price of $345.49, Teradyne trades at a forward P/E multiple of 30.67x. This multiple sits far above front-end semiconductor capital equipment leaders Lam Research (22.17x forward P/E) and Applied Materials (21.90x forward P/E). Diagnostic reverse DCF modeling confirms that current market pricing implies an unrealistic 33.29% 10-year earnings compound annual growth rate.3
Crucially, management has acknowledged that test equipment intensity as a percentage of semiconductor capex could mean-revert from 8% in 2026 back toward 6% to 7% in 2027. Coupled with cloud hyperscalers actively qualifying dual-vendor test architectures and fierce pricing contestation from Advantest, Teradyne faces severe cyclical multiple contraction risk as capacity additions normalize. We assign a Sell rating and recommend liquidating long positions.4
Switching Costs from Test Cell Software and Hardware Ecosystem Integration
Teradyne's automated test equipment operates within interconnected customer test cells where established test software, load boards, probe cards, and material handlers create high qualification barriers and software switching costs for leading fabless designers and OSAT facilities. These sticky interfaces support guided gross margins of 58% to 59% in Q3 and around 59% for the full year.4
Proprietary Automated Test Architecture and Advanced Packaging IP
Proprietary automated test architecture and engineering expertise in high-density instrumentation, advanced packaging test cells (CoWoS, chiplets), and co-packaged optics (CPO) test partnerships create distinct technical moats, with CPO TAM projected to reach $300M to $700M by 2028.4
Cycle upside
The bull cycle is propelled by structural packaging complexity in artificial intelligence silicon, multi-die chiplets, and high-bandwidth memory (HBM), which significantly lengthens test times and raises test equipment spending from 4% of semiconductor capex in 2023 to 8% in 2026. As foundry advanced packaging lines ramp up and memory customers add test cells into 2027, automated test equipment TAM expands toward management's long-term target of $20 billion by the end of the decade.4
توصية الدار
The investment committee assigns a Sell rating to Teradyne, Inc. (TER). The house Fair value of $192.45 per share sits 44.3% below the analysis price of $345.49. While operating results are accelerating, current equity valuation discounts an implausible multi-year hypergrowth scenario that fails to account for capital cycle cyclicality, Advantest competition, and customer dual-sourcing. Investors should exit long positions.3
نظرة عامة على الشركة
Teradyne, Inc. (NASDAQ: TER) designs, develops, and manufactures automated test equipment and advanced collaborative robotics systems. The company operates primarily through its Semiconductor Test, Product Test, and Robotics business segments.
Semiconductor Test is the dominant earnings driver, delivering $2,523,744,000 in FY2025 (79.1% of consolidated revenue) and expanding to $1,122M in Q2 2026 (84.4% of revenue). Product Test generated $357,985,000 and Robotics contributed $308,295,000 in FY2025.
Teradyne's customers include leading global fabless semiconductor designers, integrated device manufacturers (IDMs), and outsourced semiconductor assembly and test (OSAT) providers, alongside manufacturing enterprises deploying collaborative automation robots.
§2 السيناريو الهبوطيEN
Our stress test evaluates the compound impact of a cyclical inflection where hyperscaler compute test investments pause, test intensity reverts from 8% toward 6%-7% of semiconductor capex, and Advantest price contestation compresses normalized operating margins below 26.5%. Under this synchronized stress environment, annual revenue growth slows to 2% and then turns flat, while Teradyne's forward P/E derates to 18.0x. Combining these operational pressures with strict cost of capital discounting at 12.69% depresses fair value toward the lower boundary of our range at $145.05. At the analysis price of $345.49, investors face severe capital drawdown vulnerability should cyclical peak conditions falter.
Teradyne trades at a forward P/E of 30.67x, commanding a substantial premium over front-end capital equipment peers LRCX at 22.17x and AMAT at 21.90x. If artificial intelligence compute test intensity growth stalls and cloud hyperscalers enter a capex digestion cycle, Teradyne's multiple contracts below 24.5x over the next 12 months, delivering an estimated fair value impact of -20%.3
FV impact
إشارات الإنذار المبكر للمراقبة
التطورات الخمسة التي قد تضعف أطروحتنا الاستثمارية.
Multiple compression signals market repricing toward semiconductor equipment peer medians as hyperscaler test capacity additions pause.
الحالي:30.67x
تنبيه إذا< 24.50x
02
§3 الميزة التنافسيةEN
Narrow
Teradyne maintains a Narrow economic moat grounded in high switching costs and proprietary automated test architectures across its Semiconductor Test franchise. In automated test equipment, once an integrated circuit design is programmed, characterized, and released into high-volume production on Teradyne's UltraFLEX or Eagle test platforms, substituting a competing tester introduces significant engineering friction, software reprogramming, and yield risk for chip designers and outsourced semiconductor assembly and test (OSAT) providers.
This platform stickiness is reflected in robust gross profitability, with management guiding full-year gross margins around 59%, aligning with FY2025 realized gross profit of $1,857,345,000 (58.2% gross margin). Economic profit generation is substantial: invested capital of $2,995,752,000 generates operating earnings well above the moderate cost of equity of 11.68%.
However, the moat remains bounded rather than Wide due to the competitive structure of the automated test equipment industry. Teradyne shares a duopoly with Advantest, which aggressively defends memory test and standard SoC sockets. Furthermore, major hyperscalers are qualifying dual-vendor sourcing arrangements in compute test to mitigate supply disruption risks, preventing unconstrained pricing power over multi-year cycles.
الربح الاقتصادي
Teradyne generates economic profits well in excess of its computed moderate cost of equity of 11.68%. In FY2025, operating income of $650,051,000 on invested capital of $2,995,752,000 demonstrated durable economic returns. In Q2 2026, operating income reached $437,810,000, reflecting strong cyclical return expansion. However, these returns fluctuate across capital cycles and do not insulate equity holders from overvaluation risk at current market multiples.2,5,6
7.5/ 10
Narrow
Sources of advantage
01Switching Costs from Test Cell Software and Hardware Ecosystem Integration — Teradyne's automated test equipment operates within interconnected customer test cells where established test software, load boards, probe cards, and material handlers create high qualification barriers and software switching costs for leading fabless designers and OSAT facilities. These sticky interfaces support guided gross margins of 58% to 59% in Q3 and around 59% for the full year.Wide
02Proprietary Automated Test Architecture and Advanced Packaging IP — Proprietary automated test architecture and engineering expertise in high-density instrumentation, advanced packaging test cells (CoWoS, chiplets), and co-packaged optics (CPO) test partnerships create distinct technical moats, with CPO TAM projected to reach $300M to $700M by 2028.Moderate
التهديدات المعروفة للميزة التنافسية
التهديد
الخطورة
الجدول الزمني
التخفيف
Hyperscaler dual-vendor qualification strategies in custom compute test architectures eroding single-supplier status.
medium
12 to 24 months
Continuous R&D investments in high-density test instrumentation, UltraFLEX next-generation architectures, and strategic partnerships in silicon photonics and co-packaged optics test.4
الصفوف: معدل الخصم (Ke للأرباح؛ WACC للتدفقات النقدية). الأعمدة: النمو النهائي.
القيمة العادلة
تغير المدة (سنوات)
-5
-2
0
+2
+5
القيمة العادلة
190.50 US$
191.51 US$
192.45 US$
193.34 US$
194.58 US$
مدة الميزة التنافسية: 5 سنوات في الحالة الأساسية المميزة. تبقى الافتراضات الأخرى ثابتة.
مرجع الحساسية
The highlighted cell is Fair value when every assumption sits at its base level ($192.45). Each row and column shows what Fair value becomes when one assumption moves.
منحدر التدفق النقدي الحر
A free-cash-flow drop test is not available in this run; use the discount-rate and terminal-growth grid as the primary valuation pressure test.
Accelerating adoption of co-packaged optics, aggressive hyperscaler deployment of custom ARM server silicon, and robotics margin inflection drive compound earnings growth exceeding modeled baseline levels.4
Revenue growth of 61.2% in FY2026 ($5,142M) and 21.8% in FY2027 ($6,264M)
§7 شجرة قرارات الأرباحEN
تجاوز
Maintain Sell; Re-examine the durability of customer automated test equipment additions, verify whether test intensity is beginning to normalize, and maintain existing defensive allocation discipline without adding exposure.
المُحفِّز: Quarterly revenue exceeding the guided range upper bound alongside non-GAAP operating margin expanding beyond guided targets
Even under an operational beat where high-performance compute tester shipments exceed upper guidance ranges, the elevated market price relative to fundamental Fair value of $192.45 leaves risk-reward heavily skewed toward downside multiple contraction. Exceptional execution validates near-term momentum but does not justify market multiples that far exceed front-end semiconductor equipment peers.
متوافق
Maintain Sell; Monitor tester order book lead times, track recovery trends across industrial robotics and product test, and keep capital deployed in opportunities offering an appropriate margin of safety.
In-line quarterly results confirm that semiconductor test demand matches modeled seasonal patterns, yet market pricing reflects sustained hypergrowth beyond historical industry cyclicality. With the share price at $345.49 versus Fair value of $192.45, the valuation disconnect remains unaddressed.
دون التوقعات
Maintain Sell; Review residual exposure immediately, evaluate whether dual-sourcing by cloud hyperscalers is eroding market share, and ensure stop-loss risk controls remain fully active.
A quarterly operational shortfall would reveal that customer capex digestion, test intensity mean reversion, or back-end packaging bottlenecks are actively restraining tool installations. Under this outcome, high valuation multiples de-rate rapidly toward peer averages, accelerating downside toward Fair value.
جودة الأرباح
Earnings quality is underpinned by healthy cash flow generation, consistent gross margins, and transparent non-GAAP reconciliations. Operating cash flow reliably tracks net income, with non-GAAP adjustments primarily confined to acquired intangible amortization and enterprise resource planning implementation expenses. Working capital expansion reflects active tester inventory assembly during rapid shipment scaling, while obsolete inventory provisions remain contained relative to overall production.
زخم التقديرات
Consensus estimate revisions have trended upward following strong second-quarter financial execution and elevated third-quarter guidance. Revisions reflect expanding compute test capacity and cyclical memory test recovery. However, upward revisions have already been fully discounted by the market, with shares trading at a forward price-to-earnings multiple well above historical peer ranges.
الحاليOperating at record quarterly run rates supported by high-bandwidth memory and advanced packaging test demand.
لماذا يهم
Semiconductor test represents the core revenue and profit engine of the company. Variations in quarterly tool deliveries indicate the pace of customer capacity expansion and signal whether high-performance compute demand remains robust or enters a cyclical digestion pause.
02
المقياس:
Test Equipment Spending Share of Semiconductor Capex
Cash generation is recovering rapidly alongside the semiconductor test cycle inflection. In FY2025, operating cash flow was $674,415,000 and free cash flow reached $450,406,000 after capital expenditures of $224,009,000. In Q2 2026, operating cash flow reached $469,138,000, bringing six-month operating cash flow to $734,262,000. Working capital expansion has absorbed cash to finance elevated accounts receivable ($1,109,711,000 as of June 28, 2026) as tester deliveries accelerate, but underlying cash conversion remains healthy.5,6
تخصيص رأس المال
Teradyne maintains a disciplined capital allocation strategy focused on internal reinvestment, bolt-on acquisitions, share repurchases, and regular dividends. In the first six months of 2026, the company deployed $155,439,000 into , $165,611,000 into business acquisitions, $74,238,000 into repurchases, and $40,710,000 into dividend distributions ($0.13 per share quarterly, $0.26 per share YTD). Balance sheet cash and equivalents totaled $349,538,000 as of June 28, 2026, with zero .
Return on invested capital is expanding rapidly during the current cyclical inflection, supported by Q2 2026 operating income of $437,810,000 compared to FY2025 operating income of $650,051,000 on invested capital of $2,995,752,000. Operating efficiency over installed capital assets confirms high returns on incremental capital.
Teradyne's ROIC comfortably exceeds both its moderate cost of equity of 11.68% and its strict cost of capital of 12.69%, demonstrating strong economic value creation despite severe stock price overvaluation.
Semiconductor Test Concentration Drives Powerful Cyclical Operating Leverage
Semiconductor Test delivered $2,523,744,000 (79.1% of revenue) in FY2025 and surged to $1,122M (84.4% of revenue) in Q2 2026.
Operating leverage is intense; non-GAAP expanded to 33.7% in Q2 2026 from 20.38% in FY2025, yet profitability remains highly vulnerable to any downcycle in semiconductor test tool spending.
أحدث إيرادات3.2 مليار US$معدل النمو السنوي المركب للإيرادات +6.9%
هامش التشغيل20.4%10 فترات مالية
أحدث تدفق نقدي حر450.4 مليون US$FY2025
صافي الدين25.1 مليون US$FY2025
تفصيل قائمة الدخلكيف يتحول حجم الأعمال إلى أرباح مُعلنة.
StockMarketAgent.AI
الإيرادات3.2 مليار US$تكلفة الإيرادات−1.3 مليار US$إجمالي الربح1.9 مليار US$المصروفات التشغيلية−1.2 مليار US$الدخل التشغيلي650.1 مليون US$البنود غير التشغيلية والضرائب−96 مليون US$صافي الدخل554 مليون US$
بيانات التاريخ المالي
الإيرادات
3,190,024,000 US$
تكلفة الإيرادات
1,332,679,000 US$
إجمالي الربح
1,857,345,000 US$
المصروفات التشغيلية
1,207,294,000 US$
الدخل التشغيلي
650,051,000 US$
البنود غير التشغيلية والضرائب
-96,004,000 US$
صافي الدخل
554,047,000 US$
لمحة عن الميزانية العموميةكيفية الاحتفاظ بالأصول المُبلغ عنها وتمويلها في الفترة المحددة.
StockMarketAgent.AI
تكوين الأصولمصادر التمويل
إجمالي الأصول4.2 مليار US$النقد293.8 مليون US$الأصول المتداولة1.9 مليار US$إجمالي الالتزامات1.4 مليار US$الالتزامات المتداولة1.1 مليار US$حقوق المساهمين2.8 مليار US$
بيانات تفصيل الميزانية العمومية
إجمالي الأصول
4,183,599,000 US$
النقد
293,751,000 US$
الأصول المتداولة
1,949,300,000 US$
إجمالي الالتزامات
1,387,847,000 US$
الالتزامات المتداولة
1,115,207,000 US$
حقوق المساهمين
2,795,752,000 US$
جسر التدفق النقديكيف تحول التدفق النقدي التشغيلي إلى تدفق نقدي حر في FY2025.
StockMarketAgent.AI
تسوية التدفق النقدي التشغيلي
صافي الدخل554 مليون US$الإهلاك والإطفاء+128 مليون US$التعويض القائم على الأسهم+64 مليون US$تعديلات تشغيلية أخرى−71.6 مليون US$التدفق النقدي التشغيلي674.4 مليون US$
تسوية النقد من بداية الفترة إلى نهايتها
النقد في بداية الفترة553.4 مليون US$التدفق النقدي التشغيلي+674.4 مليون US$التدفق النقدي الاستثماري−368.6 مليون US$التدفق النقدي التمويلي−562.3 مليون US$تأثير سعر الصرف−3.2 مليون US$النقد في نهاية الفترة293.8 مليون US$
674.4 مليون US$ − 224 مليون US$التدفق النقدي الحر 450.4 مليون US$
بيانات جسر التدفق النقدي
صافي الدخل
554,047,000 US$
التدفق النقدي التشغيلي الداخل
746,027,000 US$
الإهلاك والإطفاء
127,981,000 US$
التعويض القائم على الأسهم
63,999,000 US$
التدفق النقدي التشغيلي
674,415,000 US$
التدفق النقدي التشغيلي الخارج
71,612,000 US$
النقد المتاح
1,227,769,000 US$
النقد في بداية الفترة
553,354,000 US$
التدفق الاستثماري الخارج
368,617,000 US$
النفقات الرأسمالية
224,009,000 US$
أنشطة استثمارية أخرى
144,608,000 US$
التدفق التمويلي الخارج
562,250,000 US$
تأثير سعر الصرف
3,151,000 US$
النقد في نهاية الفترة
293,751,000 US$
التدفق النقدي الاستثماري
-368,617,000 US$
التدفق النقدي التمويلي
-562,250,000 US$
الإيرادات حسب القطاع التشغيليالحصة من إجمالي إيرادات 2025-12-31.
3.2 مليار US$إجمالي الإيرادات
الإيرادات حسب القطاع التشغيليالحصة
Semiconductor Test2.5 مليار US$79.1%+18.8% على أساس سنوي
Product Test358 مليون US$11.2%+8.1% على أساس سنوي
Robotics308.3 مليون US$9.7%−15.5% على أساس سنوي
المصدر: SEC EDGAR · تاريخ الإيداع 2026-02-19 · SEC EDGAR
بيانات توزيع الإيرادات: الإيرادات حسب القطاع التشغيلي
الإيرادات حسب القطاع التشغيلي
الإيرادات
الحصة
على أساس سنوي
Semiconductor Test
2.5 مليار US$
79.1%
18.8%
Product Test
358 مليون US$
11.2%
8.1%
Robotics
308.3 مليون US$
9.7%
-15.5%
الإيرادات والأرباحكيف يتحول حجم الأعمال إلى أرباح مُعلنة.
النقد والدينالسيولة المتاحة مقارنة بإجمالي الاقتراض.
توليد النقدالتدفق النقدي التشغيلي مقارنة بالتدفق النقدي الحر.
Teradyne, Inc. (TER) trades at 30.7x forward earnings against a peer median of 23.2x. Its EV/EBITDA of 34.8x compares with a peer median of 34.4x. The comparison uses 4 peers: Lam Research Corporation, KLA Corporation, Applied Materials Inc. and Keysight Technologies Inc., as of 2026-10-20 to 2026-10-21.
§10 الصناعة والدورةEN
مرحلة الدورة
Expansion
Industry capital expenditure represents 4.1% of revenue with a capex-to-depreciation ratio of 2.0x. Teradyne's FY2025 capex of $224,009,000 against depreciation of $127,981,000 generated a capex-to-depreciation ratio of 1.75x, confirming active investment phase manufacturing expansion for automated test platforms. In the first half of 2026, capex remained elevated at $155,439,000.6
دورة صعودية
The bull cycle is propelled by structural packaging complexity in artificial intelligence silicon, multi-die chiplets, and high-bandwidth memory (HBM), which significantly lengthens test times and raises test equipment spending from 4% of semiconductor capex in 2023 to 8% in 2026. As foundry advanced packaging lines ramp up and memory customers add test cells into 2027, automated test equipment TAM expands toward management's long-term target of $20 billion by the end of the decade.
دورة هبوطية
The bear cycle emerges when semiconductor capital expenditure buildouts in high-performance compute and HBM reach capacity saturation, prompting hyperscalers and chipmakers to enter an order digestion phase. Management has warned that test intensity as a percentage of semiconductor capex could mean-revert from 8% in 2026 back to 6%-7% in 2027. A simultaneous reduction in wafer equipment spending and test intensity would cause back-end automated test equipment bookings to contract sharply, compressing margins toward historical trough levels.
الاتجاهات طويلة الأمد
الاتجاه
التأثير
ملاحظة
Escalating Test Complexity in AI Compute and Advanced Packaging
positive
Advanced multi-die chiplets, CoWoS integration, and HBM stacking exponentially increase test vectors and insertion steps, expanding test spend from 4% of semiconductor capex to 8% in 2026.
Commercialization of Co-Packaged Optics (CPO) and Silicon Photonics
positive
The migration toward optical interconnects in AI data centers establishes an incremental co-packaged optics test equipment market of $300M to $700M by 2028 where Teradyne is an early test partner.
التموضع
Teradyne occupies a defensible duopoly position in back-end automated test alongside Advantest, commanding strong share in SoC and ARM server compute test. While front-end wafer fabrication equipment peers (AMAT, LRCX, KLAC) dominate fab tools, Teradyne captures critical value at wafer sort and final package test. However, company positioning is constrained by customer dual-sourcing initiatives in compute and fierce pricing contestation in memory test.4
§11 إدارة المراكزEN
حجم المركز
0%
Under a Sell rating with shares trading at $345.49 versus Fair value of $192.45 (representing -44.3% implied return), zero long allocation is warranted. Capital should be preserved or redeployed into assets offering an appropriate margin of safety.
المخاطر
Risk management mandates strict capital preservation given the 79.5% premium to Fair value. Teradyne's high raw beta of 1.7944 signals substantial drawdown vulnerability during market corrections. Portfolio managers should avoid call option writing that entails delivery obligations and eliminate equity long exposure.
شرائح الدخول
المستوى
إجراء
لماذا
$192.45
Initiate exploratory monitoring position
Represents an approximate 20% discount to house Fair value of $192.45, establishing an initial margin of safety against cyclical downcycle risks.
Below $192.45
Evaluate core position accumulation
شرائح الخروج
المستوى
إجراء
$345.49
Liquidate existing long positions immediately
$245.85
Exit residual exposure on speculative momentum bounces
While consensus models FY2026 revenue growth of 61.2%, reverse DCF indicates that the market currently discounts an implausible 33.29% 10-year earnings CAGR, leaving growth investors vulnerable to sharp multiple contraction on any guidance moderation.1
Income / Quality Compounder
Avoid
The dividend yield on the annualized $0.52 payout provides negligible downside protection against cyclical volatility, while high beta of 1.7944 introduces unacceptable capital risk.2
§14 التوصية النهائيةEN
إجراء
بيع
We assign a Sell rating to Teradyne, Inc. (TER) with a Fair value of $192.45 per share, compared to the analysis price of $345.49, implying a -44.3% return and reflecting a 79.5% price premium to fair value. While operational momentum in semiconductor test and advanced packaging is strong, the current share price reflects peak-cycle multiple expansion and unsustainable growth expectations.3
Investors holding TER shares should capitalize on current elevated market pricing to liquidate positions. Even under optimistic operating projections where operating margins reach 29.5% and FY2027 revenue expands to $6,264M, fundamental intrinsic valuation does not support a forward P/E multiple of 30.67x.
§15ملاحظاتك
دوّن أطروحتك الاستثمارية وحجم مركزك وأسئلة المتابعة. تبقى على هذا الجهاز، ولا يراها أحد سواك.
ملاحظات خاصة
مرئية لك وحدك. محفوظة على هذا الجهاز.
لا أحرف
Sources
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Operating Margin Compression from R&D Burden and Price Competition
Management guided Q3 non-GAAP operating margin between 28% and 30%, and the house models operating margins reaching 29.5% to 30.0% through FY2030, compared to FY2025 operating margin of 20.38% on operating income of $650,051,000 and revenue of $3,190,024,000. If aggressive pricing from Advantest or increased R&D lowers operating margins below 26.5% over the next 18 months, fair value declines by 15.5%.4,6
FV impact
0%
Operating margin 3 points lower throughout
Trigger
Within 18 months
Cost of Capital Expansion Driven by High Cyclical Beta
The house valuation models utilize a computed moderate cost of equity of 11.68%, whereas Teradyne's high raw beta of 1.7944 generates a strict cost of equity of 12.69%. If macroeconomic turbulence or heightened semiconductor cycle volatility induces the market to discount cash flows at strict Ke exceeding 12.68% over the next 12 months, the discount rate rises by over 100 basis points, reducing fair value by 12.5%.2
FV impact
-5.4%
Cost of capital 1 point higher
Trigger
Within 12 months
Test Intensity Mean Reversion Across 5-Year Horizon
Management explicitly noted that test equipment spending as a percentage of semiconductor capex could mean-revert from 8% in 2026 back to 6%-7% in 2027. If test equipment spending normalizes and 5-year revenue growth slows below 16% annualized across a 24-month horizon, earnings power diminishes and fair value contracts by 18.2%.4
FV impact
-2%
Revenue and EPS growth 5 points lower for five years
الحاليElevated relative to historical baseline levels due to multi-die and advanced packaging complexity.
لماذا يهم
Test intensity reflects test equipment spending relative to total wafer fab equipment capex. When test intensity expands due to complex chiplet architectures, revenue outgrows broader capital equipment; a reversion toward historical levels compresses total addressable market expansion.
الحاليExpanding toward target ranges guided by management following recent cyclical trough levels.
لماذا يهم
Operating margin demonstrates operational leverage over manufacturing and engineering overhead. Sustained expansion confirms pricing power and favorable product mix, whereas margin compression indicates price competition or unabsorbed fixed research and development expense.
04
المقياس:
Hyperscaler Dual-Vendor Qualification in Compute Test
الحاليHyperscalers actively evaluating dual-vendor sourcing frameworks to mitigate single-supplier risk.
لماذا يهم
Major cloud hyperscalers qualify secondary test equipment vendors to alleviate single-supplier dependency. Increased qualification of competing platforms erodes market share in custom server silicon test cells, capping long-term earnings acceleration.
05
المقياس:
Advanced Packaging and CoWoS Substrate Availability
الحاليSubstrate and memory packaging constraints continue to dictate customer tool installation schedules.
لماذا يهم
Supply bottlenecks in advanced packaging substrates, high-bandwidth memory modules, and foundry packaging lines govern the rate at which finished silicon reaches test sockets. Easing constraints accelerates tester installations, while persistent shortages defer tester revenue into subsequent quarters.
As manufacturing buildouts for advanced packaging test cells mature, capex intensity will decline toward 4.5% of revenue, accelerating free cash flow conversion toward 85% of net income over the 5-year forecast horizon.
Teradyne trades at a forward P/E of 30.67x versus peer multiples of 22.17x for LRCX and 21.90x for AMAT, while reverse DCF reveals an implied 10-year earnings growth rate of 33.29%.
Current equity pricing factors in sustained peak-cycle expansion and zero digestion risk, leaving valuation severely disconnected from historical semiconductor equipment cycle norms.
Applied Materials Inc.AMAT
السعر / القيمة العادلة
القيمة العادلة312.07 US$Report-date price454.71 US$
تاريخ التقييم
الميزة التنافسيةNone
بطاقة تقييم الاستثمار63 / 100
Keysight Technologies Inc.KEYS
السعر / القيمة العادلة
القيمة العادلة215.39 US$Report-date price386.43 US$
تاريخ التقييم
الميزة التنافسيةWide
بطاقة تقييم الاستثمار68 / 100
الهامش
TER
Teradyne, Inc.
$54.0B
30.7x
12.1x
34.8x
36.5%
—
LRCX
Lam Research Corporation
$326.4B
22.2x
14.0x
38.0x
65.1%
37.4%
KLAC
KLA Corporation
$213.3B
24.2x
15.7x
35.1x
87.5%
42.5%
AMAT
Applied Materials Inc.
$321.4B
21.9x
10.4x
31.5x
41.1%
33.7%
KEYS
Keysight Technologies Inc.
$58.1B
24.5x
8.8x
33.6x
20.9%
25.7%
Hyperscaler Dual-Vendor Qualification Strategies
negative
Cloud hyperscalers and fabless chipmakers are actively qualifying secondary automated test equipment vendors to eliminate single-source supply chain bottlenecks.
Operating margin falling below the guided quarterly target range
