Financials Teradyne Inc.

Equities

TER

US8807701029

Semiconductor Equipment & Testing

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-09 pm EDT			5-day change	1st Jan Change
122.6 ^USD	+1.81%		+4.45%	+12.98%

May. 07	Teradyne Insider Sold Shares Worth $450,225, According to a Recent SEC Filing	MT
Apr. 26	Baird Adjusts Price Target on Teradyne to $120 From $110	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	11,427	19,908	26,656	13,605	16,590	19,141	-	-
Enterprise Value (EV) ¹	10,911	18,882	25,398	12,761	15,771	18,651	18,385	18,077
P/E ratio	25.5 x	28 x	29.4 x	20.7 x	39.8 x	41.4 x	26.4 x	20.9 x
Yield	0.54%	0.33%	0.24%	0.5%	0.41%	0.38%	0.42%	0.45%
Capitalization / Revenue	4.98 x	6.38 x	7.2 x	4.31 x	6.2 x	6.92 x	5.66 x	4.82 x
EV / Revenue	4.75 x	6.05 x	6.86 x	4.04 x	5.89 x	6.75 x	5.43 x	4.55 x
EV / EBITDA	15.5 x	17.6 x	18.7 x	13 x	24 x	26.9 x	18.5 x	15.1 x
EV / FCF	24.6 x	27.6 x	26.3 x	30.8 x	37.1 x	51.3 x	33.3 x	23.1 x
FCF Yield	4.07%	3.62%	3.8%	3.25%	2.7%	1.95%	3%	4.32%
Price to Book	7.65 x	9.02 x	10.5 x	5.55 x	6.63 x	8.06 x	6.95 x	5.64 x
Nbr of stocks (in thousands)	167,578	166,056	163,004	155,756	152,879	156,112	-	-
Reference price ²	68.19	119.9	163.5	87.35	108.5	122.6	122.6	122.6
Announcement Date	1/22/20	1/27/21	1/26/22	1/25/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,295	3,121	3,703	3,155	2,676	2,765	3,384	3,970
EBITDA ¹	703.1	1,074	1,357	979.1	658.2	694	992.6	1,198
EBIT ¹	582.4	947.2	1,232	868.4	547.3	558.9	856.1	1,103
Operating Margin	25.38%	30.34%	33.26%	27.52%	20.45%	20.21%	25.3%	27.78%
Earnings before Tax (EBT) ¹	540.8	901	1,169	840.4	525.6	554.7	886.3	1,095
Net income ¹	479.2	784.1	1,021	715.5	448.8	477.6	741.6	943.4
Net margin	20.88%	25.12%	27.57%	22.68%	16.77%	17.27%	21.91%	23.76%
EPS ²	2.670	4.280	5.560	4.220	2.730	2.962	4.648	5.880
Free Cash Flow ¹	444.1	684	965.9	414.7	425.6	363.3	552.4	780.9
FCF margin	19.35%	21.91%	26.08%	13.14%	15.9%	13.14%	16.32%	19.67%
FCF Conversion (EBITDA)	63.17%	63.69%	71.18%	42.35%	64.66%	52.35%	55.65%	65.19%
FCF Conversion (Net income)	92.68%	87.22%	94.62%	57.96%	94.84%	76.06%	74.48%	82.78%
Dividend per Share ²	0.3700	0.4000	0.4000	0.4400	0.4400	0.4708	0.5167	0.5496
Announcement Date	1/22/20	1/27/21	1/26/22	1/25/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	885	755.4	840.8	827.1	731.8	617.5	684.4	703.7	670.6	599.8	700.8	711.3	752.9	756.6	975.7
EBITDA ¹	304.3	234.4	289.1	266.4	196.7	133.2	178.3	183.7	162.9	116.7	173.6	189.1	209.8	222	312.4
EBIT ¹	274.3	206.7	254.9	238	168.9	105.6	151.1	155.6	135	88.6	141.4	154.7	178	171.2	274.2
Operating Margin	30.99%	27.36%	30.32%	28.78%	23.08%	17.1%	22.08%	22.11%	20.13%	14.77%	20.18%	21.75%	23.64%	22.63%	28.11%
Earnings before Tax (EBT) ¹	263.2	180.4	238.6	226.2	195.2	97.08	144.4	144.3	139.8	72.9	157.1	160.4	179.8	177.5	279.5
Net income ¹	230.3	161.9	197.8	183.5	172.3	83.53	120	128.1	117.1	64.2	134.9	129.5	149.9	150.2	237
Net margin	26.02%	21.44%	23.52%	22.18%	23.54%	13.53%	17.54%	18.21%	17.46%	10.7%	19.25%	18.2%	19.92%	19.85%	24.29%
EPS ²	1.290	0.9200	1.160	1.100	1.040	0.5000	0.7300	0.7800	0.7200	0.4000	0.8211	0.8133	0.9322	0.8900	1.490
Dividend per Share ²	0.1000	0.1100	0.1100	0.1100	0.1100	0.1100	0.1100	0.1100	0.1100	0.1200	0.1200	0.1200	0.1200	0.1350	0.1350
Announcement Date	1/26/22	4/26/22	7/26/22	10/25/22	1/25/23	4/26/23	7/26/23	10/26/23	1/30/24	4/24/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	517	1,026	1,258	844	820	490	756	1,064
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	444	684	966	415	426	363	552	781
ROE (net income / shareholders' equity)	31.8%	42.5%	42.8%	28.5%	18%	19.5%	27.4%	29.1%
ROA (Net income/ Total Assets)	17.4%	24.4%	27.4%	19.6%	12.8%	13.5%	19.4%	20.8%
Assets ¹	2,751	3,220	3,730	3,655	3,494	3,544	3,815	4,544
Book Value Per Share ²	8.920	13.30	15.60	15.70	16.40	15.20	17.60	21.70
Cash Flow per Share ²	3.230	4.750	5.980	3.400	3.560	2.930	4.940	6.970
Capex ¹	135	185	132	163	160	157	152	166
Capex / Sales	5.87%	5.93%	3.58%	5.17%	5.97%	5.68%	4.5%	4.18%
Announcement Date	1/22/20	1/27/21	1/26/22	1/25/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Teradyne Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

122.6 USD

Average target price

121 USD

Spread / Average Target

-1.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Testing Equipment & Service

	1st Jan change	Capi.
TERADYNE INC.	+12.98%	19.14B
ADVANTEST CORPORATION	+6.67%	24.22B
LASERTEC CORPORATION	+10.14%	23.77B
TONGFU MICROELECTRONICS CO.,LTD	-9.86%	4.37B
TIANSHUI HUATIAN TECHNOLOGY CO., LTD.	-2.93%	3.67B
KING YUAN ELECTRONICS CO., LTD.	+0.12%	3.21B
HANGZHOU CHANGCHUAN TECHNOLOGY CO.,LTD	-20.29%	2.63B
ISC CO., LTD.	-0.25%	1.2B
SIGURD MICROELECTRONICS CORPORATION	+18.25%	1.09B
ARDENTEC CORPORATION	-3.11%	1.05B

Semiconductor Testing Equipment & Service