TERADYNE, Inc. (TER) intrinsic value & 10-year financials
TERADYNE, Inc. (TER) has a Graham intrinsic value of $73.35 per share. At $325.00 on Oct 17, 2026, the stock trades 343% above that value. Over the last 10 fiscal years revenue grew 6.9% a year to $3.2B, with an average return on invested capital of 37.2%.
- Graham intrinsic value
- $73.35
- Share price (Oct 17, 2026)
- $325.00
- Price vs Graham value
- 343% above
- Market cap
- $51.9B
- Revenue (FY2025)
- $3.2B
- Revenue growth (10-yr CAGR)
- 6.9%
- ROIC (10-yr avg)
- 37.2%
- Free cash flow (FY2025)
- $450.4M
TER 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.2B | $554.0M | $3.47 | $450.4M | 20.4% | 22.3% |
| FY2024 | $2.8B | $542.4M | $3.32 | $474.1M | 21.1% | 25.7% |
| FY2023 | $2.7B | $448.8M | $2.73 | $425.6M | 18.7% | 24.5% |
| FY2022 | $3.2B | $715.5M | $4.22 | $414.7M | 26.4% | 44.9% |
| FY2021 | $3.7B | $1.0B | $5.53 | $965.9M | 32.4% | 74.1% |
| FY2020 | $3.1B | $784.1M | $4.28 | $684.0M | 29.7% | 77.4% |
| FY2019 | $2.3B | $467.5M | $2.60 | $444.1M | 24.1% | 65.5% |
| FY2018 | $2.1B | $451.8M | $2.35 | $362.5M | 22.6% | 26.3% |
| FY2017 | $2.1B | $257.7M | $1.28 | $521.1M | 24.8% | 14.0% |
| FY2016 | $1.8B | -$43.4M | -$0.21 | $369.9M | -3.4% | -2.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Teradyne has demonstrated mature, steady growth, with revenue compounding at 6.9% annually over the past decade.
Teradyne has earned high returns on invested capital, averaging 37.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Teradyne shows that management has aggressively returned capital to shareholders by retiring 21.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Teradyne is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $73.35 per share.