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Intrinsic value of Teradyne, Inc. (TER)

Previous Close$100.75
Intrinsic Value
Upside potential
Previous Close
$100.75
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA (original, your and others' valuations)

ParameterOrig.Your
Date of valuation (DoV)  
Intrinsic value (IV) at DoV, $/sh  
IV at current val. algorithm, $/sh37.78 

The original valuation is based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

Registered users can save their valuation input data

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

Company description

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, computer and electronic game, and other applications. This segment also provides FLEX test platform systems; J750 test system to address the highest volume semiconductor devices; Magnum platform that tests memory devices, such as flash memory and DRAM; and ETS platform for semiconductor manufacturers, and assembly and test subcontractors in the analog/mixed signal markets. It serves integrated device manufacturers that integrate the fabrication of silicon wafers into their business; fabless companies that outsource the manufacturing of silicon wafers; foundries; and outsourced semiconductor assembly and test providers. The System Test segment offers defense/aerospace test instrumentation and systems; storage test systems; and circuit-board test and inspection systems. The Industrial Automation segment provides collaborative, autonomous mobile, and advanced robotic control software for manufacturing and light industrial customers. The Wireless Test segment provides test solutions for use in the development and manufacture of wireless devices, smart phones, tablets, notebooks, laptops, peripherals, and Internet-of-Things devices under the LitePoint brand name. This segment also offers IQxel products for Wi-Fi and other standards; IQxstream solution for testing GSM, EDGE, CDMA2000, TD-SCDMA, WCDMA, HSPA+, LTE-FDD, TD_LTE, LTE-A, and 5G technologies; IQcell, a multi-device cellular signaling test solution; IQgig test solution; and turnkey test software for wireless chipsets. The company was founded in 1960 and is headquartered in North Reading, Massachusetts.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %18.7NaN
Revenue, $3703NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m2502NaN
Operating income, $m1201NaN
EBITDA, $m1326NaN
Interest expense (income), $mNaN
Earnings before tax, $m1161NaN
Tax expense, $m146NaN
Net income, $m1015NaN

BALANCE SHEET

Cash and short-term investments, $m1366NaN
Total assets, $m3809NaN
Adjusted assets (=assets-cash), $m2443NaN
Average production assets, $m981NaN
Working capital, $m1771NaN
Total debt, $m184NaN
Total liabilities, $m1245NaN
Total equity, $m2564NaN
Debt-to-equity ratio0.072NaN
Adjusted equity ratio0.506NaN

CASH FLOW

Net income, $m1015NaN
Depreciation, amort., depletion, $m125NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m1098NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-132NaN
Free cash flow, $m1230NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m1771
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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