12-20-2017: Teradyne, Inc. (TER): Increasing Reliabilitiy of Original Equipment Products

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Teradyne, Inc.

Teradyne, Inc. is a Connecticut-based manufacturer of electronic circuit and semiconductor test equipment. It also offers consulting services in areas as diverse as software programming. As is typical for many software companies we have found inexplicably that the company website has errors, broken links, and things like slider bars that did not work well for us. But it did have a CEO Letter to Shareholders unlike many American corporations today relying solely upon conference calls. We found the website somewhat unclear and disorganized as to exactly what products and services were offered.

The company has a reasonably healthy financial structure, better than most hi-tech stocks. It has made a few strategic acquisitions putting into the manufacture of robots and testing of wireless equipment and services through a major division called "LitePoint," under which many PR news items are filed.

It has a global presence with many subsidiaries in many foreign countries, especially in Asia. It is in a strong performing industry group. Institutions are net acquirers. The chart pattern on the stock looks "toppy" and prediction systems are somewhat divided on what to expect next. Market Grader liked it but Standard & Poor's was neutral. We would rate this corporation as one the better less risky hi-tech stock investments. The stock has more than doubled in the past year.

Attention is directed to the average versus current p/e ratio section which today is usually unfavorable for most stocks but favorable for this one even in the face of fairly consistent earnings, although there was a loss in 2016.

Those who remember the days of vacuum tubes and electronic devices made in America note the frequency of equipment breakdowns and needs for repairs. Today's semiconductor world often puts repairmen out of business in favor of just throwing a failed product away and buying a new one. But the importance of mean time between failures is an important extension of quality control because customers who experience integrated circuit equipment failure are apt to switch to a different brand. Failures in general are just much rarer and equipment lasts much longer. Thus the importance of testing and testing equipment supplied by Teradyne.



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Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Teradyne, Inc. (TER)                                      Exchange: NYSE
600 Riverpark Drive
North Reading, MA 01864          Sector: Technology
United States                    Industry:Semiconductor Equipment & Materi

Teradyne, Inc. designs, develops, manufactures, sells, and supports
automatic test equipment worldwide. Its Semiconductor Test segment
offers semiconductor test products and services for wafer level and
device package testing in automotive, industrial, communications,
consumer, computer and electronic game, and other applications. This
segment offers FLEX test platform systems; Magnum platform that tests
memory devices, such as flash memory and dynamic random access memory;
J750 test system to address the highest volume semiconductor devices;
and ETS platform for use by semiconductor manufacturers, and assembly
and test subcontractors in the analog/mixed signal markets. This segment
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 company-Ęs System Test segment offers
defense/aerospace test instrumentation and systems; storage test
systems; and circuit-board test and inspection systems. Its Industrial
Automation segment provides collaborative robots for manufacturing and
light industrial customers. The company-Ęs 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 (IoT) devices under the LitePoint brand name. This
segment offers IQxel products for Wi-Fi and other standards; IQxstream
solution for testing GSM, EDGE, CDMA2000, TD-SCDMA, WCDMA, HSPA+,
LTE-FDD, TD_LTE, and LTE-A technologies; modular wireless test
instruments for design verification test and production testing of
wireless components; lab-in-a-box zSeries solution for design
verification of RF power amplifier and smart device RF front end
modules; and test software for wireless chipsets. The company was
founded in 1960 and is headquartered in North Reading, Massachusetts.

Last Trade:  41.02                           52-Week Range:  44.63 -  25.24
Employees: 4,300                             Avg.Volume:   2,324,952 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 2; Shareholder Rights: 1; Compensation: 1.
         (A lower number means less governance risk.)

EPS:  2.14    Dividend Amount: $%203.00          Yield:  0.68%
             Ex-Dividend Date: Nov 28, 2017    Payout Ratio:  12.62

Key Statistics:

    Trailing P/E:  19.52              Forward P/E (est.):  18.13
                                           Target Price:  44.92

Qrtly Stock Price Growth (yoy):  59.12%               Beta:   1.24
Qrtly S&P Index   Growth (yoy):  22.60%        Short Ratio:   3.03%
    Qrtly Revenue Growth (yoy):  17.21%         Shares Out:  196160000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  10.73                    Debt/Equity:  17.18%
    Price/Book Value:   3.90        Operating Profit Margin:  24.40%
         Price/Sales:   4.03                  Profit Margin:  21.11%
         Market Cap:   8,215,000,000       Return on Equity:  22.09%
    Enterprise Value:   6,770,000,000      Return on Assets:  11.39%

    Operating Cash Flow:    506,860,000
         Free Cash Flow:    294,920,000



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2016  12/31/2015  12/31/2014

  Total Revenue                              1,753,250   1,639,578   1,647,824
  Cost of Revenue                              793,683     723,935     769,016
  Gross Profit                                 959,567     915,643     878,808

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            315,682     306,313     319,713
  Non-Recurring Expenses                       360,227       5,080     100,262
  Other Operating Expenses                      52,648      69,031      70,771
  Total Operating Expenses                   1,019,582     672,674     782,385

Operating Income or Loss                       -60,015     242,969      96,423

Income from Continuing Operations:
  Total Other Income/Expenses Net                8,592      12,031       5,887
  Earnings Before Interest & Taxes             -51,423     255,000     102,310
  Interest Expense                               3,637       1,876       6,934
  Income Before Taxes                          -55,060     253,124      95,376
  Income Tax Expense                           -11,639      46,647      14,104
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                -43,421     206,477      81,272

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   -43,421     206,477      81,272
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              -43,421     206,477      81,272



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2016    12/31/2015    12/31/2014

  Net Income                               -43,421       206,477        81,272

Operating Activities:
  Depreciation                             120,009       140,773       152,544
  Adjustments to Net Income                328,455        56,292       189,742
  Changes in Accounts Recv'bls              18,325       -57,267         8,060
  Changes in Liabilities                     7,050        47,973       -32,896
  Changes in Investories                    34,263        15,559        51,803
  Changes in other Oper'g Acts             -18,882         3,034        41,537

Total Cash Flow f Operations               445,799       412,841       492,062

Investing Activities:
  Capital Exenditures                      -85,272       -89,878      -168,982
  Investments                             -560,241       257,799      -148,656
  Other Cash Flows fr Investing              5,051      -281,643       -15,235

Total Cash Flows from Investing           -640,462      -113,722      -332,873

Financing Activities:
  Dividends Paid                           -48,619       -50,713       -37,425
  Sale of Purchase of Stock                -58,006      -280,419        21,291
  Net Borrowings                           349,966        -2,253      -190,972
  Other Cash Flows fr Financing            -11,697       -11,697       -15,235

Total Cash Flows from Financing            237,842      -328,670      -206,571

  Effect of Exchange Rate Chg                    0             0             0

Change in Cash & Cash Equiv.                43,179       -29,551       -47,382



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2016    12/31/2015    12/31/2014
Current Assets:
  Cash & Cash Equivalents                   307,884       264,705       294,256
  Short Term Investments                    871,024       477,696       533,787
  Net Receivables                           192,444       266,266       208,273
  Inventory                                 135,958       153,588       105,129
  Other Current Assets                      116,493        97,713       102,401
  Total Current Assets                    3,365,851       782,272       710,059

  Long-Term Investments                     433,843       265,928       470,789
  Property, Plant & Equipt                  253,821       273,414       329,038
  Goodwill                                  223,343       488,413       273,438
  Intangible Assets                         100,401       239,831       190,600
  Accumulated Amortization                        0             0             0
  Other Assets                               19,877        13,716        23,315
  Deferred LT Asset Charges                 107,405         7,404         7,494

Total Assets                              2,762,493     2,548,674     2,538,520

Current Liabilities:
  Accounts Payable                          287,168       271,830       219,053
  Current Portion LT Debt                         0             0             0
  Other Current Liabilities                  85,528       101,027        72,498
  Total Current Liabilities                 372,696       372,857        291,551

  Long Term Debt                            287,168       271,830       219,053
  Other Liabilities                               0             0             0
  Deferred LT Liab. Charges                  85,528       101,027        72,498
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                           950,635       530,480       459,540

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                               24,897        25,455        27,077
  Retained Earnings                         230,292       467,828       610,079
  Treasury Stock                                  0             0             0
  Capital Surplus                         1,593,684     1,480,647     1,437,135
  Other Stockhohlder Equity                 -20,214        -8,144         4,689
  Total Stockholder Equity                1,828,659     1,965,786     2,078,980

Net Tangible Assets                       1,504,915     1,237,542     1,614,942



Teradyne, Inc. (TER)                        [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            1.4344          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.5444
Price/Sales Ratio < 2.3?   0.5707          Inventory/Sales < 5%?      0.6448
Sales < $1 Billion?        0.5704          Operating Margin < 7.5%?   0.3074

Balance Sheet Tests:
Debt/Equity < 0.40?        2.3283          Long-Term Debt Service:    3.0000
LTD Being Reduced?        -3.0000          Short-Term Debt Service:  -3.0000
Current Ratio > 2?         3.0000          Working Capital >= 1.5?    0.1683
Leverage Ratio < 20%?      1.9088          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.1866
Share Equity Increase:     1.8758          Market Cap.< 1.5 Billion?  0.1826
                                           Intangibles < 3% Assets?   0.2560
Income Tests:
Profit Margin < 7.5%?      2.8146          EPS Annual Growth > 10%?  -0.4755
Dividend Yield > 2.0%?     2.9412          EPS 3-yr Growth > 15?     -0.2808
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:  -3.0000          Collection < 45 days?      1.1232
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          1.7378          % Held by Insiders < 5%?   3.0000
Beta > 1.25?               0.9920          % Held by Institut. < 50?  0.5091
50 Da MA > 200 Da MA?      0.4008          % Held by Institut. > 30?  3.0000
52-Wk Change vs. S&P 500:  3.0000          Short Ratio > 5?           0.6060
Price/Book Value < 3?      0.7847          Short % of Float > 20?     0.2005
Return on Assets > 17%?    0.6700          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.7186          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  2.2565
                                           Cash Flow / Assets > 10%?  3.0000

TER    Teradyne, Inc.                      Overall Zenith Index:      1.2650


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Financial Statements

TERADYNE INC  (TER)                         INCOME STATEMENT

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Revenue                                        1,656,749,952   1,427,933,056   1,647,824,000   1,639,577,984   1,753,250,048   2,037,180,032
Cost of revenue                                  770,713,024     619,132,032     769,016,000     723,934,976     793,683,008     867,235,968
Gross profit                                     886,036,992     808,801,024     878,808,000     915,643,008     959,566,976   1,169,944,064


Operating expenses
Research and development                         251,382,000     264,055,008     291,639,008     292,249,984     291,024,992     305,152,992
Sales, General and administrative                281,500,000     279,560,000     319,712,992     306,312,992     315,681,984     336,571,008
Restructuring, merger and acquisition                      0               0       1,365,000       5,080,000      21,942,000       5,962,000
Other operating expenses                          65,787,000      74,527,000     169,668,000      69,031,000     390,932,992      31,068,000
Total operating expenses                         598,668,992     618,142,016     782,385,024     672,673,984   1,019,582,016     678,753,984

Operating income                                 287,368,000     190,659,008      96,423,000     242,968,992     -60,015,000     491,190,016
Interest Expense                                  25,482,000               0       6,934,000       1,876,000       3,637,000      17,886,000
Other income (expense)                             4,090,000      11,263,000       5,887,000      12,031,000       8,592,000      11,910,000
Income before taxes                              265,976,000     201,922,000      95,376,000     253,124,000     -55,060,000     485,214,016
Provision for income taxes                        48,927,000      36,975,000      14,104,000      46,647,000     -11,639,000      55,252,000
Net income from continuing operations            217,048,992     164,947,008      81,272,000     206,476,992     -43,421,000     429,961,984
Net income                                       217,048,992     164,947,008      81,272,000     206,476,992     -43,421,000     429,961,984
Net income available to common shareholders      217,048,992     164,947,008      81,272,000     206,476,992     -43,421,000     429,961,984

Earnings per share
Basic                                                   1.16            0.86            0.40            0.98           -0.21            2.16 
Diluted                                                 0.94            0.70            0.37            0.97           -0.21            2.14 

Weighted average shares outstanding
Basic                                            186,878,000     190,772,000     202,908,000     211,544,000     202,578,000     199,268,992
Diluted                                          230,246,000     235,599,008     222,550,000     213,320,992     202,578,000     201,262,496

____________________________________________________________________________________________________________________________________________


TERADYNE INC  (TER)                         BALANCE SHEET

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             

Assets

Current assets

Cash

Short-term investments                           431,516,000     586,881,984     533,787,008     477,696,000     871,024,000
Total cash                                       770,435,968     928,520,000     828,043,008     742,401,024   1,178,908,032

Receivables                                      153,423,008     157,642,000     151,034,000     211,292,992     192,444,000
Inventories                                      139,410,000     137,939,008     105,129,000     153,588,000     135,958,000
Deferred income taxes                             77,305,000      72,478,000      57,239,000      54,973,000               0
Prepaid expenses                                  95,487,000     136,374,000      95,819,000      91,519,000     108,454,000
Other current assets                                       0       7,324,000       6,582,000       6,194,000       8,039,000
Total current assets                           1,236,061,056   1,440,276,992   1,243,846,016   1,259,968,000   1,623,803,008

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              856,374,016     838,414,016     897,030,016     849,372,992     848,968,000
Accumulated Depreciation                        -590,592,000    -563,177,984    -567,992,000    -575,958,976    -595,147,008
Net property, plant and equipment                265,782,000     275,236,000     329,038,016     273,414,016     253,820,992

Equity and other investments                     235,872,000     271,078,016     470,788,992     265,928,000     433,843,008
Goodwill                                         349,272,000     361,792,000     273,438,016     488,412,992     223,343,008
Intangible assets                                318,867,008     252,291,008     190,600,000     239,831,008     100,401,000
Deferred income taxes                                      0       5,217,000       7,494,000       7,404,000     107,405,000
Prepaid pension benefit                            3,282,000       9,342,000      12,896,000         636,000       7,712,000
Other long-term assets                            20,209,000      14,591,000      10,419,000      13,080,000      12,165,000
Total non-current assets                       1,193,283,968   1,189,547,008   1,294,674,048   1,288,706,048   1,138,690,048

Total assets                                   2,429,345,024   2,629,824,000   2,538,520,064   2,548,674,048   2,762,492,928 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                    2,328,000     186,663,008               0               0               0
Accounts payable                                  58,324,000      62,874,000      47,763,000      92,358,000      95,362,000
Taxes payable                                     12,306,000      11,360,000      20,049,000      21,751,000      30,480,000
Accrued liabilities                               86,264,000     159,331,008     152,991,008     157,720,992     161,326,000
Deferred revenues                                 81,357,000      55,404,000      71,603,000      85,527,000      84,478,000
Other current liabilities                         57,249,000               0               0      15,500,000       1,050,000
Total current liabilities                        297,828,000     475,632,000     292,406,016     372,856,992     372,696,000

Non-current liabilities
Long-term debt                                   171,059,008               0               0               0     352,668,992
Deferred taxes liabilities                        50,201,000      40,686,000      23,315,000      26,663,000      12,144,000
Accrued liabilities                                        0      23,589,000      15,430,000      32,156,000      28,642,000
Deferred revenues                                 16,227,000      13,306,000      19,929,000      25,745,000      23,463,000
Pensions and other benefits                       94,373,000      91,517,000     108,460,000     103,531,000     106,938,000
Other long-term liabilities                       21,302,000               0               0      21,936,000      37,282,000
Total non-current liabilities                    353,161,984     169,098,000     167,134,000     210,031,008     561,137,984

Total liabilities                                650,990,016     644,729,984     459,540,000     582,888,000     933,833,984 

Stockholders' equity

Common stock                                      23,488,000      23,966,000      27,077,000      25,455,000      24,897,000
Additional paid-in capital                     1,347,762,048   1,390,896,000   1,437,134,976   1,480,647,040   1,593,683,968
Retained earnings                                401,284,992     566,232,000     610,078,976     467,828,000     230,292,000
Accumulated other comprehensive income             5,820,000       4,000,000       4,689,000      -8,144,000     -20,214,000
Total stockholders' equity                     1,778,354,944   1,985,094,016   2,078,979,968   1,965,785,984   1,828,658,944
Total liabilities and stockholders' equity     2,429,345,024   2,629,824,000   2,538,520,064   2,548,674,048   2,762,492,928

____________________________________________________________________________________________________________________________________________


TERADYNE INC  (TER)                         Statement of CASH FLOW

Fiscal year ends in December. USD.                   2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Cash Flows From Operating Activities
Net income                                       217,048,992     164,947,008      81,272,000     206,476,992     -43,421,000     429,961,984
Depreciation & amortization                      142,799,008     150,687,008     152,544,000     140,772,992     120,009,000     106,853,000
Amortization of debt discount/premium and is               0               0               0      17,732,000               0               0
Investment/asset impairment charges                        0               0      98,897,000               0     342,464,000       4,179,000
Investments losses (gains)                                 0     -34,212,000               0      -5,406,000               0               0
Deferred income taxes                              5,556,000      -4,284,000      -4,411,000      -7,124,000     -62,936,000     -21,047,000
Stock based compensation                          39,920,000      36,612,000      40,307,000      30,451,000      30,750,000      33,358,000
Accounts receivable                              -24,093,000      -3,656,000       8,060,000     -57,267,000      18,325,000    -102,958,000
Inventory                                         17,652,000      21,170,000      51,172,000      15,559,000      34,263,000       9,432,000
Prepaid expenses                                           0     -49,572,000      41,537,000       3,034,000     -18,882,000       1,753,000
Income taxes payable                              19,804,000       1,648,000       8,900,000      -5,156,000               0               0
Other working capital                            -53,759,000     -19,314,000     -57,313,000      53,129,000       7,050,000      45,681,000
Other non-cash items                              39,604,000       3,249,000      71,097,000      20,639,000      18,177,000        -357,000
Net cash provided by operating activities        404,532,000     267,275,008     492,062,016     412,840,992     445,799,008     506,856,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen    -119,080,000    -106,731,000    -168,982,000     -89,878,000     -85,272,000     -92,267,000
Acquisitions, net                                          0     -14,999,000     -19,419,000    -282,740,992               0               0
Purchases of investments                        -751,129,024  -1,168,621,056  -1,578,743,040  -1,424,002,048  -1,656,267,008  -1,816,952,960
Sales/Maturities of investments                  266,268,992   1,008,830,976   1,430,087,040   1,681,800,960   1,096,025,984   1,343,544,064
Other investing activities                                 0        -307,000       4,184,000       1,098,000       5,051,000       5,064,000
Net cash used for investing activities          -603,939,968    -281,827,008    -332,872,992    -113,722,000    -640,462,016    -560,611,968

Cash Flows From Financing Activities
Debt issued                                                0               0               0               0     450,800,000               0
Debt repayment                                    -2,532,000      -2,534,000    -190,972,000               0               0               0
Warrant issued                                             0               0               0               0      67,852,000               0
Common stock issued                               18,476,000      17,596,000      21,291,000      19,530,000      20,473,000      24,850,000
Common stock repurchased                                   0               0               0    -299,948,992    -146,331,008    -213,060,000
Excess tax benefit from stock based compe          8,358,000       2,596,000         535,000               0       6,198,000       2,799,000
Dividend paid                                              0               0     -37,425,000     -50,713,000     -48,619,000     -53,801,000
Other financing activities                       -59,710,000        -388,000               0       2,462,000    -112,531,000     413,412,992
Net cash provided by (used for) financing        -35,408,000      17,270,000    -206,571,008    -328,670,016     237,842,000     174,200,992

Net change in cash                              -234,816,000       2,718,000     -47,382,000     -29,551,000      43,179,000     120,445,000
Cash at beginning of period                      573,736,000     338,920,000     341,638,016     294,256,000     264,704,992     297,936,992
Cash at end of period                            338,920,000     341,638,016     294,256,000     264,704,992     307,884,000     418,382,016

Free Cash Flow
Operating cash flow                              404,532,000     267,275,008     492,062,016     412,840,992     445,799,008     506,856,000
Capital expenditure                             -119,080,000    -106,731,000    -168,982,000     -89,878,000     -85,272,000     -92,267,000
Free cash flow                                   285,452,000     160,544,000     323,080,000     322,963,008     360,527,008     414,588,992
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (TER)       Teradyne Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     0.94    0.70    0.37    0.97   -0.21
Average Price During Year:    15.24   16.73   18.89   19.13   20.64

                P/E Ratio:    16.21   23.90   51.05   19.72   98.28

 Average 5-Year P/E Ratio  =  41.83
             Current Price =  42.37

Previous 5 Quarter Earnings:   0.31    0.33    0.42    0.87    0.52

           Current Annualized (Last Four Quarters) Earnings =  1.81
                                                           ________
                                 Average PE / Current PE =     1.79
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for TERADYNE INC.:
Symbol? TER
Total Months Available:  48
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  32.26   25.24     36.86   29.68     44.63   33.30

RANGE   =  44.63  TO   25.24            Close =  41.88
CHANNEL =  33.30  TO   32.26           Degree =   1
Volatility =   2.48%                    Index =   0
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

4 out of 8 favorable, (neutral opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer



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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison - 1
Industry + 1
Bond Issue 0
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E + 1
Ratios + 1
Market Grader + 1
Intrinsic Value DCF - 1
Tangible Book Value + 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity + 1
Management Reporting + 1
Short Interest - 1
Sentiment + 1
Standard & Poor's - 1
Moving Average - 1
Right Time Study - 1
MACD Histogram Divergence - 1
Val Idea 0
Stock Consultant - 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network + 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 8
Place 710 shares of Teradyne, Inc. (TER) on the Active List.