Selected Financial Data
since 2005
Income Statement
Teradyne Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenues | Income (loss) from operations | Net income (loss) |
|---|---|---|---|
| Dec 31, 2023 | 2,676,298) | 501,068) | 448,752) |
| Dec 31, 2022 | 3,155,045) | 831,939) | 715,501) |
| Dec 31, 2021 | 3,702,881) | 1,200,720) | 1,014,589) |
| Dec 31, 2020 | 3,121,469) | 928,407) | 784,147) |
| Dec 31, 2019 | 2,294,965) | 553,654) | 467,468) |
| Dec 31, 2018 | 2,100,802) | 473,797) | 451,779) |
| Dec 31, 2017 | 2,136,606) | 530,028) | 257,692) |
| Dec 31, 2016 | 1,753,250) | (60,015) | (43,421) |
| Dec 31, 2015 | 1,639,578) | 242,969) | 206,477) |
| Dec 31, 2014 | 1,647,824) | 96,423) | 81,272) |
| Dec 31, 2013 | 1,427,933) | 190,659) | 164,947) |
| Dec 31, 2012 | 1,656,750) | 287,368) | 217,049) |
| Dec 30, 2011 | 1,429,061) | 235,714) | 373,809) |
| Dec 31, 2010 | 1,608,650) | 413,468) | 379,730) |
| Dec 31, 2009 | 819,407) | (122,421) | (133,837) |
| Dec 31, 2008 | 1,107,042) | (384,347) | (397,834) |
| Dec 31, 2007 | 1,102,280) | 42,207) | 77,711) |
| Dec 31, 2006 | 1,376,818) | 196,831) | 198,757) |
| Dec 31, 2005 | 1,075,232) | (81,698) | 90,648) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2023 is characterized by cyclical revenue patterns and significant volatility in operating and net income. A long-term growth trajectory is evident, though it is punctuated by several periods of contraction and operational loss.
- Revenue Trajectory
- Revenues exhibited considerable volatility between 2005 and 2012, reaching a period low of approximately 819 million USD in 2009. Following this trough, a period of stability occurred between 2013 and 2016. A significant growth phase commenced in 2017, with revenues climbing steadily to a peak of 3.7 billion USD in 2021. However, a downward trend emerged thereafter, with revenues declining to 2.67 billion USD by the end of 2023.
- Operational Efficiency
- Income from operations has been inconsistent, reflecting susceptibility to market cycles. Operational losses were recorded in 2005, 2008, 2009, and 2016, with the most severe loss occurring in 2008 at 384 million USD. Operational profitability improved substantially between 2017 and 2021, peaking at 1.2 billion USD in 2021. This indicates a period of high operating leverage and margin expansion that corrected sharply in 2023, where operating income fell to 501 million USD.
- Net Income and Profitability
- Net income closely mirrors the volatility of operating results. The entity experienced substantial net losses during the 2008-2009 financial crisis and again in 2016. Profitability reached an all-time high in 2021 with a net income of 1.01 billion USD. Since 2021, there has been a marked decline in bottom-line performance, with net income decreasing to 448 million USD in 2023, representing a significant contraction from the 2021 peak.
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Balance Sheet: Assets
Teradyne Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 2,162,035) | 3,486,824) |
| Dec 31, 2022 | 2,257,915) | 3,501,252) |
| Dec 31, 2021 | 2,576,227) | 3,809,425) |
| Dec 31, 2020 | 2,415,434) | 3,652,346) |
| Dec 31, 2019 | 1,658,884) | 2,787,014) |
| Dec 31, 2018 | 1,732,482) | 2,706,606) |
| Dec 31, 2017 | 2,270,281) | 3,109,545) |
| Dec 31, 2016 | 1,623,803) | 2,762,493) |
| Dec 31, 2015 | 1,259,968) | 2,548,674) |
| Dec 31, 2014 | 1,243,846) | 2,538,520) |
| Dec 31, 2013 | 1,440,277) | 2,629,824) |
| Dec 31, 2012 | 1,236,061) | 2,429,345) |
| Dec 30, 2011 | 1,099,887) | 2,188,639) |
| Dec 31, 2010 | 1,176,618) | 1,810,355) |
| Dec 31, 2009 | 762,292) | 1,235,337) |
| Dec 31, 2008 | 678,653) | 1,235,247) |
| Dec 31, 2007 | 944,933) | 1,555,288) |
| Dec 31, 2006 | 889,410) | 1,721,055) |
| Dec 31, 2005 | 1,094,942) | 1,859,732) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset structure of Teradyne Inc. between 2005 and 2023 exhibits significant long-term growth characterized by cyclical fluctuations. Total assets experienced a notable contraction during the initial 2005-2008 period, reaching a minimum of approximately $1.24 billion in 2008, before embarking on a sustained upward trajectory that peaked in 2021 at $3.81 billion.
- Total Asset Trajectory
- A substantial decline in total assets is observed from 2005 to 2008, with a reduction of approximately 33%. Following this trough, the asset base expanded steadily, surpassing the $3 billion threshold in 2017. Despite a temporary dip in 2018, the assets reached an all-time high of $3.81 billion in 2021, before stabilizing at $3.49 billion by the end of 2023.
- Current Asset Dynamics
- Current assets mirrored the overall asset trend but showed higher volatility. After falling to $678.6 million in 2008, current assets grew to $2.27 billion by 2017. A period of rapid accumulation occurred between 2019 and 2021, where current assets rose from $1.66 billion to $2.58 billion, signifying a significant increase in short-term liquidity. This was followed by a gradual decline to $2.16 billion by 2023.
- Asset Composition and Liquidity Trends
- The composition of the balance sheet indicates a shifting reliance on current assets. In 2005, current assets represented approximately 58.6% of total assets. This ratio peaked in 2017 at approximately 73%, indicating a period of high liquidity or increased short-term resource concentration. By 2023, the ratio adjusted to approximately 61.9%, suggesting a moderate rebalancing of the asset portfolio.
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Balance Sheet: Liabilities and Stockholders’ Equity
Teradyne Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2023 | 659,951) | 960,927) | —) | 2,525,897) |
| Dec 31, 2022 | 746,263) | 1,049,958) | 50,115) | 2,451,294) |
| Dec 31, 2021 | 805,120) | 1,245,469) | 108,426) | 2,562,444) |
| Dec 31, 2020 | 700,871) | 1,441,541) | 410,111) | 2,207,018) |
| Dec 31, 2019 | 539,029) | 1,306,856) | 394,687) | 1,480,158) |
| Dec 31, 2018 | 476,287) | 1,184,252) | 379,981) | 1,522,354) |
| Dec 31, 2017 | 454,336) | 1,155,899) | 365,987) | 1,953,646) |
| Dec 31, 2016 | 372,696) | 933,834) | 352,669) | 1,828,659) |
| Dec 31, 2015 | 372,857) | 582,888) | —) | 1,965,786) |
| Dec 31, 2014 | 292,406) | 459,540) | —) | 2,078,980) |
| Dec 31, 2013 | 475,632) | 644,730) | 186,663) | 1,985,094) |
| Dec 31, 2012 | 297,828) | 650,990) | 173,387) | 1,778,355) |
| Dec 30, 2011 | 373,684) | 683,579) | 162,529) | 1,505,060) |
| Dec 31, 2010 | 363,704) | 688,167) | 152,632) | 1,122,188) |
| Dec 31, 2009 | 283,357) | 570,758) | 143,257) | 664,579) |
| Dec 31, 2008 | 366,963) | 529,135) | 122,500) | 706,112) |
| Dec 31, 2007 | 223,234) | 326,114) | —) | 1,229,174) |
| Dec 31, 2006 | 259,716) | 359,868) | —) | 1,361,187) |
| Dec 31, 2005 | 515,495) | 617,066) | 304,648) | 1,242,666) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the financial position from 2005 to 2023 reveals a significant expansion of the balance sheet, characterized by a substantial increase in shareholders' equity and a fluctuating liability profile. The company transitioned from a relatively lean capital structure in the mid-2000s to a more robust equity base, while strategically managing its debt obligations over the nearly two-decade period.
- Liability Trends and Composition
- Total liabilities exhibited a general upward trajectory from 2007 through 2020, rising from 326,114 thousand US$ to a peak of 1,441,541 thousand US$. This growth was primarily driven by an increase in both current and long-term obligations. Current liabilities showed notable volatility, reaching a peak of 805,120 thousand US$ in 2021 before receding to 659,951 thousand US$ by 2023. A notable shift occurred after 2020, where total liabilities began a downward trend, decreasing to 960,927 thousand US$ by the end of 2023, suggesting a period of deleveraging.
- Debt Management and Obligations
- Total debt levels were characterized by distinct phases of accumulation and reduction. Following a period of relative stability between 2008 and 2013, debt increased sharply starting in 2016, climbing from 352,669 thousand US$ to a high of 410,111 thousand US$ in 2020. This trend was abruptly reversed between 2020 and 2022, with total debt plummeting to 50,115 thousand US$. This rapid reduction indicates a strategic prioritization of debt repayment or a significant refinancing event.
- Shareholders' Equity Growth
- Shareholders' equity demonstrated strong long-term growth, despite a significant contraction during the 2008-2009 period where it fell to 664,579 thousand US$. From 2010 onward, a consistent recovery and expansion phase occurred, with equity rising to a peak of 2,562,444 thousand US$ in 2021. By 2023, equity remained high at 2,525,897 thousand US$. The substantial increase in equity relative to liabilities over the long term indicates a strengthening of the company's solvency position and an increased reliance on internal funding or equity financing rather than debt.
- Solvency and Financial Stability
- The relationship between total liabilities and shareholders' equity improved markedly over the analyzed period. In 2008, liabilities represented a significant portion of the total capital structure relative to equity. However, by 2023, the ratio of total liabilities to shareholders' equity had decreased substantially, as equity grew by approximately 280% from 2005 levels while total liabilities grew at a slower proportional rate and subsequently declined from their 2020 peak.
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Cash Flow Statement
Teradyne Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used for) operating activities | Net cash (used for) provided by investing activities | Net cash provided by (used for) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 585,231) | (179,645) | (501,912) |
| Dec 31, 2022 | 577,923) | 43,751) | (892,989) |
| Dec 31, 2021 | 1,098,366) | 120,361) | (1,008,584) |
| Dec 31, 2020 | 868,935) | (569,794) | (158,286) |
| Dec 31, 2019 | 578,750) | (156,660) | (574,349) |
| Dec 31, 2018 | 476,881) | 923,010) | (903,421) |
| Dec 31, 2017 | 626,495) | (262,801) | (245,189) |
| Dec 31, 2016 | 445,799) | (640,462) | 237,842) |
| Dec 31, 2015 | 412,841) | (113,722) | (328,670) |
| Dec 31, 2014 | 492,062) | (332,873) | (206,571) |
| Dec 31, 2013 | 267,275) | (281,827) | 17,270) |
| Dec 31, 2012 | 404,532) | (603,940) | (35,408) |
| Dec 30, 2011 | 278,568) | (120,519) | (16,308) |
| Dec 31, 2010 | 566,800) | (627,660) | 42,374) |
| Dec 31, 2009 | 121,317) | (93,930) | 66,097) |
| Dec 31, 2008 | 162,365) | (449,098) | 46,299) |
| Dec 31, 2007 | 131,739) | 105,888) | (250,494) |
| Dec 31, 2006 | 453,972) | 196,179) | (418,939) |
| Dec 31, 2005 | (16,569) | (185,243) | (63,945) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile demonstrates a transition from early volatility to a period of sustained operational cash generation, characterized by significant capital allocation toward financing activities in the later years of the analyzed period.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibits a long-term upward trajectory. After an initial deficit in 2005, the company established a consistent positive cash flow, which grew from a range of 121 million to 626 million US dollars between 2006 and 2018. A notable surge occurred between 2019 and 2021, with cash flow peaking at approximately 1.1 billion US dollars in 2021 before normalizing to approximately 585 million US dollars by 2023.
- Investing Activity Patterns
- Cash flows from investing activities are marked by high volatility, reflecting intermittent periods of significant capital expenditure or asset acquisition and divestiture. Major outflows were observed in 2008, 2010, 2012, and 2016. Conversely, substantial cash inflows were recorded in 2018, reaching 923 million US dollars, and again in 2021 and 2022, suggesting periods of asset liquidation or strategic divestments.
- Financing Activity Dynamics
- Financing activities are predominantly negative, indicating a consistent trend of returning capital to shareholders or reducing debt. While the period between 2008 and 2010 saw modest positive inflows, the latter part of the sequence shows aggressive outflows. This is most evident in 2018, 2021, and 2022, where net cash used in financing activities exceeded 890 million US dollars annually, aligning with the periods of highest operating cash generation.
- Overall Cash Flow Synthesis
- The interaction between the three components reveals a business model that generates robust internal liquidity through operations, which is then utilized to fund strategic investments and extensive financing activities. The synchronization of peak operating cash flows in 2021 with massive financing outflows suggests a strategic priority of capital distribution during periods of high liquidity.
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Per Share Data
Teradyne Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 2.91 | 2.73 | 0.44 |
| Dec 31, 2022 | 4.52 | 4.22 | 0.44 |
| Dec 31, 2021 | 6.15 | 5.53 | 0.40 |
| Dec 31, 2020 | 4.72 | 4.28 | 0.40 |
| Dec 31, 2019 | 2.74 | 2.60 | 0.36 |
| Dec 31, 2018 | 2.41 | 2.35 | 0.36 |
| Dec 31, 2017 | 1.30 | 1.28 | 0.28 |
| Dec 31, 2016 | -0.21 | -0.21 | 0.24 |
| Dec 31, 2015 | 0.98 | 0.97 | 0.24 |
| Dec 31, 2014 | 0.40 | 0.37 | 0.18 |
| Dec 31, 2013 | 0.86 | 0.70 | 0.00 |
| Dec 31, 2012 | 1.16 | 0.94 | 0.00 |
| Dec 30, 2011 | 2.02 | 1.65 | 0.00 |
| Dec 31, 2010 | 2.11 | 1.73 | 0.00 |
| Dec 31, 2009 | -0.77 | -0.77 | 0.00 |
| Dec 31, 2008 | -2.33 | -2.33 | 0.00 |
| Dec 31, 2007 | 0.42 | 0.42 | 0.00 |
| Dec 31, 2006 | 1.02 | 1.01 | 0.00 |
| Dec 31, 2005 | 0.46 | 0.46 | 0.00 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-30), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share from 2005 to 2023 is characterized by significant earnings volatility, a strong growth cycle peaking in 2021, and a progressive shift toward a consistent dividend payout strategy starting in 2014.
- Earnings Per Share Volatility and Growth
- Earnings experienced substantial fluctuations between 2005 and 2016, with notable losses recorded in 2008, 2009, and 2016. A period of significant acceleration began in 2017, with basic earnings per share rising from 1.30 US$ to a peak of 6.15 US$ in 2021. Following this peak, a downward correction occurred, with 2023 earnings settling at 2.91 US$, which remains significantly higher than the historical averages observed prior to 2017.
- Dividend Distribution Strategy
- A transition in capital return policy is evident, as dividends were not distributed until 2014. Since the inception of the dividend in 2014 at 0.18 US$, there has been a steady and uninterrupted increase in the payout. The dividend per share reached 0.44 US$ by 2022 and remained constant through 2023, indicating a commitment to returning value to shareholders despite the recent moderation in earnings per share.
- Analysis of Dilution
- A consistent gap exists between basic and diluted earnings per share, particularly during periods of higher profitability. In 2021, the difference between basic earnings (6.15 US$) and diluted earnings (5.53 US$) underscores the impact of dilutive securities. Conversely, during years of negative earnings, such as 2008 and 2016, the basic and diluted figures converged, aligning with standard financial reporting for net loss periods.
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