Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Teradyne Inc. reported robust financial results for the third quarter of 2025, with a notable revenue growth of 18% and a significant increase in non-GAAP EPS by 49%.</li><li>This performance was primarily driven by heightened demand for semiconductor tests related to AI applications.</li><li>The UltraFLEXplus platform, which is tailored for high-performance processors and networking devices, has seen increased use due to the complexities of AI devices, indicating the strategic advantage of Teradyne’s focused R&D investments.</li></ul>

Teradyne Inc. reported robust financial results for the third quarter of 2025, with a notable revenue growth of 18% and a significant increase in non-GAAP EPS by 49%.This performance was primarily driven by heightened demand for semiconductor tests related to AI applications.The UltraFLEXplus platform, which is tailored for high-performance processors and networking devices, has seen increased use due to the complexities of AI devices, indicating the strategic advantage of Teradyne’s focused R&D investments.

Teradyne Inc.: Strategic Positioning in the Memory Market to Enhance Market Share & Revenue In Memory Testing Segment!

<ul><li>Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong demand in AI compute-related segments.</li><li>The company posted secondquarter revenue of $652 million and non-GAAP EPS of $0.57, both above the midpoint of guidance.</li><li>Semi Test revenue was $492 million, including $397 million from System-on-Chip (SOC) testing and $61 million from Memory.</li></ul>

Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong demand in AI compute-related segments.The company posted secondquarter revenue of $652 million and non-GAAP EPS of $0.57, both above the midpoint of guidance.Semi Test revenue was $492 million, including $397 million from System-on-Chip (SOC) testing and $61 million from Memory.

Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!

<ul><li>Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025.</li><li>The company achieved revenue of $686 million, which was towards the high end of their guidance, and non-GAAP earnings per share (EPS) of $0.75, surpassing their guidance of $0.68.</li><li>The gross margin of 60.6% also exceeded expectations due to a favorable product mix.</li></ul>

Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025.The company achieved revenue of $686 million, which was towards the high end of their guidance, and non-GAAP earnings per share (EPS) of $0.75, surpassing their guidance of $0.68.The gross margin of 60.6% also exceeded expectations due to a favorable product mix.

Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!

<ul><li>Teradyne, Inc. shared its fourth-quarter and full-year 2024 financial performance, marking an important period for both its Semiconductor Test and Robotics businesses.</li><li>The company reported strong results in its Semiconductor Test segment, notably driven by demand in AI computing and some recovery in the mobile market.</li><li>Semiconductor Testing revenue expanded by 17% year-over-year, notably advancing in AI accelerator ASICs, networking, and high-bandwidth memory (HBM) DRAM.</li></ul>

Teradyne, Inc. shared its fourth-quarter and full-year 2024 financial performance, marking an important period for both its Semiconductor Test and Robotics businesses.The company reported strong results in its Semiconductor Test segment, notably driven by demand in AI computing and some recovery in the mobile market.Semiconductor Testing revenue expanded by 17% year-over-year, notably advancing in AI accelerator ASICs, networking, and high-bandwidth memory (HBM) DRAM.

Teradyne’s Bold Robotics Strategy – A Disruptive Move That Could Outpace Industry Giants? - Major Drivers

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>SEMI reports September front end and back end test/assembly equipment sales decline of 18% and 25% y/y, respectively, resulting 3Q23 sales decline of 17% and 28% y/y.</li>
<li>However, WSTS/SIA and US ISM Purchasing Managers Index reported more moderate 7% y/y decline in August global semi sales and 4% y/y decline in September index. </li>
<li>The discrepancy is due to global semi vendors are seeing PC and Smartphone IC improvement but need to consume earlier overbuilt inventories first before boosting in house or foundries' capex.</li>
</ul>


SEMI reports September front end and back end test/assembly equipment sales decline of 18% and 25% y/y, respectively, resulting 3Q23 sales decline of 17% and 28% y/y.
However, WSTS/SIA and US ISM Purchasing Managers Index reported more moderate 7% y/y decline in August global semi sales and 4% y/y decline in September index. 
The discrepancy is due to global semi vendors are seeing PC and Smartphone IC improvement but need to consume earlier overbuilt inventories first before boosting in house or foundries' capex.


What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?

United States

Teradyne, Inc. designs, manufactures, sells, and supports semiconductor test products and services on a world wide basis. The Company's test equipment products and services include: semiconductor test systems, military/aerospace test instrumentation and systems, circuit-board test and inspection systems and automotive diagnostic and test systems.

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Teradyne Inc (TER US)

Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!

Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong...

Baptista Research

Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!

Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025. The company achieved revenue of $686 million, which was...

Baptista Research

Teradyne’s Bold Robotics Strategy – A Disruptive Move That Could Outpace Industry Giants? - Major Drivers

Teradyne, Inc. shared its fourth-quarter and full-year 2024 financial performance, marking an important period for both its Semiconductor Test and...

Baptista Research

What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?

Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us global semi vendors are consuming earlier overbuilt inventories first...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Teradyne Inc.: Strategic Positioning in the Memory Market to Enhance Market Share & Revenue In Memory Testing Segment!

Teradyne Inc. reported robust financial results for the third quarter of 2025, with a notable revenue growth of 18% and a significant increase in...

Baptista Research

Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!

Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong...

Baptista Research

Teradyne’s Robot Revolution & AI Synergy Make It a Must-Buy for 2025!

Teradyne, Inc. reported a mixed financial performance for the first quarter of 2025. The company achieved revenue of $686 million, which was...

Baptista Research

Teradyne’s Bold Robotics Strategy – A Disruptive Move That Could Outpace Industry Giants? - Major Drivers

Teradyne, Inc. shared its fourth-quarter and full-year 2024 financial performance, marking an important period for both its Semiconductor Test and...

Baptista Research

What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?

Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us global semi vendors are consuming earlier overbuilt inventories first...

Andrew Lu