In today’s briefing:
- Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!
- LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure
- Boeing Co: Service Expansion Complexity
- PayPal Holdings: Enhancement in Branded Checkout, Payment Systems & Other Major Drivers!
- Seagate Technology: Initiation of Coverage- HAMR Technology Advancement
- Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B
- Corning’s Dual Play in Solar & Auto Glass—Can This Strategy Ignite the Next Growth Supercycle?
- Royal Caribbean Group: Optimization of Loyalty Programs to Build Stronger Relationships With Guests!
- Hubbell Incorporated: Capital Deployment & Strategic Acquisitions to Capture New Growth Opportunities In Rapidly Evolving Sectors!
- Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook
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 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.
LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure
- LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.
- For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.
- China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That’s a concern..
Boeing Co: Service Expansion Complexity
- The Boeing Company reported its second-quarter 2025 financial results, showcasing a mixed bag of performance indicators, strategic progress, and notable challenges.
- During this period, Boeing generated total revenue of $22.7 billion, marking a significant increase of 35% from the previous year.
- This uptick was primarily driven by an increase in commercial airplane deliveries.
PayPal Holdings: Enhancement in Branded Checkout, Payment Systems & Other Major Drivers!
- PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as some challenges.
- The positive highlights from their results include continued profitability and expanding transaction volumes, driven by strategic initiatives across their platforms.
- PayPal’s transaction margin dollars increased by 8% excluding interest on customer balances, marking their sixth consecutive quarter of profitable growth, and non-GAAP earnings per share surged by 18% year-over-year.
Seagate Technology: Initiation of Coverage- HAMR Technology Advancement
- Seagate Technology reported a strong performance for the fiscal fourth quarter and the entire fiscal year 2025, characterized by significant year-over-year growth in key financial metrics.
- The company’s results highlighted a 30% year-over-year increase in quarterly revenue and record gross margins, marking the ninth consecutive quarter of gross margin improvement.
- This performance was attributed to increased adoption of Seagate’s heatassisted magnetic recording (HAMR) technology and a robust demand for nearline products in global cloud markets.
Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B
- Figma Inc. has successfully completed its US IPO in July and sold ~36.9M Class A shares at $33.00 per share, above the marketed price range.
- The company’s partial early lock-up release to occur on the second trading day immediately following public release of earnings for the second quarter of FY25.
- I expect certain share price and other conditions will be satisfied for a lock-up release of some ~11.4M Class A shares held by Figma’s current employees and other service providers.
Corning’s Dual Play in Solar & Auto Glass—Can This Strategy Ignite the Next Growth Supercycle?
- Corning Incorporated delivered solid results for the second quarter of 2025, showcasing both challenges and opportunities that suggest a nuanced outlook for investors.
- The company achieved record sales of $4 billion, representing a 12% growth year-over-year, and an earnings per share (EPS) increase of 28% to $0.60.
- The operating margin expanded by 160 basis points to 19%, contributing to a return on invested capital of 13.1%.
Royal Caribbean Group: Optimization of Loyalty Programs to Build Stronger Relationships With Guests!
- Royal Caribbean Group delivered a strong performance in the second quarter of 2025, demonstrating significant improvements in key financial metrics largely driven by strong consumer demand and strategic operational enhancements.
- The company exceeded expectations with adjusted earnings per share reaching $4.38, which is a 36% increase compared to last year, surpassing guidance by $0.33.
- A key contributor was a robust 5.2% growth in net yields, driven by strong close-in bookings and a split between new and existing fleet contributions.
Hubbell Incorporated: Capital Deployment & Strategic Acquisitions to Capture New Growth Opportunities In Rapidly Evolving Sectors!
- Hubbell Incorporated’s second quarter of 2025 financial results present a mixed picture, emphasizing the company’s strategic adaptability amidst continuing macroeconomic and inflationary pressures.
- The company reported a robust double-digit growth in adjusted earnings per share, driven by strong organic growth in its Grid Infrastructure and Electrical Solutions segments, accompanied by a notable year-over-year adjusted operating margin expansion of 120 basis points.
- Despite inflationary challenges, the company effectively managed costs through strategic price hikes and productivity enhancements, aimed at achieving positive price/cost productivity for the year.
Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook
- HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.
- HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.
- Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.
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