Teradyne
38 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Five largest direct customers
concentrated in · 44%named as a riskIn each of the years, 2025, 2024 and 2023, our five largest direct customers in aggregate accounted for 44%, 36%, and 32% of our consolidated revenues, respectively.Business (Item 1)
Largest direct Semiconductor Test customer
earns from · 19% of consolidated revenuesnamed as a riskThe additional direct customer, a customer of our Semiconductor Test segment, accounted for 19% of consolidated revenues including certain revenues specified by other customers.Business (Item 1)
Two specifying customers (Semiconductor Test and Product Test)
earns from · 12% and 10% of consolidated revenuesnamed as a riskThe two specifying customers were both customers of our Semiconductor Test and Product Test segments and drove 12% and 10% of consolidated revenues.Business (Item 1)
Accounts receivable customer concentration
concentrated in · approximately 22% and 20%named as a riskAs of December 31, 2025, two customers primarily of our Semiconductor Test segment accounted for approximately 22% and 20%, respectively, of our accounts receivable balance.Market risk (Item 7A)
Suppliers
Sole source component suppliers
depends onnamed as a riskWe may experience a temporary adverse impact if any of our sole source suppliers delay or cease to deliver products.Business (Item 1)
Flex Ltd.
depends onnamed as a riskWe depend on Flex Ltd. (“Flex”) to manufacture and test our FLEX and J750 family of products from its facility in Malaysia; Plexus Corp. (“Plexus”) to manufacture and test our FLEX and Magnum products from its facilities in Malaysia and Thailand and our ETS family of products from its facility in Malaysia; SAM Meerkat to manufacture and test our storage test family of products from its facilities in Malaysia and Thailand and on other contract manufacturers to manufacture other products.Risk factors (Item 1A)
Plexus Corp.
depends onnamed as a riskIf we experience a problem with our supply of products from Flex, Plexus, SAM Meerkat, or our other contract manufacturers, it may take us significant time to either manufacture the product or find an alternate contract manufacturer, which could result in substantial expense and disruption to our business.Risk factors (Item 1A)
SAM Meerkat
depends onnamed as a riskIf we experience a problem with our supply of products from Flex, Plexus, SAM Meerkat, or our other contract manufacturers, it may take us significant time to either manufacture the product or find an alternate contract manufacturer, which could result in substantial expense and disruption to our business.Risk factors (Item 1A)
Partners and platforms
Technoprobe S.p.A.
10% of the equitynamed as a riskAdditionally, in May 2024, we closed on our strategic partnership agreement with Technoprobe which included our acquisition of 10% of the equity in Technoprobe.Risk factors (Item 1A)
MultiLane Test Products (MLTP) joint venture
approximately $157 million in exchange for 75% ownershipUnder the agreement, MultiLane will contribute all the assets related to its test and measurement business to the joint venture and we will invest approximately $157 million in exchange for 75% ownership of MLTP.Business (Item 1)
Other companies
Quantifi Photonics
$127.2 millionOn May 31, 2025, we acquired privately held Quantifi Photonics (“Quantifi”), a leader in PIC test solutions for a total purchase price of $127.2 million.Business (Item 1)
Competitors
Advantest Corporation
competes withCompetitors in the Semiconductor Test segment include, among others, Advantest Corporation, SPEA S.p.A., and Cohu, Inc.Business (Item 1)
Places
Sales outside the United States
earns from · 89%named as a riskSales to customers outside the United States were 89%, 87%, and 84%, respectively, of our consolidated revenues in 2025, 2024 and 2023.Business (Item 1)
Taiwan
depends onnamed as a riskIn addition, an increasing portion of our products and the products we purchase from our suppliers are sourced or manufactured in foreign locations, including Malaysia and Denmark, and a large portion of the devices our products test are fabricated and tested by foundries and subcontractors in Taiwan, China, Korea and other parts of Asia.Risk factors (Item 1A)
Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more
China
earns fromnamed as a riskThe foregoing risks and the ongoing geopolitical tensions and economic uncertainty between the United States and China and the unknown impact of current and future Chinese rules and regulations, may cause increased costs, as well as restrictions on our ability to sell, or a decreased demand from customers to purchase, our products, which could harm our business, financial condition and operating results.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Malaysia
concentrated innamed as a riskOur manufacturing activities for our test businesses are primarily conducted through subcontractors and outsourced contract manufacturers with significant operations in Malaysia.Business (Item 1)
Also named by A, ANET, AVGO, CGNX, DELL, FSLR, LITE, MSI and 6 more
Thailand
operates innamed as a riskWe depend on Flex Ltd. (“Flex”) to manufacture and test our FLEX and J750 family of products from its facility in Malaysia; Plexus Corp. (“Plexus”) to manufacture and test our FLEX and Magnum products from its facilities in Malaysia and Thailand and our ETS family of products from its facility in Malaysia; SAM Meerkat to manufacture and test our storage test family of products from its facilities in Malaysia and Thailand and on other contract manufacturers to manufacture other products.Risk factors (Item 1A)
Also named by ADI, CB, CIEN, INGR, LITE, LZB, MCHP, NXT and 3 more
Massachusetts and New Hampshire remediation sites
operates innamed as a riskPursuant to present U.S. federal regulations and agreements, we are conducting groundwater and subsurface assessment and monitoring and are implementing remediation and corrective action plans for facilities located in Massachusetts and New Hampshire which are no longer conducting manufacturing operations.Risk factors (Item 1A)
Denmark
operates inThe manufacturing activities for our Robotics businesses are done primarily in our production facilities in Denmark and the U.S.Business (Item 1)
Cebu, Philippines
operates inWe have, however, significantly invested in our internal manufacturing for FLEX products in our Cebu site.Risk factors (Item 1A)
Commodities and inputs
Euro / foreign currencies (Robotics revenue)
exposed to its pricenamed as a riskWhile revenues in our test businesses are predominantly in U.S. dollars, the majority of our Robotics revenue is denominated in foreign currencies.Business (Item 1)
Semiconductor chips / electrical components
depends onnamed as a riskThe global supply shortage of electrical components, including semiconductor chips, impacted our supply chain in 2023.Risk factors (Item 1A)
Regulators
U.S. Department of Commerce
subject tonamed as a riskFor example, we must comply with current U.S. Department of Commerce export control regulations restricting transactions with certain customers in China.Business (Item 1)
Also named by AIR, ALAB, AMKR, AXON, DELL, DLTR, ENTG, FSLR and 9 more
Singapore Economic Development Board
subject toIn December 2025, we entered into an agreement with the Singapore Economic Development Board which extended our Singapore tax holiday under substantially similar terms to the agreement which expired on December 31, 2025.Risk factors (Item 1A)
Laws and programs
Singapore tax holiday
subject to · $21.6 million or $0.14 per diluted sharenamed as a riskThe tax savings attributable to the Singapore tax holiday for the years ended December 31, 2025, 2024 and 2023 were $21.6 million or $0.14 per diluted share, $17.1 million or $0.10 per diluted share, and $1.4 million or $0.01 per diluted share, respectively.Risk factors (Item 1A)
Also named by SWKS
Senior secured revolving credit facility
a combined $250.0 millionnamed as a riskOn September 4, 2025, September 19, 2025, and October 7, 2025, Teradyne borrowed a combined $250.0 million under the Credit Facility to support the ramp-up in manufacturing capabilities for Semiconductor Test and the strategy to return cash to shareholders through share repurchases, dividends, and inorganic growth opportunities.Risk factors (Item 1A)
Also named by FSK
U.S. Entity List
subject tonamed as a riskThe addition of certain of these companies to the Entity List has had and will continue to have an adverse impact on our business with these customers.Risk factors (Item 1A)
EU RoHS Directive
subject tonamed as a riskEnsuring compliance with the RoHS Directive, the WEEE Directive and similar legislation in other jurisdictions, and integrating compliance activities with our suppliers and customers could result in additional costs and disruption to operations and logistics and thus, could have a negative impact on our business, operations or financial condition.Risk factors (Item 1A)
China retaliatory tariffs
subject tonamed as a riskThe retaliatory tariffs or other trade restrictions implemented by China and possible future retaliatory actions by China or other nations may in the future disrupt our business operations, sales and supply chain and, therefore, have a material adverse effect on our business, financial condition or results of operations.Risk factors (Item 1A)
Pillar Two global minimum tax
subject tonamed as a riskWe have pursued a global tax strategy that could be adversely affected by the mix of earnings and tax rates in the countries where we operate, changes to tax laws (including but not limited to Pillar Two), tax regulations or an adverse tax ruling by administrative authorities.Risk factors (Item 1A)
EU WEEE Directive
subject tonamed as a riskThe directive on the Restriction of the Use of Certain Hazardous Substances in Electrical and Electronic Equipment (the “RoHS Directive”) and the directive on Waste Electrical and Electronic Equipment (the “WEEE Directive”) altered the form and manner in which electronic equipment is imported, sold and handled in the European Union.Risk factors (Item 1A)
Also named by FSLR
U.S. Export Administration Regulations (EAR) Foreign Direct Product Rule
subject tonamed as a riskFor example, the U.S. Department of Commerce has restricted the access of U.S. origin technologies to certain Chinese semiconductor companies by adding those companies to the Entity List and the Foreign Direct Product Rule (“FDP”) under U.S. Export Administration Regulations (“EAR”).Risk factors (Item 1A)
U.S. military end user rule
subject tonamed as a riskCompliance with the military end user rule has impacted our ability to sell products to certain customers in China.Risk factors (Item 1A)
China blocking legislation
subject tonamed as a riskIn response to the regulations issued by the U.S. Department of Commerce, the Chinese government has passed new laws, including blocking legislation, which may impact our business activities in China.Risk factors (Item 1A)
Cybersecurity Maturity Model Certification (CMMC)
subject toMoreover, we are pursuing the necessary controls to support the Cybersecurity Maturity Model Certification (“CMMC”) program, DoD’s program to ensure members of the defense industrial base meet cybersecurity requirements for handling CUI and federal contract information.Cybersecurity (Item 1C)
Also named by ADI, AVAV, BWXT, GE, HEI, HLIO, HON, HWM and 15 more
Defense Federal Acquisition Regulation Supplement (DFARS)
subject toAdditionally, for our business that supports the defense and aerospace sector, we must comply with extensive regulations, including requirements imposed by the Defense Federal Acquisition Regulation Supplement (“DFARS”) related to adequately safeguarding controlled unclassified information (“CUI”) and reporting cybersecurity incidents to the DoD.Cybersecurity (Item 1C)
Technology
Artificial intelligence (AI) semiconductor demand
earns from · the majority of our revenue in the second half of 2025The Semiconductor Test segment’s strategic shift toward AI-driven semiconductor testing resulted in AI related customer demand driving the majority of our revenue in the second half of 2025.Business (Item 1)