Teradyne vs Ultra Clean
Teradyne reported revenue of $3.2 billion in fiscal 2025, 1.6 times Ultra Clean's $2.1 billion in fiscal 2025. Teradyne's revenue grew 13.1% in its latest year, and Ultra Clean's fell 2.1%. Teradyne had an operating margin of 20.4%, against -5.2% at Ultra Clean. Free cash flow was $450 million at Teradyne and $15 million at Ultra Clean. Their fiscal years end in different months (December 31 and December 26), so the periods don't line up exactly.
Side by side
| Teradyne | Ultra Clean | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 26, 2025 |
| Revenue | $3.2B | $2.1B |
| Revenue growth | 13.1% | −2.1% |
| Revenue growth a year, last 5 years | 0.4% | 8.0% |
| Gross margin | 58.2% | 15.7% |
| Operating margin | 20.4% | −5.2% |
| Net margin | 17.4% | −8.8% |
| Free cash flow | $450M | $15M |
| Free cash flow margin | 14.1% | 0.7% |
| Return on capital | 23.0% | −8.2% |
| Net debt to EBITDA | −0.1x | — |
| Dividends and buybacks | $778M | $3M |
| Change in diluted share count | −2.2% | 0.0% |
| Last close | $218.22 | $41.13 |
| P/E at the last close | 62.9× | 72.2× |
| Insider trades, last 12 months | sold $15.9 million | sold $12.0 million |
| Piotroski F-score | 5 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
TeradyneUltra Clean
Operating margin
Percent of revenue
TeradyneUltra Clean
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
TeradyneUltra Clean
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Teradyne and Ultra Clean pages.