company

TeradyneTeradyne TER

Country国家 United States美国

Systems系统 Work工作 · Integration集成 · Muscle肌肉

Bottlenecks瓶颈 P13 Dexterous manipulation灵巧操作 · P17 Integration, uptime, service集成、在线率与服务 · P18 Vertical workflow ROI垂直工作流 ROI

Market cap市值 Live, via TradingView.实时数据，来自 TradingView。

Universal Robots collaborative arms and MiR autonomous mobile robots.

Universal Robots 协作臂与 MiR 自主移动机器人。

What it doesUniversal Robots collaborative arms and MiR autonomous mobile robots.

在干什么Universal Robots 协作臂与 MiR 自主移动机器人。

Name sheetTeradyne

Why it mattersThe most important warning sample on this map: cobots have channel, installed base and ecosystem, and the test is now partly resolved on volume and unresolved on mix. FY2025 robotics revenue was $308m against a $99m pre-tax loss. H1 2026 robotics revenue was $191m ($91m in Q1 and $100m in Q2, up 33% year over year, the division's first $100m quarter and its fifth consecutive quarter of growth), a Q2 annualised run rate of about $400m. But the growth driver is AI data-centre construction pushing electronics and semiconductor assembly past automotive as the division's largest end market, which is cyclical capex beta rather than an integration-and-service annuity. Robotics fell from 19% of Teradyne revenue in Q4 2023 to 8% in Q2 2026 while growing 33%. This is the live test of whether P17 is a moat or a cost centre, and on the H1 2026 segment disclosure it is a cost centre that scales.

为何重要本图最重要的警示样本：协作机器人有渠道、有装机量、有生态，而这项检验目前在“量”上已部分有解，在“结构”上仍无解。FY2025 机器人收入 3.08 亿美元，税前亏损 9,900 万美元。2026 上半年机器人收入 1.91 亿美元——Q1 9,100 万、Q2 1.00 亿（同比 +33%），是该部门史上第一个过亿美元的季度，也是连续第五个增长季度——按 Q2 年化约 4 亿美元。但增长的驱动来自 AI 数据中心建设，使电子制造与半导体封装首次超过汽车成为该部门最大终端市场，这是周期性资本开支的贝塔，而不是集成与服务的年金。机器人收入占泰瑞达总收入的比重，从 2023 年 Q4 的 19% 降到 2026 年 Q2 的 8%，同时收入还增长了 33%。这是“P17 究竟是护城河还是成本中心”的活体检验；按 2026 上半年的分部披露，它是一个可规模化的成本中心。

Caveat

The segment loss is far smaller than the FY2025 framing implies, and it still does not make P17 a moat. The 10-Q for the period ended 2026-06-28 reports robotics segment income before income taxes of −$2.6m in Q2 2026 and −$3.5m in H1 2026, against −$18.5m and −$55.7m in the year-ago periods: within $2.6m of quarterly breakeven on about $400m of annualised revenue.

But segment gross margin fell from 53.8% to 52.0% in H1 while revenue grew 32.9%, so 58% of the $52.2m improvement in loss before taxes is cost and charge reduction and 42% is volume at a lower margin: none of it is the margin expansion an attach-driven annuity would produce. Two disclosed robotics restructuring actions in 2025, about 10% of global robotics staff in January (roughly 140 people) and a further 14% of the remainder in November, are cumulatively about 24%, roughly 330 people on a derived base of about 1,400; the widely cited '~400 layoffs' is not reconciled to those two actions.

The $416m of goodwill remains unverified: no impairment charge was found in FY2025 or H1 2026, but absence of search results is not absence of an impairment, so read the goodwill note directly. The falsification test is cheap and specific: if gross margin expands above roughly 55% over the next two quarters while revenue grows, the annuity reading gains real support and this verdict should be revisited.

Return −7.76%.

风险提示

分部亏损远小于 FY2025 口径所暗示的水平，但这仍不足以把 P17 变成护城河。截至 2026-06-28 期间的 10-Q 显示，机器人分部税前亏损 2026 年 Q2 为 260 万美元、上半年为 350 万美元，去年同期分别为 1,850 万与 5,570 万美元：在约 4 亿美元年化收入上，单季距离盈亏平衡只差 260 万美元。

但上半年分部毛利率从 53.8% 降至 52.0%，同期收入增长 32.9%；因此 5,220 万美元的税前亏损改善中，58% 来自成本与计提的下降，42% 来自毛利率更低的增量销量；其中没有任何一部分，是“配套耗材与服务年金”本应带来的毛利率扩张。2025 年披露的两次机器人重组：1 月裁减约 10% 的全球机器人员工（约 140 人），11 月再裁减剩余人员的约 14%，累计约 24%、按推算基数约 1,400 人计约 330 人；此前广为引用的“约 400 人裁员”与这两次行动并未对账。

4.16 亿美元商誉仍未验证：FY2025 与 2026 上半年未检索到减值计提，但“搜不到”不等于“没有减值”，应直接阅读商誉附注。证伪测试成本低且明确：若未来两个季度在收入增长的同时毛利率升至约 55% 以上，年金式解读将获得实质支持，届时应重新审视本结论。

回报 −7.76%。

ProductUniversal Robots collaborative arms and MiR autonomous mobile robots

Value accrualDistribution, applications ecosystem, installed base, and service

Key riskQ2 2026 Robotics revenue $100m (~7.5% of group). FY2025 robotics revenue $308m and pretax loss $99m; restructuring, ~400 layoffs, and $416m goodwill require unit-economic proof.

Bottlenecks瓶颈 P13 Dexterous manipulation灵巧操作 · P17 Integration, uptime, service集成、在线率与服务 · P18 Vertical workflow ROI垂直工作流 ROI

Class: public
Country: US
HQ: North Reading, MA, United States
Layer: Robot OEM / Actuation
Systems: work · body · muscle
Caveat stance: avoid
Ticker: TER
Exchange: Nasdaq
Purity: Medium-low / robotics segment within test equipment group
Valuation tier: 1
Last verified: 2026-08-12
Confidence note: High
Sources: S-PUB-005
Translated fields: what_it_does_en · why_it_matters_en · caveat_en
Chain position: midstream

COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −

Commercial evidence shows how far a company has moved from a product claim to repeatable customer value. We look for a defined customer task, paid deployment, operating results, the human help required, and economics that can support repeat use. Missing information stays unassessed; it does not count as evidence against the company.商业证据用于判断一家公司从产品宣称走到了可重复客户价值的哪一步。我们关注明确的客户任务、付费部署、运行结果、所需人工协助，以及能否支持重复采用的经济性。缺失信息保持未评估，不会被当作对公司的负面证据。 Each item below applies only to the cited document and period. It should be read with its evidence class, review date, and stated limits.以下每项内容仅适用于所引文件与期间，阅读时应同时考虑证据类别、核查日期与已说明的局限。

Customer and task
客户与任务: Not yet assessed in this structured record.本结构化记录尚未评估。
Deployment and payment
部署与付款: Not yet assessed in this structured record.本结构化记录尚未评估。
Task results and human assistance
任务结果与人工协助: Not yet assessed in this structured record.本结构化记录尚未评估。
Cost and repeat purchases
成本与复购: Not yet assessed in this structured record.本结构化记录尚未评估。
What the evidence cannot establish
证据的局限: Not yet assessed in this structured record.本结构化记录尚未评估。

How to evaluate commercial evidence如何评估商业证据