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Side-by-side financial comparison of Teradyne (TER) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
Teradyne is the larger business by last-quarter revenue ($1.3B vs $789.0M, roughly 1.6× UL Solutions Inc.). Teradyne runs the higher net margin — 31.1% vs 8.5%, a 22.6% gap on every dollar of revenue. On growth, Teradyne posted the faster year-over-year revenue change (86.9% vs 6.8%). Over the past eight quarters, Teradyne's revenue compounded faster (32.6% CAGR vs 8.5%).
Teradyne, Inc. is an American automatic test equipment (ATE) designer and manufacturer based in North Reading, Massachusetts. Its high-profile customers include Samsung, Qualcomm, Intel, Analog Devices, Texas Instruments and IBM.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
TER vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $789.0M |
| Net Profit | $398.9M | $67.0M |
| Gross Margin | 60.9% | 49.7% |
| Operating Margin | 36.9% | 15.0% |
| Net Margin | 31.1% | 8.5% |
| Revenue YoY | 86.9% | 6.8% |
| Net Profit YoY | 55.1% | -17.3% |
| EPS (diluted) | $2.53 | $0.33 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.1B | $789.0M | ||
| Q3 25 | $769.2M | $783.0M | ||
| Q2 25 | $651.8M | $776.0M | ||
| Q1 25 | $685.7M | $705.0M | ||
| Q4 24 | $752.9M | $739.0M | ||
| Q3 24 | $737.3M | $731.0M | ||
| Q2 24 | $729.9M | $730.0M |
| Q1 26 | $398.9M | — | ||
| Q4 25 | $257.2M | $67.0M | ||
| Q3 25 | $119.6M | $100.0M | ||
| Q2 25 | $78.4M | $91.0M | ||
| Q1 25 | $98.9M | $67.0M | ||
| Q4 24 | $146.3M | $81.0M | ||
| Q3 24 | $145.6M | $88.0M | ||
| Q2 24 | $186.3M | $101.0M |
| Q1 26 | 60.9% | — | ||
| Q4 25 | 57.2% | 49.7% | ||
| Q3 25 | 58.4% | 50.3% | ||
| Q2 25 | 57.2% | 49.4% | ||
| Q1 25 | 60.6% | 48.4% | ||
| Q4 24 | 59.4% | 47.4% | ||
| Q3 24 | 59.2% | 49.0% | ||
| Q2 24 | 58.3% | 50.1% |
| Q1 26 | 36.9% | — | ||
| Q4 25 | 27.1% | 15.0% | ||
| Q3 25 | 18.9% | 19.9% | ||
| Q2 25 | 13.9% | 17.9% | ||
| Q1 25 | 17.6% | 15.5% | ||
| Q4 24 | 20.4% | 15.6% | ||
| Q3 24 | 20.6% | 17.8% | ||
| Q2 24 | 28.8% | 17.3% |
| Q1 26 | 31.1% | — | ||
| Q4 25 | 23.7% | 8.5% | ||
| Q3 25 | 15.5% | 12.8% | ||
| Q2 25 | 12.0% | 11.7% | ||
| Q1 25 | 14.4% | 9.5% | ||
| Q4 24 | 19.4% | 11.0% | ||
| Q3 24 | 19.8% | 12.0% | ||
| Q2 24 | 25.5% | 13.8% |
| Q1 26 | $2.53 | — | ||
| Q4 25 | $1.62 | $0.33 | ||
| Q3 25 | $0.75 | $0.49 | ||
| Q2 25 | $0.49 | $0.45 | ||
| Q1 25 | $0.61 | $0.33 | ||
| Q4 24 | $0.89 | $0.40 | ||
| Q3 24 | $0.89 | $0.44 | ||
| Q2 24 | $1.14 | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $241.9M | $295.0M |
| Total DebtLower is stronger | $0 | $491.0M |
| Stockholders' EquityBook value | — | $1.3B |
| Total Assets | $4.4B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $241.9M | — | ||
| Q4 25 | $293.8M | $295.0M | ||
| Q3 25 | $272.7M | $255.0M | ||
| Q2 25 | $339.3M | $272.0M | ||
| Q1 25 | $475.6M | $267.0M | ||
| Q4 24 | $553.4M | $298.0M | ||
| Q3 24 | $510.0M | $327.0M | ||
| Q2 24 | $421.9M | $295.0M |
| Q1 26 | $0 | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.8B | $1.3B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.8B | $1.1B | ||
| Q1 25 | $2.8B | $970.0M | ||
| Q4 24 | $2.8B | $904.0M | ||
| Q3 24 | $2.9B | $872.0M | ||
| Q2 24 | $2.7B | $769.0M |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $4.2B | $2.9B | ||
| Q3 25 | $4.0B | $2.9B | ||
| Q2 25 | $3.8B | $2.9B | ||
| Q1 25 | $3.7B | $2.9B | ||
| Q4 24 | $3.7B | $2.8B | ||
| Q3 24 | $3.8B | $2.9B | ||
| Q2 24 | $3.6B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $265.1M | $144.0M |
| Free Cash FlowOCF − Capex | — | $86.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 7.4% |
| Cash ConversionOCF / Net Profit | 0.66× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $265.1M | — | ||
| Q4 25 | $281.6M | $144.0M | ||
| Q3 25 | $49.0M | $155.0M | ||
| Q2 25 | $182.1M | $147.0M | ||
| Q1 25 | $161.6M | $154.0M | ||
| Q4 24 | $282.6M | $130.0M | ||
| Q3 24 | $166.3M | $150.0M | ||
| Q2 24 | $216.1M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $218.8M | $86.0M | ||
| Q3 25 | $2.4M | $109.0M | ||
| Q2 25 | $131.7M | $105.0M | ||
| Q1 25 | $97.6M | $103.0M | ||
| Q4 24 | $225.2M | $72.0M | ||
| Q3 24 | $114.4M | $84.0M | ||
| Q2 24 | $171.2M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 20.2% | 10.9% | ||
| Q3 25 | 0.3% | 13.9% | ||
| Q2 25 | 20.2% | 13.5% | ||
| Q1 25 | 14.2% | 14.6% | ||
| Q4 24 | 29.9% | 9.7% | ||
| Q3 24 | 15.5% | 11.5% | ||
| Q2 24 | 23.5% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | 7.4% | ||
| Q3 25 | 6.1% | 5.9% | ||
| Q2 25 | 7.7% | 5.4% | ||
| Q1 25 | 9.3% | 7.2% | ||
| Q4 24 | 7.6% | 7.8% | ||
| Q3 24 | 7.0% | 9.0% | ||
| Q2 24 | 6.1% | 7.7% |
| Q1 26 | 0.66× | — | ||
| Q4 25 | 1.09× | 2.15× | ||
| Q3 25 | 0.41× | 1.55× | ||
| Q2 25 | 2.32× | 1.62× | ||
| Q1 25 | 1.63× | 2.30× | ||
| Q4 24 | 1.93× | 1.60× | ||
| Q3 24 | 1.14× | 1.70× | ||
| Q2 24 | 1.16× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TER
Segment breakdown not available.
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
