Q vs TER: Qnity Electronics and Teradyne compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Teradyne is the larger company, worth $62.7B, about 2.6 times Qnity Electronics.
- Teradyne grew revenue faster over the last year (+103.9% vs +22.1%).
- On earnings, Qnity Electronics is the cheaper stock (37.6x vs 74.0x).
- Teradyne's price assumes faster free cash flow growth: about 31% a year, against 8% for Qnity Electronics (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | Q | TER |
|---|---|---|
| Market cap | $24.4B | $62.7B |
| Share price | $126.60 | $411.78 |
| Revenue (last fiscal year) | $4.8B | $3.2B |
| Free cash flow (last fiscal year) | $988M | $450M |
| Revenue growth, last year | +22.1% | +103.9% |
| Revenue growth per year, last 5 fiscal years | +8.5% | -3.7% |
| Operating margin | — | 30.2% |
| Net margin | 11.4% | 25.8% |
| Return on equity | 8.2% | 33.5% |
| P/E (trailing) | 37.6x | 74.0x |
| Price / free cash flow | 24.7x | 139.2x |
| EV / EBITDA | 18.7x | 41.0x |
| FCF growth the price implies | 7.7% | 31.0% |
| Dividend yield | 0.12% | 0.12% |
| Debt / equity | 0.93x | 0.42x |
| Fundamental grade | C | B |
| Superinvestors holding it | 8 | 5 |
| Insider purchases, last 12 months | 2 | 9 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Qnity Electronics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2023 | $4.0B | $651M | — |
| 2024 | $4.3B | $861M | — |
| 2025 | $4.8B | $988M | — |
Teradyne
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.7B | $966M | 32.4% |
| 2022 | $3.2B | $415M | 26.4% |
| 2023 | $2.7B | $426M | 18.7% |
| 2024 | $2.8B | $474M | 21.1% |
| 2025 | $3.2B | $450M | 20.4% |
Where the revenue comes from
Qnity Electronics · by segments, 2025
Semiconductor Technologies$2.6B56%
Interconnect Solutions$2.1B44%
Teradyne · by segments, 2025
Semiconductor Test$2.5B79%
Product Test$358M11%
Robotics$308M10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open Q in InvestinglyQuestions
Which is bigger, Qnity Electronics or Teradyne?
Teradyne (TER), at $62.7B against $24.4B.
Is Q or TER cheaper?
By trailing P/E, Qnity Electronics (37.6x) is cheaper than Teradyne (74.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, Q or TER?
Teradyne: revenue grew +103.9% over the last year, against +22.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.