AAPL vs TER: how the two businesses compare

  • Bigger business: AAPL, with $416.2B of yearly revenue, about 130× TER's $3.2B.
  • More profitable: AAPL keeps 27 cents of each sales dollar as profit, against 17 cents at TER.
  • More cash from each sale: AAPL turns 27 cents of each sales dollar into operating cash flow, against 21 cents at TER.

From each company's latest annual SEC filing. Fiscal years can end on different dates.

Apple (AAPL) is the larger business by reported revenue: $416.2B in its fiscal year ended Sep 2025, about 130× TER's $3.2B (fiscal year ended Dec 2025). AAPL's net margin was 26.9% and TER's 17.4%. The SEC classifies them differently (Electronic Computers; Instruments For Meas & Testing of Electricity & Elec Signals); what connects them is shared exposure to the Artificial intelligence and Tariffs & trade research themes, not a common industry.

Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.

Sector
Information Technology
SEC industry
Different
Separate classifications
Fiscal year ends
Different
AAPL September 26 · TER December 31
Reviewed
Nov 3, 2026

AAPL vs TER: quick comparison

Company factAAPLTER
CompanyApple Inc.Teradyne, Inc.
ExchangeNASDAQNASDAQ
HeadquartersCupertino, California—
Founded1976—
SEC industryElectronic ComputersInstruments For Meas & Testing of Electricity & Elec Signals
Fiscal year-endSeptember 26December 31
Latest annual filing10-K · 2026-11-0310-K · 2026-02-19

AAPL vs TER: audited financials

  • Scale: AAPL's $416.2B of revenue is about 130× TER's $3.2B.
  • Net margin: AAPL kept 26.9% of revenue as net income versus 17.4% at TER.
  • Cash conversion: operating cash flow equalled AAPL 26.8% of revenue, or 1.00× net income; TER 21.1% of revenue, or 1.22× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
  • Periods: the fiscal years end about 3 months apart (2025-09-27 for AAPL, 2025-12-31 for TER), so each figure reflects somewhat different demand and cost conditions.

AAPL: FY ending 2025-09-27 · TER: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.

Where AAPL and TER overlap, and where they don't

Overlap

  • Shared research themes: Artificial intelligence and Tariffs & trade.

Differences

  • Different SEC industries: AAPL files as Electronic Computers; TER as Instruments For Meas & Testing of Electricity & Elec Signals.
  • Offset fiscal calendars: AAPL's year ends September 26 and TER's December 31, about 3 months apart.
  • Scale: AAPL reported about 130× the annual revenue of TER.
  • Profitability: net margin of 26.9% for AAPL versus 17.4% for TER.

Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.

Apple Inc. (AAPL)

Apple designs consumer electronics, software, and services, led by the iPhone, Mac, and a growing high-margin services segment. It is one of the world's most valuable companies and a core holding in most large-cap and technology index funds.

Teradyne, Inc. (TER)

Teradyne makes automated test equipment for semiconductors and electronics along with industrial and collaborative robots.

What moves each company

Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.

What moves AAPL

  • iPhone demand, pricing, and the device upgrade cycle
  • Services growth and App Store economics
  • Gross margins, component costs, and supply-chain concentration
  • Product innovation and adoption of on-device AI

What moves TER

We have not yet published a company-specific driver list for TER. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.

The investment question

You now know AAPL reports about 130× TER's revenue, and AAPL keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence and tariffs & trade, including “iPhone demand, pricing, and the device upgrade cycle” at AAPL, and which evidence in the next filings would prove that assumption wrong.

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SEC filing comparison and disclosure evidence

Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. AAPL's fiscal year ends September 26, while TER's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.

The current verified House and Senate snapshot contains 154 matched transaction rows for AAPL and 9 matched transaction rows for TER. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.

What this comparison cannot tell you

This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.

A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.

AAPL vs TER FAQs

Are AAPL and TER direct competitors?

Not necessarily. Apple files as Electronic Computers and Teradyne as Instruments For Meas & Testing of Electricity & Elec Signals. The pair is compared because both map to the Artificial intelligence and Tariffs & trade research themes, not because the filings show head-to-head competition.

Is AAPL or TER the bigger company by revenue?

Apple (AAPL) is the larger business by reported revenue: $416.2B in its fiscal year ended Sep 2025, about 130× TER's $3.2B (fiscal year ended Dec 2025). AAPL's net margin was 26.9% and TER's 17.4%. The SEC classifies them differently (Electronic Computers; Instruments For Meas & Testing of Electricity & Elec Signals); what connects them is shared exposure to the Artificial intelligence and Tariffs & trade research themes, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.

Which is better, AAPL or TER?

There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.

Does this AAPL vs TER comparison include live prices?

No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Apple Inc. and Teradyne, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.

Where does the company information come from?

Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.

Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.

Which business differences matter to the investment thesis?

AAPL vs TER compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.

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