Teradata Corporation (TDC)
POSITIVE基本面
66
价格
$27.30
市值
$2.56B
第一部分 · 这家公司值多少
概览
Teradata sells software that large companies use to store, organize and analyze their data, plus the consulting work needed to set it up. It began as a maker of specialized database hardware and has been converting that installed base into a subscription business that runs on the cloud or on a customer's own servers. Customers are mostly large enterprises — banks, retailers, telecoms — with data volumes too big and complex for off-the-shelf tools.
盈利方式
The company is mid-transition from one-time hardware and perpetual license sales to recurring subscriptions billed monthly to multi-year, whether run in the cloud or on-premises. Recurring revenue reached 87% of the total in fiscal 2025, up from 84% a year earlier, so most revenue now renews automatically rather than being re-sold each cycle. Consulting services, billed for implementation and migration work, make up the rest alongside a shrinking sliver of upfront hardware and perpetual-license sales.
分部营收
Recurring subscription revenue from cloud and on-premises data platforms, plus the remaining perpetual software licenses and hardware sold upfront.
Implementation, migration and advisory services billed to help customers set up and run the platform.
护城河
转换成本 · 狭窄Once a large enterprise has built years of reporting, pipelines and analytics on top of Teradata, ripping it out is a multi-year, high-risk project, which keeps existing customers paying subscriptions. The moat is narrower than it looks because cloud-native rivals now win most new workloads outright, so the switching cost protects the installed base rather than growing it.
需求驱动因素
中度周期性Subscription revenue renews on multi-year terms, which smooths results compared to a pure license business, but new bookings depend on enterprise IT budgets that tighten in a downturn and on customers actually completing their migration to the cloud platform rather than delaying it.
主要风险
- Late and lagging cloud transition — Teradata entered the cloud data-platform market later than rivals such as Snowflake and Databricks, which have taken significant market share. Cloud net expansion has slowed year over year, evidence the transition has not fully offset the erosion of the legacy on-premises business.
- Intense competition and pricing pressure — The company describes the data-platform market as intensely competitive, with rapid technology change and frequent price reductions from rivals, which can force Teradata to cut prices or lose deals to newer entrants.
- Uncertain AI/ML regulatory environment — As Teradata adds AI and machine-learning capabilities to its platform, it is exposed to an emerging and evolving regulatory environment whose eventual impact on the business is, by its own account, difficult to predict.
看多理由
Buyers argue that recurring revenue at 87% of the total gives the business a stable, predictable base, that switching costs slow customer losses while the cloud transition catches up, and that AI-driven demand for enterprise data platforms gives Teradata a new growth vector on top of its installed base.
看空理由
Sellers fear that cloud-native competitors have already captured the growth end of the market, that Teradata's own cloud expansion is slowing rather than accelerating, and that the shrinking legacy on-premises business will keep dragging on total revenue faster than subscriptions can replace it.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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资产负债表与流动性
营收
$1.69B
最近12个月（截至2026/6/30）
净利润
$458M
最近12个月（截至2026/6/30）
自由现金流
$286M
股东权益合计
$230M
负债合计
$1.55B
流动比率
0.91
利息覆盖率
5.08
债务/EBITDA
0.34
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$62.89
当前价格
$27.30
安全边际
+56.6%
公允价值区间
$40.88 - $84.90
估算方法
估值指标
市盈率（P/E）
5.78
ROE
56.5%
市净率（P/B）
4.32
P/FCF
3.48
毛利率
60.8%
ROIC
12.3%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
12.3%
WACC
8.3%
ROIC − WACC
+4.1 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过（19）
- ROIC 12.3%
- Gross Margin 60.8%
- P/FCF 3.48
- Operating Margin 7.5%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- DCF valuation (Undervalued)
- ROE 114.6%
- Analyst Consensus 50% Buy
- Earnings Surprise avg 25.8%
- PEG Ratio 1.76
- Earnings Quality (OCF/NI) 1.66
- Share Dilution -2.0%
- Net Margin Trend 27.1% vs 6.6%
- Piotroski F-Score 7/9
未通过（8）
- EPS shows upward trend
- EPS CAGR -0.17%
- Price CAGR 0.19%
- P/B Ratio 4.32
- Debt/Equity ratio
- Low reliance on intangibles
- Price below Graham Number
- Revenue Growth 5Y -2.0%
不可用（1）
- Dividend Payout NaN%
Piotroski F-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Stephen McMillan | President, CEO & Director | 54 |
| Mr. John Ederer | Chief Financial Officer | 55 |
| Mr. Charles Smotherman | Senior VP & Chief Accounting Officer | - |
| Mr. Scot Frazier Rogers J.D. | Chief Administrative Officer & Corporate Secretary | 58 |
| Mr. Richard Petley | Chief Revenue Officer | 58 |
| Mr. Sumeet Arora | Chief Product Officer | 50 |
| Mr. Michael D. Hutchinson | Chief Operating Officer | 59 |
| Mr. Louis Landry | Chief Technology Officer | - |
| Mr. Josh Fecteau | Chief Data & AI Officer and Chief Information Officer | - |
| Mr. Chad Michael Bennett | Senior Vice President of Investor Relations & Corporate Development | - |
审计风险
1
董事会风险
3
薪酬风险
5
股东权利风险
4
第二部分 · 价格与买入时机
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Latest News
Recent headlines for TDC, sourced from Markets Gazette.