Teradata Corporation (TDC)
割安ファンダメンタル
66
株価
$30.16
時価総額
$2.74B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
競争優位性（moat）
スイッチングコスト · 狭い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.
需要を左右する要因
中程度の景気循環性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.
主なリスク
- 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.
強気材料
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.
弱気材料
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
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$1.69B
直近12か月（2026/6/30まで）
純利益
$458M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$286M
自己資本合計
$230M
負債合計
$1.55B
流動比率
0.91
利払い倍率
5.08
負債/EBITDA
0.34
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$63.47
現在株価
$30.16
安全マージン
+52.5%
適正価値レンジ
$41.26 - $85.69
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
6.29
ROE
56.5%
P/B レシオ
4.69
P/FCF
3.78
粗利益率
60.8%
ROIC
12.3%
収益性レーダー
価値創造（経済的モート）
ROIC
12.3%
WACC
8.3%
ROIC − WACC
+4.1 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（18）
- ROIC 12.3%
- Gross Margin 60.8%
- P/FCF 3.78
- 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%
- Earnings Surprise avg 25.8%
- PEG Ratio 1.91
- Earnings Quality (OCF/NI) 1.66
- Share Dilution -2.0%
- Net Margin Trend 27.1% vs 6.6%
- Piotroski F-Score 7/9
不合格（9）
- EPS shows upward trend
- EPS CAGR -0.17%
- Price CAGR 0.73%
- P/B Ratio 4.69
- Debt/Equity ratio
- Low reliance on intangibles
- Price below Graham Number
- Revenue Growth 5Y -2.0%
- Analyst Consensus 43% Buy
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
1
取締役会リスク
3
報酬リスク
5
株主権利リスク
4
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for TDC, sourced from Markets Gazette.