Teradata Corporation
TDC 5Price and target zones价格与目标区间
What the company does公司做什么
Teradata sells database and analytics software that large companies use to store and study very large amounts of data. It is moving its customers from software installed on their own computers to a cloud subscription.Teradata 销售数据库和分析软件,供大型企业存储和研究极大量的数据。它正在把客户从装在自家电脑上的软件迁移到云端订阅。
Earns from营收来源 recurring software subscriptions, plus some consulting.经常性的软件订阅费,再加上一些咨询费。
Read the full description查看完整介绍
Teradata Corporation, together with its subsidiaries, provides an AI and knowledge platforms in the United States and internationally. It operates in two segments, Product Sales and Consulting Services. The company's AI and Knowledge platform designed for enterprise-grade workloads. Its consulting services include support services for organizations to establish data analytics and and AI vision, enable a hybrid ecosystem architecture, and identify and operationalize opportunities. The company serves clients in financial services, healthcare and life sciences, public sector, manufacturing, retail, telecommunications, and travel/transportation sectors through a direct sales force. Teradata Corporation was incorporated in 1979 and is headquartered in San Diego, California.
Revenue breakdown营收构成 share of revenue营收占比
This is Teradata's core business: multi-year subscriptions that let customers run its analytics database, plus the support that keeps it working. A growing share now comes from cloud subscriptions rather than software installed on a customer's own servers, so the mix is shifting even as the total line shrinks. Because swapping out a company's core data warehouse is disruptive and costly, customers tend to stay for years once they commit.这是Teradata的核心业务:客户使用多年期订阅来运行其分析数据库,并获得配套支持服务。目前云订阅所占比例正在上升,取代安装在客户自有服务器上的软件,因此即使这条业务线整体在萎缩,其构成也在缓慢转变。由于更换公司的核心数据仓库既麻烦又昂贵,客户一旦采用往往会连续使用多年。
Teradata's services team helps customers set up, migrate, and get more value from its software, including moves from on-premises systems to the cloud. This work often opens the door to new or expanded subscription contracts, so it supports the recurring line even though it is a much smaller stream on its own.Teradata的服务团队协助客户安装、迁移其软件并从中获得更多价值,包括从本地部署迁移到云端。这类工作通常会带来新的或扩大的订阅合同,因此即使自身规模较小,也能支撑经常性收入这条业务线。
This covers one-time sales of older, install-it-yourself software licences and related hardware, a model Teradata is phasing out in favour of subscriptions. It is now a tiny slice of the business, and its shrinking size reflects how far the company has moved toward the cloud.这部分包括一次性出售较旧的、需自行安装的软件许可证以及相关硬件,Teradata正逐步淘汰这一模式,转向订阅制。目前它只占业务的极小一部分,持续萎缩的占比反映出公司已在很大程度上转向云端。
Company facts公司资料
- Founded成立时间
- 1979
- Headquarters总部
- San Diego, California
- Employees员工人数
- 5,100
- Industry行业
- Software - Infrastructure
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
10.2x fwd, ~8.8x P/FCF, $285M FCF, 8.5% share reduction. Speculative value on a depreciating moat. Buy $20-22.
前瞻市盈率 10.2x,约 8.8x P/FCF,$285M 自由现金流,股份减少 8.5%。 押注于一条正在贬值的护城河的投机型价值。 $20-22 买入。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 119%
- Revenue growth营收增长
- +0%
Competitors竞争对手
Why customers stay客户为什么留下
A large installed base running complex, high-scale workloads, with real switching costs. But it is a depreciating moat: total revenue has fallen about 5% a year, and even recurring revenue is now shrinking, because on-site erosion outruns cloud growth. The cloud business is not yet large enough to offset the decline.庞大的既有客户群在运行复杂、超大规模的工作负载,具有实实在在的更换成本。但这是一条正在贬值的护城河:总收入每年下降约 5%,如今连经常性收入都在缩水,因为自建部署的流失快过云端的增长。云端业务还没有大到足以抵消这种下滑。