Measurements were made of the piezomagneticd33coefficient, the free permeability,μ33T,and the open-circuit elastic compliance coefficient,s33H,of grain-oriented Terfenol-D,Tb0.3Dy0.7Fe1.93,produced by a modified Bridgman technique. Prestress levels to 9500 psi (65 MPa) and magnetic bias fields up to 2200 Oe (175 kA/m) were applied with a laboratory electromagnetic modified so that one pole piece served as a hydraulically actuated piston. The results indicate thatd33, μ33T,ands33Hare dependent on stress and magnetic field, so that proper mechanical prestress and magnetic bias conditions are critical to the successful use of Terfenol-D in transducers and actuators. Radiated-power limits for underwater acoustic projectors are estimated and compared with those for projectors having lead zirconate titanate (PZT-4) piezoelectric drivers. Terfenol-D based transducers can be as much as 8 dB superior to PZT-4 under low-Q, field-limited conditions (Q=mechanical quality factor).