The instrument described is a multichannel time interval analyzer with digital output for use in the millimicrosecond region. The analyzer consists of two circulating transmission lines with a single fast coincidence circuit between them and associated gating circuits. Each circulating line is a precisely trimmed coaxial cable with its ends joined by a two‐stage noninverting saturating amplifier. A circulating pulse delivers time marks to the input of the coincidence circuit. By making the circulation periods of the two lines slightly different, the time marks are made to arrive at slightly different frequencies. The instrument is a true vernier. To measure an interval it is only necessary to count the number of circulations before coincidence and multiply by the difference in circulation period of the lines. A commercial 256‐channel magnetic core memory is used for storage.The circuit of the instrument is described. A method is described for predicting circulation threshold, growth to equilibrium, and equilibrium amplitude of a circulating pulse from the amplifier transfer characteristic. Data are presented which indicate the linearity, stability, and time resolution of the instrument.