A method includes receiving tester configuration data, test pattern data, and tester operation data; configuring a circuit for performing a designated test evaluation; generating a stimulus waveform; converting the stimulus waveform to an analog stimulus signal; transferring the analog stimulus signal to a first terminal of a MTJ DUT at reception of a trigger timing signal; generating time traces based on the trigger timing signal; generating a response signal at a second terminal of the MTJ DUT and across a termination resistor as the analog stimulus signal is transferred through the MTJ DUT; converting the response signal to a digitized response signal indicating its voltage amplitude; and performing the designated test evaluation and analysis function in the configurable circuit based on voltage amplitudes and time values of the stimulus waveform, the digitized response signal, and the timing traces.