Cohu Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today bets that the AI test cycle actually delivers the 2026 and 2027 earnings estimates before the cyclicality or the dilution catches up with them — and pays 46 times an estimate for it, cushioned by a net cash position of a good $200 million. Whoever waits checks three pieces of evidence in every quarterly report (10-Q): the return to net profit, the broadening of demand beyond AI computing (automotive, industrial, mobile), and the goodwill status of the IS unit. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Cohu delivers a documented turn — three quarters of roughly 30 percent growth, rising margins, a full order book and a cash pile that carries both overhaul and note. But the market has already paid for that turn several times over: roughly $3.2 billion of market value for a company in its third loss year, at 46 times the 2027 earnings estimate, while a convertible note holds up to 10.6 million additional shares ready at a fixed $27.18 and the IS unit defends its goodwill only narrowly. Whoever invests here buys a well-financed cyclical on advance payment. Not investment advice.
Operational turn
Three straight quarters of roughly 30 percent revenue growth (Q3 2025 through Q1 2026, most recently $125.1 million), gross margin up from 43.7 to 46.3 percent, order backlog up 20 percent to $165.1 million (12/27/2025), operating cash flow up tenfold to $31.7 million in 2025 — the recovery is documented in the filings, not just in the chart (10-K FY 2025, 10-Q as of 03/28/2026).
Earnings picture
A third straight loss year: −$74.3 million net in 2025 (2024: −$69.8 million), and Q1 2026 still red at −$12.1 million; a trailing P/E does not exist. The roughly $3.2 billion valuation rests entirely on estimates ($0.58/$1.48 per share for 2026/2027) carried by only a handful of analysts.
Dilution & capital structure
$287.5 million of convertible notes (1.50%, due 2031) with a $27.18 conversion price — deep in the money with the stock near $67; up to 10.6 million new shares (more than a fifth of the count), capped-call protection only to $41.02. The offset: $488.7 million in cash and short-term investments, a net cushion of a good $200 million (03/28/2026).
Cyclicality & goodwill
The 10-K itself calls the industry "highly cyclical and unpredictable" (−55 percent of revenue 2021–2024); the recovery currently hangs one-sidedly on AI computing. $283.0 million of goodwill, 39 percent of it in the IS unit with "limited headroom" — an impairment would not touch liquidity but would hit book value and the acquisition record; 60 percent recurring revenue dampens the swings.
Technicals & valuation
A stage-2 trend, relative strength 97, Minervini criteria, 22 scanner hits and roughly 9 percent below the all-time high meet a P/S of 6.6, about 4 times book, and 46 times the 2027 estimate (data as of July 17, 2026) — first-class momentum at a price that presupposes two more good years; most recently two insider sales, no purchase.
Worth Noting
COHU reached the research list via the momentum run of our in-house stock scanner of July 17, 2026 (22 hits, incl. Stan Weinstein stage 2, RS leaders ≥90, Minervini trend criteria); scanner metrics are computed on trailing twelve-month figures.
Loss and margin figures contain non-cash items ($37.5 million of amortization on acquired intangibles in 2025, $10.1 million of restructuring); operating cash flow was positive at +$31.7 million in 2025. The earnings estimates of $0.58/$1.48 (2026/2027) come from only a handful of analysts.
Price and valuation figures dated July 17, 2026 (about $67 per share, roughly $3.2 billion market value); analyses are evergreen, daily prices are not a buy argument. Cohu’s fiscal year ends on the last Saturday of December — annual figures nearly match the calendar year.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at COHU since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 18.70 $ to 73.90 $ · Last price: 55.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductor Equipment & Materials
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Cohu Inc COHU | 2.6 | – | 102.9 | 44.0 | -8.3 | 12.7 | 150.7 |
| Lam Research Corp LRCX | 371.4 | 47.0 | 41.9 | 50.5 | 35.0 | 23.7 | 122.2 |
| Applied Materials Inc AMAT | 331.4 | 36.5 | 31.3 | 49.4 | 31.9 | 4.4 | 135.6 |
| KLA Corporation KLAC | 220.8 | 46.0 | 37.8 | 61.3 | 41.2 | 23.9 | 71.6 |
| Teradyne Inc TER | 57.6 | 59.4 | 34.3 | 59.2 | 37.6 | 13.1 | 209.5 |
| Qnity Electronics, Inc Q | 24.5 | 47.5 | 20.3 | 46.2 | 22.8 | 9.7 | 20.8 |
| Entegris Inc ENTG | 22.4 | 69.9 | 25.9 | 45.6 | 18.0 | -1.4 | 41.1 |
| Onto Innovation Inc ONTO | 13.7 | 109.7 | 49.6 | 55.5 | 16.8 | 1.8 | 115.5 |
| Amkor Technology Inc AMKR | 11.9 | 23.7 | 8.5 | 15.5 | 6.0 | 6.2 | 81.4 |
| Median of companies shown | 24.5 | 47.2 | 34.3 | 49.4 | 22.8 | 9.7 | 115.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 282 | 6 | 3 | 0.11 | 25 | 235 | 346 |
| 2017 | 353 | 35 | 33 | 1.14 | 40 | 289 | 420 |
| 2018 | 452 | -30 | -32 | -1.01 | 34 | 546 | 1,134 |
| 2019 | 583 | -52 | -70 | -1.69 | 17 | 483 | 1,078 |
| 2020 | 636 | 3 | -14 | -0.33 | 50 | 512 | 1,090 |
| 2021 | 887 | 202 | 167 | 3.45 | 98 | 883 | 1,259 |
| 2022 | 813 | 126 | 97 | 1.98 | 113 | 929 | 1,227 |
| 2023 | 636 | 43 | 28 | 0.59 | 101 | 950 | 1,150 |
| 2024 | 402 | -72 | -70 | -1.49 | 3 | 857 | 999 |
| 2025 | 453 | -60 | -74 | -1.59 | 32 | 786 | 1,243 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.46 | – | 94 | -31.40 | -22.70 | -2 | -5 |
| 2025: Q1 | -0.66 | – | 97 | -10.10 | -31.80 | -10 | -21 |
| 2025: Q2 | -0.36 | – | 108 | 2.80 | -15.70 | 16 | 13 |
| 2025: Q3 | -0.09 | – | 126 | 32.40 | -3.20 | -14 | -18 |
| 2025: Q4 | -0.48 | – | 122 | 29.90 | -18.40 | 40 | 37 |
| 2026: Q1 | -0.26 | – | 125 | 29.30 | -9.60 | 10 | 8 |
| 2026: Q2 | 0.00 | 100.00 | 149 | 38.30 | -0.10 | 10 | 8 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 27 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Kathy Donnelly: Liquid Movers Up
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Power Trend Leader
- Mike Webster: Swing Trading List
- Oliver Kell: Doublers
- Oliver Kell: Strength on Down Day
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.95 | 0.81 – 1.13 | 613 | 531.8% | 8 |
| 12/31/2027 | 1.85 | 1.45 – 2.28 | 770 | 94.3% | 8 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 25.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $34.9M |
|---|---|
| Market cap | $2.60B |
| Free cash flow in year ten | $344.3M |
| Terminal value as a share of market value | 69.9% |
For comparison: over the past five years free cash flow shrank by 19.2% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Cohu verkauft KI auf zwei Ebenen: Mit dem Zukauf von Tignis (Januar 2025, 36,6 Mio. US-Dollar) gehören die KI-Prozesssteuerungs-Produkte PAICe Monitor und PAICe Maker zum eigenen Portfolio — laut 10-K ein Anbieter von „artificial intelligence (‚AI‘) process control and analytics-based monitoring software“ (Umsatzbeitrag 2025 noch unwesentlich). Zugleich benennen 10-K und 10-Q die Nachfrage nach KI-Computing ausdrücklich als Treiber des Kerngeschäfts mit Test- und Inspektionstechnik. KI ist damit dokumentierte Produkt- und Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„On January 7, 2025, we completed the acquisition of Tignis, Inc. (“Tignis”), a provider of artificial intelligence (“AI”) process control and analytics-based monitoring software. This strategic acquisition is intended to enable us to expand our analytics offerings to the semiconductor process control market."
Am 7. Januar 2025 haben wir die Übernahme der Tignis, Inc. („Tignis“) abgeschlossen, eines Anbieters von Software für KI-Prozesssteuerung und analytikbasiertes Monitoring. Diese strategische Übernahme soll es uns ermöglichen, unser Analytik-Angebot auf den Markt für Halbleiter-Prozesskontrolle auszuweiten.
10-K · 2026-02-17 · View SEC filing
„Tignis’ PAICe Monitor and PAICe Maker solutions leverage the insights of physical phenomena with cutting-edge AI, machine learning, and data science to deliver advanced predictive and prescriptive automation solutions for semiconductor manufacturing."
Die Lösungen PAICe Monitor und PAICe Maker von Tignis verbinden die Erkenntnisse physikalischer Phänomene mit modernster KI, maschinellem Lernen und Data Science, um fortschrittliche prädiktive und präskriptive Automatisierungslösungen für die Halbleiterfertigung bereitzustellen.
10-K · 2026-02-17 · View SEC filing
„During the first quarter of fiscal 2026, our net sales benefited from increased customer activity associated with AI‑driven computing applications, which helped to offset ongoing weakness in automotive, industrial, and consumer‑focused markets."
Im ersten Quartal des Geschäftsjahres 2026 profitierte unser Umsatz von gestiegener Kundenaktivität im Zusammenhang mit KI-getriebenen Computing-Anwendungen, was half, die anhaltende Schwäche in den Automobil-, Industrie- und Konsumgütermärkten auszugleichen.
10-Q · 2026-05-01 · View SEC filing
„Our products and services provide enabling capability and technology to customers that deliver connectivity around the globe, autonomous driving to our cities, high-performance computing to enable artificial intelligence (“AI”) applications, advanced medical equipment to improve lives, robotic automation to accelerate productivity, and much more."
Unsere Produkte und Dienstleistungen liefern Schlüsseltechnologie für Kunden, die weltweite Konnektivität, autonomes Fahren in unseren Städten, Hochleistungsrechnen für Anwendungen der Künstlichen Intelligenz („KI“), fortschrittliche Medizintechnik zur Verbesserung von Leben, Roboterautomatisierung zur Steigerung der Produktivität und vieles mehr ermöglichen.
10-K · 2026-02-17 · View SEC filing
Filings Reviewed: 10-Q 2026-05-01 · 10-Q 2025-10-30 · 10-Q 2025-08-01 · 10-Q 2025-05-02 · 10-K 2026-02-17 · 10-K 2025-02-20
Rated on July 17, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -17.7%
- More than 10% revenue growth is expected for the coming year 22.2%
- Share count grows by less than 3% a year -1.4%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 15.1%
- Gross margin at 40% or higher and without meaningful erosion 34.5%
- Goodwill from acquisitions does not grow faster than revenue 22.8%
- Net debt below twice EBITDA 156 m net cash
- Operating cash flow covers the profits of the last three years 252 m
- Return on capital at 15% or higher, or up versus two years ago -5.3%
- Insiders hold at least 10% or are net buyers 2.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 5.4%
- Exp. sales growth 3Y > 5% 30.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 30.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -17.5%
- ROCE > 15% -5.3%
- Expected return > 10% 30.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Bohrson Christopher | Sr VP & Chief Customer Officer | Sell | 10,000 | 55.82 | 558,200 |
| Aug 17, 2026 | Bohrson Christopher | Sr VP & Chief Customer Officer | Sell | 1,000 | 61.90 | 61,900 |
| Aug 5, 2026 | Richardson Nina | Director | Sell | 3,055 | 51.54 | 157,455 |
| Aug 5, 2026 | Caggia Andrew M | Director | Sell | 5,252 | 51.73 | 271,686 |
| Aug 5, 2026 | Caggia Andrew M | Director | Sell | 10,000 | 51.74 | 517,400 |
| Jul 15, 2026 | Jones Jeffrey D | Sr. VP Finance & CFO | Other | 190,590 | 0.00 | – |
| Jul 15, 2026 | Bohrson Christopher | Sr VP & Chief Customer Officer | Sell | 1,000 | 57.92 | 57,920 |
The company
About the Company
Cohu, Inc. bietet über ihre Tochtergesellschaften Halbleiter-Testausrüstung und -dienstleistungen in den USA, Taiwan, China, Malaysia, den Philippinen, Singapur und international an.
- Employees
- 2,777
- Headquarters
- San Diego, CA
- Address
- 17087 Via Del Campo, 92127-1711 San Diego, United States
- Phone
- 858 848 8100
- Website
- cohu.com
- IPO Date
- 11/12/1986
- ISIN
- US1925761066
- Stock Split
- 2:1 on 09/27/1999
- Stock Split
- 2:1 on 06/08/1995
- Stock Split
- 2:1 on 06/28/1993
Management
| Name | Title | Birth Year |
|---|---|---|
| Luis Antonio Müller Ph.D. | President, CEO & Director | 1970 |
| Jeffrey D. Jones CPA | CFO & Executive Officer | 1961 |
| Klaus Ilgenfritz | Chief Product Officer & Senior Vice President | 1971 |
| Emily R. Lough | VP, Secretary, General Counsel | 1982 |
| Anna L. Aguirre | Chief Human Resources Officer | 1963 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/30/2026 COHU INC (COHU): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.