Cohu, Inc.

Cohu, Inc.

COHUยทNASDAQ

$56.12

+3.0%
TechnologySemiconductors

Cohu, Inc., through its subsidiaries, provides semiconductor test equipment and services in China, the United States, Taiwan, Malaysia, the Philippines, and internationally. The company supplies semiconductor test and inspection handlers, micro-electromechanical system (MEMS) test modules, test contactors, thermal sub-systems, and semiconductor automated test equipment for semiconductor and electronics manufacturers, and test subcontractors. It also provides semiconductor automated test equipment for wafer level and device package testing; various test handlers, including pick-and-place, turret, gravity, strip, and MEMS and thermal sub-systems; interface products comprising test contactors, and probe heads and pins; spares and kits; various parts and labor warranties on test and handling systems, and instruments; and training on the maintenance and operation of its systems, as well as application, data management software, and consulting services on its products. In addition, the company offers data analytics product that includes DI-Core, a software suite used to optimize Cohu equipment performance, which provides real-time online performance monitoring and process control. It markets its products through direct sales force and independent sales representatives. The company was formerly known as Cohu Electronics, Inc. and changed its name to Cohu, Inc. in 1972. Cohu, Inc. was incorporated in 1947 and is headquartered in Poway, California.

At a Glance

Live Snapshot
Market Cap$2.65B
EPS-1.5900
P/E Ratio-35.30
Earnings Date07/30/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

Medium confidence

Valuation multiple is compressed (P/E -35.3).

Valuation inputs: P/E -35.3, earnings yield N/A, momentum +3.0%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is soft (ROE -9.5%, ROIC -5.1%).

Profitability stack: net margin -16.4%, ROE -9.5%, ROIC -5.1%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +36.8%, momentum +3.0%, net margin -16.4%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

cohu

Cohu, Inc. Market vs Earnings Trajectory

COHU ยท NASDAQ

Loading price and EPS data...

Cohu, Inc.

Cohu, Inc. Fair Value Envelope

COHU ยท NASDAQ

Our analysis suggests that COHU has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $56.12, this represents a potential HIDDEN relative to our calculated worth for Cohu, Inc..

Intrinsic Value
Current Price: $56.12
3Y-369.0%
5Y-145.0%
10Y+56.0%
3Y-29.0%
5Y-49.0%
10Y-
3Y-364.0%
5Y-144.0%
10Y+131.0%
3Y-69.0%
5Y-68.0%
10Y-8.0%
3Y-87.0%
5Y-87.0%
10Y-64.0%
3Y+8.0%
5Y+1.0%
10Y+15.0%
Cohu, Inc.

Cohu, Inc. Profit Bridge

COHU ยท NASDAQ
Revenue452.96M
Cost of Goods Sold (296.80M)
Gross Profit156.15M
Operating Expenses (216.58M)
Operating Income-60.43M
Interest Expense (2.05M)
Other Income/Expense-1.98M
Pretax Income-62.41M
Income Tax (11.87M)
Net Income-74.27M
Net Income
-74.27M

Profitability Analysis

Gross Margin

34.5%

Moderate margins typical of competitive industries. Monitor for pricing pressure or rising costs.

Operating Margin

-13.3%

Operating losses indicate the core business is unprofitable. Requires restructuring or revenue growth.

Net Profit Margin

-16.4%

Net losses indicate the company is burning cash. Sustainability depends on path to profitability.

Profitability Insight

Margin squeeze alert: Healthy gross margins but weak operating margins suggest excessive operating expenses. Cost optimization could unlock significant value.

34.09%
Gross Profit Margin
-1%
3Y-28.0%
5Y-28.0%
10Y-13.0%
-12.91%
Operating Profit Margin
-3%
3Y-290.0%
5Y-184.0%
10Y+98.0%
-16.40%
Net Profit Margin
3Y-471.0%
5Y-238.0%
10Y+39.0%
-9.46%
Return on Equity
3Y-419.0%
5Y-191.0%
10Y-34.0%
-5.98%
Return on Assets
3Y-344.0%
5Y-176.0%
10Y-7.0%
-5.11%
Return on Invested Capital
-3%
3Y-303.0%
5Y-157.0%
10Y+32.0%
COHU

Cohu, Inc. Cash Conversion Engine

COHU ยท NASDAQ
Net Income-74.27M
Depreciation & Amortization53.52M
Stock-Based Compensation0.00
Change in Working Capital22.16M
Others32.08M
Capital Expenditures-20.96M
Free Cash Flow10.73M

Cash Flow Quality Analysis

FCF Conversion Rate

-14.5%

Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.

CapEx Intensity

66.1%

Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.

FCF Growth Trend

+236.6%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

+$22.16M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Capital-intensive growth: Heavy reinvestment limits current cash available but may drive future returns. Assess whether CapEx supports compelling growth opportunities with adequate ROI.

cohu

Cohu, Inc. Funding & Solvency Profile

COHU ยท NASDAQ
Cash & Cash Equivalents210.94M
Net Receivables101.45M
Inventory130.81M
Other Current Assets33.24M
Total Current Assets754 M
Property, Plant & Equipment105.09M
Goodwill & Intangible Assets351.86M
Long-Term Investments0.00
Other Non-Current Assets23.88M
Total Non-Current Assets129 M
Total Assets
1.24B

Financial Health Analysis

Current Ratio

6.43x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

0.54x

Balanced capital structure with moderate leverage. Equity exceeds debt, suggesting healthy financial stability.

Working Capital

637 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

61% Current

Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.

Financial Health Insight

Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.

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Cohu, Inc. Street Expectations Map

COHU ยท NASDAQ

Wall Street analysts project that COHU stock may decline over the coming 12 months. The consensus 1-year price target stands at 49.75, with estimates ranging from a low of 32.00 to a high of 60.00.

Lowest Target
32.00
-42.98%
Consensus Target
49.75
-11.35%
Highest Target
60.00
6.91%

The consensus 1-year price target stands at 49.75, with estimates ranging from a low of 32.00 to a high of 60.00.

Analyst Consensus Analysis

Upside Potential

-11.3%

Downside risk. Current price above analyst targets indicates potential overvaluation. Exercise caution and review catalysts.

Analyst Agreement

56.3% spread

Mixed analyst views. Wide target range suggests differing opinions on key value drivers, growth prospects, or risk factors.

Risk-Reward Profile

0.16x

Unfavorable risk-reward. Downside risk exceeds upside potential. Consider defensive positioning or alternative opportunities.

Analyst Conviction

Low

Bearish or uncertain outlook. Limited upside or poor consensus suggests challenges ahead or fundamental concerns.

Market Sentiment Insight

Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.

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Cohu, Inc. Insider Positioning

COHU ยท NASDAQ

During the last 12 months, insiders have sold $4.59M worth of COHU shares, with no buying activity reported.

3 Months

Bought

0

0.00

Sold

90.7K

4.21M

Net Activity

-4.2M

-$4.21M

3-6 Months

Bought

0

0.00

Sold

12.1K

377.37K

Net Activity

-377K

-$377K

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

No buying activity

Top Sellers

1
MLA

Muller Luis A

Officer: President & Ceo

45.2K sharesโ€ข1 transactions

$2.11M

2
BSJ

Bilodeau Steven J

Director

21.4K sharesโ€ข2 transactions

$807K

3
JJD

Jones Jeffrey D

Officer: Sr. Vp Finance & Cfo

13.0K sharesโ€ข1 transactions

$609K

4
DJA

Donahue James A

Director

10.3K sharesโ€ข1 transactions

$480K

5
BW

Bendush William

Director

7.5K sharesโ€ข1 transactions

$369K

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $4.59M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.00:1

Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.

Recent Trend (3 Months)

$4.21M

Heavy recent selling activity. Recent insider sales notably exceed purchasesโ€”may warrant investigation into company developments.

Insider Participation

High Selling

5 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.

Insider Activity Insight

Multiple red flags: Heavy selling, numerous sellers, and continued recent selling create a concerning pattern. Investigate fundamental drivers and consider whether company guidance or industry conditions have deteriorated.

0.00%
Dividend Yield
3Y-
5Y-
10Y-100.0%
ย 

cohu Dividend History

COHU
10Y CAGR +0%
Latest $0.06
Annual $0.3
Stable dividend payments
Last Period: +0%