📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Cognex Corporation provides machine vision products that capture and analyze visual information to automate manufacturing and distribution tasks in the United States, Europe, Greater China, and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding CGNX

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	2.13M	$104.5M	0.13%	Mar 2026
Jim Simons Renaissance Technologies LLC	868.1K	$42.5M	0.07%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used definitive terms like 'meaningful step forward', 'strongest quarterly margin in two years', and provided specific numerical guidance for Q3 (revenue $245-265M, EBITDA margin 19.5-22.5%, EPS $0.24-0.29). They highlighted four consecutive quarters of organic growth and 80bp EBITDA margin expansion. The tone remained assured about their three strategic objectives and financial framework.

Q3 2025

Confident Specific

Management repeatedly uses phrases like 'outstanding financial results', 'double-digit revenue growth', and 'highest adjusted EBITDA margin since Q2 2023'. They cite specific strategic progress with SLX launch and One Vision. The tone is assured and detailed about execution and market trends.

Q4 2025

Confident Specific

Management consistently used strong positive language: 'return to profitable growth', 'momentum throughout the year', 'sixth consecutive quarter of year-over-year expansion', 'we are uniquely positioned to win', 'we have a proven track record'. They highlighted specific achievements (8% revenue growth, 38% adjusted EPS growth) and set a specific new milestone (25% adjusted EBITDA run-rate by end 2026).

Q1 2026 latest

Confident Specific

Management described the quarter as 'exceptional' and 'strongest start' with 'broad-based outperformance' across revenue, margins, and EPS, giving specific numbers (24% revenue growth, 26.9% EBITDA margin, 113% EPS growth). However, they also repeatedly emphasized 'limited visibility' to the second half and cited macro uncertainties (geopolitics, energy, tariffs, interest rates), tempering full-year extrapolation.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call due to clear operating momentum: revenue and margin expansion beat expectations, cost reduction initiatives are on track, and new AI products address a $3.5B market segment. The cautious tone on second-half visibility is prudent given macro risks (tariffs, energy, interest rates) and a strong prior-year comparison, but does not indicate underlying demand weakness. Key to watch next quarter: whether consumer electronics order timing holds, logistics growth normalizes as expected, and any further cost inflation impacts gross margins. The disciplined capital return (buybacks) and portfolio pruning further support shareholder value.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Cognex Q1 revenue up 24% to ~$268M, EBITDA margin 26.9%, new AI vision systems.

Revenue & Profitability

Q1 2026 revenue was approximately $268 million, up 24% year-over-year (21% constant currency). Adjusted EBITDA was $72 million, representing a 26.9% margin, expanding 1,010 basis points. Adjusted diluted EPS more than doubled to $0.34, up 113%. Trailing 12-month free cash flow reached $241 million with a 119% conversion rate.

Outlook

Management sees a strong demand environment with PMI in expansion territory, but notes increasing macro uncertainty from geopolitical conflicts, rising energy costs, memory chip dynamics, and interest rate changes. For full-year 2026, they anticipate mid-to-high single digit growth in logistics, high single-digit in packaging, high single to double-digit in electronics and semiconductor, and flat to low single-digit in automotive. Visibility into the second half remains limited.

Growth Drivers

Key growth drivers include broad-based strength in electronics, semiconductor, and packaging end markets, along with continued double-digit growth in logistics (ninth consecutive quarter). New AI product launches (In-Sight 6900 and 3900) are enhancing the edge AI portfolio. Regional strength was notable in the Americas (+22%), Europe (+23%), and Greater China (+36%). The sales force transformation is gaining traction.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Adjusted gross margin expanded 420 basis points to 71.8% in Q1, driven by favorable mix and volume, partly offset by tariff impacts. Adjusted EBITDA margin reached 26.9%, exceeding guidance by over 600 basis points. For Q2, EBITDA margin is guided at 28-31%. The company expects continued operating leverage as OpEx grows slower than revenue, supported by the cost reduction program.

Key Risks

Management flagged risks including geopolitical conflicts, rising energy costs, memory chip availability and pricing, changes to interest rate expectations, and general inflationary pressures. Specifically, memory costs are expected to create a ~50 basis point gross margin headwind in Q3. Tariffs also had a slight impact on Q1 margins. Limited visibility to the second half of the year remains a key risk.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Record Q2 revenue and margin expansion were driven by strong demand in logistics, semiconductor, electronics, and packaging, with robust free cash flow and significant cost reductions. Full-year guidance was raised across most segments, reflecting confidence in continued profitable growth despite memory price headwinds.

Q1 2026 Q1 2026 2026-05-07

Q1 2026 saw double-digit growth in revenue, EBITDA, and EPS, driven by strong demand across all major end markets and successful execution of innovation and cost reduction strategies. Guidance for Q2 remains robust, though macro uncertainties persist.

Q4 2025 Q4 2025 2026-02-12

2025 saw a return to profitable growth with 8% constant currency revenue growth and 38% adjusted EPS growth, driven by strategic portfolio optimization, cost reductions, and strong end-market momentum. Guidance for 2026 targets further margin expansion and robust EPS growth.

Q3 2025 Q3 2025 2025-10-30

Q3 2025 delivered double-digit revenue growth, record adjusted EBITDA margin, and robust free cash flow. Logistics and consumer electronics led segment gains, while automotive showed signs of stabilization. Guidance calls for moderate growth in Q4 and 2026, with continued focus on cost discipline and innovation.

Q2 2025 Q2 2025 2025-07-31

Q2 saw 4% revenue growth and 80 bps EBITDA margin expansion, with strong performance in logistics, packaging, and consumer electronics, while automotive and semi lagged. Q3 guidance implies continued growth, and over $200M was returned to shareholders in the past year.

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