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Cohu, Inc.
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$3.2B
Market Cap
60.0
P/E
1.42
PEG
-9.7%
ROCE
-9.0%
ROE
0.42
D/E
-13.5%
OPM
-7.7%
% from 52W High
96
α RS
🔍 COHU is showing a multi-screen setup because it matches 5 of 39 tracked screener presets, RS Rating is 96 (top decile vs market), an ECS of 55.7 last quarter, and it has maintained a 13-day Near 52-Week High momentum persistence. The main caution: the Debt Free Growers preset's Backtest win rate is only 42.4%. Net: Mixed signal stack, not a recommendation. ? Conviction RS Rating ECS Momentum Streaks Backtest
Sources
Conviction 5/39 · RS Rating 96 · ECS 55.7 · Near 52-Week High streak: 13d · Backtest win rate 42.4%
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🌏 Global Investor Returns
Currency-adjusted total returns for COHU including FX impact
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📈 Price History
Ratio Health
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About

Cohu, Inc., through its subsidiaries, provides semiconductor test equipment and services in the United States, Taiwan, China, Malaysia, the Philippines, Singapore, and internationally. It supplies test and inspection metrology automation systems, micro-electromechanical system test modules, test contactors, thermal subsystems, and data analytics software for semiconductor manufacturers and test subcontractors. The company also provides semiconductor automated test equipment for wafer level and device package testing; various test handlers, including pick-and-place, turret, gravity, strip, film frame, laser marker, 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, it 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. Further, the company provides artificial intelligence process control and analytics-based monitoring software. 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 San Diego, California.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding COHU
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 84.5K $2.6M 0.00% Mar 2026
Steve Cohen Point72 Asset Management 46.7K $1.4M 0.00% Mar 2026

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

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📊 MIXED Cohu Q1 revenue $125.1M, orders +57% YoY, HPC outlook $80M-$100M
Revenue & Profitability
Q1 2026 revenue of $125.1 million exceeded guidance midpoint. Gross margin was 46.5%, above guidance. Operating expenses were $55 million. Net interest income after interest expense and FX was $2.1 million; tax provision was $4.8 million. Cash and investments stood at $489 million; total debt was $305 million. For Q2 2026, revenue guidance is approximately $144 million (±$7 million), with gross margin of about 44%. Full-year 2026 revenue is expected to grow 20%-25% year-over-year.
Outlook
Management sees improving semiconductor test utilization (78% at end of Q1) and accelerating AI adoption across data center inference, power management, and networking. Automotive and industrial markets are gradually recovering, with customers investing in test capital. The transition to 800V DC infrastructure and GaN technology further drives demand. Software analytics are moving from pilots to broader production environments.
Growth Drivers
High-performance computing pipeline now totals $750 million ($650M test handlers, $100M HBM inspection). FY2026 HPC revenue outlook increased to $80-$100 million. Orders in Q1 were up 57% year-over-year, with computing orders up 211%. Key wins include two Eclipse orders from US fabless customers for AI data center and automotive processors, and repeat inspection orders from US and Korean customers. Diamondx tester was qualified for power devices. Silicon photonics interface orders also contributed.
Balance Sheet & CapEx
Capital expenditures in Q1 were approximately $2 million, mainly for facility improvements and IT equipment. The company targets total CapEx of about 2% of revenue in 2026. To support HPC growth, Cohu is expanding production capacity in Malaysia, hiring resources, and re-layouting facilities. R&D investment is accelerating to capture new customers and complete qualifications.
Margins
Q1 gross margin was 46.5%, above guidance due to favorable mix (recurring at ~50%, systems at ~40%). Q2 gross margin is guided to approximately 44%, and full-year 2026 is expected in the mid-40% range due to initial costs ramping the Eclipse platform supply chain and production. Operating expenses in Q2 are expected to be ~$53 million and remain in the low $50 million range for the rest of the year. Higher energy, freight, and memory IC costs are minor headwinds (~10 bps each).
Key Risks
Qualification timelines for new HPC customers may slip into 2027, affecting revenue timing. Supply chain constraints, particularly for thermal heads, pose capacity risks. Lead times for thermal handlers are around 14 weeks but depend on order size and backlog. Initial costs for ramping Eclipse production and higher energy, freight, and memory costs pressure near-term margins. The company noted that a portion of the $150-$200 million qualification pipeline may not convert to revenue until early 2027.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Q2 2026 revenue rose 38% year-over-year to $149 million, driven by strong computing and industrial demand, with recurring revenue at 53%. The HPC pipeline expanded to $850 million annually, and full-year revenue growth outlook was raised to 35%.
Q1 2026 Q1 2026 2026-04-30
Orders surged 57% year-over-year, with Q1 revenue at $125.1 million and gross margin at 46.5%. HPC and inspection segments drove growth, and full-year revenue is expected to rise 20%-25%. Recurring revenue and software subscriptions are expanding rapidly.
Q4 2025 Q4 2025 2026-02-12
Q4 2025 delivered 30% year-over-year revenue growth, driven by strong recurring and systems demand, with improved utilization rates and key design wins in AI, automotive, and memory. Gross margin was impacted by one-time charges but is expected to recover, while liquidity was strengthened by a convertible debt offering.
Q3 2025 Q3 2025 2025-10-29
Recurring revenue and new business in AI and high bandwidth memory drove sequential growth, with Q3 revenue at $126.2M and gross margin at 44.1%. Q4 guidance anticipates a seasonal dip in systems but continued recurring revenue strength, supported by a $287.5M convertible notes raise.
Q2 2025 Q2 2025 2025-07-31
Q2 2025 saw revenue of $107.7M and a 44.4% gross margin, with strong order growth in mobile and automotive. Q3 revenue is guided up 16% sequentially to $125M, driven by a major $28M Eclipse Handler order, while a typical seasonal slowdown is expected in Q4.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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