Cognex Corporation CGNX

Information TechnologyMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 56.15 USD on Nov 1, 2026, +56.7% year to date

Quant rating

Quant rating B Rank 98 of 389 in Information Technology

Growth C 177 of 389
Valuation C 187 of 389
Quality B 96 of 389
Revisions B 70 of 389
Momentum C 205 of 389

Wall Street consensus Buy (2.18)Average target 78.35 USD +39.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 9.4B
Enterprise value: 9.0B
52-week range: 34.62 – 72.86
3-year range: 23.27 – 72.86
Dividend yield: 0.61%
Beta (5 years): 1.48
Shares outstanding: 168M
Next earnings: Nov 4, 2026

About the company

Cognex Corporation is a global technology company in industrial machine vision systems that seeks to improve efficiency and help solve critical manufacturing and distribution challenges, providing support across a diverse set of industrial end markets. The Company operates through the machine vision technology segment. Its solutions blend hardware and software to capture and analyze visual information, aiding the automation of manufacturing and distribution tasks for customers worldwide. Machine vision products are used to automate the manufacturing and distribution of discrete items, such as mobile phones, automotive components, and consumer goods, by locating, identifying, inspecting, and measuring them. Machine vision is important for applications in which human vision is inadequate to meet requirements for size, accuracy, or speed, or in instances where substantial cost savings or quality improvements are maintained.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	994	915	838	1,006	1,037	–
Revenue growth	8.7%	9.2%	−16.8%	−3.0%	27.9%	4.2%
EPS (basic, normalized)	1.02	0.74	0.73	1.31	1.50	–
EPS growth	37.8%	1.4%	−44.3%	−12.7%	–	–
Gross margin	66.9%	68.4%	71.8%	71.8%	73.3%	70.4%
Net margin	11.5%	11.6%	13.5%	21.4%	27.0%	17.0%
ROE	7.6%	7.0%	7.7%	15.0%	20.8%	11.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	404
Current ratio	3.93x
Long-term debt (mil)	0
Net debt (mil)	−404
Total equity (mil)	1,630
Net debt / equity	−0.25x
Net debt / EBITDA	−1.89x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	994	+8.7%	9.1x	214	+41.7%	42.2x	1.02	+37.8%	55.0x
2026	1,146	+15.3%	7.9x	354	+65.3%	25.5x	1.70	+66.2%	33.1x
2027	1,265	+10.4%	7.1x	412	+16.4%	22.0x	2.01	+18.4%	28.0x
2028	1,388	+9.7%	6.5x	467	+13.5%	19.3x	2.32	+15.8%	24.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,146	0.0%	+3.2%	+7.5%	1.70	+0.2%	+14.2%	+36.0%
2027	1,265	+0.5%	+4.5%	+9.0%	2.01	+0.5%	+12.5%	+31.1%
2028	1,388	+1.0%	+3.7%	+7.4%	2.32	+0.9%	+6.4%	+29.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	211	239	235	230	216	249	277	252	268	291
Sales mean (mil)	200	240	233	221	213	246	262	240	247	293
Surprise	+5.2%	−0.5%	+0.7%	+4.1%	+1.4%	+1.2%	+5.6%	+5.4%	+8.7%	−0.4%
EPS reported	0.11	0.23	0.20	0.20	0.16	0.25	0.33	0.27	0.34	0.45
EPS mean	0.08	0.21	0.19	0.16	0.13	0.24	0.29	0.22	0.25	0.42
Surprise	+44.6%	+12.1%	+6.0%	+28.6%	+21.3%	+5.8%	+14.1%	+22.4%	+36.7%	+6.1%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CGNX Cognex Corporation	9.4B	−1.89x	11.5%	5.80x	33.1x	28.0x	25.5x	22.0x
CAT Caterpillar Inc	286.3B	2.87x	13.1%	13.33x	22.8x	19.2x	18.4x	15.7x
ETN Eaton Corporation PLC	143.7B	2.91x	14.9%	7.09x	27.2x	22.9x	20.9x	17.8x
PH Parker-Hannifin Corporation	113.5B	1.43x	17.0%	7.36x	25.3x	22.8x	17.9x	16.4x
TT Trane Technologies PLC	89.7B	0.70x	13.9%	9.86x	26.8x	23.2x	19.2x	16.7x
EMR Emerson Electric Co	92.0B	2.13x	12.7%	4.51x	25.1x	22.7x	18.7x	17.4x
Mean		1.36x	13.8%	7.99x	26.7x	23.1x	20.1x	17.7x
Median		1.78x	13.5%	7.23x	26.1x	22.8x	19.0x	17.1x

Technical analysis

1M−4.4%
3M−6.8%
1Y+19.5%
3Y+65.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Cognex Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	994	915	838	1,006	1,037	811
Cost of revenue	329	289	236	284	277	206
Gross profit	665	626	601	722	760	605
Selling, general & administrative expenses	364	371	339	312	309	268
Research & development	139	140	139	141	135	131
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0	−8.0	22.4	0	35.5
Other operating expenses	0	0	0	0	0	0
Operating income	163	115	131	246	315	171
Net interest income (expense)	12.9	15.5	4.1	4.9	4.4	16.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	7.4	0.9	0.6	−0.4	−0.6	−0.3
Net income before taxes	183	131	135	251	319	187
Provision for taxes	68.4	25.3	22.1	35.2	39.0	10.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	114	106	113	216	280	176
Extraordinary items	–	–	–	–	–	–
Net income	114	106	113	216	280	176
EBIT, normalized	163	115	123	269	315	206
EBITDA, normalized	193	148	145	288	335	233
Basic EPS, normalized	1.02	0.74	0.73	1.31	1.50	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Cognex Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	337	246	332	400	324	372
Receivables	168	151	120	131	137	133
Total inventory	138	158	162	122	113	60.8
Prepaid expenses	54.9	59.2	64.9	63.9	65.7	35.7
Other current assets	0	0	0	0	0	0
Total current assets	697	613	679	718	640	602
Property, plant & equipment	158	166	181	117	101	102
Goodwill	386	385	393	243	242	244
Intangibles	81.1	90.7	113	12.4	11.9	15.6
Long-term investments	305	341	244	454	584	395
Note receivable	–	–	–	–	–	–
Other long-term assets	388	397	407	414	426	442
Total assets	2,017	1,993	2,018	1,958	2,004	1,801
Liabilities
Accounts payable	50.2	38.0	21.5	27.1	44.1	16.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	103	80.6	82.0	82.4	100	85.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	30.2	50.7	48.4	78.2	44.3	30.7
Total current liabilities	184	169	152	188	189	132
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	341	306	361	332	385	406
Total liabilities	525	475	513	520	574	538
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	0.3	0.3	0.3	0.3	0.4	0.4
Additional paid-in capital	1,139	1,091	1,037	979	915	808
Retained earnings (accumulated deficit)	406	499	513	528	563	488
Treasury stock	–	–	–	–	–	–
Other equity	−53.5	−72.8	−45.3	−69.3	−47.9	−33.8
Total equity	1,492	1,518	1,505	1,438	1,430	1,262
Total liabilities & shareholders' equity	2,017	1,993	2,018	1,958	2,004	1,801

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Cognex Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	114	106	113	216	280	176
Depreciation, depletion & amortization	30.8	32.7	21.9	19.6	20.3	26.5
Deferred taxes	40.1	−21.5	−19.8	−27.3	−3.1	−3.4
Non-cash items	58.4	56.6	65.3	109	51.0	74.4
Changes in working capital	1.7	−24.8	−67.7	−73.5	−34.0	−31.4
Cash from operations	246	149	113	243	314	242
Investing activities
Capital expenditures	−8.7	−15.0	−23.1	−19.7	−15.5	−13.3
Other investing cash flows	36.8	−23.9	55.4	15.2	−237	183
Cash from investing	28.0	−39.0	32.3	−4.5	−253	169
Financing activities
Financing cash flow items	–	–	–	0	0	−1.0
Cash dividends paid	−54.6	−52.3	−49.1	−45.9	−43.3	−391
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−152	−66.1	−76.5	−194	−98.4	74.7
Cash from financing	−207	−118	−126	−240	−142	−317
Foreign exchange effects	10.0	−8.3	1.7	−3.4	−2.8	2.7
Net change in cash	76.8	−16.6	21.3	−4.8	−82.9	97.6
Free cash flow	237	134	89.8	224	299	229

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.