Cohu, Inc. COHU

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 50.79 USD on Nov 1, 2026, +118.3% year to date

Quant rating

Quant rating C Rank 227 of 389 in Information Technology

Growth B 137 of 389
Valuation C 240 of 389
Quality D 363 of 389
Revisions A 8 of 389
Momentum B 148 of 389

Wall Street consensus Buy (1.62)Average target 74.62 USD +46.9%

Historical valuation

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

Key data

Market cap: 2.4B
Enterprise value: 2.2B
52-week range: 21.11 – 75.71
3-year range: 13.33 – 75.71
Dividend yield: –
Beta (5 years): 1.61
Shares outstanding: 47.3M
Next earnings: Feb 12, 2027

About the company

Cohu, Inc. is a supplier of semiconductor test automation and interface solutions, and a provider of semiconductor test equipment, inspection and metrology solutions, and software analytics to optimize semiconductor manufacturing yield and productivity. It offers a comprehensive suite of equipment, interface solutions, software, spares and services designed to address the evolving requirements of global semiconductor manufacturers. Its products support customers across computing & networking, automotive, industrial, mobile and consumer electronics markets. Its systems are designed to support smart manufacturing initiatives, including interface with robotics, automated guided vehicles (AGVs), overhead transport systems (OHTs), and automated mobile robots (AMRs) to reduce manual handling and enhance workplace safety. Its product lines include Test Automation, Inspection and Metrology, Semiconductor Automated Test Equipment (ATE), Interface Solutions, Software Analytics, and Services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	453	402	636	813	887	–
Revenue growth	12.7%	−36.9%	−21.7%	−8.4%	39.5%	−6.6%
EPS (basic, normalized)	−0.22	−0.23	1.62	2.91	3.20	–
EPS growth	–	–	−44.3%	−9.1%	–	–
Gross margin	42.7%	44.9%	47.6%	47.2%	43.6%	45.2%
Net margin	−16.4%	−17.4%	4.4%	11.9%	18.9%	0.3%
ROE	−9.0%	−7.7%	3.0%	10.7%	24.0%	4.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	744
Current ratio	5.74x
Long-term debt (mil)	285
Net debt (mil)	−202
Total equity (mil)	791
Net debt / equity	−0.26x
Net debt / EBITDA	−11.60x

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	453	+12.7%	4.9x	17.4	+286.9%	126.6x	−0.22	+4.3%	−230.9x
2026	625	+38.0%	3.5x	77.9	+347.5%	28.3x	1.06	+583.7%	47.7x
2027	839	+34.2%	2.6x	184	+136.7%	11.9x	2.24	+110.2%	22.7x
2028	969	+15.5%	2.3x	240	+30.1%	9.2x	3.22	+43.9%	15.8x

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	625	+3.2%	+3.2%	+12.0%	1.06	+12.0%	+12.0%	+82.6%
2027	839	+10.1%	+10.1%	+24.0%	2.24	+21.2%	+21.2%	+53.5%
2028	969	+9.2%	+9.2%	+46.4%	3.22	+27.7%	+27.7%	+31.6%

Earnings surprises EPS beat in 2 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)	108	105	95.3	94.1	96.8	108	126	122	125	149
Sales mean (mil)	107	105	95.7	95.1	96.6	106	125	122	122	144
Surprise	+0.5%	−0.4%	−0.4%	−1.0%	+0.2%	+1.6%	+1.0%	+0.1%	+2.4%	+3.4%
EPS reported	0.01	−0.01	−0.08	−0.15	−0.02	0.02	−0.06	−0.15	0.01	0.26
EPS mean	−0.01	−0.02	−0.07	−0.12	−0.17	−0.02	−0.20	0.06	0.03	0.14
Surprise	−195.2%	+55.9%	−10.8%	−27.1%	+88.0%	−214.3%	+69.8%	−341.9%	−68.4%	+87.4%

Peer comparison Semiconductors & Semiconductor Equipment

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
COHU Cohu, Inc.	2.4B	−11.60x	−16.4%	3.10x	47.7x	22.7x	28.3x	11.9x
2330 Taiwan Semiconductor Manufacturing Company Limited	1.89T	−1.13x	45.1%	8.78x	21.5x	16.0x	14.2x	10.3x
MU Micron Technology, Inc.	1.00T	−0.35x	63.8%	7.23x	5.1x	4.3x	3.9x	3.3x
LRCX Lam Research Corporation	298.7B	–	31.3%	21.47x	24.7x	19.4x	19.9x	16.3x
AMAT Applied Materials Inc	309.6B	−0.30x	24.7%	12.08x	30.5x	20.8x	25.8x	17.5x
ARM ARM Holdings PLC	220.0B	−1.64x	18.4%	25.49x	92.5x	67.3x	72.8x	53.8x
Mean		−3.00x	27.8%	13.03x	37.0x	25.1x	27.5x	18.9x
Median		−1.13x	28.0%	10.43x	27.6x	20.1x	22.9x	14.1x

Technical analysis

1M−23.1%
3M+19.6%
1Y+116.3%
3Y+66.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Cohu, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	453	402	636	813	887	636
Cost of revenue	259	221	333	429	500	364
Gross profit	194	180	303	383	387	272
Selling, general & administrative expenses	123	126	131	131	127	129
Research & development	92.2	84.8	88.6	92.6	92.0	86.2
Depreciation/amortization	37.5	39.1	36.4	33.2	35.4	38.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	8.4	1.9	4.4	0.9	−65.5	14.1
Other operating expenses	0	0	0	0	0	0
Operating income	−67.6	−71.9	42.9	125	198	3.5
Net interest income (expense)	5.2	7.0	2.9	1.5	−5.8	−16.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−62.4	−64.9	45.8	127	192	−13.2
Provision for taxes	11.9	4.9	17.7	29.9	25.0	0.7
Minority interest	–	–	–	–	–	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−74.3	−69.8	28.2	96.8	167	−13.8
Extraordinary items	–	–	–	0	0	0
Net income	−74.3	−69.8	28.2	96.8	167	−13.8
EBIT, normalized	−59.2	−70.0	47.3	126	133	17.6
EBITDA, normalized	−5.7	−14.7	99.8	174	183	71.6
Basic EPS, normalized	−0.22	−0.23	1.62	2.91	3.20	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Cohu, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	484	262	336	386	380	170
Receivables	109	91.6	125	176	193	152
Total inventory	129	142	156	170	161	142
Prepaid expenses	24.4	19.3	17.7	24.0	16.2	18.8
Other current assets	3.9	19.4	5.0	9.0	0.8	1.8
Total current assets	750	534	639	765	751	485
Property, plant & equipment	106	88.7	85.9	87.8	89.0	96.1
Goodwill	283	235	242	214	220	252
Intangibles	79.3	111	152	140	177	234
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	24.4	31.1	32.2	21.1	22.1	23.2
Total assets	1,243	999	1,150	1,227	1,259	1,090
Liabilities
Accounts payable	40.7	30.6	33.6	51.8	85.2	67.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	43.1	35.7	51.1	61.2	65.3	71.0
Short-term debt	9.8	0.6	1.8	1.9	3.1	5.3
Current portion of long-term debt	1.2	9.5	4.6	4.5	11.5	3.3
Other current liabilities	14.2	8.7	12.4	41.6	27.4	26.9
Total current liabilities	109	85.2	103	161	192	174
Long-term debt	285	7.1	34.3	72.7	103	312
Minority interest	–	–	–	–	–	–
Other liabilities	63.3	50.3	62.4	65.0	80.6	91.8
Total liabilities	457	143	200	299	377	578
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	49.9	49.6	49.4	49.3	48.8	42.2
Additional paid-in capital	682	697	686	687	675	448
Retained earnings (accumulated deficit)	174	249	319	290	194	26.2
Treasury stock	−87.8	−87.8	−69.2	−58.0	−7.3	–
Other equity	−32.5	−51.2	−34.8	−40.0	−27.3	−4.3
Total equity	786	857	950	929	883	512
Total liabilities & shareholders' equity	1,243	999	1,150	1,227	1,259	1,090

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Cohu, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−74.3	−69.8	28.2	96.8	167	−13.8
Depreciation, depletion & amortization	53.5	55.3	52.5	48.1	50.2	53.9
Deferred taxes	−1.8	−3.7	−4.8	−3.5	1.0	−5.3
Non-cash items	24.7	24.2	21.5	21.0	−46.4	25.8
Changes in working capital	29.6	−3.2	4.1	−49.6	−74.1	−10.7
Cash from operations	31.7	2.8	101	113	97.9	49.9
Investing activities
Capital expenditures	−21.0	−10.6	−16.1	−14.8	−12.0	−18.7
Other investing cash flows	−236	32.5	−14.2	−53.1	51.9	0.3
Cash from investing	−257	21.9	−30.2	−67.9	39.9	−18.4
Financing activities
Financing cash flow items	−40.8	–	–	–	–	–
Cash dividends paid	–	–	–	0	0	−5.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	287	−59.0	−68.1	−91.1	6.5	−33.2
Cash from financing	246	−59.0	−68.1	−91.1	6.5	−38.2
Foreign exchange effects	−0.4	−4.8	0.1	−1.8	−3.5	0.1
Net change in cash	20.6	−39.1	3.2	−47.9	141	−6.6
Free cash flow	10.7	−7.9	85.4	98.1	85.9	31.2

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.