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Cohu, Inc.

Cohu, Inc.

NASDAQ•COHU
CEO: Dr. Luis Antonio Muller Ph.D.
Sector: Technology
Industry: Semiconductors
Listing Date: 1980-03-17
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 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. The company was incorporated in 1947 and is headquartered in Poway, California.
Contact Information
12367 Crosthwaite Circle, Poway, CA, 92064-6817, United States
858-848-8100
www.cohu.com
Market Cap
$1.12B
P/E (TTM)
-15.3
67.2
Dividend Yield
--
52W High
$29.08
52W Low
$12.57
52W Range
69%
2.8
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.8 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$126.25M+32.42%
4-Quarter Trend

EPS

$1.02-361.54%
4-Quarter Trend

FCF

-$17.97M-218.91%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Q3 Sales Increased 32.4% Net sales reached $126.25 M for Q3 2025, showing 32.4% increase driven by mobile and AI demand.
Nine Months Sales Up 7.5% Nine months net sales totaled $330.73 M in 2025, up 7.5% versus prior year, despite macroeconomic pressures.
Tignis Acquisition Closed Completed Tignis AI acquisition for $36.6 M purchase price, integrating AI analytics into segment offerings.
Balance Sheet Strengthened Cash and equivalents stand at $149.94 M as of September 27, 2025; total equity is $831.09 M.

Risk Factors

Gross Margin Compression Noted Q3 Gross margin fell to 43.8% from 46.8% due to product mix and manufacturing transition charges.
Macroeconomic Demand Sensitivity Revenue highly dependent on cyclical semiconductor capital expenditure, subject to volatility from global factors.
Goodwill Impairment Potential Sustained decline in market capitalization below book value could trigger interim goodwill impairment review.
Restructuring Charges Incurred Incurred $8.3 M restructuring charges in nine months related to global organization repositioning efforts.

Outlook

AI Product Market Aperture Focus on opening market aperture with new products, encouraged by increased traction in AI data centers.
New Convertible Notes Issued Issued $287.5 M convertible senior notes due 2031, strengthening balance sheet and enhancing financial flexibility.
Restructuring Cost Savings Expected Global restructuring program expected to yield approximately $2.0 M in quarterly cost savings once fully implemented in 2025.
Managing Working Capital Strategic adjustment in purchasing reduced inventory by $3.6 M to optimize working capital across global operations.

Peer Comparison

Revenue (TTM)

Ultra Clean Holdings, Inc.UCTT
$2.11B
+6.7%
NETGEAR, Inc.NTGR
$699.57M
+2.8%
Alpha and Omega Semiconductor LimitedAOSL
$696.78M
+5.8%

Gross Margin (Latest Quarter)

Stratasys Ltd.SSYS
41.0%
-3.9pp
NETGEAR, Inc.NTGR
39.1%
+8.3pp
Aehr Test Systems, Inc.AEHR
33.9%
-20.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
UCTT$1.14B-7.2-20.0%10.1%
COHU$1.12B-15.3-8.7%4.9%
NTGR$746.05M-28.6-5.0%5.3%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+10.3%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 27, 2025|Filed: Oct 30, 2025|
    Revenue: $126.25M+32.4%
    |
    EPS: $1.02-361.5%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 28, 2025|Filed: Aug 1, 2025|
    Revenue: $107.68M+2.8%
    |
    EPS: $-0.36+5.9%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 29, 2025|Filed: May 2, 2025|
    Revenue: $96.80M-10.1%
    |
    EPS: $-0.66+112.9%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 28, 2024|Filed: Feb 20, 2025|
    Revenue: $401.78M-36.9%
    |
    EPS: $-1.49-352.5%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 28, 2024|Filed: Nov 1, 2024|
    Revenue: $95.34M-36.8%
    |
    EPS: $-0.39-574.5%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 29, 2024|Filed: Aug 1, 2024|
    Revenue: $104.70M-38.0%
    |
    EPS: $-0.34-254.5%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 30, 2024|Filed: May 3, 2024|
    Revenue: $107.61M-40.0%
    |
    EPS: $-0.31-193.9%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 30, 2023|Filed: Feb 16, 2024|
    Revenue: $636.32M-21.7%
    |
    EPS: $0.59-70.6%
    Miss