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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
$1.55B
P/E (TTM)
-20.5
46.2
Dividend Yield
--
52W High
$34.96
52W Low
$13.03
52W Range
91%
Rank51Top 71.3%
3.0
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q4 2025 Data

Revenue

$122.23M+0.00%
4-Quarter Trend

EPS

-$0.48+0.00%
4-Quarter Trend

FCF

$36.46M+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Sales Increased 12.7% Net sales reached $453.0M USD in 2025, driven by AI-based computing applications, offsetting weakness in other segments.
Cash Position Strengthened Significantly Cash, cash equivalents, and short-term investments totaled $484.0M USD, marking an 84.7% increase from prior year balances.
Backlog Shows Strong Growth Backlog of unfilled orders grew to $165.1M USD by year-end 2025, up from $138.0M in 2024, indicating future revenue visibility.
R&D Investment Supports Growth R&D expenditure was $92.2M USD in 2025, reflecting commitment to HBM, AI analytics, and advanced test technologies.

Risk Factors

Industry Cyclicality Impacts Sales Semiconductor industry remains cyclical, seasonal, and volatile, causing fluctuations in capital equipment demand and gross margins.
Gross Margin Under Pressure Gross margin declined to 42.7% in 2025 from 44.9% in 2024, impacted by product mix and restructuring charges.
Supplier Failure Risks Operations Reliance on single or limited suppliers for key parts creates vulnerability to supply interruptions, delays, and increased costs.
Goodwill Impairment Potential IS reporting unit showed limited headroom during annual goodwill testing, risking future non-cash impairment charges.

Outlook

Focus on AI and HPC Growth Strategy emphasizes accelerating growth in high-performance computing and physical AI applications to capture evolving market opportunities.
Growing Recurring Revenue Streams Plans include expanding relationships with major customers and growing the more stable service and recurring revenue business.
Cost Structure Optimization Underway Initiated 2025 Restructuring Program to optimize global footprint, reduce costs, and improve overall organizational efficiency.
Debt Financing Secured Issued $287.5M USD in 1.50% convertible senior notes due 2031 to fund strategic initiatives and maintain operational flexibility.

Peer Comparison

Revenue (TTM)

UPBD stock ticker logoUPBD
$4.70B
+8.7%
UCTT stock ticker logoUCTT
$2.05B
-2.1%
TASK stock ticker logoTASK
$1.18B
+19.0%

Gross Margin (Latest Quarter)

POET stock ticker logoPOET
100.0%
-299.1pp
RZLV stock ticker logoRZLV
61.4%
+25.9pp
MXL stock ticker logoMXL
57.6%
+3.0pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
UCTT$2.88B-15.8-24.1%46.9%
AEHR$1.60B-177.0-7.1%6.8%
MXL$1.59B-11.8-28.8%19.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
8.1%
Steady Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
50%
Cash Flow Needs Attention

Deep Research

Next earnings:Apr 29, 2026
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