COGNEX CORP CGNX
Founded in 1981, Cognex Corporation (the "Company" or "Cognex") makes advanced machine vision easy, paving the way for manufacturing and distribution companies to become faster, smarter, and more efficient through automation. We are a global technology leader in industrial machine vision systems that seek to improve efficiency and help solve critical manufacturing and distribution challenges, providing support across a diverse set of industrial end markets. Our 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 can be particularly valuable for applications in which human vision is inadequate to meet requirements for size, accuracy, or speed, or in instances where substantial cost savings can be obtained through the reduction of labor costs or improved product quality.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $994.4M | $914.5M | $837.5M | $1.01B | $1.04B | $811.0M | $725.6M | $806.3M | $766.1M | $529.5M |
| Cost of revenue | $329.0M | $288.7M | $236.3M | $284.2M | $277.3M | $206.4M | $189.8M | $206.1M | $187.3M | $131.1M |
| Gross profit | $665.4M | $625.8M | $601.2M | $721.9M | $759.8M | $604.6M | $535.9M | $600.3M | $578.8M | $398.4M |
| R&D | $139.0M | $139.8M | $139.4M | $141.1M | $135.4M | $131.0M | $119.4M | $116.4M | $99.2M | $78.3M |
| SG&A | $363.9M | $370.9M | $339.1M | $312.1M | $309.4M | $267.6M | $273.8M | $262.7M | $220.7M | $166.1M |
| Operating income | $162.6M | $115.1M | $130.7M | $246.2M | $315.1M | $170.5M | $142.6M | $221.1M | $258.9M | $154.1M |
| Pre-tax income | $182.8M | $131.5M | $135.3M | $250.7M | $318.9M | $186.9M | $163.0M | $234.6M | $266.5M | $162.1M |
| Income tax | $68.4M | $25.3M | $22.1M | $35.2M | $39.0M | $10.7M | $40.9M | $15.3M | $89.8M | $18.1M |
| Net income | $114.4M | $106.2M | $113.2M | $215.5M | $279.9M | $176.2M | $203.9M | $219.3M | $176.7M | $143.7M |
| EPS, basic | 0.68 | 0.62 | 0.66 | 1.24 | 1.59 | 1.02 | 1.19 | 1.27 | 1.02 | 0.84 |
| EPS, diluted | 0.68 | 0.62 | 0.65 | 1.23 | 1.56 | 1.00 | 1.16 | 1.24 | 0.98 | 0.83 |
| Shares, diluted (wtd. avg.) | $169.4M | $172.6M | $173.4M | $174.9M | $179.9M | $176.6M | $175.3M | $177.4M | $179.6M | $174.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $262.9M | $186.1M | $202.7M | $181.4M | $186.2M | $269.1M | $171.4M | $108.2M | $106.6M | $79.6M |
| Short-term investments | $74.0M | $60.0M | $129.4M | $218.8M | $137.5M | $103.2M | $240.5M | $427.3M | $298.0M | $341.2M |
| Receivables | $146.7M | $143.4M | $114.2M | $125.4M | $130.3M | $125.7M | $103.4M | $119.2M | $119.4M | $55.4M |
| Inventory | $137.9M | $157.5M | $162.3M | $122.5M | $113.1M | $60.8M | $60.3M | $83.3M | $67.9M | $27.0M |
| Total current assets | $697.2M | $613.4M | $679.0M | $717.7M | $639.8M | $601.7M | $607.2M | $780.3M | $630.0M | $526.3M |
| Property, plant and equipment | $86.0M | $98.4M | $105.8M | $79.7M | $77.5M | $79.2M | $89.4M | $91.4M | $78.0M | $54.0M |
| Goodwill | $386.3M | $384.9M | $393.2M | $242.6M | $241.7M | $244.1M | $243.4M | $113.2M | $113.2M | $95.3M |
| Other intangibles | $81.1M | $90.7M | $113.0M | $12.4M | $11.9M | $15.6M | $39.5M | $10.1M | $10.1M | $8.3M |
| Total assets | $2.02B | $1.99B | $2.02B | $1.96B | $2.00B | $1.80B | $1.89B | $1.29B | $1.29B | $1.04B |
| Accounts payable | $50.2M | $38.0M | $21.5M | $27.1M | $44.1M | $16.3M | $17.9M | $16.2M | $23.5M | $9.8M |
| Total current liabilities | $183.6M | $169.4M | $151.9M | $187.7M | $188.6M | $132.3M | $120.5M | $91.4M | $112.6M | $65.8M |
| Total liabilities | $524.7M | $475.3M | $513.1M | $519.7M | $573.6M | $538.5M | $530.2M | $154.4M | $192.1M | $76.0M |
| Retained earnings | $406.4M | $499.3M | $512.5M | $528.2M | $562.9M | $487.9M | $753.3M | $646.2M | $668.6M | $644.6M |
| Total equity | $1.49B | $1.52B | $1.50B | $1.44B | $1.43B | $1.26B | $1.36B | $1.14B | $1.10B | $963.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $245.5M | $149.1M | $112.9M | $243.4M | $314.1M | $242.4M | $253.3M | $223.5M | $224.3M | $182.1M |
| Depreciation and amortisation | $20.3M | $21.3M | $17.3M | $16.3M | $16.6M | $22.1M | $21.5M | $18.5M | $13.7M | $11.7M |
| Stock-based compensation | — | — | — | — | — | $1.4M | — | — | — | — |
| Capital expenditure | $8.7M | $15.0M | $23.1M | $19.7M | $15.5M | $13.3M | $21.7M | $37.1M | $28.8M | $12.8M |
| Investing cash flow | $28.0M | -$39.0M | $32.3M | -$4.5M | -$252.5M | $169.4M | -$157.3M | -$10.8M | -$105.6M | -$121.8M |
| Financing cash flow | -$206.7M | -$118.4M | -$125.6M | -$240.4M | -$141.6M | -$316.9M | -$32.2M | -$209.9M | -$100.1M | -$29.2M |
| Dividends paid | $54.6M | $52.3M | $49.1M | $45.9M | $43.3M | $390.5M | $35.1M | $31.9M | $29.0M | $25.2M |
| Buybacks | $151.2M | $67.1M | $79.8M | $204.3M | $161.7M | $51.0M | $61.7M | $203.8M | $123.7M | $47.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000851205-26-000012.
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