COHU INC COHU
Cohu, Inc. ("Cohu", "we", "our", "us" and the "Company") was founded in 1947 and is a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity. Cohu's differentiated and broad product portfolio enables optimized yield and productivity, accelerating customers' manufacturing time-to-market. Our products and services provide enabling capability and technology to customers that deliver connectivity around the globe, autonomous driving to our cities, high-performance computing to enable artificial intelligence ("AI") applications, advanced medical equipment to improve lives, robotic automation to accelerate productivity, and much more.
Cohu's recurring revenue consists of interface products, services, spares, upgrades, configuration tooling, and software analytics, supporting a resilient and scalable business model which complements the systems revenue driven by the capital expenditure of our customers. Our active equipment installed base exceeds 25,000 systems, serving over 280 high-volume manufacturing facilities across 108 customers in 31 countries.
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 | $453.0M | $401.8M | $636.3M | $812.8M | $887.2M | $636.0M | $583.3M | $451.8M | $352.7M | $282.1M |
| Cost of revenue | — | — | — | — | — | $364.2M | $353.5M | $292.5M | $209.3M | $182.1M |
| Gross profit | — | — | — | — | — | $271.8M | $229.8M | $159.3M | $140.7M | $94.8M |
| R&D | $92.2M | $84.8M | $88.6M | $92.6M | $92.0M | $86.2M | $86.1M | $56.4M | $40.7M | $34.8M |
| SG&A | $123.6M | $128.0M | $132.2M | $131.4M | $127.0M | $129.2M | $142.9M | $96.8M | $60.7M | $55.2M |
| Total operating expenses | $522.7M | $473.4M | $593.0M | $687.2M | $685.7M | $632.7M | $635.7M | $481.5M | $315.0M | $279.0M |
| Operating income | -$69.8M | -$71.7M | $43.3M | $125.6M | $201.5M | $3.3M | -$52.3M | -$29.8M | $37.7M | $3.0M |
| Interest expense | $2.1M | $618.0K | $3.4M | $4.2M | $6.4M | $13.8M | $20.6M | $5.0M | $54.0K | — |
| Pre-tax income | -$62.4M | -$64.9M | $45.8M | $126.7M | $192.3M | -$13.2M | -$72.1M | -$31.9M | $35.4M | $6.0M |
| Income tax | $11.9M | $4.9M | $17.7M | $29.9M | $25.0M | $666.0K | $3.1M | $631.0K | $2.2M | $2.7M |
| Net income | -$74.3M | -$69.8M | $28.2M | $96.8M | $167.3M | -$13.8M | -$69.7M | -$32.2M | $32.8M | $3.0M |
| EPS, basic | -1.59 | -1.49 | 0.59 | 2.01 | 3.53 | -0.33 | -1.69 | -1.01 | 1.18 | 0.11 |
| EPS, diluted | -1.59 | -1.49 | 0.59 | 1.98 | 3.45 | -0.33 | -1.69 | -1.01 | 1.14 | 0.11 |
| Shares, diluted (wtd. avg.) | $46.7M | $46.9M | $48.0M | $48.8M | $48.5M | $41.9M | $41.2M | $31.8M | $28.9M | $27.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $227.1M | $206.4M | $245.5M | $242.3M | $290.2M | $149.4M | $155.9M | $164.5M | $134.3M | $96.0M |
| Short-term investments | $256.9M | $55.7M | $90.2M | $143.2M | $89.7M | $20.7M | — | — | — | — |
| Inventory | $129.0M | $141.9M | $155.8M | $170.1M | $161.1M | $142.5M | $130.7M | $139.3M | $62.1M | $45.5M |
| Total current assets | $750.0M | $534.3M | $638.8M | $764.9M | $750.8M | $485.0M | $439.7M | $485.2M | $297.4M | $245.1M |
| Property, plant and equipment | $77.0M | $74.8M | $69.1M | $65.0M | $64.0M | $66.9M | $70.9M | $74.3M | $34.2M | $18.2M |
| Goodwill | $283.0M | $234.6M | $241.7M | $213.5M | $219.8M | $252.3M | $238.7M | $242.1M | $65.6M | $58.8M |
| Other intangibles | $79.3M | $110.7M | $151.8M | $140.1M | $177.3M | $233.7M | $275.0M | $319.0M | $16.7M | $17.8M |
| Total assets | $1.24B | $999.4M | $1.15B | $1.23B | $1.26B | $1.09B | $1.08B | $1.13B | $420.5M | $345.5M |
| Accounts payable | $40.7M | $30.6M | $33.6M | $51.8M | $85.2M | $67.9M | $48.7M | $48.1M | $37.6M | $31.4M |
| Short-term debt | $11.1M | $1.7M | $6.3M | $6.3M | $14.4M | $8.4M | $6.5M | $6.7M | $4.4M | — |
| Total current liabilities | $109.1M | $85.2M | $103.4M | $160.9M | $192.5M | $174.5M | $148.9M | $160.6M | $85.3M | $68.7M |
| Long-term debt | $285.0M | $7.1M | $34.3M | $72.7M | $103.4M | $311.6M | $346.5M | $343.4M | $4.6M | — |
| Retained earnings | $174.5M | $248.7M | $318.6M | $290.4M | $193.6M | $26.2M | $42.5M | $111.7M | $150.7M | $124.6M |
| Total equity | $785.5M | $856.9M | $950.2M | $928.8M | $882.5M | $512.3M | $483.1M | $545.9M | $289.1M | $235.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $31.7M | $2.8M | $101.5M | $112.9M | $97.9M | $49.9M | $17.3M | $34.4M | $39.8M | $24.5M |
| Depreciation and amortisation | $50.7M | $52.5M | $49.7M | $46.0M | $48.6M | $52.7M | $58.9M | $26.0M | $9.2M | $10.4M |
| Stock-based compensation | $23.0M | $20.7M | $17.2M | $14.9M | $13.8M | $14.2M | — | $18.3M | $7.0M | $7.1M |
| Capital expenditure | $21.0M | $10.6M | $16.1M | $14.8M | $12.0M | $18.7M | $18.0M | $5.0M | $6.1M | $3.5M |
| Investing cash flow | -$257.0M | $21.9M | -$30.2M | -$67.9M | $39.9M | -$18.4M | -$16.5M | — | -$7.0M | -$32.9M |
| Financing cash flow | $246.3M | -$59.0M | -$68.1M | -$91.1M | $6.5M | -$38.2M | -$8.2M | $322.1M | $2.1M | -$6.7M |
| Dividends paid | — | — | — | $0 | $0 | $5.0M | $9.8M | $6.9M | $6.6M | $6.4M |
| Buybacks | $8.6M | $27.0M | $23.6M | $50.7M | $7.3M | $0 | $0 | — | — | — |
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 0001437749-26-004339.
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