Cohu Inc (COHU)
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Cohu builds the machines that test, sort and inspect finished computer chips — and lights up 22 filters in our in-house stock scanner, including a stage-2 trend and a relative strength of 97 (data as of July 17, 2026). We read the annual reports (10-K) for 2024 and 2025 and the quarterly report (10-Q) as of March 28, 2026: revenue that fell from a record $887 million to $402 million and is now recovering to $453 million, a third straight year of losses, an ongoing restructuring — and a $287.5 million convertible note struck at $27.18 while the stock trades near $67. Neither a buy nor a sell call — we simply count how much future is already built into those $67.
Appears in These Scanners
This stock currently matches 23 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Sells AICohu verkauft KI auf zwei Ebenen: Mit dem Zukauf von Tignis (Januar 2025, 36,6 Mio. US-Dollar) gehören die KI-Prozesssteuerungs-Produkte PAICe Monitor und PAICe Maker zum eigenen Portfolio — laut 10-K ein Anbieter von „artificial intelligence (‚AI‘) process control and analytics-based monitoring software“ (Umsatzbeitrag 2025 noch unwesentlich). Zugleich benennen 10-K und 10-Q die Nachfrage nach KI-Computing ausdrücklich als Treiber des Kerngeschäfts mit Test- und Inspektionstechnik. KI ist damit dokumentierte Produkt- und Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„On January 7, 2025, we completed the acquisition of Tignis, Inc. (“Tignis”), a provider of artificial intelligence (“AI”) process control and analytics-based monitoring software. This strategic acquisition is intended to enable us to expand our analytics offerings to the semiconductor process control market."
Am 7. Januar 2025 haben wir die Übernahme der Tignis, Inc. („Tignis“) abgeschlossen, eines Anbieters von Software für KI-Prozesssteuerung und analytikbasiertes Monitoring. Diese strategische Übernahme soll es uns ermöglichen, unser Analytik-Angebot auf den Markt für Halbleiter-Prozesskontrolle auszuweiten.
„Tignis’ PAICe Monitor and PAICe Maker solutions leverage the insights of physical phenomena with cutting-edge AI, machine learning, and data science to deliver advanced predictive and prescriptive automation solutions for semiconductor manufacturing."
Die Lösungen PAICe Monitor und PAICe Maker von Tignis verbinden die Erkenntnisse physikalischer Phänomene mit modernster KI, maschinellem Lernen und Data Science, um fortschrittliche prädiktive und präskriptive Automatisierungslösungen für die Halbleiterfertigung bereitzustellen.
„During the first quarter of fiscal 2026, our net sales benefited from increased customer activity associated with AI‑driven computing applications, which helped to offset ongoing weakness in automotive, industrial, and consumer‑focused markets."
Im ersten Quartal des Geschäftsjahres 2026 profitierte unser Umsatz von gestiegener Kundenaktivität im Zusammenhang mit KI-getriebenen Computing-Anwendungen, was half, die anhaltende Schwäche in den Automobil-, Industrie- und Konsumgütermärkten auszugleichen.
„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."
Unsere Produkte und Dienstleistungen liefern Schlüsseltechnologie für Kunden, die weltweite Konnektivität, autonomes Fahren in unseren Städten, Hochleistungsrechnen für Anwendungen der Künstlichen Intelligenz („KI“), fortschrittliche Medizintechnik zur Verbesserung von Leben, Roboterautomatisierung zur Steigerung der Produktivität und vieles mehr ermöglichen.
Filings Reviewed: 10-Q 2026-05-01 · 10-Q 2025-10-30 · 10-Q 2025-08-01 · 10-Q 2025-05-02 · 10-K 2026-02-17 · 10-K 2025-02-20
Rated on July 17, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.46 | – | 94 | -31.40 | -22.70 | -2 | -5 |
| 2025: Q1 | -0.66 | – | 97 | -10.10 | -31.80 | -10 | -21 |
| 2025: Q2 | -0.36 | – | 108 | 2.80 | -15.70 | 16 | 13 |
| 2025: Q3 | -0.09 | – | 126 | 32.40 | -3.20 | -14 | -18 |
| 2025: Q4 | -0.48 | – | 122 | 29.90 | -18.40 | 40 | 37 |
| 2026: Q1 | -0.26 | – | 125 | 29.30 | -9.60 | 10 | 8 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Three straight quarters of roughly 30 percent revenue growth (Q3 2025 through Q1 2026, most recently $125.1 million), gross margin up from 43.7 to 46.3 percent, order backlog up 20 percent to $165.1 million (12/27/2025), operating cash flow up tenfold to $31.7 million in 2025 — the recovery is documented in the filings, not just in the chart (10-K FY 2025, 10-Q as of 03/28/2026).
A third straight loss year: −$74.3 million net in 2025 (2024: −$69.8 million), and Q1 2026 still red at −$12.1 million; a trailing P/E does not exist. The roughly $3.2 billion valuation rests entirely on estimates ($0.58/$1.48 per share for 2026/2027) carried by only a handful of analysts.
$287.5 million of convertible notes (1.50%, due 2031) with a $27.18 conversion price — deep in the money with the stock near $67; up to 10.6 million new shares (more than a fifth of the count), capped-call protection only to $41.02. The offset: $488.7 million in cash and short-term investments, a net cushion of a good $200 million (03/28/2026).
The 10-K itself calls the industry "highly cyclical and unpredictable" (−55 percent of revenue 2021–2024); the recovery currently hangs one-sidedly on AI computing. $283.0 million of goodwill, 39 percent of it in the IS unit with "limited headroom" — an impairment would not touch liquidity but would hit book value and the acquisition record; 60 percent recurring revenue dampens the swings.
A stage-2 trend, relative strength 97, Minervini criteria, 22 scanner hits and roughly 9 percent below the all-time high meet a P/S of 6.6, about 4 times book, and 46 times the 2027 estimate (data as of July 17, 2026) — first-class momentum at a price that presupposes two more good years; most recently two insider sales, no purchase.
Cohu delivers a documented turn — three quarters of roughly 30 percent growth, rising margins, a full order book and a cash pile that carries both overhaul and note. But the market has already paid for that turn several times over: roughly $3.2 billion of market value for a company in its third loss year, at 46 times the 2027 earnings estimate, while a convertible note holds up to 10.6 million additional shares ready at a fixed $27.18 and the IS unit defends its goodwill only narrowly. Whoever invests here buys a well-financed cyclical on advance payment. Not investment advice.
- COHU reached the research list via the momentum run of our in-house stock scanner of July 17, 2026 (22 hits, incl. Stan Weinstein stage 2, RS leaders ≥90, Minervini trend criteria); scanner metrics are computed on trailing twelve-month figures.
- Loss and margin figures contain non-cash items ($37.5 million of amortization on acquired intangibles in 2025, $10.1 million of restructuring); operating cash flow was positive at +$31.7 million in 2025. The earnings estimates of $0.58/$1.48 (2026/2027) come from only a handful of analysts.
- Price and valuation figures dated July 17, 2026 (about $67 per share, roughly $3.2 billion market value); analyses are evergreen, daily prices are not a buy argument. Cohu’s fiscal year ends on the last Saturday of December — annual figures nearly match the calendar year.
About the Company
Cohu, Inc. bietet über ihre Tochtergesellschaften Halbleiter-Testausrüstung und -dienstleistungen in den USA, Taiwan, China, Malaysia, den Philippinen, Singapur und international an.
| Employees | 2,777 |
|---|---|
| Headquarters | San Diego, CA |
| Website | cohu.com |
| IPO Date | 12. Nov 1986 |
| Next Earnings | 30. Jul 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Luis Antonio Müller Ph.D. | President, CEO & Director | 1970 |
| Jeffrey D. Jones CPA | CFO & Executive Officer | 1961 |
| Christopher G. Bohrson | Chief Customer Officer & Executive Officer | 1960 |
| Klaus Ilgenfritz | Chief Product Officer & Senior Vice President | 1971 |
| Emily R. Lough | VP, Secretary, General Counsel | 1982 |
| Anna L. Aguirre | Chief Human Resources Officer | 1963 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.