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Cognex Corporation

CGNX Technology Scientific & Technical Instruments

Cognex Corporation’s revenue for fiscal 2025 (year ended December 2025) was $994.4 million, up 8.73% from fiscal 2024.

Revenue
+13.2%
EPS
+358.2%
Free cash flow
+20.6%

Quarter to September 2026, against a year earlier

47.78 0.28 +0.59%
Market cap
$8.0B
P/E
32.8×
Fwd P/E
28.9×
Dividend yield
0.72%
F-score
8/9
Altman Z
8.26
Beneish M
−2.78
Dividend safety
84/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2024

  • Standard products and services (1)
  • Application-specific customer solutions

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 34.77
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 6 1 — 3 — — 1 — — —
Insider Ownership 0.42%

Capital & Financial Ratios $m

Size
Market Cap 7,990.00
Revenue ttm 1,125.43
Net income ttm 241.94
Free cash flow ttm 292.74
Net debt Q (695.69)
Valuation
P/E 32.78
Forward P/E 28.90
Price / sales 7.08
Forward P/S Powerpack
Price / FCF 28.22
Price / book 4.63
Financial health
Current ratio Q 5.04 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +13.18% (above 0%: growing)
Operating income growth Q +74.54% (above 0%: growing)
EPS, this year +65.88% (at or above 15%: strong)
EPS, next year A +17.84% (at or above 15%: strong)
Revenue, next year A +16.16% (at or above 10%: strong)
EPS, past 5 yrs −7.42% (below 0%: weak)
EPS, next 5 yrs A +30.39% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.5×, against a ten-year median of 9.1×; over the ten years it ranged from 4.8× in 2025 to 17.2× in 2021.
P/E against its own 10 years 10.92%
10-year low 10-year high
P/S against its own 10 years 10.45%
10-year low 10-year high
P/B against its own 10 years 20.71%
10-year low 10-year high
EV/Sales against its own 10 years 9.24%
10-year low 10-year high
EV/FCF against its own 10 years 4.18%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.72%
Annual rate
0.34
Payout ratio
23.8%
Growth, 2017–25
+8.64%/yr
  1. 0.17 ’17
  2. 0.19 ’18 +10
  3. 0.21 ’19 +11
  4. 0.23 ’20 +10
  5. 0.25 ’21 +9
  6. 0.27 ’22 +8
  7. 0.29 ’23 +8
  8. 0.31 ’24 +7
  9. 0.33 ’25 +7
  10. 0.34 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 332 246 337 696
Receivables 114 143 147 217
Inventory 162 158 138 158
Other 2 3 17 13
679 613 697 1,152
2023 2024 2025 Q'26
Payables 21 38 50 75
ST’ Debt — — — —
Other — — — —
152 169 184 229

Compound Annual Growth %

10y 5y 3y
Sales 8.24% 4.16% (0.39%)
Cash Flow 6.70% 0.26% 0.29%
Earnings (4.80%) (8.27%) (19.02%)
Book Value 6.09% 3.40% 1.22%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.51 Actual 0.53

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.22 0.27 Beat by 0.05
Q1 FY26 0.25 0.34 Beat by 0.09
Q2 FY26 0.42 0.45 Beat by 0.03
Q3 FY26 0.51 0.53 Beat by 0.02
Q4 FY26 0.40 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.31 0.43 0.50 — —
’25 0.14 0.24 0.10 0.19 0.68
’24 0.07 0.21 0.17 0.16 0.62
’23 0.15 0.33 0.11 0.07 0.65
’22 0.38 0.34 0.19 0.32 1.23
’21 0.39 0.43 0.44 0.30 1.56
’20 0.12 (0.01) 0.49 0.39 1.00
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 268 291 313 — —
’25 216 249 277 252 994
’24 211 239 235 230 915
’23 201 243 197 197 838
’22 282 275 210 239 1,006
’21 239 269 285 244 1,037
’20 167 169 251 224 811
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 45 69 — — —
’25 41 43 87 75 246
’24 14 28 56 51 149
’23 28 30 41 14 113
’22 50 44 84 66 243
’21 99 96 64 55 314
’20 62 14 83 83 242
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 42 68 104 — —
’25 38 40 86 79 243
’24 10 23 52 49 134
’23 22 25 35 7 90
’22 45 37 79 62 224
’21 96 92 60 50 299
’20 59 10 80 79 229
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.0% a year for ten years. It grew 2.2% a year over the last ten.

Implied
11.0%
10 years, reported
2.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 530 766 806 726 811 1,037 1,006 838 915 994 1,125 +7.3% 1,155 1,283 1,409 +12.3%
Gross margin, % 75.25 75.55 74.45 73.85 74.55 73.26 71.75 71.79 68.43 66.92 69.69 (8.3) pt
EBT 162 266 235 163 187 319 251 135 131 183 298 +1.3%
EBT margin, % 30.61 34.78 29.09 22.46 23.05 30.75 24.92 16.16 14.38 18.38 26.52 (12.2) pt
Net income 144 177 219 204 176 280 216 113 106 114 242 (2.5%)
Per share, $
Per share, $ Revenue 3.10 4.42 4.68 4.24 4.67 5.88 5.80 4.86 5.33 5.92 6.69 +7.4%
Earnings 0.88 1.02 1.27 1.19 1.02 1.59 1.24 0.66 0.62 0.68 1.44 (2.8%)
Cash flow 1.07 1.29 1.30 1.48 1.40 1.78 1.40 0.66 0.87 1.46 1.76 +3.6%
Capex (0.08) (0.17) (0.22) (0.13) (0.08) (0.09) (0.11) (0.13) (0.09) (0.01) (0.02) (18.4%)
Free cash flow 0.99 1.13 1.08 1.35 1.32 1.69 1.29 0.52 0.78 1.45 1.74 +4.3%
Book value 5.64 6.32 6.59 7.92 7.28 8.10 8.29 8.74 8.85 8.88 10.23 +5.2%
Shares, m 171 173 172 171 173 176 173 172 171 168 168 (0.2%)
Valuation, ×
Valuation, × P/E 35.95 60.18 30.45 47.49 79.23 48.91 38.34 61.12 57.84 52.14 32.78 51.2
P/S 10.20 13.88 8.26 13.22 17.18 13.23 8.26 8.30 6.72 6.08 7.08 10.5
P/B 5.61 9.71 5.87 7.08 11.04 9.60 5.78 4.62 4.05 4.05 4.63 6.7
EV/Sales 9.40 13.36 7.60 12.65 16.72 12.92 7.86 7.90 6.45 5.74 6.46 10.1
EV/FCF 31.36 55.28 34.84 41.53 62.01 46.50 37.09 83.37 47.76 24.50 25.76 46.4
Cash, $m
Cash, $m Operating cash flow 182 224 223 253 242 314 243 113 149 246 296 +3.4%
Capex (13) (29) (37) (22) (13) (15) (20) (23) (15) (2) (3) (18.5%)
Free cash flow 169 196 186 232 229 299 224 90 134 243 293 +4.1%
Balance, $m
Balance, $m Working capital 461 517 689 487 469 451 530 527 444 514 923 +1.2%
Net debt (421) (405) (536) (412) (372) (324) (400) (332) (246) (337) (696) (2.4%)
Shareholders’ equity 963 1,096 1,135 1,356 1,262 1,430 1,438 1,505 1,518 1,492 1,721 +5.0%
Returns, %
Returns, % ROA 14.92 15.19 17.01 12.84 9.56 14.71 10.88 5.70 5.29 5.71 11.31 (9.2) pt
ROIC 17.77 23.41 23.05 9.44 11.98 17.80 14.82 6.97 5.66 8.80 17.15 (9.0) pt
ROE 16.07 17.17 19.66 16.37 13.46 20.79 15.03 7.69 7.03 7.61 15.07 (8.5) pt
People
People Employees 1,421 1,771 2,124 2,267 2,055 2,257 2,441 2,992 2,914 2,745 — +7.6%
Revenue/emp, $m 0.37 0.43 0.38 0.32 0.39 0.46 0.41 0.28 0.31 0.36 — (0.3%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Business profile

Updated

Cognex makes machine vision products that help manufacturers and distribution companies automate tasks. Its systems capture and analyze images so machines can locate, identify, inspect and measure items. Customers use them on factory assembly lines and in warehouses, where the items being handled range from automotive components and consumer goods to packages and electronic devices.

The company sells vision systems and sensors, software, industrial barcode readers and accessories such as cameras, lenses and lighting. A customer can buy software to use with its own camera and processor, or a standalone system that combines an imager, processor and software. Products range from sensors for simple pass-or-fail checks to systems designed to identify defects that are difficult to predict in advance.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by products and services, and margins
Standard products and services (1) 795 86.97%
Application-specific customer solutions 119 13.03%
Gross margin 68.43%
Operating margin 12.58%
Pre-tax margin 14.38%

Revenue by segment since 2016

Cognex Corporation vs peers in Scientific & Technical Instruments (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TRMB Trimble Inc. $12.5B — (loss-making) — (loss-making) +7.28% (above 0%: growing) −45.89% (below 0%: shrinking) +21.61% (above 0%: growing) 68.17% 14.69% Compare
MKSI MKS Inc. $12.0B 21.5× 20.4× +43.02% (above 0%: growing) +216.91% (above 0%: growing) +100.00% (above 0%: growing) 47.70% 23.07% Compare
CGNX Cognex Corporation $8.0B 32.8× 28.9× +13.18% (above 0%: growing) +358.18% (above 0%: growing) +20.62% (above 0%: growing) 70.76% 32.17%
ESE ESCO Technologies Inc. $7.0B 19.0× 39.6× +14.40% (above 0%: growing) +24.75% (above 0%: growing) −22.12% (below 0%: shrinking) 41.74% 14.80% Compare
ST Sensata Technologies Holding N.V. $5.6B 15.6× 13.7× +7.68% (above 0%: growing) n/m +45.49% (above 0%: growing) 33.07% 17.46% Compare
VNT Vontier Corporation $5.4B 17.0× 16.9× −2.07% (below 0%: shrinking) +4.69% (above 0%: growing) +57.96% (above 0%: growing) 47.60% 21.50% Compare
NOVT Novanta Inc. $5.0B 84.6× 74.3× +10.27% (above 0%: growing) +158.33% (above 0%: growing) +391.84% (above 0%: growing) 45.49% 6.79% Compare
BMI Badger Meter, Inc. $4.6B 36.3× 35.1× +0.12% (above 0%: growing) +5.04% (above 0%: growing) −16.42% (below 0%: shrinking) 41.90% 20.23% Compare
ITRI Itron, Inc. $4.4B 15.6× 17.8× +3.04% (above 0%: growing) +13.76% (above 0%: growing) −15.75% (below 0%: shrinking) 40.86% 15.93% Compare
Median of peers $5.5B 19.0× 20.4× +7.48% +13.76% +33.55% 43.70% 16.70%

All 33 Scientific & Technical Instruments stocks →

From the latest earnings call

Updated

  • CEO Matt Moschner said demand was led by semiconductor, electronics and packaging, while data center applications remained a small but growing part of revenue.
  • CFO Dennis Fehr said higher memory costs were included in the Q3 outlook and expected pricing to offset them fully in 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 103.45%
Held by the ten largest 46.68%
Holder Shares Stake Change
Vanguard 18.97m 11.28% −162.10k
BlackRock 15.99m 9.51% −250.34k
Invesco 8.21m 4.88% +5.22m
T. Rowe Price 6.26m 3.72% +1.52m
Pictet Asset Management 5.83m 3.47% −843.15k
Nordea Investment Management 5.82m 3.46% −321.45k
State Street 5.42m 3.22% +157.78k
Geode Capital Management 4.92m 2.92% +220.06k
DISCIPLINED GROWTH INVESTORS INC /MN 4.14m 2.46% −182.36k
Arrowstreet Capital 2.98m 1.77% +946.67k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 13 March 2026

Ownership

Directors and executive officers, together 1.70%
The Vanguard Group, Inc. (and affiliates) 11.10%
BlackRock, Inc. (and affiliates) 8.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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CGNX metrics, ten years each

stockrow.com/CGNX · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com