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. In the quarter to June 2026, revenue grew 16.9%, EPS grew 79.2% and free cash flow grew 67.3%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Cognex Corporation (CGNX) Altman Z-score
Cognex Corporation's Altman Z-score for fiscal 2025 is 8.26, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 8.26 | (0.77) |
| FY2024 | 9.03 | (0.68) |
| FY2023 | 9.71 | (1.36) |
| FY2022 | 11.06 | (4.99) |
| FY2021 | 16.05 | (0.92) |
| FY2020 | 16.98 | 4.62 |
| FY2019 | 12.36 | (16.07) |
| FY2018 | 28.43 | (7.14) |
| FY2017 | 35.57 | (9.69) |
| FY2016 | 45.26 | 14.72 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.31 | |
| Retained earnings / total assets | 0.20 | — | 0.28 | |
| EBIT / total assets | 0.08 | — | 0.27 | |
| Market value of equity / total liabilities | 11.52 | — | 6.91 | |
| Sales / total assets | 0.49 | — | 0.49 | |
| Altman Z-score | Safe zone | 8.26 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.86 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CGNX Cognex Corporation | 8.3× |
| NOVT Novanta Inc. compare | 6.6× |
| ESE ESCO Technologies Inc. compare | 5.3× |
| TRMB Trimble Inc. compare | 4.4× |
| FTV Fortive Corporation compare | 3.2× |
| VNT Vontier Corporation compare | 2.9× |
| ITRI Itron, Inc. compare | 2.5× |
| ST Sensata Technologies Holding N.V. compare | 2.1× |
| MKSI MKS Inc. compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets