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Cohu, Inc.

COHU Technology Semiconductor Equipment & Materials

Cohu, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $453.0 million, up 12.7% from fiscal 2024.

Revenue
+37.0%
EPS
+384.2%
Free cash flow
+116.6%
Total debt
+1,593.3%

Quarter to September 2026, against a year earlier

38.02 3.12 +8.94%
Market cap
$1.7B
P/E
0.0×
Fwd P/E
353×
Dividend yield
—
F-score
5/9
Altman Z
2.42
Beneish M
−3.66
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 13.03
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 2 1 1 7 1 1 4 2 2 —
Insider Ownership 3.67%

Capital & Financial Ratios $m

Size
Market Cap 1,650.00
Revenue ttm 569.31
Net income ttm (22.59)
Free cash flow ttm 56.29
Net debt Q (205.89)
Valuation
P/E 0.00
Forward P/E 353.00 (above 35: high)
Price / sales 2.94
Forward P/S Powerpack
Price / FCF 29.73
Price / book 2.12
Financial health
Current ratio Q 5.16 (at or above 1.5: strong)
Debt / equity Q 0.38 (at or below 0.5: strong)
Interest coverage Q 7.06
Growth
Revenue growth Q +37.00% (above 0%: growing)
Operating income growth Q +231.75% (above 0%: growing)
EPS, this year +583.52% (at or above 15%: strong)
EPS, next year A +122.80% (at or above 15%: strong)
Revenue, next year A +38.03% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A −5.43% (below 0%: weak)

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 2.6×, against a ten-year median of 1.6×; over the ten years it ranged from 0.6× in 2016 to 6.3× in 2026.
P/S against its own 10 years 90.47%
10-year low 10-year high
P/B against its own 10 years 79.87%
10-year low 10-year high
EV/Sales against its own 10 years 89.22%
10-year low 10-year high
EV/FCF against its own 10 years 63.86%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.24 ’17
  2. 0.24 ’18 +0
  3. 0.24 ’19 +0
  4. 0.06 ’20 −75
  5. 0.00 ’21 −100
  6. 0.00 ’22
  7. 0.00 ’23
  8. 0.00 ’24
  9. 0.00 ’25
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 336 262 484 508
Receivables 125 111 113 152
Inventory 156 142 129 149
Other 5 19 28 —
639 534 750 836
2023 2024 2025 Q'26
Payables 34 31 41 77
ST’ Debt 6 2 11 17
Other 5 3 3 4
103 85 109 162

Compound Annual Growth %

10y 5y 3y
Sales 5.32% (6.56%) (17.71%)
Cash Flow 3.97% (8.67%) (34.52%)
Earnings 0.00% 0.00% 0.00%
Book Value 12.68% 8.93% (5.43%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.35 Actual 0.43

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.07 −0.15 Miss by 0.22
Q1 FY26 0.03 0.01 Miss by 0.02
Q2 FY26 0.14 0.26 Beat by 0.12
Q3 FY26 0.35 0.43 Beat by 0.08
Q4 FY26 0.30 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.26) 0.00 0.22 — —
’25 (0.66) (0.36) (0.09) (0.48) (1.59)
’24 (0.31) (0.34) (0.39) (0.46) (1.49)
’23 0.33 0.22 0.08 (0.04) 0.59
’22 0.44 0.59 0.51 0.45 1.98
’21 0.61 1.92 0.48 0.42 3.45
’20 (0.42) (0.11) (0.16) 0.34 (0.33)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 125 149 173 — —
’25 97 108 126 122 453
’24 108 105 95 94 402
’23 179 169 151 137 636
’22 198 217 207 191 813
’21 225 245 225 192 887
’20 139 144 151 202 636
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 10 10 6 — —
’25 (10) 16 (14) 40 32
’24 (14) 1 17 (2) 3
’23 16 53 29 3 101
’22 2 44 39 28 113
’21 6 30 34 28 98
’20 18 (5) 15 22 50
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 8 8 3 — —
’25 (21) 13 (18) 37 11
’24 (17) (1) 15 (5) (8)
’23 12 50 25 (1) 86
’22 (1) 41 35 24 98
’21 4 27 31 25 86
’20 16 (8) 24 17 48
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
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 282 353 452 583 636 887 813 636 402 453 569 +5.4% 625 839 985 +29.5%
Gross margin, % 35.45 40.66 35.26 39.40 42.73 43.62 47.16 47.60 44.87 42.75 44.47 +7.3 pt
EBT 6 35 (32) (72) (13) 192 127 46 (65) (62) (6) n/m
EBT margin, % 2.13 10.03 (7.06) (12.36) (2.07) 21.68 15.59 7.20 (16.16) (13.78) (1.14) (15.9) pt
Net income 3 33 (32) (70) (14) 167 97 28 (70) (74) (23) n/m
Per share, $
Per share, $ Revenue 10.58 12.67 14.22 14.17 15.20 18.71 16.87 13.40 8.57 9.69 12.01 (1.0%)
Earnings 0.11 1.18 (1.01) (1.69) (0.33) 3.53 2.01 0.59 (1.49) (1.59) (0.49) n/m
Cash flow 0.92 1.43 1.08 0.42 1.19 2.07 2.34 2.14 0.06 0.68 1.40 (3.3%)
Capex (0.10) (0.22) (0.12) (0.39) (0.04) (0.25) (0.30) (0.33) (0.22) (0.44) (0.21) +18.3%
Free cash flow 0.82 1.21 0.96 0.03 1.15 1.82 2.04 1.80 (0.17) 0.24 1.19 (12.8%)
Book value 8.83 10.39 17.18 11.74 12.24 18.61 19.28 20.01 18.27 16.81 16.68 +7.4%
Shares, m 27 28 32 41 42 47 48 47 47 47 47 +6.4%
Valuation, ×
Valuation, × P/E 118.51 19.13 0.00 0.00 0.00 10.85 15.79 58.66 0.00 0.00 0.00 22.3
P/S 1.31 1.78 1.13 1.61 2.51 2.04 1.88 2.58 3.12 2.40 2.94 2.0
P/B 1.57 2.17 0.94 1.95 3.12 2.05 1.65 1.73 1.46 1.38 2.12 1.8
EV/Sales 0.85 1.37 1.55 1.95 2.75 1.74 1.50 2.12 2.49 1.99 2.58 1.8
EV/FCF 10.95 14.27 22.92 1,097.90 36.23 17.93 12.41 15.75 (128.94) 80.03 26.07 117.9
Cash, $m
Cash, $m Operating cash flow 25 40 34 17 50 98 113 101 3 32 66 +2.9%
Capex (3) (6) (4) (16) (2) (12) (14) (16) (11) (20) (10) +25.9%
Free cash flow 22 34 30 1 48 86 98 86 (8) 11 56 (7.2%)
Balance, $m
Balance, $m Working capital 176 212 325 291 311 558 604 535 449 641 674 +15.4%
Net debt (128) (147) 188 197 150 (262) (307) (295) (253) (188) (206) +4.4%
Shareholders’ equity 235 289 546 483 512 883 929 950 857 786 791 +14.3%
Returns, %
Returns, % ROA 0.88 8.58 (4.14) (6.30) (1.27) 14.24 7.79 2.37 (6.50) (6.62) (1.95) (7.5) pt
ROIC 1.77 16.55 (2.54) (4.81) 0.31 20.30 12.61 4.13 (7.42) (7.30) (1.45) (9.1) pt
ROE 1.28 12.52 (7.71) (13.55) (2.77) 23.99 10.69 3.00 (7.73) (9.04) (2.78) (10.3) pt
People
People Employees 1,800 1,800 3,500 3,200 3,250 3,240 3,218 3,259 3,024 2,857 — +5.3%
Revenue/emp, $m 0.16 0.20 0.13 0.18 0.20 0.27 0.25 0.20 0.13 0.16 — +0.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Cohu, Inc. vs peers in Semiconductor Equipment & Materials (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
ACLS Axcelis Technologies, Inc. $2.8B 26.6× 35.3× +11.31% (above 0%: growing) +46.99% (above 0%: growing) −12.96% (below 0%: shrinking) 40.97% 11.50% Compare
ACMR ACM Research, Inc. $2.7B 17.8× 16.8× +36.01% (above 0%: growing) +178.72% (above 0%: growing) −19.43% (below 0%: shrinking) 45.96% 16.98% Compare
IPGP IPG Photonics Corporation $2.6B 65.0× 65.8× +14.64% (above 0%: growing) +164.83% (above 0%: growing) +105.15% (above 0%: growing) 40.71% 7.23% Compare
AMBA Ambarella, Inc. $2.4B — (loss-making) — (loss-making) +13.21% (above 0%: growing) n/m −612.08% (below 0%: shrinking) 57.73% (7.53%) Compare
VECO Veeco Instruments Inc. $2.0B 80.7× 43.4× +26.23% (above 0%: growing) +22.22% (above 0%: growing) +313.69% (above 0%: growing) 38.39% 6.73% Compare
UCTT Ultra Clean Holdings, Inc. $1.8B 60.9× 30.1× +48.82% (above 0%: growing) n/m −692.31% (below 0%: shrinking) 16.92% 7.08% Compare
COHU Cohu, Inc. $1.7B — (loss-making) 353× +37.00% (above 0%: growing) n/m +116.61% (above 0%: growing) 45.51% 7.40%
AEHR Aehr Test Systems $1.6B — (loss-making) 106× +33.69% (above 0%: growing) n/m +133.16% (above 0%: growing) 42.57% (6.40%) Compare
PLAB Photronics, Inc. $1.5B 9.0× 12.3× +2.69% (above 0%: growing) +25.00% (above 0%: growing) +56.06% (above 0%: growing) 33.20% 21.06% Compare
Median of peers $2.2B 43.7× 35.3× +20.43% +46.99% +21.55% 40.84% 7.16%

All 30 Semiconductor Equipment & Materials stocks →

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.50m 4.46m 60.62
2024 4.83m (1.46m) 120.65
2023 6.54m 3.58m 159.14
2022 5.32m 5.41m 144.12
2021 4.58m 959.80k 170.92

Ownership

Directors and executive officers, together 3.05%
BlackRock, Inc. 14.58%
The Vanguard Group 8.87%
Victory Capital Management Inc. 6.26%
Thrivent Financial for Lutherans 5.57%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. 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

Cohu, Inc. (COHU) Latest News

30 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press

24 Oct

Impact 3 · · Simply Wall St.

8 Oct

Impact 4 · · Business Wire

6 Oct

Impact 3 · · Zacks

30 Sep

Impact 4 · · The Motley Fool

23 Sep

Impact 3 · · The Motley Fool

3 Aug

Impact 3 · · The Motley Fool transcript

2 Aug

Impact 3 ·
Impact 3 ·

31 Jul

Impact 4 ·
Impact 4 ·

30 Jul

Impact 4 ·
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·

29 Jul

Impact 3 ·

16 Jul

Impact 3 · · Barchart

11 Jul

Impact 3 ·
Impact 3 ·

2 Jul

Impact 4 ·
Impact 3 ·

2 Jun

Impact 4 · · Simply Wall St.

31 May

Impact 4 · · Insider Monkey

COHU metrics, ten years each

stockrow.com/COHU · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com