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. In the quarter to June 2026, revenue grew 38.4%, EPS grew 99.1%, free cash flow fell 39.4% and total debt rose 1,515.8%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.

50.81 4.09 −7.45%
Market cap
$2.6B
P/E
0.0×
Fwd P/E
−104×
Dividend yield
—
F-score
5/9
Altman Z
2.42
Beneish M
−3.66
Dividend safety
n/a

Insider Decisions trades per month

Total sells 12.98
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 2 1 1 7 1 1 4 2 1
Insider Ownership 3.50%

Capital & Financial Ratios $m

Market Cap 2,600.00
Revenue 522.60
Net Income (38.82)
Free Cash Flow 35.39
Net Debt (201.94)
Current Ratio 5.74 (at or above 1.5: strong)
Debt/Equity 0.38 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (104.00) (negative: loss-making)
P/S ratio 4.60
P/B ratio 3.10
Past 5Y EPS Growth —
This Y EPS Growth 531.82% (at or above 15%: strong)
Next Y EPS Growth 94.34% (at or above 15%: strong)
Next Y revenue growth 35.27% (at or above 10%: strong)
Next 5Y EPS Growth (5.43%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 96.57%
10-year low 10-year high
P/B against its own 10 years 94.07%
10-year low 10-year high
EV/Sales against its own 10 years 96.61%
10-year low 10-year high
EV/FCF against its own 10 years 86.62%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 0.06
0.06
2019 0.24
0.06
0.06
0.06
0.06
2018 0.24
0.06
0.06
0.06
0.06
2017 0.24
0.06
0.06
0.06
0.06
2016 0.24
0.06
0.06
0.06
0.06
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 336 262 484 498
Receivables 125 111 113 123
Inventory 156 142 129 140
Other 5 19 28 6
639 534 750 789
2023 2024 2025 Q'26
Payables 34 31 41 62
ST’ Debt 6 2 11 11
Other 5 3 3 5
103 85 109 137

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 125 149 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.26) 0.00 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 10.01 12.64 14.08 11.37 8.89 29.00 24.06 29.07 22.80 12.57

Analyst estimates 2026–2028

Powerpack
High 14.43 26.17 27.83 23.03 41.00 51.86 39.86 43.99 36.60 28.03
People
People Employees 1,800 1,800 3,500 3,200 3,250 3,240 3,218 3,259 3,024 2,857
Revenue/emp, $m 0.16 0.20 0.13 0.18 0.20 0.27 0.25 0.20 0.13 0.16
Income, $m
Income, $m Revenue 282 353 452 583 636 887 813 636 402 453
Gross margin, % 35.45 40.66 35.26 39.40 42.73 43.62 47.16 47.60 44.87 42.75
EBT 6 35 (32) (72) (13) 192 127 46 (65) (62)
EBT margin, % 2.13 10.03 (7.06) (12.36) (2.07) 21.68 15.59 7.20 (16.16) (13.78)
Net income 3 33 (32) (70) (14) 167 97 28 (70) (74)
Depreciation 10 11 50 68 55 51 48 53 55 54
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
Earnings 0.11 1.18 (1.01) (1.69) (0.33) 3.53 2.01 0.59 (1.49) (1.59)
Cash flow 0.92 1.43 1.08 0.42 1.19 2.07 2.34 2.14 0.06 0.68
Capex (0.10) (0.22) (0.12) (0.39) (0.04) (0.25) (0.30) (0.33) (0.22) (0.44)
Free cash flow 0.82 1.21 0.96 0.03 1.15 1.82 2.04 1.80 (0.17) 0.24
Book value 8.83 10.39 17.18 11.74 12.24 18.61 19.28 20.01 18.27 16.81
Shares, m 27 28 32 41 42 47 48 47 47 47
Valuation, ×
Valuation, × P/E 118.51 19.13 0.00 0.00 0.00 10.85 15.79 58.66 0.00 0.00
P/S 1.31 1.78 1.13 1.61 2.51 2.04 1.88 2.58 3.12 2.40
P/B 1.57 2.17 0.94 1.95 3.12 2.05 1.65 1.73 1.46 1.38
EV/Sales 0.85 1.37 1.55 1.95 2.75 1.74 1.50 2.12 2.49 1.99
EV/FCF 10.95 14.27 22.92 1,097.90 36.23 17.93 12.41 15.75 (128.94) 80.03
Cash, $m
Cash, $m Operating cash flow 25 40 34 17 50 98 113 101 3 32
Capex (3) (6) (4) (16) (2) (12) (14) (16) (11) (20)
Free cash flow 22 34 30 1 48 86 98 86 (8) 11
Balance, $m
Balance, $m Working capital 176 212 325 291 311 558 604 535 449 641
Total debt — 9 353 353 320 118 79 41 9 296
Net debt (128) (147) 188 197 150 (262) (307) (295) (253) (188)
Shareholders’ equity 235 289 546 483 512 883 929 950 857 786
Returns, %
Returns, % ROA 0.88 8.58 (4.14) (6.30) (1.27) 14.24 7.79 2.37 (6.50) (6.62)
ROIC 1.77 16.55 (2.54) (4.81) 0.31 20.30 12.61 4.13 (7.42) (7.30)
ROE 1.28 12.52 (7.71) (13.55) (2.77) 23.99 10.69 3.00 (7.73) (9.04)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
AXTI AXT Inc $3.8B 1,716× 379× +164.77% (above 0%: growing) n/m +173.29% (above 0%: growing) 44.90% 21.90% Compare
ACLS Axcelis Technologies, Inc. $3.6B 36.1× 59.9× +10.60% (above 0%: growing) −23.23% (below 0%: shrinking) −60.74% (below 0%: shrinking) 42.38% 9.43% Compare
IPGP IPG Photonics Corporation $3.1B 108× 82.3× +11.11% (above 0%: growing) −25.00% (below 0%: shrinking) +200.46% (above 0%: growing) 40.39% 1.63% Compare
AMBA Ambarella, Inc. $2.8B — (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. $2.8B 113× 57.6× +16.48% (above 0%: growing) −5.00% (below 0%: shrinking) +776.15% (above 0%: growing) 38.68% 6.13% Compare
COHU Cohu, Inc. $2.6B — (loss-making) — (loss-making) +38.37% (above 0%: growing) n/m −39.36% (below 0%: shrinking) 45.36% 0.20%
UCTT Ultra Clean Holdings, Inc. $2.5B — (loss-making) 98.9× +24.31% (above 0%: growing) n/m −558.40% (below 0%: shrinking) 16.08% 4.57% Compare
AEHR Aehr Test Systems $2.3B — (loss-making) — (loss-making) +33.69% (above 0%: growing) n/m +133.16% (above 0%: growing) 42.57% (6.40%) Compare
ICHR Ichor Holdings, Ltd. $1.8B — (loss-making) 93.0× +22.68% (above 0%: growing) n/m −59.76% (below 0%: shrinking) 13.90% 2.44% Compare
Median of peers $2.8B 110× 87.7× +19.58% −23.23% +36.70% 41.39% 3.51%

All 29 Semiconductor Equipment & Materials stocks →

Cohu, Inc. (COHU) key facts

  • Strength: Cohu, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $453.0 million, up 12.7% from fiscal 2024.
  • Cohu, Inc. (COHU) is a Semiconductor Equipment & Materials company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, COHU traded at $50.81, a market capitalization of $2.6 billion.
  • Return on equity was −9.04% and debt-to-equity 0.38.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.42 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Cohu, Inc. (COHU) Latest News

30 Jul

12 Feb

Impact 4 · transcript
Impact 4 · transcript
Impact 4 ·

4 Feb

stockrow.com/COHU · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com