Amtech Systems, Inc. (ASYS) vs Cohu, Inc. (COHU)

Amtech Systems, Inc. and Cohu, Inc. are both Semiconductor Equipment & Materials companies. Cohu, Inc. is the larger, with a market value of $2.6B against $235.5M — 11.0× the size. Cohu, Inc. has negative trailing earnings, so its P/E is not meaningful; Amtech Systems, Inc. trades at 47.9×. Cohu, Inc. grew revenue faster over the last twelve months: 32.7% against −2.35%. Amtech Systems, Inc. has the higher net margin (4.90% vs −7.43%) and the higher return on invested capital (12.7% vs −3.94%). Across the 20 metrics below, Amtech Systems, Inc. leads on 17 and Cohu, Inc. on 3.

Valuation

Metric ASYS COHU Semiconductor Equipment & Materials median
P/E 47.85 n/m 45.03
P/S 2.42 4.60 4.64
P/B 1.71 3.10 3.22
Price to free cash flow 22.44 67.95 48.18
EV/EBITDA 12.68 189.16 33.11
EV/Sales 1.41 4.22 5.52
Earnings yield 2.09% (1.64%) 1.41%
Free cash flow yield 4.46% 1.47% 1.67%

Profitability

Metric ASYS COHU Semiconductor Equipment & Materials median
Gross margin 46.86% 43.95% 43.95%
Operating margin 8.10% (6.90%) 10.32%
Net margin 4.90% (7.43%) 7.45%
Free cash flow margin 10.79% 6.77% 6.77%
Return on equity 4.78% (4.84%) 4.78%
Return on assets 3.25% (3.42%) 3.62%
Return on invested capital 12.69% (3.94%) 6.10%

Growth

Metric ASYS COHU Semiconductor Equipment & Materials median
Revenue growth (TTM) (2.35%) 32.66% 14.60%
EPS growth (last fiscal year) (253.33%) (6.71%) (4.56%)
Revenue growth, 5-year CAGR 3.93% (6.56%) 10.11%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ASYS COHU Semiconductor Equipment & Materials median
Debt to equity 0.00 0.38 0.09
Current ratio 5.41 5.74 3.66
Net debt to EBITDA 3.27 11.87 (0.49)

Dividend

Metric ASYS COHU Semiconductor Equipment & Materials median
Dividend yield — — 0.42%
Payout ratio — — 0.19

Size

Metric ASYS COHU Semiconductor Equipment & Materials median
Market cap 235.48m 2.60b 3.80b

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