Cohu, Inc. (COHU) vs IPG Photonics Corporation (IPGP)

Cohu, Inc. and IPG Photonics Corporation are both Semiconductor Equipment & Materials companies. IPG Photonics Corporation is the larger, with a market value of $2.6B against $1.7B — 1.6× the size. Cohu, Inc. has negative trailing earnings, so its P/E is not meaningful; IPG Photonics Corporation trades at 65.0×. Cohu, Inc. grew revenue faster over the last twelve months: 34.0% against 14.8%. IPG Photonics Corporation has the higher net margin (3.65% vs −3.97%) and the higher return on invested capital (1.06% vs −1.45%). Across the 21 metrics below, IPG Photonics Corporation leads on 15 and Cohu, Inc. on 6.

Valuation

Metric COHU IPGP Semiconductor Equipment & Materials median
P/E n/m 64.97 33.70
P/S 2.94 2.39 4.22
P/B 2.12 1.23 2.94
Price to free cash flow 29.73 70.44 31.49
EV/EBITDA 47.86 23.54 22.64
EV/Sales 2.58 1.58 4.97
Earnings yield (1.38%) 1.54% 2.02%
Free cash flow yield 3.36% 1.42% 2.27%

Profitability

Metric COHU IPGP Semiconductor Equipment & Materials median
Gross margin 44.47% 38.71% 46.86%
Operating margin (2.38%) 1.89% 12.02%
Net margin (3.97%) 3.65% 10.16%
Free cash flow margin 9.89% 3.39% 6.73%
Return on equity (2.78%) 1.90% 5.31%
Return on assets (1.95%) 1.66% 4.10%
Return on invested capital (1.45%) 1.06% 6.36%

Growth

Metric COHU IPGP Semiconductor Equipment & Materials median
Revenue growth (TTM) 34.00% 14.78% 15.82%
EPS growth (last fiscal year) (6.71%) 117.85% (4.56%)
Revenue growth, 5-year CAGR (6.56%) (3.52%) 10.11%
Net income growth, 5-year CAGR 0.00% (27.90%) 0.00%

Health

Metric COHU IPGP Semiconductor Equipment & Materials median
Debt to equity 0.38 0.00 0.09
Current ratio 5.16 5.99 3.56
Net debt to EBITDA 11.87 (12.73) (0.49)

Dividend

Metric COHU IPGP Semiconductor Equipment & Materials median
Dividend yield — — 0.59%
Payout ratio — — 0.16

Size

Metric COHU IPGP Semiconductor Equipment & Materials median
Market cap 1.65b 2.64b 3.04b

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