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

Cohu, Inc. and IPG Photonics Corporation are both Semiconductor Equipment & Materials companies. Cohu, Inc. and IPG Photonics Corporation are of similar size ($3.3B and $3.0B). Cohu, Inc. has negative trailing earnings, so its P/E is not meaningful; IPG Photonics Corporation trades at 118×. Cohu, Inc. grew revenue faster over the last twelve months: 32.7% against 13.0%. IPG Photonics Corporation has the higher net margin (2.58% vs −7.43%) and the higher return on invested capital (0.40% vs −3.94%). 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 118.36 54.39
P/S 6.08 3.10 6.08
P/B 4.10 1.56 4.89
Price to free cash flow 89.83 149.70 60.92
EV/EBITDA 255.65 40.35 39.95
EV/Sales 5.70 2.30 6.36
Earnings yield (1.24%) 0.84% 1.14%
Free cash flow yield 1.11% 0.67% 1.28%

Profitability

Metric COHU IPGP Semiconductor Equipment & Materials median
Gross margin 43.95% 38.35% 43.95%
Operating margin (6.90%) 0.75% 10.32%
Net margin (7.43%) 2.58% 7.45%
Free cash flow margin 6.77% 2.07% 6.77%
Return on equity (4.84%) 1.30% 4.78%
Return on assets (3.42%) 1.15% 3.62%
Return on invested capital (3.94%) 0.40% 6.10%

Growth

Metric COHU IPGP Semiconductor Equipment & Materials median
Revenue growth (TTM) 32.66% 13.04% 14.60%
EPS growth (last fiscal year) (6.71%) 117.85% —
Revenue growth, 5-year CAGR (6.56%) (3.52%) 8.85%
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 5.74 6.18 3.66
Net debt to EBITDA 11.87 (12.73) (0.49)

Dividend

Metric COHU IPGP Semiconductor Equipment & Materials median
Dividend yield — — 0.85%
Payout ratio 0.00 0.00 0.00

Size

Metric COHU IPGP Semiconductor Equipment & Materials median
Market cap 3.03b 3.29b 4.63b

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