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 $3.1B against $2.6B — 1.2× the size. Cohu, Inc. has negative trailing earnings, so its P/E is not meaningful; IPG Photonics Corporation trades at 108×. 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 107.59 45.03
P/S 4.60 2.82 4.64
P/B 3.10 1.42 3.22
Price to free cash flow 67.95 136.07 48.18
EV/EBITDA 189.16 35.64 33.11
EV/Sales 4.22 2.03 5.52
Earnings yield (1.64%) 0.93% 1.41%
Free cash flow yield 1.47% 0.73% 1.67%

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% (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 5.74 6.18 3.66
Net debt to EBITDA 11.87 (12.73) (0.49)

Dividend

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

Size

Metric COHU IPGP Semiconductor Equipment & Materials median
Market cap 2.60b 3.14b 3.80b

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