Cohu, Inc. (COHU) vs Ultra Clean Holdings, Inc. (UCTT)

Cohu, Inc. and Ultra Clean Holdings, Inc. are both Semiconductor Equipment & Materials companies. Cohu, Inc. and Ultra Clean Holdings, Inc. are of similar size ($1.8B and $1.7B). Cohu, Inc. has negative trailing earnings, so its P/E is not meaningful; Ultra Clean Holdings, Inc. trades at 66.2×. Cohu, Inc. grew revenue faster over the last twelve months: 34.0% against 15.8%. Ultra Clean Holdings, Inc. has the higher net margin (1.09% vs −3.97%) and the higher return on invested capital (5.60% vs −1.45%). Across the 19 metrics below, Ultra Clean Holdings, Inc. leads on 12 and Cohu, Inc. on 7.

Valuation

Metric COHU UCTT Semiconductor Equipment & Materials median
P/E n/m 66.19 35.94
P/S 3.22 0.76 4.44
P/B 2.32 2.29 3.09
Price to free cash flow 32.56 n/m 33.07
EV/EBITDA 53.06 12.02 23.48
EV/Sales 2.86 0.91 5.23
Earnings yield (1.26%) 1.51% 2.34%
Free cash flow yield 3.07% (8.99%) 2.18%

Profitability

Metric COHU UCTT Semiconductor Equipment & Materials median
Gross margin 44.47% 16.11% 46.86%
Operating margin (2.38%) 4.32% 12.02%
Net margin (3.97%) 1.09% 10.20%
Free cash flow margin 9.89% (6.84%) 6.73%
Return on equity (2.78%) 3.34% 5.32%
Return on assets (1.95%) 1.39% 4.10%
Return on invested capital (1.45%) 5.60% 6.36%

Growth

Metric COHU UCTT Semiconductor Equipment & Materials median
Revenue growth (TTM) 34.00% 15.79% 16.16%
EPS growth (last fiscal year) (6.71%) (869.23%) (4.56%)
Revenue growth, 5-year CAGR (6.56%) 7.99% 10.11%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric COHU UCTT Semiconductor Equipment & Materials median
Debt to equity 0.38 0.78 0.09
Current ratio 5.16 2.79 3.44
Net debt to EBITDA 11.87 1.35 (0.49)

Dividend

Metric COHU UCTT Semiconductor Equipment & Materials median
Dividend yield — — 0.55%
Payout ratio — — 0.16

Size

Metric COHU UCTT Semiconductor Equipment & Materials median
Market cap 1.65b 1.78b 2.69b

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