Cohu, Inc. (COHU) vs Veeco Instruments Inc. (VECO)

Cohu, Inc. and Veeco Instruments Inc. are both Semiconductor Equipment & Materials companies. Veeco Instruments Inc. is the larger, with a market value of $2.0B against $1.7B — 1.2× the size. Cohu, Inc. has negative trailing earnings, so its P/E is not meaningful; Veeco Instruments Inc. trades at 80.7×. Cohu, Inc. grew revenue faster over the last twelve months: 34.0% against 6.58%. Veeco Instruments Inc. has the higher net margin (0.00% vs −3.97%) and the higher return on invested capital (2.05% vs −1.45%). Across the 20 metrics below, Veeco Instruments Inc. leads on 15 and Cohu, Inc. on 5.

Valuation

Metric COHU VECO Semiconductor Equipment & Materials median
P/E n/m 80.74 33.70
P/S 2.94 2.85 4.22
P/B 2.12 2.24 2.94
Price to free cash flow 29.73 16.46 31.49
EV/EBITDA 47.86 44.09 22.64
EV/Sales 2.58 2.54 4.97
Earnings yield (1.38%) 1.24% 2.02%
Free cash flow yield 3.36% 6.08% 2.27%

Profitability

Metric COHU VECO Semiconductor Equipment & Materials median
Gross margin 44.47% 37.39% 46.86%
Operating margin (2.38%) 3.02% 12.02%
Net margin (3.97%) 0.00% 10.16%
Free cash flow margin 9.89% 17.32% 6.73%
Return on equity (2.78%) 0.00% 5.31%
Return on assets (1.95%) 0.00% 4.10%
Return on invested capital (1.45%) 2.05% 6.36%

Growth

Metric COHU VECO Semiconductor Equipment & Materials median
Revenue growth (TTM) 34.00% 6.58% 15.82%
EPS growth (last fiscal year) (6.71%) (52.03%) (4.56%)
Revenue growth, 5-year CAGR (6.56%) 7.90% 10.11%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric COHU VECO Semiconductor Equipment & Materials median
Debt to equity 0.38 0.25 0.09
Current ratio 5.16 3.87 3.56
Net debt to EBITDA 11.87 (2.95) (0.49)

Dividend

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

Size

Metric COHU VECO Semiconductor Equipment & Materials median
Market cap 1.65b 2.03b 3.04b

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