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

Cohu, Inc. and Veeco Instruments Inc. are both Semiconductor Equipment & Materials companies. Cohu, Inc. and Veeco Instruments Inc. are of similar size ($3.0B and $2.8B). Cohu, Inc. has negative trailing earnings, so its P/E is not meaningful; Veeco Instruments Inc. trades at 131×. Cohu, Inc. grew revenue faster over the last twelve months: 32.7% against −2.52%. Veeco Instruments Inc. has the higher net margin (3.35% vs −7.43%) and the higher return on invested capital (1.64% vs −3.94%). Across the 20 metrics below, Veeco Instruments Inc. leads on 16 and Cohu, Inc. on 4.

Valuation

Metric COHU VECO Semiconductor Equipment & Materials median
P/E n/m 130.85 54.39
P/S 6.08 4.44 6.08
P/B 4.10 3.36 4.89
Price to free cash flow 89.83 35.61 60.92
EV/EBITDA 255.65 74.76 39.95
EV/Sales 5.70 4.18 6.36
Earnings yield (1.24%) 0.76% 1.14%
Free cash flow yield 1.11% 2.81% 1.28%

Profitability

Metric COHU VECO Semiconductor Equipment & Materials median
Gross margin 43.95% 37.92% 43.95%
Operating margin (6.90%) 2.69% 10.32%
Net margin (7.43%) 3.35% 7.45%
Free cash flow margin 6.77% 12.47% 6.77%
Return on equity (4.84%) 2.60% 4.78%
Return on assets (3.42%) 1.70% 3.62%
Return on invested capital (3.94%) 1.64% 6.10%

Growth

Metric COHU VECO Semiconductor Equipment & Materials median
Revenue growth (TTM) 32.66% (2.52%) 14.60%
EPS growth (last fiscal year) (6.71%) (52.03%) —
Revenue growth, 5-year CAGR (6.56%) 7.90% 8.85%
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 5.74 3.93 3.66
Net debt to EBITDA 11.87 (2.95) (0.49)

Dividend

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

Size

Metric COHU VECO Semiconductor Equipment & Materials median
Market cap 3.03b 2.81b 4.63b

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