Cohu
ConvictionModerate
Sells capital test/handling systems + inspection metrology, monetized further by a large recurring stream of consumables (contactors/kits), spares, services and software analytics (~60% of revenue is recurring); cyclical to semiconductor unit volumes, with an emerging AI/HPC system growth leg.
Revenue
$453.0MFY2025); $125.1M (Q1 FY2026Rev growth
+12.7% FY2025 YoY+29% Q1'26 YoY; FY2026 guided +20-25%Gross margin
42.7% GAAP FY202543.3% non-GAAP); improving to 46.5% in Q1'26Op margin
-15.4% GAAP FY2025operating loss; net loss -$74.3M, EPS -$1.59; non-GAAP loss -$10.1M / -$0.22) — trough-cycle, recovering as HPC volume scalesCapex intensity
Low~2-3% of revenue (asset-light equipment model; most spend is R&D/opex not capexMarket cap
~$2.8BNasdaq: COHU, ~$59 price, ~47.2M shares, early Jul 2026The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence