Cognex Corp

Industrials
Industrial Machinery/Components
www.cognex.com

Earnings Score
Moat Score

Market Cap $6.61B
PE 74
Debt $NaN
Cash $197.08M
EV $NaN
FCF $92.18M

Earnings

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Sales & Net Margins

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Earnings	$89.05M
EBIT	$110.04M
ROE	6%
ROA	5%
FCF	$92.18M
Equity	$1.57B
Growth Stability	51%
PE	74.22
PEG	-5.06
PB	4.22
P/FCF	71.7
P/S	7.5
Price/Cash	0.03
Net Margins	11%
Gross Margins	68%
Op. Margins	12%
Earnings CAGR	-2%
Sales Growth YoY	19%
Sales Growth QoQ	-2%
Sales CAGR	8%
FCF CAGR	-2%
Equity CAGR	8%
Earnings Stability	0.04
Earnings Growth YoY	56%
Earnings Growth QoQ	-18%

Earnings CAGR 5Y	-15%
Sales CAGR 5Y	3%
FCF CAGR 5Y	-21%
Equity CAGR 5Y	3%
Earnings CAGR 3Y	-9%
Sales CAGR 3Y	-9%
FCF CAGR 3Y	-39%
Equity CAGR 3Y	4%
Market Cap	$6.61B
Revenue	$881.50M
Dividend Yield	1%
Payout Ratio	58%
Assets	$2.06B
Cash	$197.08M
Shares Outstanding	171.52M
Earnings Score	6%
Moat Score	75%
Working Capital	501.35M
Current Ratio	3.94
Gross Profit	$602.98M
Shares Growth 3y	-1%
Equity Growth QoQ	4%
Equity Growth YoY	5%

Assets & ROA

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Stockholders Equity & ROE

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Cognex Corp provides machine vision products that help automate manufacturing processes. The firm's products include vision software, vision systems, vision sensors, and ID products. Vision software combines vision tools with a customer's own cameras and peripheral equipment and can help with several vision tasks, including part location, identification, measurement, and robotic guidance. Vision systems combine a camera, processor, and vision software into a single package. Vision sensors deliver simple, low-cost solutions for common vision applications, such as checking the size of parts. ID products read codes that have been applied to items during the manufacturing process. Cognex generates the largest proportion of its sales in the United States and Europe.

SEC Filings

Direct access to Cognex Corp (CGNX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 29
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Oct 01
- 10-Q Jul 02
- 10-Q Apr 02
2022
- 10-K Dec 31
- 10-Q Oct 02
- 10-Q Jul 03
- 10-Q Apr 03

Sector Comparison

How does Cognex Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Cognex Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -2%

Stability 4%

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Cognex Corp Discounted Cash Flow

Fully customizable DCF calculator online for Cognex Corp.

Years

Calculation mode

= $832M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$92M	$91M	$89M	$88M	$87M	$85M	$84M	$83M	$81M	$80M	$79M	$790M
DCF		$83M	$74M	$66M	$59M	$53M	$47M	$42M	$38M	$34M	$30M	$305M
Value	$832M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	25%	42%	28%	23%	27%	28%	22%	27%	21%	14%	11%
ROA	-	14%	15%	20%	17%	9%	10%	16%	13%	7%	5%
ROE	-	23%	16%	16%	19%	15%	14%	20%	15%	8%	6%

Good Net Margins (11.36%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	100%	100%	100%	88%	100%	98%	51%	51%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (51%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-7%	18%	45%	5%	-10%	12%	28%	-3%	-17%	3%
Earnings YoY growth	-	54%	-20%	18%	24%	-7%	-14%	59%	-23%	-47%	-15%
Equity YoY growth	-	12%	17%	14%	4%	19%	-7%	13%	1%	5%	3%
FCF YoY growth	-	-26%	69%	16%	-5%	24%	-1%	30%	-25%	-60%	-21%