Cognex Corp
CGNX
Industrial Instruments For Measurement, Display, and Control
Mkt Cap
$8.102BPE
81.32Debt
-Cash
$138.9MEV
-FCF
$77.38MP/E Ratio
81.32Debt
-Cash
$138.9MEV
-FCF
$77.38MCharts data: {"Earnings":[{"time":"2014-12-30","value":121485000},{"time":"2015-12-30","value":187074000},{"time":"2016-12-30","value":149572000},{"time":"2017-12-30","value":177178000},{"time":"2018-12-30","value":219267000},{"time":"2019-12-30","value":203865000},{"time":"2020-12-30","value":176186000},{"time":"2021-12-30","value":279881000},{"time":"2022-12-30","value":215525000},{"time":"2023-12-30","value":113234000}],"Sales":[{"time":"2014-12-30","value":486270000},{"time":"2015-12-30","value":450557000},{"time":"2016-12-30","value":529515000},{"time":"2017-12-30","value":766083000},{"time":"2018-12-30","value":806338000},{"time":"2019-12-30","value":725625000},{"time":"2020-12-30","value":811020000},{"time":"2021-12-30","value":1037098000},{"time":"2022-12-30","value":1006090000},{"time":"2023-12-30","value":837547000}],"Net Margins":[{"time":"2014-12-30","value":0.24983034116848665},{"time":"2015-12-30","value":0.4152060671568747},{"time":"2016-12-30","value":0.28246980727647},{"time":"2017-12-30","value":0.231277811934216},{"time":"2018-12-30","value":0.27192938941238043},{"time":"2019-12-30","value":0.2809509043927649},{"time":"2020-12-30","value":0.21724001874183127},{"time":"2021-12-30","value":0.26986938553540746},{"time":"2022-12-30","value":0.21422039777753482},{"time":"2023-12-30","value":0.13519718893387475}],"Assets":[{"time":"2014-12-30","value":821734000},{"time":"2015-12-30","value":887756000},{"time":"2016-12-30","value":1038604000},{"time":"2017-12-30","value":1287870000},{"time":"2018-12-30","value":1289667000},{"time":"2019-12-30","value":1885935000},{"time":"2020-12-30","value":1800702000},{"time":"2021-12-30","value":2003662000},{"time":"2022-12-30","value":1958140000},{"time":"2023-12-30","value":2017812000}],"Stockholders Equity":[{"time":"2014-12-30","value":736437000},{"time":"2015-12-30","value":825667000},{"time":"2016-12-30","value":962599000},{"time":"2017-12-30","value":1095353000},{"time":"2018-12-30","value":1135263000},{"time":"2019-12-30","value":1355710000},{"time":"2020-12-30","value":1262202000},{"time":"2021-12-30","value":1430093000},{"time":"2022-12-30","value":1438394000},{"time":"2023-12-30","value":1504752000}],"ROE":[{"time":"2014-12-30","value":0.16496319440766827},{"time":"2015-12-30","value":0.22657318265111723},{"time":"2016-12-30","value":0.1553834982168068},{"time":"2017-12-30","value":0.16175424726092866},{"time":"2018-12-30","value":0.19314202964423222},{"time":"2019-12-30","value":0.15037508021627044},{"time":"2020-12-30","value":0.1395862152016872},{"time":"2021-12-30","value":0.19570825114170898},{"time":"2022-12-30","value":0.14983724904302995},{"time":"2023-12-30","value":0.07525093836060694}],"ROA":[{"time":"2014-12-30","value":0.17482908094346833},{"time":"2015-12-30","value":0.13688558567894782},{"time":"2016-12-30","value":0.15480779970036704},{"time":"2017-12-30","value":0.20135495042201465},{"time":"2018-12-30","value":0.17147217072314017},{"time":"2019-12-30","value":0.08642609633948148},{"time":"2020-12-30","value":0.10379896284893336},{"time":"2021-12-30","value":0.15915858063885027},{"time":"2022-12-30","value":0.1280271073569816},{"time":"2023-12-30","value":0.06707661566092381}]}
Cognex Corporation provides machine vision products that capture and analyze visual information to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing and tracking of discrete items, including mobile phones, electric vehicle batteries, and e-commerce packages by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process. The company offers VisionPro software, a suite of patented vision tools for advanced programming; QuickBuild that allows customers to build vision applications with a graphical, flowchart-based programming interface; and Cognex deep learning vision software. It also provides a range of inspection tasks, including part location, identification, measurement, assembly verification, and robotic guidance; vision sensors for vision applications, such as checking the presence and size of parts; and the In-Sight product line of vision systems and sensors. In addition, the company offers DataMan, an image-based barcode readers and barcode verifiers. It sells its products to automotive, logistics, consumer electronics, medical-related, semiconductor, consumer products, food and beverage, and others, as well as through a network of distributors and integrators. Cognex Corporation was incorporated in 1981 and is headquartered in Natick, Massachusetts.
DCF
Discounted Cash Flow Valuation of Cognex Corp
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $77.38M | $79.62M | $81.94M | $84.32M | $86.77M | $89.29M | $91.88M | $94.55M | $97.3M | $100.1M | $103M | $1.03B |
| DCF | $69.24M | $61.96M | $55.44M | $49.61M | $44.39M | $39.72M | $35.55M | $31.81M | $28.46M | $25.47M | $254.7M | |
| Value | $696.3M | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 0.86%
Earnings Stability 0.8%
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 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 42% | 28% | 23% | 27% | 28% | 22% | 27% | 21% | 14% | 12% |
| ROA | 14% | 15% | 20% | 17% | 8.6% | 10% | 16% | 13% | 6.7% | 6.3% |
| ROE | 23% | 16% | 16% | 19% | 15% | 14% | 20% | 15% | 7.5% | 6.7% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +23.16%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is -2.37%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +11.93%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is -0.98%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +15.06%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is -1.53%.
Safety & Stabiliy
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 | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | - | - | - | - | - | - | - | - | - | - |
| Debt Equity | - | - | - | - | - | - | - | - | - | - |
| MIN | ||||||||||
| Graham Stability | - | - | 100% | 100% | 100% | 88% | 100% | 98% | 51% | 51% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is -.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -.
What is the Graham’s Stability?
Graham’s Stability measure stands at 0.51.
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 | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 6.8% | 0.76% | 1.1% | -17% | -2.1% |
| Net Income | -3.9% | -12% | -14% | -47% | -6.2% |
| Stockholders Equity | 6.6% | 5.8% | 6% | 4.6% | -1.5% |
| FCF | -8.7% | -14% | -27% | -60% | -6.4% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +0.76%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is -2.1%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is -12.38%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is -6.19%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is +5.8%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is -1.49%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is -13.58%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -6.42%.