Cohu Inc

Industrials
Electrical Products
www.cohu.com

Earnings Score
Moat Score
Safety Score

Market Cap $733.25M
PE -9
Debt $17.71M
Cash $151.88M
EV $599.08M
FCF -$11.71M

Earnings

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Sales & Net Margins

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Earnings	-$85.99M
EBIT	-$74.58M
ROE	-10%
ROA	-8%
FCF	-$11.71M
Equity	$827.72M
Growth Stability	-6K%
PE	-8.53
PEG	2.75
PB	0.89
P/FCF	-62.61
P/S	1.88
Price/Cash	0.21
Debt/Equity	0.02
Debt/FCF	-1.51
Net Margins	-32%
Gross Margins	44%
Op. Margins	-19%
Earnings CAGR	8%
Sales Growth YoY	-10%
Sales Growth QoQ	3%
Sales CAGR	19%
FCF CAGR	8%
Equity CAGR	19%
Earnings Stability	0.14
Earnings Growth YoY	110%
Earnings Growth QoQ	44%

Earnings CAGR 5Y	-3%
Sales CAGR 5Y	-10%
FCF CAGR 5Y	7%
Equity CAGR 5Y	11%
Earnings CAGR 3Y	-27%
Sales CAGR 3Y	-27%
FCF CAGR 3Y	-20%
Equity CAGR 3Y	-2%
Market Cap	$733.25M
Revenue	$390.96M
Assets	$975.54M
Total Debt	$17.71M
Cash	$151.88M
Shares Outstanding	46.65M
EV	599.08M
Earnings Score	8%
Moat Score	4%
Safety Score	35%
Final Score	16%
Working Capital	386.74M
Current Ratio	5.2
Gross Profit	$173.36M
Shares Growth 3y	-1%
Equity Growth QoQ	-3%
Equity Growth YoY	-10%

Assets & ROA

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Stockholders Equity & ROE

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Cohu Inc is a supplier of semiconductor test and inspection handlers, micro-electro-mechanical system (MEMS) test modules, test contactors and thermal sub-systems used by semiconductor manufacturers and test subcontractors. The company's products include Semiconductor ATE (Automated Test Equipment), Semiconductor Handlers, Interface Products such as test contactors, probe heads and probe pins, Spares and Kits, Bare Board PCB Test Systems, and services. It has two reportable segments, Semiconductor Test and Inspection Equipment (Semiconductor Test & Inspection) and PCB Test Equipment (PCB Test). Majority of the firm's revenue is derived from the Semiconductor Test and Inspection Equipment segment.

SEC Filings

Direct access to Cohu Inc (COHU) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 29
2024
- 10-K Dec 28
- 10-Q Sep 28
- 10-Q Jun 29
- 10-Q Mar 30
2023
- 10-K Dec 30
- 10-Q Sep 30
- 10-Q Jul 01
- 10-Q Apr 01

Sector Comparison

How does Cohu Inc compare to its competitors?

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Peter Lynch's Chart

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

CAGR 8%

Stability 14%

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Cohu Inc Discounted Cash Flow

Fully customizable DCF calculator online for Cohu Inc.

Years

Calculation mode

= -$201M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$12M	-$13M	-$14M	-$15M	-$16M	-$17M	-$18M	-$20M	-$21M	-$23M	-$25M	-$248M
DCF		-$11M	-$11M	-$11M	-$11M	-$11M	-$10M	-$10M	-$10M	-$9.8M	-$9.6M	-$96M
Value	-$201M

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	12/2024	TTM
Net Margins	0%	1%	9%	-7%	-12%	-2%	19%	12%	4%	-17%	-32%
ROA	-	2%	8%	-2%	-5%	0%	16%	10%	4%	-6%	-8%
ROE	-	1%	11%	-6%	-14%	-3%	19%	10%	3%	-8%	-10%

Bad Net Margins (-31.82%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher 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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	0.27	12.4	-502.04	10.75	1.56	0.88	0.55	-1.34	-1.51
Debt over Equity	-	-	0.03	0.67	0.76	0.65	0.15	0.09	0.05	0.01	0.02
Growth Stability	-	-	-	-269%	-6K%	-	-	100%	34%	-72%	-6K%

Good Debt/FCF ratio (-1.51)

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.

Good Debt/Equity ratio (0.02)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-6K%)

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	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	5%	25%	28%	29%	9%	39%	-8%	-22%	-37%	-10%
Earnings YoY growth	-	1K%	981%	-199%	115%	-80%	-1K%	-42%	-71%	-348%	-3%
Equity YoY growth	-	-1%	23%	89%	-12%	6%	72%	5%	2%	-10%	11%
FCF YoY growth	-	42%	60%	-12%	-102%	-4K%	176%	14%	-13%	-109%	7%