Cohu Inc

Industrials
Electrical Products
www.cohu.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.29B
PE -25
Debt $10.52M
Cash $189.26M
EV $1.11B
FCF -$4.30M

Earnings

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Sales & Net Margins

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Earnings	-$50.49M
EBIT	-$46.14M
ROE	-6%
ROA	-4%
FCF	-$4.30M
Equity	$884.54M
Growth Stability	-6K%
PE	-25.45
PEG	5.24
PB	1.45
P/FCF	-298.65
P/S	2.89
Price/Cash	0.15
Debt/Equity	0.01
Debt/FCF	-2.44
Net Margins	-16%
Gross Margins	46%
Op. Margins	-10%
Earnings CAGR	16%
Sales Growth YoY	-37%
Sales Growth QoQ	-9%
Sales CAGR	21%
FCF CAGR	15%
Equity CAGR	20%
Earnings Stability	0.2
Earnings Growth YoY	-561%
Earnings Growth QoQ	15%

Earnings CAGR 5Y	-5%
Sales CAGR 5Y	-2%
FCF CAGR 5Y	26%
Equity CAGR 5Y	17%
Earnings CAGR 3Y	-21%
Sales CAGR 3Y	-21%
FCF CAGR 3Y	-42%
Equity CAGR 3Y	1%
Market Cap	$1.29B
Revenue	$444.88M
Assets	$1.03B
Total Debt	$10.52M
Cash	$189.26M
Shares Outstanding	46.82M
EV	1.11B
Earnings Score	11%
Moat Score	6%
Safety Score	36%
Final Score	17%
Working Capital	457.48M
Current Ratio	6.38
Gross Profit	$206.24M
Shares Growth 3y	-1%
Equity Growth QoQ	-1%
Equity Growth YoY	-7%

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.

2024
- 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
2022
- 10-K Dec 31
- 10-Q Sep 24
- 10-Q Jun 25
- 10-Q Mar 26

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 16%

Stability 20%

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Cohu Inc Discounted Cash Flow

Fully customizable DCF calculator online for Cohu Inc.

Years

Calculation mode

= -$123M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$4.3M	-$4.9M	-$5.7M	-$6.5M	-$7.5M	-$8.7M	-$10M	-$11M	-$13M	-$15M	-$17M	-$175M
DCF		-$4.5M	-$4.7M	-$4.9M	-$5.1M	-$5.4M	-$5.6M	-$5.9M	-$6.2M	-$6.4M	-$6.7M	-$67M
Value	-$123M

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	3%	0%	1%	9%	-7%	-12%	-2%	19%	12%	4%	-16%
ROA	-	2%	2%	8%	-2%	-5%	0%	16%	10%	4%	-4%
ROE	-	0%	1%	11%	-6%	-14%	-3%	19%	10%	3%	-6%

Bad Net Margins (-15.75%)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	0.27	12.4	-502.04	10.75	1.56	0.88	0.55	-2.44
Debt over Equity	-	-	-	0.03	0.67	0.76	0.65	0.15	0.09	0.05	0.01
Growth Stability	-	-	-	100%	-269%	-6K%	-	-	100%	34%	-6K%

Good Debt/FCF ratio (-2.44)

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 (0.01)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-19%	5%	25%	28%	29%	9%	39%	-8%	-22%	-2%
Earnings YoY growth	-	-97%	1K%	981%	-199%	115%	-80%	-1K%	-42%	-71%	-5%
Equity YoY growth	-	-4%	-1%	23%	89%	-12%	6%	72%	5%	2%	17%
FCF YoY growth	-	-17%	42%	60%	-12%	-102%	-4K%	176%	14%	-13%	26%