Cognex Corporation (CGNX) 10-Year Financial Performance & Capital Metrics

CGNX • • Industrial / General

TechnologyTech Hardware & EquipmentOptical & Photonics SystemsMachine Vision & Imaging

AboutCognex Corporation provides machine vision products that capture and analyze visual information in order 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, aspirin bottles, and automobile tires 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 consumer electronics, automotive, consumer products, food and beverage, pharmaceuticals, and medical devices industries, as well as through a network of distributors and integrators. Cognex Corporation was incorporated in 1981 and is headquartered in Natick, Massachusetts.Show more

Revenue $915M +9.2%
EBITDA $148M -3.2%
Net Income $106M -6.2%
EPS (Diluted) 0.62 -4.6%
Gross Margin 68.43% -4.7%
EBITDA Margin 16.16% -11.3%
Operating Margin 12.58% -19.4%
Net Margin 11.61% -14.1%
ROE 7.03% -8.7%
ROIC 6.2% -15.3%
Debt/Equity 0.05 -11.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 19.1%

✗Weaknesses

✗Profits declining 12.2% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.93%

5Y4.74%

3Y-4.11%

TTM10.23%

Profit (Net Income) CAGR

10Y-1.34%

5Y-12.23%

3Y-27.61%

TTM23.66%

EPS CAGR

10Y-0.92%

5Y-11.78%

3Y-26.48%

TTM26.29%

ROCE

10Y Avg14%

5Y Avg11.04%

3Y Avg9.05%

Latest6.24%

Peer Comparison

Machine Vision & Imaging

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CGNXCognex Corporation	6.8B	40.59	65.47	9.19%	11.33%	7.39%	1.97%	0.05
ODYSOdysight.ai Inc.	75.89M	4.64	-4.83	30.7%	-420.41%	-56.03%		0.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	450.56M	529.51M	766.08M	806.34M	725.63M	811.02M	1.04B	1.01B	837.55M	914.51M
Revenue Growth %	0.06%	0.18%	0.45%	0.05%	-0.1%	0.12%	0.28%	-0.03%	-0.17%	0.09%
Cost of Goods Sold+	102.57M	131.07M	187.29M	206.05M	189.75M	206.42M	277.27M	284.19M	236.31M	288.72M
COGS % of Revenue	0.23%	0.25%	0.24%	0.26%	0.26%	0.25%	0.27%	0.28%	0.28%	0.32%
Gross Profit+	347.99M	398.44M	578.79M	600.29M	535.87M	604.6M	759.83M	721.9M	601.24M	625.79M
Gross Margin %	0.77%	0.75%	0.76%	0.74%	0.74%	0.75%	0.73%	0.72%	0.72%	0.68%
Gross Profit Growth %	0.05%	0.15%	0.45%	0.04%	-0.11%	0.13%	0.26%	-0.05%	-0.17%	0.04%
Operating Expenses+	226.47M	244.38M	319.93M	379.14M	393.27M	434.07M	444.73M	475.68M	470.54M	510.73M
OpEx % of Revenue	0.5%	0.46%	0.42%	0.47%	0.54%	0.54%	0.43%	0.47%	0.56%	0.56%
Selling, General & Admin	156.67M	166.11M	220.73M	262.7M	273.84M	267.59M	309.35M	312.11M	339.14M	370.91M
SG&A % of Revenue	0.35%	0.31%	0.29%	0.33%	0.38%	0.33%	0.3%	0.31%	0.4%	0.41%
Research & Development	69.79M	78.27M	99.2M	116.44M	119.43M	130.98M	135.37M	141.13M	139.4M	139.81M
R&D % of Revenue	0.15%	0.15%	0.13%	0.14%	0.16%	0.16%	0.13%	0.14%	0.17%	0.15%
Other Operating Expenses	0	0	0	0	0	35.49M	0	22.44M	-8M	0
Operating Income+	121.52M	154.07M	258.86M	221.14M	142.6M	170.53M	315.1M	246.23M	130.7M	115.06M
Operating Margin %	0.27%	0.29%	0.34%	0.27%	0.2%	0.21%	0.3%	0.24%	0.16%	0.13%
Operating Income Growth %	-0.05%	0.27%	0.68%	-0.15%	-0.36%	0.2%	0.85%	-0.22%	-0.47%	-0.12%
EBITDA+	135.64M	169.13M	275.85M	242.69M	167.5M	197.03M	335.38M	265.85M	152.58M	147.75M
EBITDA Margin %	0.3%	0.32%	0.36%	0.3%	0.23%	0.24%	0.32%	0.26%	0.18%	0.16%
EBITDA Growth %	-0.03%	0.25%	0.63%	-0.12%	-0.31%	0.18%	0.7%	-0.21%	-0.43%	-0.03%
D&A (Non-Cash Add-back)	14.12M	15.07M	16.99M	21.55M	24.9M	26.5M	20.28M	19.62M	21.88M	32.69M
EBIT	121.52M	154.07M	258.86M	221.14M	142.6M	206.02M	315.1M	268.67M	122.7M	115.06M
Net Interest Income+	0	0	0	0	0	0	0	0	0	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	5.44M	8.01M	7.6M	13.43M	20.39M	16.38M	3.8M	4.47M	4.65M	16.42M
Pretax Income+	126.96M	162.08M	266.46M	234.57M	162.99M	186.91M	318.9M	250.69M	135.35M	131.49M
Pretax Margin %	0.28%	0.31%	0.35%	0.29%	0.22%	0.23%	0.31%	0.25%	0.16%	0.14%
Income Tax+	19.3M	18.13M	89.75M	15.31M	-40.87M	10.72M	39.02M	35.17M	22.11M	25.32M
Effective Tax Rate %	1.47%	0.89%	0.66%	0.93%	1.25%	0.94%	0.88%	0.86%	0.84%	0.81%
Net Income+	187.07M	143.69M	176.71M	219.27M	203.87M	176.19M	279.88M	215.53M	113.23M	106.17M
Net Margin %	0.42%	0.27%	0.23%	0.27%	0.28%	0.22%	0.27%	0.21%	0.14%	0.12%
Net Income Growth %	0.54%	-0.23%	0.23%	0.24%	-0.07%	-0.14%	0.59%	-0.23%	-0.47%	-0.06%
Net Income (Continuing)	107.66M	143.95M	176.71M	219.27M	203.87M	176.19M	279.88M	215.53M	113.23M	106.17M
Discontinued Operations	79.41M	-255K	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.07	0.86	0.99	1.24	1.16	1.00	1.56	1.23	0.65	0.62
EPS Growth %	0.57%	-0.2%	0.15%	0.25%	-0.06%	-0.14%	0.56%	-0.21%	-0.47%	-0.05%
EPS (Basic)	1.09	0.88	1.02	1.27	1.19	1.02	1.59	1.24	0.66	0.62
Diluted Shares Outstanding	175.98M	174.14M	179.55M	177.41M	175.27M	176.59M	179.92M	174.87M	173.4M	172.61M
Basic Shares Outstanding	172.59M	170.68M	173.29M	172.33M	171.19M	173.49M	176.46M	173.41M	172.25M	171.44M
Dividend Payout Ratio	0.1%	0.18%	0.16%	0.15%	0.17%	2.22%	0.15%	0.21%	0.43%	0.49%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	444.49M	526.34M	629.99M	780.33M	607.23M	601.69M	639.8M	717.7M	679M	613.37M
Cash & Short-Term Investments	348.44M	420.83M	404.54M	535.56M	411.9M	372.31M	323.62M	400.13M	332.05M	246.05M
Cash Only	51.98M	79.64M	106.58M	108.21M	171.43M	269.07M	186.16M	181.37M	202.66M	186.09M
Short-Term Investments	296.47M	341.19M	297.96M	427.35M	240.47M	103.24M	137.46M	218.76M	129.39M	59.96M
Accounts Receivable	42.85M	57.66M	126.84M	127.48M	108.23M	131.33M	134.34M	127.6M	116.57M	146.41M
Days Sales Outstanding	34.71	39.74	60.43	57.71	54.44	59.1	47.28	46.29	50.8	58.44
Inventory	37.33M	26.98M	67.92M	83.28M	60.26M	60.83M	113.1M	122.48M	162.28M	157.53M
Days Inventory Outstanding	132.85	75.14	132.37	147.53	115.91	107.56	148.89	157.31	250.67	199.15
Other Current Assets	0	0	0	0	0	0	0	67.49M	68.1M	63.38M
Total Non-Current Assets+	443.26M	512.26M	657.76M	509.34M	1.28B	1.2B	1.36B	1.24B	1.34B	1.38B
Property, Plant & Equipment	53.28M	53.99M	78.05M	91.4M	106.97M	101.75M	100.7M	117.4M	180.96M	165.77M
Fixed Asset Turnover	8.46x	9.81x	9.82x	8.82x	6.78x	7.97x	10.30x	8.57x	4.63x	5.52x
Goodwill	81.45M	95.28M	113.21M	113.21M	243.44M	244.08M	241.71M	242.63M	393.18M	384.94M
Intangible Assets	6.32M	8.31M	13.19M	10.11M	39.49M	15.55M	11.89M	12.41M	112.95M	90.68M
Long-Term Investments	273.09M	324.33M	423.44M	262.04M	433.45M	395.13M	583.75M	454.12M	244.23M	340.9M
Other Non-Current Assets	2.61M	2.32M	2.49M	3.92M	5.83M	7.79M	7.24M	6.64M	7.09M	5.03M
Total Assets+	887.76M	1.04B	1.29B	1.29B	1.89B	1.8B	2B	1.96B	2.02B	1.99B
Asset Turnover	0.51x	0.51x	0.59x	0.63x	0.38x	0.45x	0.52x	0.51x	0.42x	0.46x
Asset Growth %	0.08%	0.17%	0.24%	0%	0.46%	-0.05%	0.11%	-0.02%	0.03%	-0.01%
Total Current Liabilities+	53.69M	65.77M	112.64M	91.36M	120.48M	132.3M	188.59M	187.71M	151.88M	169.38M
Accounts Payable	7.86M	9.83M	23.46M	16.23M	17.87M	16.27M	44.05M	27.1M	21.45M	38.05M
Days Payables Outstanding	27.97	27.37	45.73	28.75	34.37	28.77	57.99	34.81	33.14	48.1
Short-Term Debt	0	0	0	0	0	0	0	0	0	8.85M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	7.42M	9.84M	14.98M	11.27M	10.86M	41.23M	50.92M	49.4M	27.72M	58.55M
Current Ratio	8.28x	8.00x	5.59x	8.54x	5.04x	4.55x	3.39x	3.82x	4.47x	3.62x
Quick Ratio	7.58x	7.59x	4.99x	7.63x	4.54x	4.09x	2.79x	3.17x	3.40x	2.69x
Cash Conversion Cycle	139.59	87.51	147.08	176.48	135.99	137.9	138.18	168.79	268.33	209.48
Total Non-Current Liabilities+	8.4M	10.23M	79.44M	63.05M	409.75M	406.2M	384.98M	332.04M	361.18M	305.96M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	12.33M	18.12M	17.8M	31.3M	68.98M	61.36M
Deferred Tax Liabilities	5.15M	5.36M	6.8M	8.07M	343.91M	329.21M	308.55M	265.83M	273.56M	243.52M
Other Non-Current Liabilities	3.25M	4.87M	72.64M	54.98M	53.52M	58.87M	58.64M	34.91M	18.64M	1.08M
Total Liabilities	62.09M	76M	192.52M	154.4M	530.23M	538.5M	573.57M	519.75M	513.06M	475.35M
Total Debt+	0	0	0	0	17.97M	26.23M	25.58M	39.75M	78.6M	70.22M
Net Debt	-51.98M	-79.64M	-106.58M	-108.21M	-153.46M	-242.84M	-160.58M	-141.62M	-124.05M	-115.88M
Debt / Equity	-	-	-	-	0.01x	0.02x	0.02x	0.03x	0.05x	0.05x
Debt / EBITDA	-	-	-	-	0.11x	0.13x	0.08x	0.15x	0.52x	0.48x
Net Debt / EBITDA	-0.38x	-0.47x	-0.39x	-0.45x	-0.92x	-1.23x	-0.48x	-0.53x	-0.81x	-0.78x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	825.67M	962.6M	1.1B	1.14B	1.36B	1.26B	1.43B	1.44B	1.5B	1.52B
Equity Growth %	0.12%	0.17%	0.14%	0.04%	0.19%	-0.07%	0.13%	0.01%	0.05%	0.01%
Book Value per Share	4.69	5.53	6.10	6.40	7.74	7.15	7.95	8.23	8.68	8.79
Total Shareholders' Equity	825.67M	962.6M	1.1B	1.14B	1.36B	1.26B	1.43B	1.44B	1.5B	1.52B
Common Stock	170K	172K	347K	342K	345K	352K	351K	345K	343K	341K
Retained Earnings	566.61M	643.83M	668.27M	646.21M	753.27M	487.91M	562.88M	528.18M	512.54M	499.3M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-52.12M	-56.43M	-34.6M	-40.5M	-37.27M	-33.8M	-47.94M	-69.3M	-45.34M	-72.78M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	118.36M	182.08M	224.32M	223.45M	253.31M	242.4M	314.06M	243.41M	112.92M	149.08M
Operating CF Margin %	0.26%	0.34%	0.29%	0.28%	0.35%	0.3%	0.3%	0.24%	0.13%	0.16%
Operating CF Growth %	-0.24%	0.54%	0.23%	-0%	0.13%	-0.04%	0.3%	-0.22%	-0.54%	0.32%
Net Income	108.89M	149.83M	177.18M	219.27M	203.87M	176.19M	279.88M	215.53M	113.23M	106.17M
Depreciation & Amortization	14.12M	15.07M	16.99M	21.55M	24.9M	26.5M	20.28M	19.62M	21.88M	32.69M
Stock-Based Compensation	20.17M	20.56M	31.94M	41.09M	45.59M	42.66M	43.77M	54.51M	54.77M	52.44M
Deferred Taxes	-11.37M	-1.91M	1.79M	-413K	-94.87M	-3.35M	-3.12M	-27.34M	-19.78M	-21.51M
Other Non-Cash Items	-444K	-1.59M	-183K	-396K	2.15M	31.76M	7.26M	54.63M	10.53M	4.13M
Working Capital Changes	-13M	121K	-3.39M	-57.64M	71.67M	-31.36M	-34.01M	-73.53M	-67.72M	-24.85M
Change in Receivables	-3.95M	-13.25M	-55.19M	-1.87M	20.34M	-22.13M	-2.87M	5.26M	23.09M	-32.13M
Change in Inventory	-9.46M	10.41M	-37.09M	-16.95M	17.84M	-10.32M	-54.92M	-48.93M	3.77M	2.5M
Change in Payables	-8.87M	2.09M	12.32M	-7.25M	1.63M	-1.69M	27.83M	-17.28M	-13.74M	18.35M
Cash from Investing+	-10.55M	-121.83M	-105.56M	-10.83M	-157.34M	169.44M	-252.54M	-4.45M	32.27M	-38.97M
Capital Expenditures	-28.7M	-12.82M	-28.75M	-37.09M	-21.75M	-13.3M	-15.46M	-19.67M	-23.08M	-15.04M
CapEx % of Revenue	0.06%	0.02%	0.04%	0.05%	0.03%	0.02%	0.01%	0.02%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	104.39M	-113K	-291K	30.53M	0	0	0	0	0	-8K
Cash from Financing+	-106.87M	-29.23M	-100.12M	-209.9M	-32.23M	-316.87M	-141.62M	-240.37M	-125.61M	-118.42M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-18.06M	-25.21M	-29.04M	-31.86M	-35.12M	-390.51M	-43.26M	-45.92M	-49.08M	-52.33M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	9.96M	-337K	-1.93M	-1M	64.58M	124.68M	63.29M	9.86M	3.27M	994K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	89.66M	169.26M	195.57M	186.36M	231.57M	229.1M	298.61M	223.74M	89.84M	134.04M
FCF Margin %	0.2%	0.32%	0.26%	0.23%	0.32%	0.28%	0.29%	0.22%	0.11%	0.15%
FCF Growth %	-0.34%	0.89%	0.16%	-0.05%	0.24%	-0.01%	0.3%	-0.25%	-0.6%	0.49%
FCF per Share	0.51	0.97	1.09	1.05	1.32	1.30	1.66	1.28	0.52	0.78
FCF Conversion (FCF/Net Income)	0.63x	1.27x	1.27x	1.02x	1.24x	1.38x	1.12x	1.13x	1.00x	1.40x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	23.95%	16.07%	17.17%	19.66%	16.37%	13.46%	20.79%	15.03%	7.69%	7.03%
Return on Invested Capital (ROIC)	12.53%	13.95%	20.75%	16.46%	9.6%	11.51%	20.65%	14.39%	7.32%	6.2%
Gross Margin	77.23%	75.25%	75.55%	74.45%	73.85%	74.55%	73.26%	71.75%	71.79%	68.43%
Net Margin	41.52%	27.14%	23.07%	27.19%	28.1%	21.72%	26.99%	21.42%	13.52%	11.61%
Debt / Equity	-	-	-	-	0.01x	0.02x	0.02x	0.03x	0.05x	0.05x
FCF Conversion	0.63x	1.27x	1.27x	1.02x	1.24x	1.38x	1.12x	1.13x	1.00x	1.40x
Revenue Growth	5.65%	17.52%	44.68%	5.25%	-10.01%	11.77%	27.88%	-2.99%	-16.75%	9.19%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Standard Product and Services	-	-	-	654.51M	629.22M	674.83M	889.25M	848.15M	734.14M	795.32M
Standard Product and Services Growth	-	-	-	-	-3.86%	7.25%	31.77%	-4.62%	-13.44%	8.33%
Application of Customer Specific Solutions	-	-	-	151.83M	96.41M	136.19M	147.84M	157.94M	103.41M	119.2M
Application of Customer Specific Solutions Growth	-	-	-	-	-36.50%	41.27%	8.56%	6.83%	-34.53%	15.27%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	-	267.04M	277.15M	310.03M	435.22M	390.57M	330.42M	350.15M
Americas Growth	-	-	-	-	3.79%	11.86%	40.38%	-10.26%	-15.40%	5.97%
Europe	199.13M	231.73M	323.88M	307.96M	227.74M	208.79M	247.74M	234.64M	220.66M	217.88M
Europe Growth	-	16.37%	39.77%	-4.91%	-26.05%	-8.32%	18.66%	-5.29%	-5.96%	-1.26%
Other Asia	-	-	-	105.22M	105.67M	123.92M	154M	153.43M	122.35M	182.33M
Other Asia Growth	-	-	-	-	0.43%	17.27%	24.27%	-0.37%	-20.25%	49.02%
China	-	-	-	126.11M	115.06M	168.29M	200.13M	227.45M	164.12M	164.15M
China Growth	-	-	-	-	-8.76%	46.26%	18.92%	13.65%	-27.84%	0.02%

Frequently Asked Questions

Valuation & Price

Cognex Corporation (CGNX) has a price-to-earnings (P/E) ratio of 65.5x. This suggests investors expect higher future growth.

Growth & Financials

Cognex Corporation (CGNX) reported $971.7M in revenue for fiscal year 2024. This represents a 202% increase from $321.9M in 2011.

Cognex Corporation (CGNX) grew revenue by 9.2% over the past year. This is steady growth.

Yes, Cognex Corporation (CGNX) is profitable, generating $110.1M in net income for fiscal year 2024 (11.6% net margin).

Dividend & Returns

Yes, Cognex Corporation (CGNX) pays a dividend with a yield of 0.75%. This makes it attractive for income-focused investors.

Cognex Corporation (CGNX) has a return on equity (ROE) of 7.0%. This is below average, suggesting room for improvement.

Cognex Corporation (CGNX) generated $213.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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