Latest Ratios: P/E Ratio 33.8x · EV/EBITDA 25.4x · ROE 7.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.0B | $6.1B | $6.2B | $7.2B | $8.2B | $14.0B | $14.2B | $9.8B | $6.9B | $11.0B | $5.5B |
| Enterprise Value | $7.8B | $5.9B | $6.1B | $7.1B | $8.1B | $13.8B | $13.9B | $9.7B | $6.8B | $10.9B | $5.5B |
| P/E Ratio → | 33.77 | 52.91 | 57.84 | 64.22 | 38.30 | 49.85 | 80.29 | 48.31 | 31.19 | 61.78 | 36.99 |
| P/S Ratio | 7.07 | 6.13 | 6.77 | 8.64 | 8.19 | 13.49 | 17.48 | 13.54 | 8.51 | 14.33 | 10.46 |
| P/B Ratio | 5.42 | 4.08 | 4.08 | 4.81 | 5.73 | 9.78 | 11.23 | 7.24 | 6.04 | 10.03 | 5.75 |
| P/FCF | 27.80 | 25.74 | 46.18 | 80.56 | 36.82 | 46.85 | 61.89 | 42.42 | 36.81 | 56.15 | 32.73 |
| P/OCF | 32.39 | 24.82 | 41.52 | 64.10 | 33.85 | 44.55 | 58.49 | 38.77 | 30.70 | 48.95 | 30.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.94 | 6.64 | 8.49 | 8.05 | 13.33 | 17.18 | 13.32 | 8.37 | 14.20 | 10.31 |
| EV / EBITDA | 25.43 | 30.55 | 41.11 | 46.62 | 30.45 | 41.24 | 70.73 | 57.72 | 27.82 | 39.42 | 32.28 |
| EV / EBIT | 47.77 | 32.32 | 46.19 | 57.97 | 30.14 | 43.37 | 67.64 | 67.80 | 30.53 | 42.01 | 35.44 |
| EV / FCF | — | 24.95 | 45.32 | 79.18 | 36.19 | 46.31 | 60.83 | 41.75 | 36.23 | 55.61 | 32.26 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.9% | 66.9% | 68.4% | 71.8% | 71.8% | 73.3% | 74.5% | 73.8% | 74.4% | 75.6% | 75.2% |
| Operating Margin | 16.3% | 16.3% | 12.6% | 15.6% | 24.5% | 30.4% | 21.0% | 19.7% | 27.4% | 33.8% | 29.1% |
| Net Profit Margin | 11.5% | 11.5% | 11.6% | 13.5% | 21.4% | 27.0% | 21.7% | 28.1% | 27.2% | 23.1% | 27.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.6% | 7.6% | 7.0% | 7.7% | 15.0% | 20.8% | 13.5% | 16.4% | 19.7% | 17.2% | 16.1% |
| ROA | 5.7% | 5.7% | 5.3% | 5.7% | 10.9% | 14.7% | 9.6% | 12.8% | 17.0% | 15.2% | 14.9% |
| ROIC | 9.0% | 9.0% | 6.2% | 7.3% | 14.4% | 20.6% | 11.5% | 9.6% | 16.5% | 20.7% | 13.9% |
| ROCE | 8.9% | 8.9% | 6.2% | 7.2% | 13.7% | 18.1% | 9.9% | 9.6% | 18.6% | 24.1% | 17.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | 0.02 | 0.02 | 0.01 | — | — | — |
| Debt / EBITDA | 0.40 | 0.40 | 0.48 | 0.52 | 0.15 | 0.08 | 0.13 | 0.11 | — | — | — |
| Net Debt / Equity | — | -0.12 | -0.08 | -0.08 | -0.10 | -0.11 | -0.19 | -0.11 | -0.10 | -0.10 | -0.08 |
| Net Debt / EBITDA | -0.96 | -0.96 | -0.78 | -0.81 | -0.53 | -0.48 | -1.23 | -0.92 | -0.45 | -0.39 | -0.47 |
| Debt / FCF | — | -0.79 | -0.86 | -1.38 | -0.63 | -0.54 | -1.06 | -0.66 | -0.58 | -0.54 | -0.47 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($263M) exceeds total debt ($77M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.80 | 3.80 | 3.62 | 4.47 | 3.82 | 3.39 | 4.55 | 5.04 | 8.54 | 5.59 | 8.00 |
| Quick Ratio | 3.05 | 3.05 | 2.69 | 3.40 | 3.17 | 2.79 | 4.09 | 4.54 | 7.63 | 4.99 | 7.59 |
| Cash Ratio | 1.84 | 1.84 | 1.45 | 2.19 | 2.13 | 1.72 | 2.81 | 3.42 | 5.86 | 3.59 | 6.40 |
| Asset Turnover | — | 0.49 | 0.46 | 0.42 | 0.51 | 0.52 | 0.45 | 0.38 | 0.63 | 0.59 | 0.51 |
| Inventory Turnover | 2.39 | 2.39 | 1.83 | 1.46 | 2.32 | 2.45 | 3.39 | 3.15 | 2.47 | 2.76 | 4.86 |
| Days Sales Outstanding | — | 60.09 | 58.44 | 50.80 | 46.29 | 47.28 | 59.10 | 54.44 | 57.71 | 60.43 | 39.74 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.9% | 0.8% | 0.7% | 0.6% | 0.3% | 2.8% | 0.4% | 0.5% | 0.3% | 0.5% |
| Payout Ratio | 47.7% | 47.7% | 49.3% | 43.3% | 21.3% | 15.5% | 221.6% | 17.2% | 14.5% | 16.4% | 17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 1.9% | 1.7% | 1.6% | 2.6% | 2.0% | 1.2% | 2.1% | 3.2% | 1.6% | 2.7% |
| FCF Yield | 3.6% | 3.9% | 2.2% | 1.2% | 2.7% | 2.1% | 1.6% | 2.4% | 2.7% | 1.8% | 3.1% |
| Buyback Yield | 1.9% | 2.5% | 1.1% | 1.1% | 2.5% | 1.2% | 0.4% | 0.6% | 3.0% | 1.1% | 0.9% |
| Total Shareholder Yield | 2.6% | 3.4% | 1.9% | 1.8% | 3.0% | 1.5% | 3.1% | 1.0% | 3.4% | 1.4% | 1.3% |
| Shares Outstanding | — | $169M | $173M | $173M | $175M | $180M | $177M | $175M | $177M | $180M | $174M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CGNX stock.
Cognex Corporation's current P/E ratio is 33.8x. The historical average is 40.2x. This places it at the 44th percentile of its historical range.
Cognex Corporation's current EV/EBITDA is 25.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.6x.
Cognex Corporation's return on equity (ROE) is 7.6%. The historical average is 11.6%.
Based on historical data, Cognex Corporation is trading at a P/E of 33.8x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cognex Corporation's current dividend yield is 0.68% with a payout ratio of 47.7%.
Cognex Corporation has 66.9% gross margin and 16.3% operating margin. Operating margin between 10-20% is typical for established companies.
Cognex Corporation's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Guidance Normalization Risk
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained Earnings Strength
Based on reported figures, Cognex trades at 70.3x trailing earnings and 28.4x forward earnings, a compression that implies the market expects current quarterly profit levels to moderate toward the lower guided range.
The gap between the trailing P/E of 70.26 and the forward P/E of 28.38 suggests the market is discounting the unusually strong 2026Q3 EPS of $0.53 rather than capitalizing it at face value. Relative to the peer set, Cognex's forward multiple sits well below Viavi and Novanta, though it remains a premium to Cohu, which carries negative earnings. Investors should monitor whether the forward EV/EBITDA of 20.1x holds as guidance is tested over the next two quarters.
Gross Margin Strength Masks Volatile Operating Conversion
As reported in financial statements, Cognex's gross margin held near 70.8% in 2026Q3 while operating margin swung from 12.1% in 2025Q1 to 32.2%, indicating that operating leverage, not pricing, drives most of the earnings variability.
A gross margin that has stayed in a narrow 65.7% to 71.1% band across the ten quarters points to durable software-embedded pricing rather than commodity hardware economics. The much wider operating margin range, however, shows that fixed R&D and SG&A absorption dominates earnings outcomes, so true earning power depends heavily on revenue scale. The 2026Q3 net margin of 27.1% should be read cautiously given that the forward guidance implies a meaningful step-down.
Returns Rebuilding From a Low Base
Based on the reported ratio series, Cognex's ROIC climbed from 1.4% in 2025Q1 to 6.1% in 2026Q3, suggesting capital efficiency is recovering but remains modest relative to the company's gross margin profile.
The low absolute ROIC despite a 70% gross margin indicates that the large, cash-heavy balance sheet and $386M of goodwill dilute returns on invested capital. ROE of 5.1% in 2026Q3 is similarly constrained by the equity base, which appears to be inflated by idle cash. Investors should recognize that returns may remain subdued until capital is deployed more productively or distributed.
Liquidity Position Well Above Stress Thresholds
According to the reported figures, Cognex's current ratio rose from 3.14 in 2025Q1 to 5.04 in 2026Q3 and the quick ratio reached 4.34, indicating short-term obligations are covered many times over by liquid assets.
The quick ratio tracking close to the current ratio suggests inventory is a small share of current assets, limiting dependence on inventory conversion under stress. Even if receivables slowed sharply, the liquidity buffer appears to exceed any plausible near-term obligation. The principal analytical question is capital allocation efficiency rather than solvency.
Trailing Margins May Overstate Run-Rate Earnings
Based on reported guidance, forward EPS of $0.37 to $0.41 sits roughly 25% below the $0.53 reported in 2026Q3, which may signal that trailing profitability metrics overstate sustainable earnings power.
Applying trailing multiples or trailing ROIC as a proxy for steady-state economics risks overvaluing the business if the 2026Q3 quarter was unusually strong. The most commonly misapplied ratio for a business of this type is the trailing P/E, because lumpy capital-equipment-linked revenue makes a single quarter unrepresentative. A normalized multi-year average of operating margin and free cash flow yield would better reflect the underlying economics.