Latest Ratios: P/E Ratio 86.7x · EV/EBITDA 49.8x · 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 | $9.8B | $6.1B | $6.2B | $7.2B | $8.2B | $14.0B | $14.2B | $9.8B | $6.9B | $11.0B | $5.5B |
| Enterprise Value | $9.6B | $5.9B | $6.1B | $7.1B | $8.1B | $13.8B | $13.9B | $9.7B | $6.8B | $10.9B | $5.5B |
| P/E Ratio → | 86.72 | 52.91 | 57.84 | 64.22 | 38.30 | 49.85 | 80.29 | 48.31 | 31.19 | 61.78 | 36.99 |
| P/S Ratio | 9.87 | 6.13 | 6.77 | 8.64 | 8.19 | 13.49 | 17.48 | 13.54 | 8.51 | 14.33 | 10.46 |
| P/B Ratio | 6.69 | 4.08 | 4.08 | 4.81 | 5.73 | 9.78 | 11.23 | 7.24 | 6.04 | 10.03 | 5.75 |
| P/FCF | 41.45 | 25.74 | 46.18 | 80.56 | 36.82 | 46.85 | 61.89 | 42.42 | 36.81 | 56.15 | 32.73 |
| P/OCF | 39.97 | 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 | 49.79 | 30.55 | 41.11 | 46.62 | 30.45 | 41.24 | 70.73 | 57.72 | 27.82 | 39.42 | 32.28 |
| EV / EBIT | 59.22 | 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 | 0.5% | 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 | 1.2% | 1.9% | 1.7% | 1.6% | 2.6% | 2.0% | 1.2% | 2.1% | 3.2% | 1.6% | 2.7% |
| FCF Yield | 2.4% | 3.9% | 2.2% | 1.2% | 2.7% | 2.1% | 1.6% | 2.4% | 2.7% | 1.8% | 3.1% |
| Buyback Yield | 1.5% | 2.5% | 1.1% | 1.1% | 2.5% | 1.2% | 0.4% | 0.6% | 3.0% | 1.1% | 0.9% |
| Total Shareholder Yield | 2.1% | 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 86.7x. The historical average is 40.2x. This places it at the 100th percentile of its historical range.
Cognex Corporation's current EV/EBITDA is 49.8x. 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 86.7x. This is at the 100th 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 0.55% 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
Demand normalization after record quarter
Metrics are mathematically derived from official filings.
Margin Expansion Signals Operating Leverage
Cognex's gross margin reached 70.6% in Q2 2026, up from 67.4% a year earlier, while operating margin surged to 29.4% from 17.4%, according to the latest quarterly data.
The sequential improvement in gross margin from 65.7% in Q4 2025 to 70.6% in Q2 2026 suggests a favorable mix shift toward high-value software-defined vision systems, likely driven by AI-enabled products. Operating margin expansion from 14.0% to 29.4% over the same period indicates that revenue growth is flowing through to the bottom line faster than costs, reflecting the high fixed-cost nature of the business. However, investors should monitor whether this margin level is sustainable given the implied sequential revenue moderation in management's guidance.
ROIC Inflection Points to Cyclical Recovery
ROIC jumped to 4.7% in Q2 2026 from 2.3% a year earlier, per the quarterly data, marking the highest level in the ten-quarter period and signaling a cyclical recovery.
The ROIC trend over the past ten quarters shows a clear trough in early 2025 (0.8% in Q1 2025) followed by a sharp rebound, driven primarily by margin expansion rather than asset turnover, which remained stable around 0.13-0.14. This suggests that the improvement in returns is coming from pricing power and cost discipline rather than efficiency gains in asset utilization. The low asset turnover reflects the asset-light model, where the bulk of value lies in intangibles and software, so ROIC is highly sensitive to operating margin swings.
Working Capital Drag Eases as CCC Improves
Cash conversion cycle improved to 147 days in Q2 2026 from 232 days in Q2 2024, driven by a reduction in days inventory outstanding from 205 to 148, as reported in the quarterly data.
The improvement in CCC is largely attributable to a 57-day reduction in DIO, which suggests better inventory management or a shift toward software and services that require less physical inventory. DSO has increased slightly from 58 to 66 days over the same period, indicating that customers are taking longer to pay, possibly due to larger logistics installations with milestone-based billing. The extension of DPO from 31 to 66 days suggests Cognex is leveraging supplier terms more effectively, which may reflect increased negotiating power or changes in procurement.
Minimal Debt Masks Strategic Flexibility
Cognex's debt-to-equity ratio stands at 0.04 with debt-to-EBITDA of 0.79, according to the latest balance sheet data, indicating negligible leverage and substantial financial headroom.
The company's conservative capital structure, with total debt of $72.5M against equity of $1.6B, provides a fortress-like balance sheet that can fund R&D through downturns and pursue strategic acquisitions without refinancing risk. Interest coverage is not reported, but given the minimal debt, it is likely ample. The slight increase in D/EBITDA from 0.79 in Q2 2026 to 1.10 in Q1 2026 reflects the volatility in EBITDA, but the absolute level remains low. This financial flexibility is a key differentiator versus peers like Keysight (D/E 0.51) and Viavi (D/E 0.89).
Ample Liquidity Buffer Strengthens
Current ratio improved to 3.93 in Q2 2026 from 3.29 a year earlier, with quick ratio at 3.27, per the quarterly data, indicating a robust liquidity position.
The current ratio has remained consistently above 3.0 over the past ten quarters, and the quick ratio of 3.27 suggests that even without selling inventory, Cognex can cover its short-term obligations more than three times over. This liquidity buffer is particularly valuable given the lumpy revenue patterns and potential for demand normalization. The improvement in the current ratio from 3.29 in Q2 2025 to 3.93 in Q2 2026 is driven by cash accumulation and stable current liabilities, which may indicate conservative working capital management.
P/E Misleads on Cyclical Earnings
The trailing P/E of 90.57 overstates valuation because it is based on trough earnings; forward P/E of 41.19 better reflects normalized earnings, as per the valuation data.
Cognex's earnings are highly cyclical, tied to capital expenditure cycles in electronics and logistics. The trailing P/E of 90.57 is distorted by the depressed earnings of the past year, while the forward P/E of 41.19, based on expected earnings recovery, is more meaningful. Investors should also consider EV/EBITDA (52.05 trailing, 38.35 forward) to account for the company's net cash position. A more appropriate metric for Cognex is EV/Sales or price-to-earnings normalized over a full cycle, as the current P/E may mislead on the company's true growth potential.