Cohu, Inc. (COHU) 10-Year Financial Performance & Capital Metrics

COHU • • Industrial / General

TechnologySemiconductorsSemiconductor Manufacturing EquipmentAssembly & Test Equipment

AboutCohu, Inc., through its subsidiaries, provides semiconductor test equipment and services in China, the United States, Taiwan, Malaysia, the Philippines, and internationally. The company supplies semiconductor test and inspection handlers, micro-electromechanical system (MEMS) test modules, test contactors, thermal sub-systems, and semiconductor automated test equipment for semiconductor and electronics manufacturers, and test subcontractors. It also provides semiconductor automated test equipment for wafer level and device package testing; various test handlers, including pick-and-place, turret, gravity, strip, and MEMS and thermal sub-systems; interface products comprising test contactors, and probe heads and pins; spares and kits; various parts and labor warranties on test and handling systems, and instruments; and training on the maintenance and operation of its systems, as well as application, data management software, and consulting services on its products. In addition, the company offers data analytics product that includes DI-Core, a software suite used to optimize Cohu equipment performance, which provides real-time online performance monitoring and process control. It markets its products through direct sales force and independent sales representatives. The company was formerly known as Cohu Electronics, Inc. and changed its name to Cohu, Inc. in 1972. Cohu, Inc. was incorporated in 1947 and is headquartered in Poway, California.Show more

Revenue $402M -36.9%
EBITDA -$19M -120.6%
Net Income -$70M -348.0%
EPS (Diluted) -1.49 -352.5%
Gross Margin 44.76% -5.9%
EBITDA Margin -4.77% -132.7%
Operating Margin -17.84% -362.3%
Net Margin -17.38% -492.7%
ROE -7.73% -357.8%
ROIC -7.5% -279.5%
Debt/Equity 0.02 -64.8%
Interest Coverage -115.97 -1006.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 83 (top 17%)
✓Share count reduced 2.3% through buybacks
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 2.0%
✗Negative free cash flow
✗Sales declining 7.2% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.89%

5Y-7.19%

3Y-23.21%

TTM-4.5%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-44.87%

EPS CAGR

10Y-

5Y-

3Y-

TTM57.52%

ROCE

10Y Avg3.54%

5Y Avg5.85%

3Y Avg2.85%

Latest-7.31%

Peer Comparison

Assembly & Test Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KLICKulicke and Soffa Industries, Inc.	3.1B	59.17	9999	-7.38%	0.03%	0.03%	3.11%	0.05
FORMFormFactor, Inc.	5.84B	75.28	84.58	15.16%	5.23%	3.93%	1.36%	0.04
TERTeradyne, Inc.	35.66B	227.70	68.58	5.36%	15.49%	16.31%	1.33%	0.03
INTTinTEST Corporation	108.86M	8.72	36.33	5.99%	-1.93%	-2.22%	2.29%	0.26
COHUCohu, Inc.	1.36B	29.14	-19.56	-36.86%	-17.22%	-8.8%		0.02
AEHRAehr Test Systems	812.54M	26.53	-204.08	-10.95%	-16.63%	-6.77%		0.09
TRTTrio-Tech International	56.21M	6.46	-672.92	-13.8%	0.64%	0.8%		0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	269.65M	282.08M	352.7M	451.77M	583.33M	636.01M	887.21M	812.77M	636.32M	401.78M
Revenue Growth %	-0.19%	0.05%	0.25%	0.28%	0.29%	0.09%	0.39%	-0.08%	-0.22%	-0.37%
Cost of Goods Sold+	180.62M	182.09M	209.3M	273.41M	353.5M	360.49M	500.81M	429.9M	333.52M	221.95M
COGS % of Revenue	0.67%	0.65%	0.59%	0.61%	0.61%	0.57%	0.56%	0.53%	0.52%	0.55%
Gross Profit+	89.04M	100M	143.41M	178.36M	229.83M	275.51M	386.4M	382.87M	302.81M	179.83M
Gross Margin %	0.33%	0.35%	0.41%	0.39%	0.39%	0.43%	0.44%	0.47%	0.48%	0.45%
Gross Profit Growth %	-0.16%	0.12%	0.43%	0.24%	0.29%	0.2%	0.4%	-0.01%	-0.21%	-0.41%
Operating Expenses+	81.08M	96.95M	105.68M	208.14M	282.16M	272.25M	184.88M	257.31M	259.53M	251.5M
OpEx % of Revenue	0.3%	0.34%	0.3%	0.46%	0.48%	0.43%	0.21%	0.32%	0.41%	0.63%
Selling, General & Admin	50.17M	52.81M	60.74M	96.75M	142.94M	129.25M	126.96M	131.39M	130.65M	127.84M
SG&A % of Revenue	0.19%	0.19%	0.17%	0.21%	0.25%	0.2%	0.14%	0.16%	0.21%	0.32%
Research & Development	33.11M	34.84M	40.74M	56.43M	86.15M	86.15M	91.96M	92.59M	88.57M	84.8M
R&D % of Revenue	0.12%	0.12%	0.12%	0.12%	0.15%	0.14%	0.1%	0.11%	0.14%	0.21%
Other Operating Expenses	-2.2M	7.7M	4.21M	54.95M	53.07M	56.85M	-34.04M	33.34M	40.31M	38.86M
Operating Income+	7.96M	3.04M	37.73M	-29.78M	-52.33M	3.26M	201.52M	125.56M	43.27M	-71.67M
Operating Margin %	0.03%	0.01%	0.11%	-0.07%	-0.09%	0.01%	0.23%	0.15%	0.07%	-0.18%
Operating Income Growth %	-0.59%	-0.62%	11.4%	-1.79%	-0.76%	1.06%	60.82%	-0.38%	-0.66%	-2.66%
EBITDA+	19.23M	13.46M	46.92M	-3.73M	6.54M	56.01M	250.09M	171.57M	93.02M	-19.18M
EBITDA Margin %	0.07%	0.05%	0.13%	-0.01%	0.01%	0.09%	0.28%	0.21%	0.15%	-0.05%
EBITDA Growth %	-0.4%	-0.3%	2.49%	-1.08%	2.75%	7.56%	3.47%	-0.31%	-0.46%	-1.21%
D&A (Non-Cash Add-back)	11.27M	10.41M	9.2M	26.05M	58.87M	52.75M	48.57M	46.02M	49.74M	52.49M
EBIT	5.76M	5.44M	37.73M	7.98M	-51.52M	21.37M	132.07M	125.71M	47.23M	-71.89M
Net Interest Income+	44K	342K	617K	-3.79M	-19.79M	-13.54M	-6.17M	-165K	8.12M	9.36M
Interest Income	44K	342K	671K	1.19M	764K	224K	239K	4.01M	11.5M	9.98M
Interest Expense	0	0	54K	4.98M	20.56M	13.76M	6.41M	4.18M	3.38M	618K
Other Income/Expense	44K	342K	617K	-2.13M	-19.75M	-16.44M	-9.17M	1.16M	2.54M	6.72M
Pretax Income+	8M	6.01M	35.37M	-31.91M	-72.08M	-13.18M	192.34M	126.72M	45.82M	-64.95M
Pretax Margin %	0.03%	0.02%	0.1%	-0.07%	-0.12%	-0.02%	0.22%	0.16%	0.07%	-0.16%
Income Tax+	2.21M	2.75M	2.24M	631K	-3.08M	666K	25.02M	29.87M	17.66M	4.87M
Effective Tax Rate %	0.03%	0.51%	0.93%	1.01%	0.97%	1.05%	0.87%	0.76%	0.61%	1.08%
Net Income+	250K	3.04M	32.84M	-32.18M	-69.7M	-13.84M	167.32M	96.85M	28.16M	-69.82M
Net Margin %	0%	0.01%	0.09%	-0.07%	-0.12%	-0.02%	0.19%	0.12%	0.04%	-0.17%
Net Income Growth %	-0.97%	11.16%	9.81%	-1.98%	-1.17%	0.8%	13.09%	-0.42%	-0.71%	-3.48%
Net Income (Continuing)	5.79M	3.26M	33.12M	-32.54M	-69M	-13.84M	167.32M	96.85M	28.16M	-69.82M
Discontinued Operations	0	0	0	119K	-697K	42K	0	0	0	0
Minority Interest	0	0	0	-299K	0	0	0	0	0	0
EPS (Diluted)+	0.01	0.11	1.14	-1.01	-1.68	-0.33	3.45	1.98	0.59	-1.49
EPS Growth %	-0.97%	10%	9.36%	-1.89%	-0.66%	0.8%	11.45%	-0.43%	-0.7%	-3.53%
EPS (Basic)	0.01	0.11	1.18	-1.02	-1.68	-0.33	3.53	2.01	0.59	-1.49
Diluted Shares Outstanding	26.79M	27.48M	28.92M	31.78M	41.16M	41.85M	48.46M	48.8M	48.02M	46.91M
Basic Shares Outstanding	26.06M	26.66M	27.84M	31.67M	41.16M	41.85M	47.41M	48.18M	47.49M	46.91M
Dividend Payout Ratio	24.86%	2.09%	0.2%	-	-	-	-	-	-	-

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+	234.46M	245.15M	297.44M	485.24M	439.7M	485.05M	750.79M	764.85M	638.82M	534.31M
Cash & Short-Term Investments	117.02M	128.03M	155.62M	165.02M	156.1M	170.03M	379.9M	385.58M	335.7M	262.09M
Cash Only	115.37M	96.05M	134.29M	164.46M	155.19M	149.36M	290.2M	242.34M	245.52M	206.41M
Short-Term Investments	1.65M	31.99M	21.33M	560K	904K	20.67M	89.7M	143.24M	90.17M	55.69M
Accounts Receivable	59.83M	63.02M	71.13M	149.28M	127.92M	151.92M	192.87M	176.15M	124.62M	91.62M
Days Sales Outstanding	80.99	81.54	73.6	120.61	80.04	87.19	79.35	79.1	71.49	83.23
Inventory	51.35M	45.5M	62.09M	139.31M	130.71M	142.5M	161.05M	170.14M	155.79M	141.86M
Days Inventory Outstanding	103.77	91.21	108.27	185.99	134.96	144.28	117.38	144.45	170.5	233.29
Other Current Assets	6.26M	8.59M	275K	5.42M	7.49M	1.83M	768K	8.97M	5.01M	19.44M
Total Non-Current Assets+	110.88M	100.36M	123.02M	648.76M	637.98M	605.28M	508.25M	462.56M	511.53M	465.11M
Property, Plant & Equipment	19M	18.23M	34.17M	74.33M	104.18M	96.12M	89.02M	87.81M	85.86M	88.69M
Fixed Asset Turnover	14.19x	15.47x	10.32x	6.08x	5.60x	6.62x	9.97x	9.26x	7.41x	4.53x
Goodwill	60.26M	58.85M	65.61M	242.13M	238.67M	252.3M	219.79M	213.54M	241.66M	234.64M
Intangible Assets	25.3M	17.84M	16.75M	318.96M	274.99M	233.67M	177.32M	140.1M	151.77M	110.72M
Long-Term Investments	-6.95M	-5.85M	1.06M	-38.94M	0	0	0	0	0	0
Other Non-Current Assets	6.32M	5.45M	6.49M	13.34M	20.14M	23.19M	22.12M	21.11M	32.24M	31.06M
Total Assets+	345.35M	345.51M	420.46M	1.13B	1.08B	1.09B	1.26B	1.23B	1.15B	999.41M
Asset Turnover	0.78x	0.82x	0.84x	0.40x	0.54x	0.58x	0.70x	0.66x	0.55x	0.40x
Asset Growth %	-0.01%	0%	0.22%	1.7%	-0.05%	0.01%	0.15%	-0.03%	-0.06%	-0.13%
Total Current Liabilities+	63.19M	68.69M	85.27M	160.59M	148.88M	174.45M	192.46M	160.87M	103.42M	85.18M
Accounts Payable	27.29M	31.44M	37.56M	48.12M	48.7M	67.92M	85.23M	51.76M	33.6M	30.55M
Days Payables Outstanding	55.15	63.03	65.5	64.24	50.28	68.77	62.12	43.95	36.77	50.25
Short-Term Debt	0	0	4.39M	6.79M	6.52M	8.39M	19.45M	11.29M	6.32M	1.75M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	12.35M	13.67M	14.38M	58.33M	24.34M	34.86M	20.56M	17.92M	14.11M	44.13M
Current Ratio	3.71x	3.57x	3.49x	3.02x	2.95x	2.78x	3.90x	4.75x	6.18x	6.27x
Quick Ratio	2.90x	2.91x	2.76x	2.15x	2.08x	1.96x	3.06x	3.70x	4.67x	4.61x
Cash Conversion Cycle	129.61	109.72	116.38	242.35	164.72	162.69	134.61	179.61	205.21	266.28
Total Non-Current Liabilities+	44.02M	41.35M	46.1M	427.47M	445.75M	403.61M	184.08M	137.7M	96.76M	57.34M
Long-Term Debt	0	0	4.58M	346.04M	346.52M	311.55M	103.39M	72.66M	34.3M	7.05M
Capital Lease Obligations	0	0	0	2.61M	28.88M	25.79M	22.04M	19.21M	13.18M	9.89M
Deferred Tax Liabilities	6.95M	5.85M	2.92M	38.94M	31.31M	28.82M	25.89M	21.36M	23.15M	19.4M
Other Non-Current Liabilities	37.06M	35.5M	37.8M	37.87M	39.05M	37.45M	26.66M	18.97M	26.13M	20.99M
Total Liabilities	107.21M	110.04M	131.37M	588.06M	594.64M	578.06M	376.54M	298.57M	200.18M	142.52M
Total Debt+	0	0	8.96M	352.83M	381.91M	345.73M	144.88M	103.16M	58.94M	18.69M
Net Debt	-115.37M	-96.05M	-125.32M	188.37M	226.72M	196.37M	-145.32M	-139.18M	-186.59M	-187.71M
Debt / Equity	-	-	0.03x	0.65x	0.79x	0.67x	0.16x	0.11x	0.06x	0.02x
Debt / EBITDA	-	-	0.19x	-	58.37x	6.17x	0.58x	0.60x	0.63x	-
Net Debt / EBITDA	-6.00x	-7.14x	-2.67x	-	34.65x	3.51x	-0.58x	-0.81x	-2.01x	-
Interest Coverage	-	-	698.61x	-5.98x	-2.55x	0.24x	31.42x	30.06x	12.79x	-115.97x
Total Equity+	238.14M	235.47M	289.09M	545.94M	483.07M	512.29M	882.5M	928.84M	950.17M	856.89M
Equity Growth %	-0.04%	-0.01%	0.23%	0.89%	-0.12%	0.06%	0.72%	0.05%	0.02%	-0.1%
Book Value per Share	8.89	8.57	10.00	17.18	11.74	12.24	18.21	19.03	19.78	18.27
Total Shareholders' Equity	238.14M	235.47M	289.09M	546.24M	483.07M	512.29M	882.5M	928.84M	950.17M	856.89M
Common Stock	26.24M	26.84M	28.49M	40.76M	41.4M	42.19M	48.76M	49.28M	49.43M	49.6M
Retained Earnings	128.15M	124.56M	150.73M	111.67M	42.52M	26.23M	193.56M	290.4M	318.56M	248.74M
Treasury Stock	0	0	0	0	0	0	-7.32M	-58.04M	-69.18M	-87.78M
Accumulated OCI	-21.77M	-27.88M	-17.79M	-25.88M	-34.03M	-4.33M	-27.26M	-40.01M	-34.78M	-51.16M
Minority Interest	0	0	0	-299K	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+	21.48M	24.55M	39.75M	34.44M	17.27M	49.73M	97.73M	112.86M	101.47M	2.78M
Operating CF Margin %	0.08%	0.09%	0.11%	0.08%	0.03%	0.08%	0.11%	0.14%	0.16%	0.01%
Operating CF Growth %	0.09%	0.14%	0.62%	-0.13%	-0.5%	1.88%	0.97%	0.15%	-0.1%	-0.97%
Net Income	250K	3.04M	32.84M	-32.42M	-69.69M	-13.8M	167.32M	96.85M	28.16M	-69.82M
Depreciation & Amortization	11.27M	10.41M	9.2M	26.05M	58.87M	52.75M	48.57M	46.02M	49.74M	52.49M
Stock-Based Compensation	6.75M	7.14M	7.01M	18.28M	14.15M	14.23M	13.79M	14.92M	17.24M	20.74M
Deferred Taxes	222K	-1.06M	-3.79M	-8.21M	-5.38M	-5.3M	953K	-3.5M	-4.77M	-3.72M
Other Non-Cash Items	1.51M	1.34M	5.87M	21.81M	13.77M	14.8M	-61.15M	7.53M	694K	6.97M
Working Capital Changes	1.47M	3.68M	-11.37M	8.94M	5.55M	-12.94M	-71.76M	-48.94M	10.41M	-3.88M
Change in Receivables	8.97M	-4.62M	-3.26M	5.79M	21.15M	-20.21M	-59.12M	12.45M	61.9M	34.85M
Change in Inventory	-5.74M	4.61M	-12.2M	2.04M	26K	-14.98M	-35.86M	-18.51M	12.84M	4.98M
Change in Payables	3.38M	5.68M	4.16M	-7.1M	-3.12M	15.06M	17.32M	-33.13M	-21.36M	-3.56M
Cash from Investing+	31.03M	-32.92M	-7.04M	-322.31M	-16.55M	-18.36M	39.89M	-67.87M	-30.21M	21.92M
Capital Expenditures	-6.59M	-3.45M	-6.09M	-4.97M	-18M	-18.66M	-12M	-14.77M	-16.05M	-10.63M
CapEx % of Revenue	0.02%	0.01%	0.02%	0.01%	0.03%	0.03%	0.01%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	33.24M	874K	104K	1M	1.77M	17.02M	157K	349K	216K	-3.1M
Cash from Financing+	-4.98M	-6.71M	2.15M	322.11M	-8.18M	-38.07M	6.53M	-91.07M	-68.14M	-59.03M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-6.21M	-6.35M	-6.58M	-6.95M	-9.83M	-4.97M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	-7.89M	-16K	2.08M	-4.39M	-1.96M	-5.66M	-701K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	14.89M	21.1M	33.66M	29.47M	-731K	31.07M	85.73M	98.09M	85.42M	-7.86M
FCF Margin %	0.06%	0.07%	0.1%	0.07%	-0%	0.05%	0.1%	0.12%	0.13%	-0.02%
FCF Growth %	-0.17%	0.42%	0.6%	-0.12%	-1.02%	43.51%	1.76%	0.14%	-0.13%	-1.09%
FCF per Share	0.56	0.77	1.16	0.93	-0.02	0.74	1.77	2.01	1.78	-0.17
FCF Conversion (FCF/Net Income)	85.92x	8.08x	1.21x	-1.07x	-0.25x	-3.59x	0.58x	1.17x	3.60x	-0.04x
Interest Paid	0	0	0	4.98M	14.85M	16.32M	6.25M	3.44M	3.42M	803K
Taxes Paid	0	6.81M	7.09M	6.24M	14.94M	5.77M	22.72M	23.12M	44.28M	24.93M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.1%	1.28%	12.52%	-7.71%	-13.55%	-2.78%	23.99%	10.69%	3%	-7.73%
Return on Invested Capital (ROIC)	3.99%	1.74%	18.66%	-4.97%	-5.44%	0.34%	20.91%	12.34%	4.18%	-7.5%
Gross Margin	33.02%	35.45%	40.66%	39.48%	39.4%	43.32%	43.55%	47.11%	47.59%	44.76%
Net Margin	0.09%	1.08%	9.31%	-7.12%	-11.95%	-2.18%	18.86%	11.92%	4.42%	-17.38%
Debt / Equity	-	-	0.03x	0.65x	0.79x	0.67x	0.16x	0.11x	0.06x	0.02x
Interest Coverage	-	-	698.61x	-5.98x	-2.55x	0.24x	31.42x	30.06x	12.79x	-115.97x
FCF Conversion	85.92x	8.08x	1.21x	-1.07x	-0.25x	-3.59x	0.58x	1.17x	3.60x	-0.04x
Revenue Growth	-19.1%	4.61%	25.04%	28.09%	29.12%	9.03%	39.5%	-8.39%	-21.71%	-36.86%

Revenue by Segment

	2012	2013	2014
Semiconductor Equipment	-	-	316.63M
Semiconductor Equipment Growth	-	-	-
Microwave Communications Equipment	-	-	16.69M
Microwave Communications Equipment Growth	-	-	-

Revenue by Geography

	2012	2013	2014
Other Countries	46.23M	67.47M	91.42M
Other Countries Growth	-	45.95%	35.50%
UNITED STATES	-	-	78.24M
UNITED STATES Growth	-	-	-
MALAYSIA	-	-	73.86M
MALAYSIA Growth	-	-	-
CHINA	-	-	51.41M
CHINA Growth	-	-	-
PHILIPPINES	-	-	28.67M
PHILIPPINES Growth	-	-	-
U S	-	58.86M	-
U S Growth	-	-	-
M Y	-	51.66M	-
M Y Growth	-	-	-
C N	-	37.62M	-
C N Growth	-	-	-
P H	-	26.56M	-
P H Growth	-	-	-
C R	-	5.13M	-
C R Growth	-	-	-
United States	57.19M	-	-
United States Growth	-	-	-
Malaysia	40.33M	-	-
Malaysia Growth	-	-	-
China	31.97M	-	-
China Growth	-	-	-
Philippines	22.51M	-	-
Philippines Growth	-	-	-

Frequently Asked Questions

Growth & Financials

Cohu, Inc. (COHU) reported $424.8M in revenue for fiscal year 2024. This represents a 38% increase from $309.0M in 2011.

Cohu, Inc. (COHU) saw revenue decline by 36.9% over the past year.

Cohu, Inc. (COHU) reported a net loss of $73.1M for fiscal year 2024.

Dividend & Returns

Cohu, Inc. (COHU) has a return on equity (ROE) of -7.7%. Negative ROE indicates the company is unprofitable.

Cohu, Inc. (COHU) had negative free cash flow of $30.5M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

...

Cohu, Inc. (COHU) 10-Year Financial Performance & Capital Metrics

COHU • • Industrial / General

TechnologySemiconductorsSemiconductor Manufacturing EquipmentAssembly & Test Equipment

Revenue $402M -36.9%
EBITDA -$19M -120.6%
Net Income -$70M -348.0%
EPS (Diluted) -1.49 -352.5%
Gross Margin 44.76% -5.9%
EBITDA Margin -4.77% -132.7%
Operating Margin -17.84% -362.3%
Net Margin -17.38% -492.7%
ROE -7.73% -357.8%
ROIC -7.5% -279.5%
Debt/Equity 0.02 -64.8%
Interest Coverage -115.97 -1006.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 83 (top 17%)
✓Share count reduced 2.3% through buybacks
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 2.0%
✗Negative free cash flow
✗Sales declining 7.2% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y1.89%

5Y-7.19%

3Y-23.21%

TTM-4.5%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-44.87%

EPS CAGR

10Y-

5Y-

3Y-

TTM57.52%

ROCE

10Y Avg3.54%

5Y Avg5.85%

3Y Avg2.85%

Latest-7.31%

Peer Comparison

Assembly & Test Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KLICKulicke and Soffa Industries, Inc.	3.1B	59.17	9999	-7.38%	0.03%	0.03%	3.11%	0.05
FORMFormFactor, Inc.	5.84B	75.28	84.58	15.16%	5.23%	3.93%	1.36%	0.04
TERTeradyne, Inc.	35.66B	227.70	68.58	5.36%	15.49%	16.31%	1.33%	0.03
INTTinTEST Corporation	108.86M	8.72	36.33	5.99%	-1.93%	-2.22%	2.29%	0.26
COHUCohu, Inc.	1.36B	29.14	-19.56	-36.86%	-17.22%	-8.8%		0.02
AEHRAehr Test Systems	812.54M	26.53	-204.08	-10.95%	-16.63%	-6.77%		0.09
TRTTrio-Tech International	56.21M	6.46	-672.92	-13.8%	0.64%	0.8%		0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	269.65M	282.08M	352.7M	451.77M	583.33M	636.01M	887.21M	812.77M	636.32M	401.78M
Revenue Growth %	-0.19%	0.05%	0.25%	0.28%	0.29%	0.09%	0.39%	-0.08%	-0.22%	-0.37%
Cost of Goods Sold+	180.62M	182.09M	209.3M	273.41M	353.5M	360.49M	500.81M	429.9M	333.52M	221.95M
COGS % of Revenue	0.67%	0.65%	0.59%	0.61%	0.61%	0.57%	0.56%	0.53%	0.52%	0.55%
Gross Profit+	89.04M	100M	143.41M	178.36M	229.83M	275.51M	386.4M	382.87M	302.81M	179.83M
Gross Margin %	0.33%	0.35%	0.41%	0.39%	0.39%	0.43%	0.44%	0.47%	0.48%	0.45%
Gross Profit Growth %	-0.16%	0.12%	0.43%	0.24%	0.29%	0.2%	0.4%	-0.01%	-0.21%	-0.41%
Operating Expenses+	81.08M	96.95M	105.68M	208.14M	282.16M	272.25M	184.88M	257.31M	259.53M	251.5M
OpEx % of Revenue	0.3%	0.34%	0.3%	0.46%	0.48%	0.43%	0.21%	0.32%	0.41%	0.63%
Selling, General & Admin	50.17M	52.81M	60.74M	96.75M	142.94M	129.25M	126.96M	131.39M	130.65M	127.84M
SG&A % of Revenue	0.19%	0.19%	0.17%	0.21%	0.25%	0.2%	0.14%	0.16%	0.21%	0.32%
Research & Development	33.11M	34.84M	40.74M	56.43M	86.15M	86.15M	91.96M	92.59M	88.57M	84.8M
R&D % of Revenue	0.12%	0.12%	0.12%	0.12%	0.15%	0.14%	0.1%	0.11%	0.14%	0.21%
Other Operating Expenses	-2.2M	7.7M	4.21M	54.95M	53.07M	56.85M	-34.04M	33.34M	40.31M	38.86M
Operating Income+	7.96M	3.04M	37.73M	-29.78M	-52.33M	3.26M	201.52M	125.56M	43.27M	-71.67M
Operating Margin %	0.03%	0.01%	0.11%	-0.07%	-0.09%	0.01%	0.23%	0.15%	0.07%	-0.18%
Operating Income Growth %	-0.59%	-0.62%	11.4%	-1.79%	-0.76%	1.06%	60.82%	-0.38%	-0.66%	-2.66%
EBITDA+	19.23M	13.46M	46.92M	-3.73M	6.54M	56.01M	250.09M	171.57M	93.02M	-19.18M
EBITDA Margin %	0.07%	0.05%	0.13%	-0.01%	0.01%	0.09%	0.28%	0.21%	0.15%	-0.05%
EBITDA Growth %	-0.4%	-0.3%	2.49%	-1.08%	2.75%	7.56%	3.47%	-0.31%	-0.46%	-1.21%
D&A (Non-Cash Add-back)	11.27M	10.41M	9.2M	26.05M	58.87M	52.75M	48.57M	46.02M	49.74M	52.49M
EBIT	5.76M	5.44M	37.73M	7.98M	-51.52M	21.37M	132.07M	125.71M	47.23M	-71.89M
Net Interest Income+	44K	342K	617K	-3.79M	-19.79M	-13.54M	-6.17M	-165K	8.12M	9.36M
Interest Income	44K	342K	671K	1.19M	764K	224K	239K	4.01M	11.5M	9.98M
Interest Expense	0	0	54K	4.98M	20.56M	13.76M	6.41M	4.18M	3.38M	618K
Other Income/Expense	44K	342K	617K	-2.13M	-19.75M	-16.44M	-9.17M	1.16M	2.54M	6.72M
Pretax Income+	8M	6.01M	35.37M	-31.91M	-72.08M	-13.18M	192.34M	126.72M	45.82M	-64.95M
Pretax Margin %	0.03%	0.02%	0.1%	-0.07%	-0.12%	-0.02%	0.22%	0.16%	0.07%	-0.16%
Income Tax+	2.21M	2.75M	2.24M	631K	-3.08M	666K	25.02M	29.87M	17.66M	4.87M
Effective Tax Rate %	0.03%	0.51%	0.93%	1.01%	0.97%	1.05%	0.87%	0.76%	0.61%	1.08%
Net Income+	250K	3.04M	32.84M	-32.18M	-69.7M	-13.84M	167.32M	96.85M	28.16M	-69.82M
Net Margin %	0%	0.01%	0.09%	-0.07%	-0.12%	-0.02%	0.19%	0.12%	0.04%	-0.17%
Net Income Growth %	-0.97%	11.16%	9.81%	-1.98%	-1.17%	0.8%	13.09%	-0.42%	-0.71%	-3.48%
Net Income (Continuing)	5.79M	3.26M	33.12M	-32.54M	-69M	-13.84M	167.32M	96.85M	28.16M	-69.82M
Discontinued Operations	0	0	0	119K	-697K	42K	0	0	0	0
Minority Interest	0	0	0	-299K	0	0	0	0	0	0
EPS (Diluted)+	0.01	0.11	1.14	-1.01	-1.68	-0.33	3.45	1.98	0.59	-1.49
EPS Growth %	-0.97%	10%	9.36%	-1.89%	-0.66%	0.8%	11.45%	-0.43%	-0.7%	-3.53%
EPS (Basic)	0.01	0.11	1.18	-1.02	-1.68	-0.33	3.53	2.01	0.59	-1.49
Diluted Shares Outstanding	26.79M	27.48M	28.92M	31.78M	41.16M	41.85M	48.46M	48.8M	48.02M	46.91M
Basic Shares Outstanding	26.06M	26.66M	27.84M	31.67M	41.16M	41.85M	47.41M	48.18M	47.49M	46.91M
Dividend Payout Ratio	24.86%	2.09%	0.2%	-	-	-	-	-	-	-

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+	234.46M	245.15M	297.44M	485.24M	439.7M	485.05M	750.79M	764.85M	638.82M	534.31M
Cash & Short-Term Investments	117.02M	128.03M	155.62M	165.02M	156.1M	170.03M	379.9M	385.58M	335.7M	262.09M
Cash Only	115.37M	96.05M	134.29M	164.46M	155.19M	149.36M	290.2M	242.34M	245.52M	206.41M
Short-Term Investments	1.65M	31.99M	21.33M	560K	904K	20.67M	89.7M	143.24M	90.17M	55.69M
Accounts Receivable	59.83M	63.02M	71.13M	149.28M	127.92M	151.92M	192.87M	176.15M	124.62M	91.62M
Days Sales Outstanding	80.99	81.54	73.6	120.61	80.04	87.19	79.35	79.1	71.49	83.23
Inventory	51.35M	45.5M	62.09M	139.31M	130.71M	142.5M	161.05M	170.14M	155.79M	141.86M
Days Inventory Outstanding	103.77	91.21	108.27	185.99	134.96	144.28	117.38	144.45	170.5	233.29
Other Current Assets	6.26M	8.59M	275K	5.42M	7.49M	1.83M	768K	8.97M	5.01M	19.44M
Total Non-Current Assets+	110.88M	100.36M	123.02M	648.76M	637.98M	605.28M	508.25M	462.56M	511.53M	465.11M
Property, Plant & Equipment	19M	18.23M	34.17M	74.33M	104.18M	96.12M	89.02M	87.81M	85.86M	88.69M
Fixed Asset Turnover	14.19x	15.47x	10.32x	6.08x	5.60x	6.62x	9.97x	9.26x	7.41x	4.53x
Goodwill	60.26M	58.85M	65.61M	242.13M	238.67M	252.3M	219.79M	213.54M	241.66M	234.64M
Intangible Assets	25.3M	17.84M	16.75M	318.96M	274.99M	233.67M	177.32M	140.1M	151.77M	110.72M
Long-Term Investments	-6.95M	-5.85M	1.06M	-38.94M	0	0	0	0	0	0
Other Non-Current Assets	6.32M	5.45M	6.49M	13.34M	20.14M	23.19M	22.12M	21.11M	32.24M	31.06M
Total Assets+	345.35M	345.51M	420.46M	1.13B	1.08B	1.09B	1.26B	1.23B	1.15B	999.41M
Asset Turnover	0.78x	0.82x	0.84x	0.40x	0.54x	0.58x	0.70x	0.66x	0.55x	0.40x
Asset Growth %	-0.01%	0%	0.22%	1.7%	-0.05%	0.01%	0.15%	-0.03%	-0.06%	-0.13%
Total Current Liabilities+	63.19M	68.69M	85.27M	160.59M	148.88M	174.45M	192.46M	160.87M	103.42M	85.18M
Accounts Payable	27.29M	31.44M	37.56M	48.12M	48.7M	67.92M	85.23M	51.76M	33.6M	30.55M
Days Payables Outstanding	55.15	63.03	65.5	64.24	50.28	68.77	62.12	43.95	36.77	50.25
Short-Term Debt	0	0	4.39M	6.79M	6.52M	8.39M	19.45M	11.29M	6.32M	1.75M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	12.35M	13.67M	14.38M	58.33M	24.34M	34.86M	20.56M	17.92M	14.11M	44.13M
Current Ratio	3.71x	3.57x	3.49x	3.02x	2.95x	2.78x	3.90x	4.75x	6.18x	6.27x
Quick Ratio	2.90x	2.91x	2.76x	2.15x	2.08x	1.96x	3.06x	3.70x	4.67x	4.61x
Cash Conversion Cycle	129.61	109.72	116.38	242.35	164.72	162.69	134.61	179.61	205.21	266.28
Total Non-Current Liabilities+	44.02M	41.35M	46.1M	427.47M	445.75M	403.61M	184.08M	137.7M	96.76M	57.34M
Long-Term Debt	0	0	4.58M	346.04M	346.52M	311.55M	103.39M	72.66M	34.3M	7.05M
Capital Lease Obligations	0	0	0	2.61M	28.88M	25.79M	22.04M	19.21M	13.18M	9.89M
Deferred Tax Liabilities	6.95M	5.85M	2.92M	38.94M	31.31M	28.82M	25.89M	21.36M	23.15M	19.4M
Other Non-Current Liabilities	37.06M	35.5M	37.8M	37.87M	39.05M	37.45M	26.66M	18.97M	26.13M	20.99M
Total Liabilities	107.21M	110.04M	131.37M	588.06M	594.64M	578.06M	376.54M	298.57M	200.18M	142.52M
Total Debt+	0	0	8.96M	352.83M	381.91M	345.73M	144.88M	103.16M	58.94M	18.69M
Net Debt	-115.37M	-96.05M	-125.32M	188.37M	226.72M	196.37M	-145.32M	-139.18M	-186.59M	-187.71M
Debt / Equity	-	-	0.03x	0.65x	0.79x	0.67x	0.16x	0.11x	0.06x	0.02x
Debt / EBITDA	-	-	0.19x	-	58.37x	6.17x	0.58x	0.60x	0.63x	-
Net Debt / EBITDA	-6.00x	-7.14x	-2.67x	-	34.65x	3.51x	-0.58x	-0.81x	-2.01x	-
Interest Coverage	-	-	698.61x	-5.98x	-2.55x	0.24x	31.42x	30.06x	12.79x	-115.97x
Total Equity+	238.14M	235.47M	289.09M	545.94M	483.07M	512.29M	882.5M	928.84M	950.17M	856.89M
Equity Growth %	-0.04%	-0.01%	0.23%	0.89%	-0.12%	0.06%	0.72%	0.05%	0.02%	-0.1%
Book Value per Share	8.89	8.57	10.00	17.18	11.74	12.24	18.21	19.03	19.78	18.27
Total Shareholders' Equity	238.14M	235.47M	289.09M	546.24M	483.07M	512.29M	882.5M	928.84M	950.17M	856.89M
Common Stock	26.24M	26.84M	28.49M	40.76M	41.4M	42.19M	48.76M	49.28M	49.43M	49.6M
Retained Earnings	128.15M	124.56M	150.73M	111.67M	42.52M	26.23M	193.56M	290.4M	318.56M	248.74M
Treasury Stock	0	0	0	0	0	0	-7.32M	-58.04M	-69.18M	-87.78M
Accumulated OCI	-21.77M	-27.88M	-17.79M	-25.88M	-34.03M	-4.33M	-27.26M	-40.01M	-34.78M	-51.16M
Minority Interest	0	0	0	-299K	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+	21.48M	24.55M	39.75M	34.44M	17.27M	49.73M	97.73M	112.86M	101.47M	2.78M
Operating CF Margin %	0.08%	0.09%	0.11%	0.08%	0.03%	0.08%	0.11%	0.14%	0.16%	0.01%
Operating CF Growth %	0.09%	0.14%	0.62%	-0.13%	-0.5%	1.88%	0.97%	0.15%	-0.1%	-0.97%
Net Income	250K	3.04M	32.84M	-32.42M	-69.69M	-13.8M	167.32M	96.85M	28.16M	-69.82M
Depreciation & Amortization	11.27M	10.41M	9.2M	26.05M	58.87M	52.75M	48.57M	46.02M	49.74M	52.49M
Stock-Based Compensation	6.75M	7.14M	7.01M	18.28M	14.15M	14.23M	13.79M	14.92M	17.24M	20.74M
Deferred Taxes	222K	-1.06M	-3.79M	-8.21M	-5.38M	-5.3M	953K	-3.5M	-4.77M	-3.72M
Other Non-Cash Items	1.51M	1.34M	5.87M	21.81M	13.77M	14.8M	-61.15M	7.53M	694K	6.97M
Working Capital Changes	1.47M	3.68M	-11.37M	8.94M	5.55M	-12.94M	-71.76M	-48.94M	10.41M	-3.88M
Change in Receivables	8.97M	-4.62M	-3.26M	5.79M	21.15M	-20.21M	-59.12M	12.45M	61.9M	34.85M
Change in Inventory	-5.74M	4.61M	-12.2M	2.04M	26K	-14.98M	-35.86M	-18.51M	12.84M	4.98M
Change in Payables	3.38M	5.68M	4.16M	-7.1M	-3.12M	15.06M	17.32M	-33.13M	-21.36M	-3.56M
Cash from Investing+	31.03M	-32.92M	-7.04M	-322.31M	-16.55M	-18.36M	39.89M	-67.87M	-30.21M	21.92M
Capital Expenditures	-6.59M	-3.45M	-6.09M	-4.97M	-18M	-18.66M	-12M	-14.77M	-16.05M	-10.63M
CapEx % of Revenue	0.02%	0.01%	0.02%	0.01%	0.03%	0.03%	0.01%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	33.24M	874K	104K	1M	1.77M	17.02M	157K	349K	216K	-3.1M
Cash from Financing+	-4.98M	-6.71M	2.15M	322.11M	-8.18M	-38.07M	6.53M	-91.07M	-68.14M	-59.03M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-6.21M	-6.35M	-6.58M	-6.95M	-9.83M	-4.97M	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	-7.89M	-16K	2.08M	-4.39M	-1.96M	-5.66M	-701K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	14.89M	21.1M	33.66M	29.47M	-731K	31.07M	85.73M	98.09M	85.42M	-7.86M
FCF Margin %	0.06%	0.07%	0.1%	0.07%	-0%	0.05%	0.1%	0.12%	0.13%	-0.02%
FCF Growth %	-0.17%	0.42%	0.6%	-0.12%	-1.02%	43.51%	1.76%	0.14%	-0.13%	-1.09%
FCF per Share	0.56	0.77	1.16	0.93	-0.02	0.74	1.77	2.01	1.78	-0.17
FCF Conversion (FCF/Net Income)	85.92x	8.08x	1.21x	-1.07x	-0.25x	-3.59x	0.58x	1.17x	3.60x	-0.04x
Interest Paid	0	0	0	4.98M	14.85M	16.32M	6.25M	3.44M	3.42M	803K
Taxes Paid	0	6.81M	7.09M	6.24M	14.94M	5.77M	22.72M	23.12M	44.28M	24.93M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	0.1%	1.28%	12.52%	-7.71%	-13.55%	-2.78%	23.99%	10.69%	3%	-7.73%
Return on Invested Capital (ROIC)	3.99%	1.74%	18.66%	-4.97%	-5.44%	0.34%	20.91%	12.34%	4.18%	-7.5%
Gross Margin	33.02%	35.45%	40.66%	39.48%	39.4%	43.32%	43.55%	47.11%	47.59%	44.76%
Net Margin	0.09%	1.08%	9.31%	-7.12%	-11.95%	-2.18%	18.86%	11.92%	4.42%	-17.38%
Debt / Equity	-	-	0.03x	0.65x	0.79x	0.67x	0.16x	0.11x	0.06x	0.02x
Interest Coverage	-	-	698.61x	-5.98x	-2.55x	0.24x	31.42x	30.06x	12.79x	-115.97x
FCF Conversion	85.92x	8.08x	1.21x	-1.07x	-0.25x	-3.59x	0.58x	1.17x	3.60x	-0.04x
Revenue Growth	-19.1%	4.61%	25.04%	28.09%	29.12%	9.03%	39.5%	-8.39%	-21.71%	-36.86%

Revenue by Segment

	2012	2013	2014
Semiconductor Equipment	-	-	316.63M
Semiconductor Equipment Growth	-	-	-
Microwave Communications Equipment	-	-	16.69M
Microwave Communications Equipment Growth	-	-	-

Revenue by Geography

	2012	2013	2014
Other Countries	46.23M	67.47M	91.42M
Other Countries Growth	-	45.95%	35.50%
UNITED STATES	-	-	78.24M
UNITED STATES Growth	-	-	-
MALAYSIA	-	-	73.86M
MALAYSIA Growth	-	-	-
CHINA	-	-	51.41M
CHINA Growth	-	-	-
PHILIPPINES	-	-	28.67M
PHILIPPINES Growth	-	-	-
U S	-	58.86M	-
U S Growth	-	-	-
M Y	-	51.66M	-
M Y Growth	-	-	-
C N	-	37.62M	-
C N Growth	-	-	-
P H	-	26.56M	-
P H Growth	-	-	-
C R	-	5.13M	-
C R Growth	-	-	-
United States	57.19M	-	-
United States Growth	-	-	-
Malaysia	40.33M	-	-
Malaysia Growth	-	-	-
China	31.97M	-	-
China Growth	-	-	-
Philippines	22.51M	-	-
Philippines Growth	-	-	-

Frequently Asked Questions

Growth & Financials

Cohu, Inc. (COHU) reported $424.8M in revenue for fiscal year 2024. This represents a 38% increase from $309.0M in 2011.

Cohu, Inc. (COHU) saw revenue decline by 36.9% over the past year.

Cohu, Inc. (COHU) reported a net loss of $73.1M for fiscal year 2024.

Dividend & Returns

Cohu, Inc. (COHU) has a return on equity (ROE) of -7.7%. Negative ROE indicates the company is unprofitable.

Cohu, Inc. (COHU) had negative free cash flow of $30.5M in fiscal year 2024, likely due to heavy capital investments.