Free cash flow turned positive at $8.1M in Q2 2026, up from -$21.1M in Q1 2025, but cumulative operating cash flow of ~$75M over ten quarters contrasts with cumulative net losses of over $150M, highlighting working capital volatility.
Cohu, Inc. (COHU) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 46.58M | 31.69M | 2.78M | 101.47M | 112.86M | 97.73M | 49.73M | 17.27M | 34.44M | 39.75M | 24.55M | 21.48M | 19.68M | 3.42M | 13.17M | 12.24M | 19.52M | 2.76M | 7.82M | 33.81M | 12.46M | 28.51M | 4.76M | -8.51M | 23.34M | 15.91M | 35.68M | -1.2M | 35.6M | 5.3M | 30.1M |
| Operating CF Margin % | - | 7% | 0.69% | 15.95% | 13.89% | 11.02% | 7.82% | 2.96% | 7.62% | 11.27% | 8.7% | 7.97% | 5.9% | 1.38% | 5.95% | 3.96% | 6.05% | 1.61% | 3.92% | 14.01% | 4.61% | 11.93% | 2.7% | -6.14% | 17.32% | 12.58% | 12.32% | -0.57% | 20.76% | 2.82% | 18.88% |
| Operating CF Growth % | 2405.76% | 1040.82% | -97.26% | -10.09% | 15.48% | 96.5% | 188% | -49.85% | -13.37% | 61.93% | 14.28% | 9.16% | 475.89% | -74.05% | 7.61% | -37.29% | 606.55% | -64.68% | -76.87% | 171.25% | -56.28% | 498.7% | 155.96% | -136.46% | 46.66% | -55.4% | 3073.25% | -103.37% | 571.7% | -82.39% | -8.79% |
| Net Income | -38.82M | -74.27M | -69.82M | 28.16M | 96.85M | 167.32M | -13.8M | -69.69M | -32.42M | 32.84M | 3.04M | 250K | 8.71M | -33.42M | -12.24M | 15.72M | 24.64M | -28.17M | -5.44M | 7.98M | 17.68M | 33.97M | 16.7M | -47K | -878K | -6.47M | 37.04M | 25.9M | 11.6M | 29.2M | 24.2M |
| Depreciation & Amortization | 44.98M | 53.94M | 52.49M | 49.74M | 46.02M | 48.57M | 52.75M | 58.87M | 26.05M | 9.2M | 10.41M | 11.27M | 13.53M | 13.47M | 9.4M | 10.07M | 10.99M | 11.03M | 6.94M | 7.44M | 6.48M | 5.78M | 4.35M | 4M | 4.63M | 4.62M | 3.58M | 3.3M | 2.8M | 2.1M | 1.7M |
| Stock-Based Compensation | 24.01M | 23.04M | 20.74M | 17.24M | 14.92M | 13.79M | 14.23M | 14.15M | 18.28M | 7.01M | 7.14M | 6.75M | 6.58M | 5.47M | 4.62M | 4.29M | 3.54M | 3.38M | 3.95M | 0 | 0 | 4.5M | 4.5M | 2.2M | -1.19M | -6.13M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 710K | -1.8M | -3.72M | -4.77M | -3.5M | 953K | -5.3M | -5.38M | -8.21M | -3.79M | -1.06M | 222K | -487K | -1.66M | 581K | -1.68M | -1.97M | 17.36M | 1.57M | 1.15M | -2.8M | -6.96M | -6.82M | 3.01M | 4.65M | 2.52M | -2.76M | -600K | -600K | 200K | -300K |
| Other Non-Cash Items | 2.83M | 8.62M | 6.97M | 694K | 7.53M | -61.15M | 14.8M | 13.77M | 21.81M | 5.87M | 1.34M | 1.51M | 531K | 130K | -768K | 379K | -456K | 427K | 3.69M | 3.67M | 2.43M | -1.8M | -4.74M | -6.7M | 2.2M | 795K | -1.19M | 100K | 200K | 100K | 600K |
| Working Capital Changes | 12.87M | 22.16M | -3.88M | 10.41M | -48.94M | -71.76M | -12.94M | 5.55M | 8.94M | -11.37M | 3.68M | 1.47M | -9.19M | 19.43M | 11.57M | -16.54M | -17.23M | -1.26M | -2.89M | 13.53M | -9.31M | -6.98M | -9.23M | -10.97M | 13.92M | 20.57M | -996K | -29.9M | 20.2M | -26.9M | 3.9M |
| Change in Receivables | -35.85M | -14.47M | 34.85M | 61.9M | 12.45M | -59.12M | -20.21M | 21.15M | 5.79M | -3.26M | -4.62M | 8.97M | -15.48M | -2.5M | 4.98M | 24.88M | -23.43M | -11.23M | 20.88M | 0 | 0 | -7.17M | -7.17M | -7.31M | 7.64M | 11.96M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -15.04M | 4.28M | 4.98M | 12.84M | -18.51M | -35.86M | -14.98M | 26K | 2.04M | -12.2M | 4.61M | -5.74M | -1.85M | 13.05M | 19.9M | -20.86M | -13.87M | 708K | -7.85M | 6.83M | -2.58M | -4.25M | -11.41M | -7.32M | 6.09M | 18.14M | 9.61M | -29.8M | 19M | -29.3M | 5.7M |
| Change in Payables | 16.98M | 10.3M | -3.56M | -21.36M | -33.13M | 17.32M | 15.06M | -3.12M | -7.1M | 4.16M | 5.68M | 3.38M | 320K | 6.66M | -5.46M | 427K | -4.4M | 10.76M | -7.02M | 0 | 0 | 1.65M | 1.65M | 863K | -1.46M | 241K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -245.5M | -257.02M | 21.92M | -30.21M | -67.87M | 39.89M | -18.36M | -16.55M | -322.31M | -7.04M | -32.92M | 31.03M | 8.64M | -51.33M | 41.17M | -806K | -9.78M | 9.43M | -51.12M | 19.65M | -26.64M | -55.05M | 49.18M | -18.8M | -55.48M | -28.17M | -12.22M | -15.8M | -100K | 10.3M | -33.5M |
| Capital Expenditures | -11.66M | -20.96M | -10.63M | -16.05M | -14.77M | -12M | -18.66M | -18M | -4.97M | -6.09M | -3.45M | -6.59M | -1.66M | -3.91M | -4.17M | -1.41M | -4.58M | -2.51M | -3.87M | -2.4M | -4.68M | -6.68M | -2.7M | -1.32M | -1.68M | -20.13M | -24.4M | -2.4M | -1.7M | -4.1M | -5.1M |
| CapEx % of Revenue | 2.23% | 4.63% | 2.65% | 2.52% | 1.82% | 1.35% | 2.93% | 3.09% | 1.1% | 1.73% | 1.22% | 2.44% | 0.5% | 1.58% | 1.88% | 0.46% | 1.42% | 1.46% | 1.94% | 0.99% | 1.73% | 2.8% | 1.53% | 0.95% | 1.25% | 15.9% | 8.43% | 1.15% | 0.99% | 2.18% | 3.2% |
| Acquisitions | 597K | -34.26M | 0 | -69.73M | 0 | 120.89M | 2.98M | 0 | -339.12M | -11.72M | 874K | 4.88M | 10.26M | -53.46M | 180K | 0 | 0 | 0 | -80.82M | -147K | -1.46M | 0 | 0 | 8.84M | 0 | 2.7M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.41M | -2.15M | -3.1M | 216K | 349K | 157K | 17.02M | 1.77M | 1M | 104K | 874K | 33.24M | -6K | 40.28M | 834K | 78K | 314K | 42K | -102K | -8.18M | 2.12M | -4.93M | 8.49M | 176K | -3.95M | -82K | -3K | 0 | 100K | -100K | -100K |
| Cash from Financing | 243.73M | 246.33M | -59.03M | -68.14M | -91.07M | 6.53M | -38.07M | -8.18M | 322.11M | 2.15M | -6.71M | -4.98M | -4.18M | -3.15M | -5.76M | -3.86M | -1.83M | -4.9M | -3.07M | -1.1M | 462K | 5.7M | -1.47M | 1.74M | -674K | -1.35M | -292K | -1.4M | -800K | -600K | -900K |
| Debt Issued (Net) | 276.85M | 285.12M | -31.35M | -38.84M | -38.39M | -204.88M | -35.18M | 1.66M | 345.93M | -1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -1.73M | -7.4M | -26.99M | -23.64M | -50.72M | 215.79M | 0 | 0 | -8.98M | 10.35M | -356K | 1.23M | 1.89M | 1.32M | 1.57M | 1.91M | 3.62M | 709K | 2.4M | 3.9M | 4.66M | 10.27M | 2.83M | 5.98M | 3.48M | 2.74M | 3.76M | 2.1M | 2.3M | 1.7M | 1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -4.97M | -9.83M | -6.95M | -6.58M | -6.35M | -6.21M | -6.07M | -4.47M | -7.33M | -5.78M | -5.68M | -5.61M | -5.55M | -5.48M | -5.41M | -4.58M | -4.3M | -4.24M | -4.16M | -4.09M | -4.05M | -3.6M | -3.1M | -2.3M | -1.9M |
| Share Repurchases | -1.73M | -7.4M | -26.99M | -23.64M | -50.72M | -7.32M | 0 | 0 | -8.98M | 0 | -356K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -31.39M | -31.39M | -701K | -5.66M | -1.96M | -4.39M | 2.08M | -16K | -7.89M | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 234K | 0 | 87K | 481K | 1.21M | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Net Change in Cash | 55.17M | 20.65M | -39.12M | 3.18M | -47.86M | 140.84M | -6.57M | -8.99M | 30.64M | 38.24M | -19.32M | 44.48M | 19.22M | -51.14M | 49.55M | 7.34M | 7.67M | 8.05M | -47.09M | 52.45M | -13.71M | -20.84M | 52.46M | -25.57M | -32.81M | -13.61M | 23.16M | -18.4M | 34.7M | 15M | -4.3M |
| Free Cash Flow | 34.92M | 10.73M | -7.86M | 85.42M | 98.09M | 85.73M | 31.07M | -731K | 29.47M | 33.66M | 21.1M | 14.89M | 18.02M | -491K | 9M | 10.82M | 14.94M | 255K | 3.95M | 31.41M | 7.78M | 21.83M | 2.06M | -9.83M | 21.66M | -4.21M | 11.28M | -3.6M | 33.9M | 1.2M | 25M |
| FCF Margin % | 6.68% | 2.37% | -1.96% | 13.42% | 12.07% | 9.66% | 4.89% | -0.13% | 6.52% | 9.54% | 7.48% | 5.52% | 5.41% | -0.2% | 4.07% | 3.5% | 4.63% | 0.15% | 1.98% | 13.01% | 2.88% | 9.14% | 1.17% | -7.1% | 16.08% | -3.33% | 3.9% | -1.72% | 19.77% | 0.64% | 15.68% |
| FCF Growth % | 1245.07% | 236.63% | -109.2% | -12.92% | 14.42% | 175.89% | 4350.89% | -102.48% | -12.44% | 59.54% | 41.64% | -17.34% | 3769.65% | -105.45% | -16.84% | -27.52% | 5757.25% | -93.55% | -87.42% | 303.49% | -64.35% | 959.29% | 120.96% | -145.4% | 614.17% | -137.33% | 413.39% | -110.62% | 2725% | -95.2% | -9.75% |
| FCF per Share | 0.74 | 0.23 | -0.17 | 1.78 | 2.01 | 1.77 | 0.74 | -0.02 | 0.93 | 1.16 | 0.77 | 0.56 | 0.69 | -0.02 | 0.37 | 0.44 | 0.62 | 0.01 | 0.17 | 1.35 | 0.34 | 0.97 | 0.09 | -0.45 | 1.04 | -0.21 | 0.54 | -0.18 | 0.85 | 0.06 | 1.33 |
| FCF Conversion (FCF/Net Income) | -0.90x | -0.43x | -0.04x | 3.60x | 1.17x | 0.58x | -3.59x | -0.25x | -1.07x | 1.21x | 8.08x | 85.92x | 2.26x | -0.10x | -1.08x | 0.78x | 0.79x | -0.10x | -1.44x | 4.24x | 0.70x | 0.84x | 0.29x | 181.06x | -26.58x | -2.46x | 1.06x | -0.05x | 3.07x | 0.18x | 1.24x |
| Interest Paid | 1.73M | 536K | 803K | 3.42M | 3.44M | 6.25M | 16.32M | 14.85M | 4.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 11.06M | 0 | 24.93M | 44.28M | 23.12M | 22.72M | 5.77M | 14.94M | 6.24M | 7.09M | 6.81M | 0 | 971K | 0 | 711K | 10.2M | 2.14M | 4.2M | 262K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying COHU stock.
Cohu, Inc. (COHU) generated $31.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cohu, Inc. (COHU) generated $10.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cohu, Inc. (COHU) spent $21.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cohu, Inc. (COHU) spent $7.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Margin recovery sustainability
Metrics are mathematically derived from official filings.
Cash Conversion Diverges Sharply
Despite persistent net losses, operating cash flow turned positive in Q2 2026 at $10.4M, per the cash flow statement, with OCF/NI at -65.67, indicating cash generation is decoupled from reported earnings.
The negative OCF/NI ratio reflects that net income is deeply negative while operating cash flow is positive, driven largely by non-cash charges like D&A and stock-based compensation. This suggests that the company's cash-generating ability is stronger than its accounting profitability, but investors should note that working capital swings have been volatile, with a $38.1M inflow in Q4 2025 followed by a $29.5M outflow in Q3 2025, indicating that cash conversion quality is inconsistent.
FCF Turns Positive on Recovery
Free cash flow swung to $8.1M in Q2 2026 from -$21.1M in Q1 2025, as reported in the cash flow data, with FCF margin improving to 5.5% from -21.8%, signaling a cyclical trough recovery.
The trajectory shows a clear inflection: FCF has been positive for three consecutive quarters (Q4 2025 through Q2 2026), with Q4 2025 particularly strong at $36.5M due to a large working capital release. However, the TTM FCF margin remains thin at roughly 5%, and the sustainability depends on continued revenue growth and disciplined capex. Compared to peers like FormFactor (15.1% FCF margin) and Onto Innovation (23.2%), Cohu's FCF generation is still recovering from a deep downturn.
Capex Discipline Amid Recovery
Capital expenditures have been held below 3% of revenue in most quarters, with Q2 2026 capex of $2.3M representing 1.5% of revenue, per the cash flow statement, indicating a conservative approach to capacity expansion.
The low capex intensity suggests that Cohu is prioritizing cash preservation and operating leverage over aggressive investment, which is prudent given the cyclical recovery. However, the company's high fixed-cost base and the need to maintain technological relevance in thermal management may require higher future capex. The recent spike in Q1 2025 (11.3% of revenue) appears to be an anomaly, possibly related to specific product development or facility investments, but the overall trend is one of restraint.
Working Capital Volatility Drives Cash
Working capital swings have been the dominant driver of operating cash flow, with a $38.1M inflow in Q4 2025 and a $29.5M outflow in Q3 2025, per the cash flow statement, indicating that cash generation is heavily influenced by timing.
Working capital changes have been the primary swing factor in operating cash flow, with a $38.1M inflow in Q4 2025 and a $29.5M outflow in Q3 2025, based on the cash flow data. This volatility likely reflects the timing of customer payments and inventory builds tied to the cyclical recovery. The positive working capital contribution in Q2 2026 ($3.2M) suggests that collections are improving as revenue grows, but investors should monitor whether this trend persists as the company scales.
Minimal Capital Returns, Debt Paydown
Cohu has paid no dividends and repurchases have been sporadic, with net buybacks of $1.2M in Q2 2026, while the balance sheet shows negligible debt, according to the cash flow data, indicating a conservative capital allocation stance.
The company appears to be prioritizing balance sheet strength over shareholder returns, with no dividends and only modest buybacks. The near-zero debt level (0.46% debt/equity) provides financial flexibility, but the lack of consistent capital returns may disappoint income-focused investors. The $34.9M acquisition outflow in Q1 2025 suggests management is willing to deploy capital for strategic M&A, but the overall deployment strategy remains cautious.
Cumulative Cash Outpaces Earnings
Over the past ten quarters, cumulative operating cash flow is approximately $75M despite cumulative net losses of over $150M, as reported in the cash flow data, highlighting a significant divergence between accounting losses and cash generation.
This divergence is primarily due to large non-cash charges (D&A and SBC) and working capital swings. The cumulative OCF positive while net income is deeply negative suggests that the company's underlying cash-generating ability is better than its GAAP profitability implies, but it also raises questions about the sustainability of these non-cash adjustments. Investors should note that the gap may narrow as the cycle matures and working capital normalizes.
SBC and Working Capital Obscure Cash
Stock-based compensation has averaged over $5M per quarter, totaling $56.7M over ten quarters, per the cash flow data, which is not reflected in operating cash flow but dilutes shareholders, potentially overstating cash generation quality.
While SBC is a non-cash expense, it represents a real cost to shareholders through dilution. The consistent SBC of $5-6M per quarter, even during downturns, suggests that management is using equity as a retention tool, which may be appropriate but warrants scrutiny. Additionally, the working capital swings, particularly the $38.1M inflow in Q4 2025, may be masking underlying operational cash flow weakness. Investors should adjust for these items to assess the true cash-generating power of the business.