Cash flow generation remains highly volatile and reliant on non-cash adjustments, as seen in 2025Q3 when $5.7M in stock-based compensation masked a negative operating cash flow of $14.0M.
| 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 | 41.87M | 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 % | 3703.55% | 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 | -55.54M | -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 | 45.61M | 53.52M | 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 | 11.33M | 0 | 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 | -913K | -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 | 20.08M | 32.08M | 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 | 21.3M | 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 | -13.69M | -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 | 3.59M | 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 | 8.6M | 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 | -223.01M | -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 | -9.99M | -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 | 2.08% | 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 | 3.63M | -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 | 248.48M | 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) | 276.67M | 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) | 3.2M | -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 | 3.2M | -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 | 75.18M | 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 | 31.88M | 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 % | 6.62% | 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 % | 372.22% | 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 | 0.68 | 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) | -0.57x | -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 | 220K | 0 | 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 | 14.44M | 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 |
Fixed cost absorption failure
As reported in recent financial filings, Cohu's operating cash flow frequently diverges from net income, with the 2025Q3 period showing a negative operating cash flow of $14.0M despite a net loss, highlighting a persistent inability to convert operational activity into reliable cash generation during cyclical troughs.
The disconnect between net income and operating cash flow suggests that accounting losses are not being fully mitigated by non-cash charges or favorable working capital movements. Investors should monitor whether this pattern of negative cash conversion persists as the company attempts to scale revenue, as it may indicate underlying inefficiencies in the cash-to-cash cycle.
Based on the provided quarterly data, Cohu's free cash flow trajectory remains highly erratic, swinging from a positive $36.5M in 2025Q4 to a negative $21.1M in 2025Q1, which underscores the company's sensitivity to the timing of customer acceptances and the inherent volatility of the semiconductor equipment market.
The lack of a consistent positive free cash flow trend suggests that the business model is currently unable to self-fund its operations through the cycle. This volatility warrants further investigation into whether the recent revenue acceleration can eventually stabilize cash flows or if the high fixed-cost base will continue to consume liquidity.
According to historical cash flow statements, working capital changes have been a primary driver of quarterly cash fluctuations, most notably in 2025Q1 when a $861K inflow failed to offset operational losses, suggesting that the company's cash position is highly vulnerable to shifts in inventory and accounts receivable.
The reliance on working capital adjustments to manage liquidity appears to be a stop-gap measure rather than a sustainable operational strategy. Analysts should scrutinize whether these swings represent genuine efficiency gains in inventory management or merely the deferral of cash outflows during periods of lower production volume.
Based on the reported figures, stock-based compensation consistently adds back millions to the cash flow statement, with $5.7M recorded in 2025Q3, which effectively masks the true economic cost of talent retention during periods where the company is failing to generate positive operating cash flow.
While SBC is a standard non-cash expense, its magnitude relative to the company's negative net income suggests that shareholders are absorbing significant dilution to support a cost structure that is not yet self-sustaining. This practice may obscure the true cash burn rate and warrants caution when evaluating the company's long-term capital efficiency.
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.