Despite a 29.3% revenue growth in 2026Q1, the company continues to struggle with structural profitability, evidenced by a persistent negative operating margin of -8.9%.
| 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 |
|---|
| Sales/Revenue | 481.28M | 452.96M | 401.78M | 636.32M | 812.77M | 887.21M | 636.01M | 583.33M | 451.77M | 352.7M | 282.08M | 269.65M | 333.32M | 247.3M | 221.16M | 308.97M | 322.67M | 171.26M | 199.66M | 241.39M | 270.11M | 238.9M | 176.24M | 138.57M | 134.72M | 126.55M | 289.56M | 208.8M | 171.5M | 187.8M | 159.4M |
| Revenue Growth % | 23.1% | 12.74% | -36.86% | -21.71% | -8.39% | 39.5% | 9.03% | 29.12% | 28.09% | 25.04% | 4.61% | -19.1% | 34.78% | 11.82% | -28.42% | -4.25% | 88.41% | -14.22% | -17.29% | -10.63% | 13.06% | 35.56% | 27.19% | 2.85% | 6.46% | -56.3% | 38.68% | 21.75% | -8.68% | 17.82% | -10.85% |
| Cost of Goods Sold | 232.47M | 296.8M | 221.95M | 333.52M | 429.9M | 500.81M | 360.49M | 353.5M | 273.41M | 209.3M | 182.09M | 180.62M | 210.66M | 156.11M | 144.59M | 208.84M | 212.67M | 118.87M | 134.69M | 162.58M | 177.17M | 143.37M | 105.18M | 91.66M | 85.05M | 93.59M | 173.38M | 123.4M | 113.6M | 103.8M | 86.9M |
| COGS % of Revenue | - | 65.53% | 55.24% | 52.41% | 52.89% | 56.45% | 56.68% | 60.6% | 60.52% | 59.34% | 64.55% | 66.98% | 63.2% | 63.13% | 65.38% | 67.59% | 65.91% | 69.41% | 67.46% | 67.35% | 65.59% | 60.01% | 59.68% | 66.15% | 63.13% | 73.96% | 59.87% | 59.1% | 66.24% | 55.27% | 54.52% |
| Gross Profit | 123.69M | 156.15M | 179.83M | 302.81M | 382.87M | 386.4M | 275.51M | 229.83M | 178.36M | 143.41M | 100M | 89.04M | 105.97M | 58.4M | 61.72M | 100.13M | 110M | 52.39M | 64.97M | 78.81M | 92.94M | 95.53M | 71.06M | 46.9M | 49.67M | 32.96M | 116.19M | 85.4M | 57.9M | 84M | 72.5M |
| Gross Margin % | 25.7% | 34.47% | 44.76% | 47.59% | 47.11% | 43.55% | 43.32% | 39.4% | 39.48% | 40.66% | 35.45% | 33.02% | 31.79% | 23.61% | 27.91% | 32.41% | 34.09% | 30.59% | 32.54% | 32.65% | 34.41% | 39.99% | 40.32% | 33.85% | 36.87% | 26.04% | 40.13% | 40.9% | 33.76% | 44.73% | 45.48% |
| Gross Profit Growth % | - | -13.17% | -40.61% | -20.91% | -0.91% | 40.25% | 19.88% | 28.86% | 24.37% | 43.41% | 12.31% | -15.98% | 81.46% | -5.38% | -38.36% | -8.97% | 109.96% | -19.36% | -17.57% | -15.2% | -2.72% | 34.44% | 51.5% | -5.57% | 50.73% | -71.64% | 36.05% | 47.5% | -31.07% | 15.86% | -4.1% |
| Operating Expenses | 224.35M | 216.58M | 251.5M | 259.53M | 257.31M | 184.88M | 272.25M | 282.16M | 208.14M | 105.68M | 96.95M | 81.08M | 86.57M | 89.38M | 75.69M | 82.79M | 80.32M | 67.48M | 77.27M | 74.52M | 73.19M | 65.07M | 57.02M | 49.88M | 56.5M | 46.9M | 65.88M | 50.7M | 45.3M | 41M | 35.6M |
| OpEx % of Revenue | - | 47.81% | 62.6% | 40.79% | 31.66% | 20.84% | 42.81% | 48.37% | 46.07% | 29.96% | 34.37% | 30.07% | 25.97% | 36.14% | 34.22% | 26.8% | 24.89% | 39.4% | 38.7% | 30.87% | 27.1% | 27.24% | 32.35% | 36% | 41.94% | 37.06% | 22.75% | 24.28% | 26.41% | 21.83% | 22.33% |
| Selling, General & Admin | 128.9M | 124.37M | 127.84M | 130.65M | 131.39M | 126.96M | 129.25M | 142.94M | 96.75M | 60.74M | 52.81M | 50.17M | 49.15M | 45.83M | 39.82M | 46.56M | 44.12M | 35.52M | 36.61M | 36.19M | 37.09M | 35.28M | 29.12M | 25.15M | 24.03M | 24.97M | 29.73M | 26.9M | 22.1M | 21.4M | 33.9M |
| SG&A % of Revenue | - | 27.46% | 31.82% | 20.53% | 16.17% | 14.31% | 20.32% | 24.5% | 21.42% | 17.22% | 18.72% | 18.61% | 14.75% | 18.53% | 18.01% | 15.07% | 13.67% | 20.74% | 18.34% | 14.99% | 13.73% | 14.77% | 16.53% | 18.15% | 17.84% | 19.73% | 10.27% | 12.88% | 12.89% | 11.4% | 21.27% |
| Research & Development | 95.45M | 92.21M | 84.8M | 88.57M | 92.59M | 91.96M | 86.15M | 86.15M | 56.43M | 40.74M | 34.84M | 33.11M | 40.6M | 48.6M | 36.17M | 36.23M | 36.2M | 31.96M | 38.08M | 38.34M | 39.06M | 29.79M | 27.89M | 24.72M | 32.47M | 29.67M | 32.56M | 20.5M | 20.4M | 17.5M | 0 |
| R&D % of Revenue | - | 20.36% | 21.11% | 13.92% | 11.39% | 10.37% | 13.55% | 14.77% | 12.49% | 11.55% | 12.35% | 12.28% | 12.18% | 19.65% | 16.36% | 11.73% | 11.22% | 18.66% | 19.07% | 15.88% | 14.46% | 12.47% | 15.83% | 17.84% | 24.1% | 23.45% | 11.25% | 9.82% | 11.89% | 9.32% | - |
| Other Operating Expenses | 0 | 0 | 38.86M | 40.31M | 33.34M | -34.04M | 56.85M | 53.07M | 54.95M | 4.21M | 7.7M | -2.2M | 1.4M | 3.1M | 0 | 0 | 0 | 0 | 2.58M | 0 | -2.96M | 0 | 0 | 0 | 0 | -7.75M | 3.58M | 3.3M | 2.8M | 2.1M | 1.7M |
| Operating Income | -50.83M | -60.43M | -71.67M | 43.27M | 125.56M | 201.52M | 3.26M | -52.33M | -29.78M | 37.73M | 3.04M | 7.96M | 19.4M | -30.98M | -11.66M | 17.34M | 29.68M | -15.1M | -12.3M | 4.29M | 19.75M | 30.46M | 14.04M | -2.97M | -6.83M | -15.99M | 50.31M | 34.7M | 12.6M | 43M | 36.9M |
| Operating Margin % | -10.56% | -13.34% | -17.84% | 6.8% | 15.45% | 22.71% | 0.51% | -8.97% | -6.59% | 10.7% | 1.08% | 2.95% | 5.82% | -12.53% | -5.27% | 5.61% | 9.2% | -8.81% | -6.16% | 1.78% | 7.31% | 12.75% | 7.97% | -2.15% | -5.07% | -12.64% | 17.37% | 16.62% | 7.35% | 22.9% | 23.15% |
| Operating Income Growth % | - | 15.69% | -265.62% | -65.54% | -37.69% | 6081.53% | 106.23% | -75.71% | -178.94% | 1139.73% | -61.77% | -58.98% | 162.64% | -165.58% | -167.28% | -41.58% | 296.6% | -22.67% | -386.96% | -78.29% | -35.17% | 116.94% | 572.09% | 56.42% | 57.33% | -131.79% | 44.98% | 175.4% | -70.7% | 16.53% | -3.66% |
| EBITDA | -11.11M | -6.91M | -19.18M | 93.02M | 171.57M | 250.09M | 56.01M | 6.54M | -3.73M | 46.92M | 13.46M | 19.23M | 32.01M | -18.46M | -2.45M | 27.4M | 40.66M | -4.07M | -5.36M | 11.73M | 26.23M | 36.23M | 18.39M | 1.02M | -2.19M | -11.37M | 53.89M | 38M | 15.4M | 45.1M | 38.6M |
| EBITDA Margin % | -2.31% | -1.52% | -4.77% | 14.62% | 21.11% | 28.19% | 8.81% | 1.12% | -0.83% | 13.3% | 4.77% | 7.13% | 9.6% | -7.46% | -1.11% | 8.87% | 12.6% | -2.37% | -2.69% | 4.86% | 9.71% | 15.17% | 10.43% | 0.74% | -1.63% | -8.99% | 18.61% | 18.2% | 8.98% | 24.01% | 24.22% |
| EBITDA Growth % | 48.07% | 64% | -120.62% | -45.79% | -31.39% | 346.53% | 755.97% | 275.23% | -107.96% | 248.72% | -30.04% | -39.92% | 273.42% | -654% | -108.93% | -32.61% | 1100.12% | 24.17% | -145.72% | -55.29% | -27.62% | 97.04% | 1699.32% | 146.65% | 80.73% | -121.1% | 41.82% | 146.75% | -65.85% | 16.84% | -3.98% |
| D&A (Non-Cash Add-back) | 39.72M | 53.52M | 52.49M | 49.74M | 46.02M | 48.57M | 52.75M | 58.87M | 26.05M | 9.2M | 10.41M | 11.27M | 12.61M | 12.52M | 9.21M | 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 |
| EBIT | -39.67M | -60.43M | -71.89M | 47.23M | 125.71M | 132.07M | 21.37M | -51.52M | 7.98M | 37.73M | 5.44M | 5.76M | 20.8M | -27.88M | -11.66M | 17.34M | 29.68M | -15.1M | -9.73M | 4.29M | 19.75M | 30.84M | 15.9M | -2.97M | -6.83M | -13.94M | 50.31M | 34.7M | 13.6M | 43M | 36.9M |
| Net Interest Income | 4.57M | 5.99M | 9.36M | 8.12M | -165K | -6.17M | -13.54M | -19.79M | -3.79M | 617K | 342K | 44K | 30K | 54K | 967K | 442K | 561K | 1.3M | 5.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 10.27M | 8.04M | 9.98M | 11.5M | 4.01M | 239K | 224K | 764K | 1.19M | 671K | 342K | 44K | 0 | 54K | 967K | 442K | 561K | 1.3M | 5.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 235K | 2.05M | 618K | 3.38M | 4.18M | 6.41M | 13.76M | 20.56M | 4.98M | 54K | 0 | 0 | 30K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.37M | -1.98M | 6.72M | 2.54M | 1.16M | -9.17M | -16.44M | -19.75M | -2.13M | 617K | 342K | 44K | -10.28M | -4.77M | 967K | 442K | 561K | 1.3M | 5.48M | 8.4M | 6.68M | 3.92M | 2.7M | 7.63M | 3.25M | 4.43M | 5.73M | 4.2M | 3.4M | 2.9M | 1.9M |
| Pretax Income | -45.45M | -62.41M | -64.95M | 45.82M | 126.72M | 192.34M | -13.18M | -72.08M | -31.91M | 35.37M | 6.01M | 8M | 9.13M | -35.75M | -13.12M | 17.78M | 30.24M | -13.79M | -6.82M | 12.69M | 26.43M | 34.37M | 15.9M | 4.65M | -3.58M | -11.57M | 56.04M | 38.9M | 16M | 45.9M | 38.8M |
| Pretax Margin % | -9.44% | -13.78% | -16.16% | 7.2% | 15.59% | 21.68% | -2.07% | -12.36% | -7.06% | 10.03% | 2.13% | 2.97% | 2.74% | -14.45% | -5.93% | 5.75% | 9.37% | -8.05% | -3.42% | 5.26% | 9.78% | 14.39% | 9.02% | 3.36% | -2.66% | -9.14% | 19.35% | 18.63% | 9.33% | 24.44% | 24.34% |
| Income Tax | 10.08M | 11.87M | 4.87M | 17.66M | 29.87M | 25.02M | 666K | -3.08M | 631K | 2.24M | 2.75M | 2.21M | 3.29M | -2.33M | -874K | 2.06M | 5.59M | 14.37M | -1.38M | 4.67M | 7.8M | 400K | -800K | 4.7M | -2.7M | -5.1M | 19M | 13M | 4.4M | 16.7M | 14.6M |
| Effective Tax Rate % | -22.18% | -19.01% | -7.5% | 38.55% | 23.57% | 13.01% | -5.05% | 4.28% | -1.98% | 6.35% | 45.73% | 27.63% | 36.08% | 6.51% | 6.66% | 11.58% | 18.5% | -104.19% | 20.21% | 36.78% | 29.52% | 1.16% | -5.03% | 101.01% | 75.46% | 44.09% | 33.91% | 33.42% | 27.5% | 36.38% | 37.63% |
| Net Income | -55.54M | -74.27M | -69.82M | 28.16M | 96.85M | 167.32M | -13.84M | -69.7M | -32.18M | 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 | 33.74M | 25.9M | 11.6M | 29.2M | 24.2M |
| Net Margin % | -11.54% | -16.4% | -17.38% | 4.42% | 11.92% | 18.86% | -2.18% | -11.95% | -7.12% | 9.31% | 1.08% | 0.09% | 2.61% | -13.51% | -5.54% | 5.09% | 7.64% | -16.45% | -2.73% | 3.31% | 6.55% | 14.22% | 9.48% | -0.03% | -0.65% | -5.11% | 11.65% | 12.4% | 6.76% | 15.55% | 15.18% |
| Net Income Growth % | 35.41% | -6.38% | -347.97% | -70.93% | -42.12% | 1308.73% | 80.14% | -116.59% | -197.98% | 980.72% | 1115.6% | -97.13% | 126.06% | -172.96% | -177.89% | -36.22% | 187.49% | -417.51% | -168.23% | -54.88% | -47.96% | 103.4% | 35638.3% | 94.65% | 86.42% | -119.17% | 30.27% | 123.28% | -60.27% | 20.66% | 2.54% |
| Net Income (Continuing) | -55.54M | -74.27M | -69.82M | 28.16M | 96.85M | 167.32M | -13.84M | -69M | -32.54M | 33.12M | 3.26M | 5.79M | 14.78M | -28.55M | -12.12M | 15.72M | 24.64M | -28.17M | -5.44M | 8.02M | 18.63M | 34.26M | 17.24M | -47K | -878K | -6.47M | 37.04M | 25.9M | 11.6M | 29.2M | 24.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 42K | -697K | 119K | 0 | 0 | 0 | 2.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -299K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.18 | -1.59 | -1.49 | 0.59 | 1.98 | 3.45 | -0.33 | -1.68 | -1.01 | 1.14 | 0.11 | 0.01 | 0.33 | -1.34 | -0.50 | 0.64 | 1.02 | -1.20 | -0.23 | 0.34 | 0.77 | 1.50 | 0.76 | -0.00 | -0.04 | -0.32 | 1.60 | 1.26 | 0.29 | 0.74 | 0.63 |
| EPS Growth % | 35.8% | -6.71% | -352.54% | -70.2% | -42.61% | 1145.45% | 80.36% | -66.34% | -188.6% | 936.36% | 1000% | -96.97% | 124.63% | -168% | -178.13% | -37.25% | 185% | -421.74% | -167.65% | -55.84% | -48.67% | 97.37% | - | 94.8% | 86.78% | -120% | 26.98% | 334.48% | -60.81% | 17.46% | -48.78% |
| EPS (Basic) | - | -1.59 | -1.49 | 0.59 | 2.01 | 3.53 | -0.33 | -1.68 | -1.02 | 1.18 | 0.11 | 0.01 | 0.34 | -1.35 | -0.50 | 0.65 | 1.04 | -1.20 | -0.23 | 0.35 | 0.78 | 1.55 | 0.78 | -0.00 | -0.04 | -0.32 | 1.67 | 1.31 | 0.30 | 0.78 | 0.66 |
| Diluted Shares Outstanding | 47M | 46.72M | 46.91M | 48.02M | 48.8M | 48.46M | 41.85M | 41.16M | 31.78M | 28.92M | 27.48M | 26.79M | 26.01M | 24.86M | 24.46M | 24.5M | 24.1M | 23.41M | 23.18M | 23.27M | 22.93M | 22.59M | 21.99M | 21.62M | 20.75M | 20.43M | 21.05M | 20.5M | 39.88M | 19.1M | 18.76M |
| Basic Shares Outstanding | 47M | 46.72M | 46.91M | 47.49M | 48.18M | 47.41M | 41.85M | 41.16M | 31.67M | 27.84M | 26.66M | 26.06M | 25.39M | 24.82M | 24.24M | 24.13M | 23.73M | 23.41M | 23.18M | 22.88M | 22.59M | 21.9M | 21.5M | 21.09M | 20.75M | 20.43M | 20.2M | 19.76M | 38.9M | 19.1M | 18.76M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 20.03% | 208.98% | 2486% | 69.67% | - | - | 36.75% | 23.04% | - | - | 68.66% | 30.58% | 13.47% | 25.77% | - | - | - | 12% | 13.9% | 26.72% | 7.88% | 7.85% |
Fixed cost absorption failure
According to the latest quarterly data, Cohu has achieved a notable revenue acceleration, with year-over-year growth reaching 29.3% in 2026Q1, signaling a potential bottoming of the semiconductor equipment cycle as demand for specialized test and inspection systems begins to recover from the previous year's trough.
The recent uptick in top-line performance suggests that OSAT capacity utilization may be stabilizing, allowing for a resumption of capital equipment procurement. However, investors should monitor whether this growth is sustainable or merely a temporary restocking effect, as the company remains highly sensitive to the volatile investment cycles of its primary semiconductor manufacturing customers.
As reported in financial statements, Cohu's gross margin profile has faced significant pressure, failing to reclaim the mid-40% levels seen in early 2024 and currently struggling to maintain structural profitability as the company navigates a challenging environment characterized by high manufacturing overhead and intense pricing competition.
The inability to consistently expand gross margins despite recent revenue growth suggests that the company's current product mix may be skewed toward lower-margin hardware systems rather than high-margin interface consumables. This margin profile warrants further investigation into whether the company can achieve the necessary scale to offset its fixed-cost base in the near term.
Based on the provided income statement data, Cohu continues to exhibit negative operating margins, with the 2026Q1 operating margin of -8.9% indicating that the company has yet to achieve the operating leverage required to translate top-line revenue gains into meaningful bottom-line profitability for its shareholders.
The persistent gap between revenue growth and operating income suggests that R&D and SG&A expenses remain elevated relative to current sales volume. This structure implies that the company is currently prioritizing long-term technological relevance over immediate profitability, which may continue to weigh on earnings until a more significant revenue inflection occurs.
While revenue growth appears to be accelerating, the persistent negative net income, which reached -$12.1M in 2026Q1, highlights a significant risk that the company's current business model may be fundamentally misaligned with the prevailing cost structure required to sustain operations during cyclical semiconductor industry downturns.
Short-term observers might focus on the fact that the company has failed to return to consistent GAAP profitability despite multiple quarters of recovery. This suggests that the market may be overestimating the speed of a potential turnaround, and investors should be wary of the potential for further dilution or balance sheet strain if the current cash burn persists.
Quick answers to the most common questions about buying COHU stock.
For fiscal year 2025, Cohu, Inc. (COHU) reported total revenue of $453.0M. This represents a 184.2% increase compared to $159.4M in 1996.
Cohu, Inc. (COHU) reported a net loss of $74.3M for the fiscal year ending 2025.
Cohu, Inc. (COHU) reported an operating income of $-60.4M, resulting in an operating profit margin of -13.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Cohu, Inc. (COHU) generated $156.2M in gross profit for the year, representing a gross profit margin of 34.5%. This demonstrates the company's core pricing power and production efficiency.