COHU
COHU INC
Next earnings Jul 29, 2026 · consensus $0.14 EPS, $147M rev
Last earnings +5.9% on 2026-04-30
$59.27
▼ -12.99%$59.27▲ +205.83%
over 1Y
L $17.86H $70.07
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-13.0%
1W-12.0%
1M+2.9%
3M+84.4%
YTD+140.8%
1Y+205.8%
Hold
Conviction
Horizon
Long (>12mo)
Street · 13 analysts
Buy
Quality semi-cap at a cyclical trough, inflecting up — but still loss-making and priced at 7.1x sales, so own it, don't chase it.
Revenue $453M · FY2025
Cohu is a cyclical semiconductor test-equipment maker coming off the bottom of a brutal downturn. Revenue fell from $887M (FY2021) to a $402M trough (FY2024) and is now re-accelerating to $453M (+12.7% YoY), with operating cash flow jumping to $31.7M from $2.8M on what management calls 'improved business conditions.' The mix is the story the 10-K tells: mobile sales fell another 17% in 2025 while automotive/industrial — Cohu's core — rebounded +45% after a -65% collapse in 2024. That is the signature of an early-cycle recovery, and the company kept investing through the trough ($92.2M R&D, +8.7%), which protects its franchise into the next up-leg.
The problem is that the rebound is not yet visible in the bottom line, and the price already discounts it. The company is still deeply unprofitable: a -$74.3M net loss (worse than 2024's -$69.8M), a -15.4% operating margin, -16.4% net margin, -9.5% ROE, and -$1.59 diluted EPS. Gross margin sits at just 31.1%. At $68.12 the stock trades at 7.1x trailing sales with no earnings — a multiple that only makes sense if you underwrite a return to peak-cycle revenue near $800M+ (where 2021's $167M of net income would justify it). That is a recovery bet on a business the filing itself describes as 'cyclical, seasonal, volatile and unpredictable.'
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 29, 2026, 6:47 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $887M | $813M | $636M | $402M | $453M |
| Gross profit | — | — | — | — | — |
| Operating income | $202M | $126M | $43.3M | -$71.7M | -$69.8M |
| Net income | $167M | $96.8M | $28.2M | -$69.8M | -$74.3M |
| Diluted EPS | $3.45 | $1.98 | $0.59 | -$1.49 | -$1.59 |
| Net margin | 18.9% | 11.9% | 4.4% | -17.4% | -16.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$2.87B
EV / EBITDA—
EV / Sales6.3
EV / FCF266.9
P / FCF260.5
PEG (trailing)—
Earnings yield-2.7%
FCF yield0.4%
Quality & risk
ROIC (est.)-5.1%
Free cash flow$10.7M
Total debt$296M
Net cash-$69.0M
Piotroski F-Score5/9
Capital returns
Buyback yield0.3%
Dividend yield (est.)0.0%
Shareholder yield0.3%
Shares Δ YoY+0.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Charter / bylaws change2026-05-15
Annual meeting: directors elected, votes tallied, charter/bylaw amendment adopted
- 10-Q Quarterly report2026-05-01
Q1 FY26 (Mar-28): revenue recovering off the 2024 trough
- 8-K Earnings results2026-04-30
Q1 FY26 results released as semi-test demand recovery continued
- DEF 14A Proxy statement2026-04-02
2026 proxy: board slate, exec comp and auditor up for shareholder vote
- 10-K Annual report2026-02-17
FY25: 2nd straight annual loss (-$74.3M) despite revenue rebound to $453M
- 8-K Earnings results2026-02-12
FY25 results: revenue +12.7% rebound but full-year net loss persisted
- 10-Q Quarterly report2025-10-30
Q3 FY25: demand stabilizing but still operating at a loss
- 8-K Earnings results2025-10-29
Q3 FY25 results released amid early cyclical upturn
- 8-K Material agreement2025-09-29
Issued $287.5M convertible senior notes plus capped calls; added leverage
Recent filings
all on EDGAR ↗4Period ending 2026-06-262026-06-26open ↗4Period ending 2026-06-152026-06-16open ↗144Filing2026-06-15open ↗SDFiling2026-05-29open ↗4Period ending 2026-05-222026-05-26open ↗4Period ending 2026-05-222026-05-26open ↗4Period ending 2026-05-222026-05-26open ↗4Period ending 2026-05-202026-05-22open ↗144Filing2026-05-22open ↗144Filing2026-05-22open ↗144Filing2026-05-22open ↗144Filing2026-05-20open ↗
Frequently asked
- Is COHU INC (COHU) a buy?
- COHU currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Quality semi-cap at a cyclical trough, inflecting up — but still loss-making and priced at 7.1x sales, so own it, don't chase it.
- What is COHU INC's quality score?
- COHU scores 47.39201515787238/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000021535, latest 10-Q filed 2026-05-01) · EODHD · Proprietary analysis · as of 6/29/2026, 10:47:32 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.