Cohu

COHU · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

COHU · Last close · November 6, 2026

$38.49

Cohu's revenue rose 12.7% to $453 million in fiscal 2025. Its operating margin was −15.4%, up from −17.8% a year earlier. Free cash flow was $11 million. It paid out $9 million in dividends and buybacks, 80% of free cash flow. The diluted share count fell 0.4%.

COHU, INC. Latest fiscal year ended December 27, 2025 10-K filed February 17, 2026 · 0001437749-26-004339 Updated November 5, 2026

Revenue

$453M

12.7%

Operating margin

−15.4%

2.4 pts

Net income

−$74M

Free cash flow

$11M

Return on capital

−9.1%

0.1 pts

Market cap

$2.1B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Cohu does

Cohu, founded in 1947, sells equipment and services that help semiconductor makers test chips and raise their manufacturing yield, meaning the share of chips that work. Its main products are test automation equipment, which moves chips through testing and controls their temperature, and interface products that connect chips to test systems. It also sells inspection and metrology equipment (tools that measure and check chips) and software analytics.

It reports one segment and earns money from two kinds of revenue. System sales depend on customers' capital spending. Recurring revenue comes from interface products, services, spares, upgrades, configuration tooling and software. Its customers make chips for computing and networking, automotive, industrial, mobile and consumer electronics markets. In 2025 its ten largest customers represented 60% of total revenue.

Cohu says its installed base exceeds 25,000 systems, serving over 280 high-volume manufacturing facilities across 108 customers in 31 countries. It is investing in areas including testing of memory and processors used in AI, and testing of chips made with silicon carbide and gallium nitride. It says the market it can serve is about $3 billion.

Its biggest risks, as it describes them

A cyclical, volatile semiconductor industry that swings its sales and margins.
Rapid technology change that could leave it with unsold inventory.
Depending on a few customers and on outside manufacturers and suppliers.
Intense competition and consolidation among chip makers and test equipment makers.
Defects in its systems that could harm its reputation and cost money.

From Cohu's annual report on Form 10-K, filed February 17, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2023, earnings per share grew 27.1% a year and net income 37.7% a year, as new shares raised the share count by 75% and diluted each share's earnings. Cohu then lost money in fiscal 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	380	386	336	262	484
Debt incl. finance leases	120	80	41	17	305
Net debt (negative means net cash)	−260	−306	−295	−245	−179
Net debt to EBITDA	−1.0x	−1.8x	−3.2x	—	—
Debt to equity	0.1x	0.1x	0.0x	0.0x	0.4x
Interest coverage	31.4x	30.1x	12.8x	−116.0x	−34.0x
Current ratio	3.9x	4.8x	6.2x	6.3x	6.9x
Quick ratio	3.1x	3.7x	4.7x	4.6x	5.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Cohu's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Cohu's projections

What Cohu says to expect

Fourth quarter 2026: salesCohu expects fourth quarter 2026 sales to be up 46% year-over-year and in the range of $178 million +/- $7 million.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 28, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Cohu shares on the open market, and 8 insiders sold $11.4 million, $6.8 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 25, 2026	Luis A MullerPresident & CEO	Sold plan	27,236	$65.00	$1.8 million	Form 4
Sep 21, 2026	Luis A MullerPresident & CEO	Sold plan	55,794	$60.00	$3.3 million	Form 4
Aug 19, 2026	Christopher BohrsonSr VP & Chief Customer Officer	Sold	10,000	$55.82	$558,200	Form 4
Aug 17, 2026	Christopher BohrsonSr VP & Chief Customer Officer	Sold plan	1,000	$61.90	$61,900	Form 4
Aug 5, 2026	Andrew M CaggiaDirector	Sold plan	15,252	$51.74	$789,086	Form 4
Aug 5, 2026	Nina RichardsonDirector	Sold plan	3,055	$51.54	$157,455	Form 4
Jul 15, 2026	Christopher BohrsonSr VP & Chief Customer Officer	Sold plan	1,000	$57.92	$57,920	Form 4
Jun 15, 2026	Christopher BohrsonSr VP & Chief Customer Officer	Sold plan	1,000	$63.88	$63,880	Form 4
May 22, 2026	Luis A MullerPresident & CEO	Sold	45,154	$46.62	$2.1 million	Form 4
May 22, 2026	Jeffrey D JonesSr. VP Finance & CFO	Sold	13,000	$46.84	$608,920	Form 4
May 22, 2026	James A DonahueDirector	Sold	10,257	$46.77	$479,720	Form 4
May 20, 2026	Steven J BilodeauDirector	Sold	10,257	$44.85	$460,026	Form 4

The latest 12 of 19 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 8	5 of 8	5 of 8
Rule of 40	−8.3%	−38.8%	15.1%
Altman Z''	9.19	9.59	5.27
Accruals ratio	−6.2%	−6.8%	−9.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	6 of 8	5 of 8	5 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Cohu side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Cohu	FY25	12.7%	−15.4%	2.4%	−9.1%	—	5
Kulicke and Soffa Industries	FY25	−7.4%	−0.5%	14.7%	—	—	—	Compare
Veeco Instruments	FY25	−7.4%	5.4%	8.0%	4.5%	−3.0x	6	Compare
FormFactor	FY25	2.8%	7.3%	1.5%	6.8%	−2.7x	5	Compare
Axcelis Technologies	FY25	−17.6%	14.2%	12.8%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	282	353	452	583	636	887	813	636	402	453
Revenue growth	4.6%	25.0%	28.1%	29.1%	9.0%	39.5%	−8.4%	−21.7%	−36.9%	12.7%
Gross profit	95	141	159	230	272	—	—	—	—	—
Research and development	35	41	56	86	86	92	93	89	85	92
Operating income	3	38	−30	−52	3	202	126	43	−72	−70
Net income	3	33	−32	−70	−14	167	97	28	−70	−74
Diluted EPS (US$)	0.11	1.14	−1.01	−1.69	−0.33	3.45	1.98	0.59	−1.49	−1.59
Diluted shares (millions)	28	29	32	41	42	48	49	48	47	47
Cash flow
Cash from operations	24	40	34	17	50	98	113	102	3	32
Capital expenditure	4	6	5	18	19	12	15	16	11	21
Free cash flow	21	34	29	−1	31	86	98	85	−8	11
Dividends paid	6	7	7	10	5	0	0	0	0	0
Share buybacks	0	0	0	0	0	7	51	24	27	9
Acquisitions	0	12	339	0	0	0	0	0	0	0
Stock-based compensation	7	7	18	14	14	14	15	17	21	23
Balance sheet at fiscal year end
Cash and short-term investments	96	134	164	155	170	380	386	336	262	484
Debt incl. finance leases	—	9	359	363	326	120	80	41	17	305
Total assets	346	420	1,134	1,078	1,090	1,259	1,227	1,150	999	1,243
Total liabilities	110	131	588	595	578	376	299	200	142	457
Shareholders' equity	236	289	546	483	512	882	929	950	857	786
Margins and ratios
Gross margin	33.6%	39.9%	35.3%	39.4%	42.7%	—	—	—	—	—
Operating margin	1.1%	10.7%	−6.6%	−9.0%	0.5%	22.7%	15.4%	6.8%	−17.8%	−15.4%
Net margin	1.1%	9.3%	−7.1%	−11.9%	−2.2%	18.9%	11.9%	4.4%	−17.4%	−16.4%
Free cash flow margin	7.5%	9.5%	6.5%	−0.1%	4.9%	9.7%	12.1%	13.4%	−2.0%	2.4%
Rule of 40 (growth + FCF margin)	12.1%	34.6%	34.6%	29.0%	13.9%	49.2%	3.7%	−8.3%	−38.8%	15.1%
Return on capital	—	—	−5.2%	−5.8%	0.4%	27.2%	15.4%	4.2%	−8.9%	−9.1%
Return on equity	1.3%	12.5%	−7.7%	−13.5%	−2.8%	24.0%	10.7%	3.0%	−7.7%	−9.0%
Return on assets	0.9%	8.6%	−4.1%	−6.3%	−1.3%	14.2%	7.8%	2.4%	−6.5%	−6.6%
Net debt to EBITDA	—	−2.7x	—	31.8x	2.8x	−1.0x	−1.8x	−3.2x	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Cohu's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Cohu.