Tearsheet

Cognex (CGNX)

Market Price (12/4/2025): $37.75 | Market Cap: $6.3 Bil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

Cognex (CGNX)

Market Price (12/4/2025): $37.75
Market Cap: $6.3 Bil
Sector: Information Technology
Industry: Electronic Equipment & Instruments

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%	Weak multi-year price returns 2Y Excs Rtn is -49%, 3Y Excs Rtn is -93%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 69x
1	Low stock price volatility Vol 12M is 48%		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%
2	Megatrend and thematic drivers Megatrends include Autonomous Technologies, Automation & Robotics, and Artificial Intelligence. Themes include Machine Vision, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%
1	Low stock price volatility Vol 12M is 48%
2	Megatrend and thematic drivers Megatrends include Autonomous Technologies, Automation & Robotics, and Artificial Intelligence. Themes include Machine Vision, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -49%, 3Y Excs Rtn is -93%
4	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 69x
5	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.8%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$37.75	$35.54	$41.06	$46.05	$75.63
Market Cap CYE ($ Bil)	6.3	6.1	7.1	8.0	13.3
Total Debt ($ Bil)	0.1	0.1	0.1	0.0	0.0
Total Cash ($ Bil)	0.3	0.2	0.3	0.4	0.3
Enterprise Value ($ Bil)	6.1	6.2	7.2	8.0	13.3
Valuation Ratios
P/S TTM	7.8	6.7	8.6	8.1	13.2
P/EBIT TTM	48.2	53.4	58.6	30.4	43.5
P/E TTM	69.2	57.9	63.5	37.9	49.0
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$37.75	$35.54	$41.06
Market Cap CYE ($ Bil)	6.3	6.1	7.1
Total Debt ($ Bil)	0.1	0.1	0.1
Total Cash ($ Bil)	0.3	0.2	0.3
Enterprise Value ($ Bil)	6.1	6.2	7.2
Valuation Ratios
P/S TTM	7.8	6.7	8.6
P/EBIT TTM	48.2	53.4	58.6
P/E TTM	69.2	57.9	63.5
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	CGNX	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	1.0
Rev Chg Q	18.0%	7.1%
Rev Chg LTM	10.2%	6.1%
Rev Chg 3Y Avg	-0.8%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	16.3%	18.8%
CFO/Rev LTM	22.8%	20.5%
Net Inc Mgn	11.3%	13.1%
VALUATION	VERY HIGH
P/S	7.8	3.2
P/CFO	34.3	15.8
P/FCF	35.6	20.5
P/E	69.2	23.5
STABILITY	VERY GOOD
Debt/Equity	0.01	0.20
Cash/Assets	0.15	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Issued and Pending Patents	>1400	3142025	Link
Number of Customers	>30000	7102025	Link
New Customers Added	>3000	2122025	Link
Number of Employees	2914	12312024	Link
Customer Visits	>80000	2122025	Link
Research, Development, and Engineering Costs as a Percentage of Revenue	15%	12312024	Link
Percentage of Revenue from Customers Outside of the United States	67%	12312024	Link
Percentage of Revenue from Europe	24%	12312024	Link
Percentage of Revenue from Greater China	18%	12312024	Link
Percentage of Employees who are Engineers	>50%	3142025	Link

Recent
11/13/2025	Dividend	Amount: $0.09 Payment On: 11/28/2025
Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

CGNX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points explaining the approximate -14% stock movement for Cognex (CGNX) from August 31, 2025, to December 4, 2025:

1. Cognex's stock experienced a significant drop following its Third Quarter 2025 earnings report on October 29, 2025, despite beating analyst expectations. While the company reported an 18% year-over-year revenue growth and a 69% increase in adjusted diluted earnings per share, the stock fell by 12.08% in post-earnings trading, indicating other concerns overshadowed the positive results.

2. JPMorgan downgraded Cognex's rating to Underweight and significantly lowered its price target on December 3, 2025. The investment bank reduced its price target from $45.00 to $35.00, a 22.22% decrease, citing stretched valuation and cyclical risks as primary concerns for the downgrade.

Stock Movement Drivers

Fundamental Drivers

The -14.1% change in CGNX stock from 9/3/2025 to 12/3/2025 was primarily driven by a -13.7% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	43.87	37.69	-14.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	929.55	971.71	4.53%
Net Income Margin (%)	13.13%	11.33%	-13.69%
P/E Multiple	60.35	57.44	-4.81%
Shares Outstanding (Mil)	167.89	167.84	0.03%
Cumulative Contribution			-14.09%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
CGNX	-14.1%
Market (SPY)	6.2%	68.5%
Sector (XLK)	11.0%	60.7%

Fundamental Drivers

The 26.9% change in CGNX stock from 6/4/2025 to 12/3/2025 was primarily driven by a 34.6% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	29.70	37.69	26.90%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	919.75	971.71	5.65%
Net Income Margin (%)	12.80%	11.33%	-11.48%
P/E Multiple	42.69	57.44	34.55%
Shares Outstanding (Mil)	169.26	167.84	0.84%
Cumulative Contribution			26.89%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
CGNX	26.9%
Market (SPY)	15.1%	44.8%
Sector (XLK)	22.7%	38.1%

Fundamental Drivers

The -3.1% change in CGNX stock from 12/3/2024 to 12/3/2025 was primarily driven by a -23.3% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	38.91	37.69	-3.14%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	881.50	971.71	10.23%
Net Income Margin (%)	10.10%	11.33%	12.18%
P/E Multiple	74.94	57.44	-23.35%
Shares Outstanding (Mil)	171.52	167.84	2.14%
Cumulative Contribution			-3.18%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
CGNX	-3.1%
Market (SPY)	14.3%	55.2%
Sector (XLK)	23.1%	51.8%

Fundamental Drivers

The -24.0% change in CGNX stock from 12/4/2022 to 12/3/2025 was primarily driven by a -46.4% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	49.62	37.69	-24.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1010.72	971.71	-3.86%
Net Income Margin (%)	21.15%	11.33%	-46.41%
P/E Multiple	40.22	57.44	42.82%
Shares Outstanding (Mil)	173.26	167.84	3.13%
Cumulative Contribution			-24.12%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
CGNX	0.1%
Market (SPY)	53.2%	54.2%
Sector (XLK)	60.2%	50.4%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CGNX Return	48%	-3%	-39%	-11%	-13%	7%	-28%
Peers Return	146%	13%	-13%	11%	-16%	0%	126%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
CGNX Win Rate	67%	67%	42%	50%	50%	60%
Peers Win Rate	47%	47%	40%	42%	33%	46%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
CGNX Max Drawdown	-32%	-9%	-47%	-26%	-15%	-35%
Peers Max Drawdown	-39%	-5%	-29%	-8%	-25%	-17%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ROK, AGCO, MVIS, USBC, ROP. See CGNX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	CGNX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-63.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	171.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-34.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	53.4%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	56 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-51.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	107.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	681 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-65.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	193.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	603 days	1480 days

Compare to ROK, AGCO, MVIS, USBC, ROP

In The Past

Cognex's stock fell -63.1% during the 2022 Inflation Shock from a high on 2/12/2021. A -63.1% loss requires a 171.3% gain to breakeven.

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About Cognex (CGNX)

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate manufacturing and distribution tasks worldwide. Its machine vision products are used to automate the manufacturing and tracking of discrete items, including mobile phones, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process. The company offers VisionPro software, a suite of patented vision tools for advanced programming; QuickBuild that allows customers to build vision applications with a graphical, flowchart-based programming interface; and Cognex deep learning vision software. It also provides a range of inspection tasks, including part location, identification, measurement, assembly verification, and robotic guidance; vision sensors for vision applications, such as checking the presence and size of parts; and the In-Sight product line of vision systems and sensors. In addition, the company offers DataMan, an image-based barcode readers and barcode verifiers. It sells its products to consumer electronics, automotive, consumer products, food and beverage, pharmaceuticals, and medical devices industries, as well as through a network of distributors and integrators. Cognex Corporation was incorporated in 1981 and is headquartered in Natick, Massachusetts.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for Cognex (CGNX):

Intel for industrial automation's eyes and brains.
The computer vision arm of Google or Amazon, but for factories.

AI Generated Analysis | Feedback

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Industrial Vision Systems: Integrated hardware and software solutions that perform complex inspection, guidance, and identification tasks in automated manufacturing environments.
Vision Sensors: Compact, easy-to-use devices designed for simple presence/absence detection, part location, and basic inspection applications.
Barcode Readers (ID Products): Specialized cameras and software that decode 1D and 2D barcodes for tracking, tracing, and quality control of products.
Vision Software: Powerful software platforms and toolkits used to develop, configure, and deploy custom machine vision applications across various industries.

```

AI Generated Analysis | Feedback

Cognex (CGNX) primarily sells its machine vision systems, barcode readers, and vision sensors to other companies (B2B) rather than directly to individuals. These products are integral to automation, quality control, and guidance in various manufacturing and logistics processes.

While Cognex's SEC filings indicate that a significant portion of its consolidated revenue (approximately 12% in 2023) comes from one large, unnamed customer in the consumer electronics industry, the company generally serves a broad range of customers across several key industries. Due to competitive reasons, Cognex does not publicly disclose the names of its specific customers. Therefore, individual customer company names with symbols cannot be provided.

Based on their official filings, Cognex's major customers operate within the following industries:

Consumer Electronics: Manufacturers of devices such as mobile phones, laptops, and other electronic gadgets, where precision inspection and quality control are critical for components and final assembly.
Electric Vehicle (EV) Battery Manufacturing: Companies involved in the production of EV batteries, utilizing Cognex's vision systems for assembly, inspection, and tracking processes.
Logistics: Businesses in warehousing, fulfillment, and package delivery that use vision technology for tasks such as barcode reading, sorting, and automation of material handling.
Automotive: Car manufacturers and their suppliers who employ machine vision for various stages of vehicle assembly, component inspection, and quality assurance.
Medical Devices: Companies producing medical equipment and instruments, where accuracy, traceability, and compliance with strict quality standards are paramount.

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

Matt Moschner, President and Chief Executive Officer

Mr. Moschner oversees global engineering, products, sales, and operations. He joined Cognex in 2017 and has held leadership roles across product and engineering teams, contributing to the growth of the company's barcode reading portfolio and leading strategic technology and product innovation. He also managed the integration of Moritex, the largest acquisition in Cognex's history. Prior to Cognex, Mr. Moschner worked in the industrial technology practice of the Boston Consulting Group (BCG) and in various business functions for Boeing's commercial airplane group.

Dennis Fehr, Chief Financial Officer

Mr. Fehr oversees finance and IT, and is also responsible for corporate strategy and mergers & acquisitions. He was appointed CFO as part of a leadership reshuffle where all new roles were filled from within the company.

Carl Gerst, Executive Vice President, Global Sales & Products

Mr. Gerst is responsible for global sales, product strategy, and top-line growth, overseeing global engineering and product development, product management, and product marketing for Cognex's Vision and ID products. Since joining Cognex in 1999, he has been instrumental in managing and scaling the development, innovation, and performance of the company's products, including embedded vision systems, high-performance barcode readers, and 3D dimensioning systems. Before Cognex, Mr. Gerst held roles in engineering, sales, and product marketing at Hand Held Products.

Sheila DiPalma, Executive Vice President, Employee Services and Chief Culture Officer

Ms. DiPalma is responsible for talent recruitment, compensation, benefits, payroll, and employee development, as well as overseeing programs to enhance Cognex's corporate culture. She joined Cognex in 1992 as a Senior Reporting Accountant and served over 20 years in various roles in the Finance Department, including six years as Cognex Treasurer, before moving to Corporate Employee Services in 2016.

Darren Long, Vice President, Customer Success

Mr. Long leads Cognex's global support and service organizations, overseeing the entire customer journey across all products and regions. Since joining Cognex in December 2014, he has been key in developing and scaling high-performing technical teams. He brings over two decades of experience in customer-facing, complex, and global project environments.

AI Generated Analysis | Feedback

The increasing commoditization and accessibility of advanced AI and deep learning algorithms for machine vision tasks pose an emerging threat to Cognex. While Cognex integrates these technologies into its own offerings, the growing availability of powerful open-source deep learning frameworks (e.g., TensorFlow, PyTorch) and the proliferation of specialized software-centric AI vision companies could enable manufacturers to achieve sophisticated vision capabilities using lower-cost, generic camera hardware combined with flexible, platform-agnostic AI software. This could reduce the reliance on Cognex's integrated proprietary hardware and software solutions, leading to potential market share erosion and pricing pressure in industrial automation.

AI Generated Analysis | Feedback

Cognex (symbol: CGNX) operates in the machine vision and industrial barcode reader markets. The addressable markets for their main products and services are as follows:

Machine Vision Market: The global machine vision market size was valued at USD 11.61 billion in 2024 and is projected to grow to USD 22.56 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.80% during the forecast period. Another estimate puts the global market size at USD 20.37 billion in 2024, expected to reach USD 41.74 billion by 2030, with a CAGR of 13.0% from 2025 to 2030.
Deep Learning in Machine Vision Market: The global deep learning in machine vision market was valued at USD 5.13 billion in 2024 and is expected to reach USD 13.18 billion by 2032, growing at a CAGR of 12.50% from 2025 to 2032. Another report indicates the global market size for deep learning in machine vision was USD 0.67 billion in 2024 and is projected to reach USD 34.43 billion by 2033, with a CAGR of 54.4%.
Industrial Barcode Reader/Scanners Market: The global industrial barcode reader market size was approximately USD 3.04 billion in 2021 and is projected to reach USD 7.92 billion by 2033, growing at a CAGR of 8.31% during 2025 to 2033. Another source states the global industrial barcode scanners market is projected to grow from USD 4.0 billion in 2025 to USD 9.0 billion by 2035, at a CAGR of 8.3%. The global barcode scanner market size overall reached USD 7.4 billion in 2024 and is expected to reach USD 13.0 billion by 2033, exhibiting a CAGR of 6.13% during 2025-2033.

AI Generated Analysis | Feedback

Here are the expected drivers of future revenue growth for Cognex (CGNX) over the next 2-3 years:

Growth in Logistics Market with AI-enabled Products

Cognex anticipates continued strong revenue growth from the logistics market, a sector that has demonstrated consistent double-digit year-over-year expansion. This growth is significantly bolstered by the launch and further rollout of its Solutions Experience (SLX) product portfolio, which brings advanced AI-enabled vision applications to the fast-growing logistics sector. These new products are designed to solve novel applications, extending Cognex's reach beyond traditional barcode reading into higher-value vision applications and accelerating automation adoption.
Expansion into Underpenetrated Verticals, particularly Packaging

The company is strategically focused on acquiring new customers in underpenetrated verticals, with a particular emphasis on the packaging market. Packaging is identified as a large, less cyclical market offering significant incremental opportunities. Cognex is making progress with new products and expanding its sales coverage in this area, utilizing easy-to-use, AI-enabled products to drive further market penetration and revenue.
Advancement of AI Technology Leadership and New Platforms

A core strategic objective for Cognex is to be the leading provider of AI technology for industrial machine vision. The company's new "OneVision AI platform" is considered a "game-changing" development, expected to drive market share gains and recurring revenue growth by reducing the friction of AI adoption and expanding its use cases. This platform, along with other new AI vision tools, is central to Cognex's innovation strategy and is anticipated to contribute to growth, particularly in 2026.
Strength in Broader Factory Automation, including Consumer Electronics and Semiconductor

Cognex expects revenue growth from broader factory automation, notably in consumer electronics and packaging. While consumer electronics can be seasonal, the company has observed momentum and broad-based strength in this segment. Looking further ahead, the semiconductor market is also expected to benefit from the AI-driven investment cycle, positioning Cognex well for future growth due to its established relationships with leading semiconductor equipment manufacturers.
Salesforce Transformation and Customer Acquisition

A multi-year investment in its "Emerging Customer initiative" and an ongoing salesforce transformation are key drivers aimed at expanding Cognex's customer base. The company's ambition to double its customer base over the next five years is supported by enhanced sales coverage, improved productivity from new CRM tools, and updated processes. This initiative is designed to unlock smaller customer segments and drive new customer acquisition.

AI Generated Analysis | Feedback

Share Repurchases

Cognex completed a $200 million stock repurchase program authorized in March 2020.
The company subsequently authorized a new $500 million stock buyback program in March 2022, which was completed by September 28, 2025, with total repurchases of $360.44 million under that program.
Significant share repurchase amounts include $51 million in 2020, approximately $161.61 million in 2021, $204 million in 2022, $80 million in 2023, $67.1 million in 2024, and $24 million in the third quarter of 2025.

Share Issuance

Cognex generated $126 million from the exercise of stock options in 2020.
In 2021, the company recorded $63 million in net proceeds from the exercise of stock options.

Outbound Investments

In the fourth quarter of 2023, Cognex made a strategic outbound investment with the acquisition of Moritex, involving a cash outlay of $257 million.

Capital Expenditures

Cognex's capital expenditures were $13 million in 2020, $15 million in 2021, $20 million in 2022, $23 million in 2023, and $15 million in 2024.
For the quarter ending June 30, 2025, capital expenditures were $2.2 million.

Better Bets than Cognex (CGNX)

	CGNX	Better Performance than CGNX
Metric	Value	INDUSTRY: Electronic Equipment & Instruments
Rev Chg LTM	10.2%	ODYS (46.7%), MIND (27.7%), ROP (14.0%), ZBRA (12.9%), BMI (12.1%)
Rev Chg 3Y Avg	-0.8%	ROP (14.1%), MIR (12.1%), TDY (3.6%), KEYS (0.1%), VNT (-0.6%)
Op Mgn LTM	16.3%	ROP (28.1%), BMI (19.9%), TDY (18.5%), VNT (18.3%), KEYS (17.0%)
CFO/Rev LTM	22.8%	ROP (32.7%), KEYS (29.4%)
FCF/Rev LTM	22.0%	ROP (31.2%), KEYS (27.0%)
Total Yield	2.2%	VNT (6.8%), RAL (5.1%), ROP (3.6%), ZBRA (3.4%), TDY (3.0%)
P/S	7.8	ZBRA (2.9), TDY (4.6), KEYS (5.4), TRMB (5.4), ROP (6.9)
P/Op Inc	48.1	ZBRA (18.7), ROP (24.7), TDY (24.8), KEYS (31.7), TRMB (33.9)

	CGNX	Better Performance than CGNX
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	10.2%	NVDA (71.6%), PLTR (47.2%), AMD (31.8%), AVGO (28.0%), MSFT (15.6%)
Rev Chg 3Y Avg	-0.8%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), ORCL (10.2%), AAPL (1.8%)
Op Mgn LTM	16.3%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), AAPL (31.9%), ORCL (31.6%)
CFO/Rev LTM	22.8%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), ORCL (36.5%), AAPL (26.6%)
FCF/Rev LTM	22.0%	PLTR (46.0%), NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%)
Total Yield	2.2%	CSCO (6.0%), MSFT (3.4%), AAPL (3.0%), ORCL (2.8%), NVDA (2.3%)
P/S	7.8	IBM (4.0), CSCO (4.9), MU (5.0), AMAT (5.1), CRM (6.6)
P/Op Inc	48.1	CSCO (22.0), MSFT (28.3), AAPL (29.1), ORCL (33.1), NVDA (40.1)

	CGNX	Better Performance than CGNX
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	10.2%	LLY (36.8%), META (21.3%), MA (14.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	-0.8%	BRK-B (19.8%), META (17.3%), AMZN (11.3%), GOOGL (11.0%), TSLA (9.3%)
Op Mgn LTM	16.3%	MA (58.3%), META (43.2%), LLY (43.0%), GOOGL (32.2%), JNJ (26.2%)
CFO/Rev LTM	22.8%	V (57.6%), META (56.8%), MA (56.1%), GOOGL (39.3%), JNJ (26.3%)
FCF/Rev LTM	22.0%	BAC (57.3%), V (53.9%), MA (52.5%), ABBV (33.0%), META (23.7%)
Total Yield	2.2%	BRK-B (6.2%), GOOGL (4.6%), META (3.5%), AMZN (3.0%), LLY (2.7%)
P/S	7.8	WMT (1.1), BRK-B (2.7), AMZN (3.5), JPM (4.9), GOOGL (7.6)
P/Op Inc	48.1	META (22.6), GOOGL (23.7), WMT (26.9), LLY (29.9), AMZN (30.7)

		Best Bets In Information Technology Sector
	CGNX
What You Pay
P/E	69.0
P/EBIT	48.1
What You Get
Rev Chg Q	18.0%
Rev Chg LTM	10.2%
Rev Chg 3Y Avg	-0.8%
FCF/Rev 3Y Avg	16.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

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0	DASHBOARDS
1	Cognex Stock Drop Looks Sharp, But How Deep Can It Go?	Return
2	CGNX Jumps 27% in a Month, But Does MSFT Offer Better Fundamentals?	Counter-Intuitive Comparisons
3	Big Move for CGNX, but Do ROP's Margins and Growth Give It the Edge?	Counter-Intuitive Comparisons
4	How Does Cognex Stock Stack Up Against Its Peers?	Peer Comparison
5	Better Bet Than CGNX Stock: Pay Less Than Cognex To Get More From NVDA, MSFT
6	Better Bet Than CGNX Stock: Pay Less Than Cognex To Get More From NVDA, MSFT
7	Better Bet Than CGNX Stock: Pay Less Than Cognex To Get More From ROP, BMI
8	CGNX Dip Buy Analysis
9	Cognex Total Shareholder Return (TSR): -12.7% in 2024 and -21.5% 3-yr compounded annual returns (below peer average)
10	Cognex (CGNX) Operating Cash Flow Comparison	Financials
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High		September 11th, 2025
13	Market Movers \| Winners: APLD, AMSC, PI \| Losers: TROX, ALGN, CFLT		August 1st, 2025

	Title
0	DASHBOARDS
1	Cognex Stock Drop Looks Sharp, But How Deep Can It Go?
2	CGNX Jumps 27% in a Month, But Does MSFT Offer Better Fundamentals?
3	Big Move for CGNX, but Do ROP's Margins and Growth Give It the Edge?
4	How Does Cognex Stock Stack Up Against Its Peers?
5	Better Bet Than CGNX Stock: Pay Less Than Cognex To Get More From NVDA, MSFT
6	Better Bet Than CGNX Stock: Pay Less Than Cognex To Get More From NVDA, MSFT
7	Better Bet Than CGNX Stock: Pay Less Than Cognex To Get More From ROP, BMI
8	CGNX Dip Buy Analysis
9	Cognex Total Shareholder Return (TSR): -12.7% in 2024 and -21.5% 3-yr compounded annual returns (below peer average)
10	Cognex (CGNX) Operating Cash Flow Comparison
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High
13	Market Movers \| Winners: APLD, AMSC, PI \| Losers: TROX, ALGN, CFLT

Trade Ideas

Select past ideas related to CGNX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
CGNX_6302022_Dip_Buyer_High_CFO_Margins_ExInd_DE	06302022	CGNX	Cognex	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	12.1%	32.5%	-3.7%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%
CGNX_6302022_Dip_Buyer_High_CFO_Margins_ExInd_DE	06302022	CGNX	Cognex	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	12.1%	32.5%	-3.7%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Cognex

Peers to compare with:

Financials

	CGNX	ROK	AGCO	MVIS	USBC	ROP	Median
Name	Cognex	Rockwell.	AGCO	Microvis.	USBC	Roper Te.
Mkt Price	37.69	400.37	105.13	0.88	0.82	445.89	71.41
Mkt Cap	6.3	45.0	7.8	0.2	-	48.0	7.8
Rev LTM	972	8,061	10,049	3	0	7,721	4,346
Op Inc LTM	158	1,249	658	-62	-9	2,172	408
FCF LTM	214	1,320	749	-56	-8	2,406	481
FCF 3Y Avg	150	1,055	654	-62	-10	1,995	402
CFO LTM	222	1,522	1,022	-56	-8	2,524	622
CFO 3Y Avg	166	1,243	1,050	-60	-10	2,101	608

Growth & Margins

	CGNX	ROK	AGCO	MVIS	USBC	ROP	Median
Name	Cognex	Rockwell.	AGCO	Microvis.	USBC	Roper Te.
Rev Chg LTM	10.2%	-8.3%	-20.1%	-71.3%	-	14.0%	-8.3%
Rev Chg 3Y Avg	-0.8%	3.2%	-3.9%	198.8%	-	14.1%	3.2%
Rev Chg Q	18.0%	4.5%	-4.7%	-91.8%	-	14.3%	4.5%
QoQ Delta Rev Chg LTM	4.5%	1.2%	-1.2%	-40.3%	-	3.4%	1.2%
Op Mgn LTM	16.3%	15.5%	6.5%	-2,383.0%	-	28.1%	15.5%
Op Mgn 3Y Avg	15.4%	16.4%	9.2%	-3,301.7%	-	28.3%	15.4%
QoQ Delta Op Mgn LTM	2.1%	0.9%	0.4%	-800.1%	-	0.1%	0.4%
CFO/Rev LTM	22.8%	18.9%	10.2%	-2,166.2%	-	32.7%	18.9%
CFO/Rev 3Y Avg	18.1%	14.7%	8.6%	-2,431.1%	-	30.4%	14.7%
FCF/Rev LTM	22.0%	16.4%	7.5%	-2,182.0%	-	31.2%	16.4%
FCF/Rev 3Y Avg	16.3%	12.5%	5.4%	-2,580.7%	-	28.9%	12.5%

Valuation

	CGNX	ROK	AGCO	MVIS	USBC	ROP	Median
Name	Cognex	Rockwell.	AGCO	Microvis.	USBC	Roper Te.
Mkt Cap	6.3	45.0	7.8	0.2	-	48.0	7.8
P/S	7.8	4.6	0.8	112.3	-	6.9	6.9
P/EBIT	48.1	29.0	33.3	-4.1	-	23.4	29.0
P/E	69.0	38.5	21.3	-3.2	-	34.2	34.2
P/CFO	34.2	24.6	7.8	-5.2	-	21.3	21.3
Total Yield	2.2%	4.2%	5.8%	-30.9%	-	3.6%	3.6%
Dividend Yield	0.7%	1.6%	1.1%	0.0%	-	0.6%	0.7%
FCF Yield 3Y Avg	2.0%	3.0%	8.0%	-20.2%	-	3.6%	3.0%
D/E	0.0	0.1	0.4	0.2	-	0.2	0.2
Net D/E	-0.0	0.1	0.3	-0.1	-	0.2	0.1

Returns

	CGNX	ROK	AGCO	MVIS	USBC	ROP	Median
Name	Cognex	Rockwell.	AGCO	Microvis.	USBC	Roper Te.
1M Rtn	-9.4%	10.2%	0.2%	-23.3%	-12.8%	-0.6%	-5.0%
3M Rtn	-14.1%	18.7%	-2.3%	-20.5%	-5.4%	-14.8%	-9.8%
6M Rtn	26.9%	26.5%	6.0%	-24.6%	-	-21.3%	6.0%
12M Rtn	-3.1%	39.6%	5.7%	0.2%	-	-20.9%	0.2%
3Y Rtn	-24.0%	58.8%	-14.6%	-71.3%	-	2.2%	-14.6%
1M Excs Rtn	-9.4%	10.3%	0.2%	-23.3%	-12.7%	-0.6%	-5.0%
3M Excs Rtn	-20.0%	12.2%	-9.2%	-25.2%	4.9%	-20.6%	-14.6%
6M Excs Rtn	12.2%	11.8%	-8.8%	-39.3%	-	-36.0%	-8.8%
12M Excs Rtn	-18.4%	24.3%	-8.5%	-15.5%	-	-34.3%	-15.5%
3Y Excs Rtn	-93.4%	-11.0%	-83.8%	-141.6%	-	-65.8%	-83.8%

Comparison Analyses

	Title
0	How Does Cognex Stock Stack Up Against Its Peers?
1	Cognex vs The Trade Desk: Similar Revenue; Which Stock Is A Better Bet?
2	Cognex vs CoStar Group: Similar Income; Which Stock Is A Better Bet?
3	Cognex vs Masco: Similar Market Cap; Which Stock Is A Better Bet?
4	Cognex vs BioMarin Pharmaceutical: Similar Market Cap; Which Stock Is A Better Bet?
5	Cognex vs Textron: Similar Market Cap; Which Stock Is A Better Bet?
6	Cognex vs DocuSign: Similar Revenue; Which Stock Is A Better Bet?
7	Cognex vs Datadog: Similar Revenue; Which Stock Is A Better Bet?
8	Cognex vs Roku: Similar Income; Which Stock Is A Better Bet?
9	Cognex vs International Flavors & Fragrances Inc: Similar Income; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/28/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/13/2025	2/15/2024	2/16/2023	2/17/2022	2/11/2021	2/13/2020
Key Financials
Total Revenue	972	915	838	1,006	1,037	811	726
EBITDA	189	148	145	288	335	233	168
Operating Income	158	115	123	269	315	206	143
Net Income	110	106	113	216	280	176	204
EPS	0.66	0.62	0.66	1.24	1.59	1.02	1.19
Growth Rates
Total Revenue Growth	10.2%	9.2%	-16.8%	-3.0%	27.9%	11.8%	-10.0%
EBITDA Growth	50.4%	2.2%	-49.8%	-14.0%	44.2%	38.8%	-31.0%
Operating Income Growth	67.9%	-6.2%	-54.3%	-14.7%	52.9%	44.5%	-35.5%
Net Income Growth	23.7%	-6.2%	-47.5%	-23.0%	58.9%	-13.6%	-7.0%
Margins
EBITDA Margin	19.5%	16.2%	17.3%	28.7%	32.3%	28.7%	23.1%
Operating Income Margin	16.3%	12.6%	14.7%	26.7%	30.4%	25.4%	19.7%
Net Income Margin	11.3%	11.6%	13.5%	21.4%	27.0%	21.7%	28.1%
Cash & Debt
Total Cash	300	246	332	400	324	372	412
Total Debt	79	70	79	40	26	26	18
Net Debt / (Cash)	-221	-176	-253	-360	-298	-346	-394
Cash Flows
Net Cash from Operations	222	149	113	243	314	242	253
Free Cash from Operations	214	134	90	224	299	229	232
Returns to Shareholders
Dividends	54	52	49	46	43	391	35
Share Repurchases	169	67	80	204	162	51	62

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/28/2025	6/29/2025	3/30/2025	12/31/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	10/1/2023	7/2/2023	4/2/2023	12/31/2022
Filing Date	10/30/2025	7/31/2025	5/1/2025	2/13/2025	10/31/2024	8/1/2024	5/2/2024	2/15/2024	10/31/2023	8/3/2023	5/4/2023	2/16/2023
Key Financials Quarterly
Total Revenue	277	249	216	230	235	239	211	197	197	243	201	239
Ebitda	65	51	34	39	40	46	22	17	33	68	27	61
Operating Income	58	43	26	31	32	38	14	10	28	63	22	56
Net Income	18	41	24	28	30	36	12	11	19	57	26	55
EPS	0.11	0.24	0.14	0.17	0.17	0.21	0.07	0.07	0.11	0.33	0.15	0.32
Key Financials TTM
Total Revenue TTM	972	930	920	915	882	844	847	838	880	893	925	1,006
Ebitda TTM	189	165	159	148	126	119	140	145	189	204	224	288
Operating Income TTM	158	132	127	115	94	91	115	123	169	184	204	269
Net Income TTM	110	122	118	106	89	78	100	113	157	172	174	216
Growth Rates Quarterly
Total Revenue Growth	18.0%	4.1%	2.5%	16.8%	19.0%	-1.3%	4.8%	-17.9%	-5.9%	-11.7%	-28.8%	-1.9%
EBITDA Growth	61.7%	10.9%	52.6%	129.3%	22.3%	-31.4%	-17.7%	-72.5%	-30.9%	-22.6%	-70.5%	0.1%
Operating Income Growth	83.0%	12.9%	83.7%	209.0%	13.2%	-38.6%	-35.9%	-82.3%	-35.0%	-24.1%	-74.4%	-0.1%
Net Income Growth	-40.3%	11.9%	96.3%	152.4%	56.4%	-37.0%	-53.1%	-79.7%	-44.3%	-2.4%	-62.0%	3.3%
Margins Quarterly
EBITDA Margin	23.6%	20.6%	15.8%	16.8%	17.2%	19.4%	10.6%	8.6%	16.7%	27.9%	13.5%	25.7%
Operating Income Margin	20.9%	17.4%	12.1%	13.4%	13.4%	16.1%	6.7%	5.1%	14.1%	25.8%	11.0%	23.6%
Net Income Margin	6.4%	16.3%	10.9%	12.3%	12.6%	15.1%	5.7%	5.7%	9.6%	23.7%	12.7%	23.1%
Cash & Debt
Total Cash	300	228	200	246	288	289	278	332	513	369	381	400
Total Debt	79	83	74	70	77	74	77	79	68	70	40	40
Net Debt / (Cash)	-221	-145	-127	-176	-211	-215	-201	-253	-444	-299	-341	-360
Cash Flows Quarterly
FCF from Operations	87	43	41	51	56	28	14	14	41	30	28	66
Cash Flows TTM
FCF from Operations TTM	222	191	176	149	112	97	99	113	165	207	221	243
Returns to Shareholders Quarterly
Dividends	13	13	14	14	13	13	13	13	12	12	12	12
Share Repurchases	24	-0	102	43	4	11	9	20	10	25	24	26
Return on Invested Capital (ROIC) Quarterly
ROIC	7.6%	15.8%	9.7%	11.6%	12.3%	17.3%	4.9%	4.2%	15.3%	33.0%	14.7%	38.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.7%	11.7%	11.6%	11.0%	9.2%	9.1%	11.5%	13.9%	29.0%	25.6%	31.9%	42.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Machine vision technology	838
Application-specific customer solutions		158	148	136	96
Standard products and services		848	889	675	629
Total	838	1,006	1,037	811	726

Price Behavior

Price Behavior

Market Price	$37.69
Market Cap ($ Bil)	6.3
First Trading Date	10/09/1989
Distance from 52W High	-21.9%
	50 Days	200 Days
DMA Price	$42.29	$35.79
DMA Trend	indeterminate	down
Distance from DMA	-10.9%	5.3%
	3M	1YR
Volatility	48.3%	48.2%
Downside Capture	293.20	139.64
Upside Capture	141.77	118.44
Correlation (SPY)	68.1%	55.2%

CGNX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.60	2.87	2.68	2.04	1.35	1.39
Up Beta	0.61	1.84	1.93	1.82	1.10	1.14
Down Beta	1.85	4.56	4.30	3.74	1.79	1.53
Up Capture	116%	173%	154%	168%	132%	231%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	21	31	65	127	373
Down Capture	210%	277%	246%	133%	121%	109%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	20	31	60	121	377

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of CGNX With Other Asset Classes (Last 1Y)
	CGNX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-5.2%	25.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	48.0%	27.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.04	0.81	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		51.7%	55.1%	-1.1%	18.1%	38.2%	24.5%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of CGNX With Other Asset Classes (Last 5Y)
	CGNX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-11.5%	19.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	39.4%	24.6%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.19	0.73	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		58.2%	59.5%	9.4%	15.1%	44.7%	25.6%

Based On 10-Year Data

		Comparison of CGNX With Other Asset Classes (Last 10Y)
	CGNX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	8.2%	22.2%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	40.1%	24.2%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.33	0.84	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		61.7%	62.3%	3.5%	19.6%	44.3%	13.9%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	7,077,090
Short Interest: % Change Since 10312025	69.3%
Average Daily Volume	1,865,296
Days-to-Cover Short Interest	3.79
Basic Shares Quantity	167,840,000
Short % of Basic Shares	4.2%

Returns Analyses

	Title
0	Cognex Stock Drop Looks Sharp, But How Deep Can It Go?
1	Cognex Stock Return Comparison
2	Cognex Total Shareholder Return (TSR): -39.1% in 2022 and -4.5% 3-yr returns (below peer average)
3	[9/28/2021] Cognex (CGNX) Stock Price Forecast: AI Forecasts CGNX Stock Price To Be Around $82.6 In A Month (Up 2.6%)
4	Cognex (CGNX) Stock Return: AI Predicts CGNX Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/28/2025
6302025	7312025	10-Q 6/29/2025
3312025	5012025	10-Q 3/30/2025
12312024	2132025	10-K 12/31/2024
9302024	10312024	10-Q 9/29/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2152024	10-K 12/31/2023
9302023	10312023	10-Q 10/1/2023
6302023	8032023	10-Q 7/2/2023
3312023	5042023	10-Q 4/2/2023
12312022	2162023	10-K 12/31/2022
9302022	11032022	10-Q 10/2/2022
6302022	8022022	10-Q 7/3/2022
3312022	5052022	10-Q 4/3/2022
12312021	2172022	10-K 12/31/2021

External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Cognex (CGNX)

Market Price (12/4/2025): $37.75 | Market Cap: $6.3 BilSector: Information Technology | Industry: Electronic Equipment & Instruments

Cognex (CGNX)

Market Price (12/4/2025): $37.75Market Cap: $6.3 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments

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About Cognex (CGNX)

Growth in Logistics Market with AI-enabled Products

Expansion into Underpenetrated Verticals, particularly Packaging

Advancement of AI Technology Leadership and New Platforms

Strength in Broader Factory Automation, including Consumer Electronics and Semiconductor

Salesforce Transformation and Customer Acquisition

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Market Price (12/4/2025): $37.75 | Market Cap: $6.3 Bil
Sector: Information Technology | Industry: Electronic Equipment & Instruments

Market Price (12/4/2025): $37.75
Market Cap: $6.3 Bil
Sector: Information Technology
Industry: Electronic Equipment & Instruments