Cognex (CGNX)
Market Price (8/4/2026): $67.5 | Market Cap: $11.2 BilSector: Information Technology | Industry: Electronic Equipment & Instruments
Cognex (CGNX)
Market Price (8/4/2026): $67.5Market Cap: $11.2 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23% Megatrend and thematic driversMegatrends include Autonomous Technologies, Automation & Robotics, and Artificial Intelligence. Themes include Machine Vision, Show more. | Weak multi-year price returns2Y Excs Rtn is -0.7%, 3Y Excs Rtn is -40% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% Key risksCGNX key risks include [1] a strong dependence on volatile capital spending from customers in cyclical industries such as consumer electronics, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23% |
| Megatrend and thematic driversMegatrends include Autonomous Technologies, Automation & Robotics, and Artificial Intelligence. Themes include Machine Vision, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -0.7%, 3Y Excs Rtn is -40% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% |
| Key risksCGNX key risks include [1] a strong dependence on volatile capital spending from customers in cyclical industries such as consumer electronics, Show more. |
Qualitative Assessment
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Cognex (CGNX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Raised Guidance.
Cognex reported its fiscal Q1 2026 results on May 6, 2026, significantly exceeding analyst expectations. The company posted an adjusted Earnings Per Share (EPS) of $0.34, beating the consensus estimate of $0.25 by 36%. Revenue for the quarter reached $268.44 million, surpassing the consensus of $245.98 million and representing a 24.3% year-over-year increase. This strong performance led Cognex to raise its guidance for fiscal Q2 2026, projecting revenue between $280 million and $300 million and adjusted EPS in the range of $0.40 to $0.44, driven by broad-based demand across key end markets such as logistics, electronics, packaging, and semiconductors.
2. Introduction of Next-Generation AI Vision Systems.
The company strengthened its position in industrial automation by launching two next-generation embedded AI vision systems during this period: the In-Sight 6900 (powered by NVIDIA) and the In-Sight 3900 (powered by Qualcomm). These new products reinforce Cognex's leadership in edge AI technology, making advanced machine vision easier for manufacturers and distributors to improve quality and efficiency. Cognex's ongoing commitment to AI-powered solutions, showcased at events like Automate 2026 in June, has been a positive driver for investor sentiment.
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Cognex (CGNX) stock has gained about 20% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Raised Guidance.
Cognex reported its fiscal Q1 2026 results on May 6, 2026, significantly exceeding analyst expectations. The company posted an adjusted Earnings Per Share (EPS) of $0.34, beating the consensus estimate of $0.25 by 36%. Revenue for the quarter reached $268.44 million, surpassing the consensus of $245.98 million and representing a 24.3% year-over-year increase. This strong performance led Cognex to raise its guidance for fiscal Q2 2026, projecting revenue between $280 million and $300 million and adjusted EPS in the range of $0.40 to $0.44, driven by broad-based demand across key end markets such as logistics, electronics, packaging, and semiconductors.
2. Introduction of Next-Generation AI Vision Systems.
The company strengthened its position in industrial automation by launching two next-generation embedded AI vision systems during this period: the In-Sight 6900 (powered by NVIDIA) and the In-Sight 3900 (powered by Qualcomm). These new products reinforce Cognex's leadership in edge AI technology, making advanced machine vision easier for manufacturers and distributors to improve quality and efficiency. Cognex's ongoing commitment to AI-powered solutions, showcased at events like Automate 2026 in June, has been a positive driver for investor sentiment.
3. Numerous Analyst Upgrades and Price Target Revisions.
Following the robust Q1 2026 earnings report and positive outlook, multiple financial analysts revised their ratings and price targets for Cognex stock. Several firms upgraded their ratings, including Wall Street Zen moving from "hold" to "buy" on May 9, 2026, and JPMorgan Chase & Co. upgrading from "neutral" to "overweight" on May 26, 2026. Price targets were also significantly increased; for instance, Barclays raised its target to $75 from $64 on May 11, 2026, and Stephens upped its target to $75 from $65 on May 7, 2026. The consensus average price target for Cognex reached $72.31, indicating a "Moderate Buy" rating from analysts, which contributed to the positive stock momentum.
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Stock Movement Drivers
Fundamental Drivers
The 21.7% change in CGNX stock from 4/30/2026 to 8/3/2026 was primarily driven by a 18.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8032026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.44 | 67.44 | 21.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 994 | 1,047 | 5.3% |
| Net Income Margin (%) | 11.5% | 13.6% | 18.3% |
| P/E Multiple | 81.0 | 78.8 | -2.7% |
| Shares Outstanding (Mil) | 167 | 167 | 0.4% |
| Cumulative Contribution | 21.7% |
Market Drivers
4/30/2026 to 8/3/2026| Return | Correlation | |
|---|---|---|
| CGNX | 21.7% | |
| Market (SPY) | 5.4% | 66.8% |
| Sector (XLK) | 11.6% | 74.9% |
Fundamental Drivers
The 74.6% change in CGNX stock from 1/31/2026 to 8/3/2026 was primarily driven by a 33.8% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8032026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.63 | 67.44 | 74.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 972 | 1,047 | 7.7% |
| Net Income Margin (%) | 11.3% | 13.6% | 20.2% |
| P/E Multiple | 58.9 | 78.8 | 33.8% |
| Shares Outstanding (Mil) | 168 | 167 | 0.8% |
| Cumulative Contribution | 74.6% |
Market Drivers
1/31/2026 to 8/3/2026| Return | Correlation | |
|---|---|---|
| CGNX | 74.6% | |
| Market (SPY) | 9.8% | 33.8% |
| Sector (XLK) | 23.9% | 38.3% |
Fundamental Drivers
The 66.6% change in CGNX stock from 7/31/2025 to 8/3/2026 was primarily driven by a 41.4% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8032026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.49 | 67.44 | 66.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 930 | 1,047 | 12.6% |
| Net Income Margin (%) | 13.1% | 13.6% | 3.7% |
| P/E Multiple | 55.7 | 78.8 | 41.4% |
| Shares Outstanding (Mil) | 168 | 167 | 0.8% |
| Cumulative Contribution | 66.6% |
Market Drivers
7/31/2025 to 8/3/2026| Return | Correlation | |
|---|---|---|
| CGNX | 66.6% | |
| Market (SPY) | 20.9% | 42.2% |
| Sector (XLK) | 36.1% | 43.2% |
Fundamental Drivers
The 26.3% change in CGNX stock from 7/31/2023 to 8/3/2026 was primarily driven by a 48.6% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8032026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.39 | 67.44 | 26.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 925 | 1,047 | 13.2% |
| Net Income Margin (%) | 18.8% | 13.6% | -27.5% |
| P/E Multiple | 53.0 | 78.8 | 48.6% |
| Shares Outstanding (Mil) | 173 | 167 | 3.7% |
| Cumulative Contribution | 26.3% |
Market Drivers
7/31/2023 to 8/3/2026| Return | Correlation | |
|---|---|---|
| CGNX | 26.3% | |
| Market (SPY) | 71.4% | 48.0% |
| Sector (XLK) | 103.4% | 46.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CGNX Return | -3% | -39% | -11% | -13% | 1% | 82% | -16% |
| Peers Return | 20% | -19% | 23% | 12% | -4% | 13% | 45% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| CGNX Win Rate | 67% | 42% | 50% | 50% | 50% | 62% | |
| Peers Win Rate | 63% | 35% | 57% | 55% | 50% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 38% | |
Max Drawdowns [4] | |||||||
| CGNX Max Drawdown | -22% | -49% | -41% | -32% | -43% | -22% | |
| Peers Max Drawdown | -19% | -38% | -23% | -20% | -31% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ROCK, TDY, ZBRA, AME, EMR. 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] 2026 data is for the year up to 8/3/2026 (YTD)
How Low Can It Go
| Event | CGNX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.7% | -18.8% |
| % Gain to Breakeven | 44.2% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.3% | -7.8% |
| % Gain to Breakeven | 33.9% | 8.5% |
| Time to Breakeven | 556 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.0% | -9.5% |
| % Gain to Breakeven | 56.3% | 10.5% |
| Time to Breakeven | 839 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.0% | -6.7% |
| % Gain to Breakeven | 16.3% | 7.1% |
| Time to Breakeven | 24 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.8% | -33.7% |
| % Gain to Breakeven | 36.6% | 50.9% |
| Time to Breakeven | 36 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.5% | -19.2% |
| % Gain to Breakeven | 62.5% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
In The Past
Cognex's stock fell -30.7% during the 2025 US Tariff Shock. Such a loss loss requires a 44.2% gain to breakeven.
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| Event | CGNX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.7% | -18.8% |
| % Gain to Breakeven | 44.2% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -25.3% | -7.8% |
| % Gain to Breakeven | 33.9% | 8.5% |
| Time to Breakeven | 556 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.0% | -9.5% |
| % Gain to Breakeven | 56.3% | 10.5% |
| Time to Breakeven | 839 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -26.8% | -33.7% |
| % Gain to Breakeven | 36.6% | 50.9% |
| Time to Breakeven | 36 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.5% | -19.2% |
| % Gain to Breakeven | 62.5% | 23.8% |
| Time to Breakeven | 120 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.8% | -12.2% |
| % Gain to Breakeven | 29.5% | 13.9% |
| Time to Breakeven | 48 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.9% | -6.8% |
| % Gain to Breakeven | 46.8% | 7.3% |
| Time to Breakeven | 138 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.6% | -17.9% |
| % Gain to Breakeven | 44.0% | 21.8% |
| Time to Breakeven | 67 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.5% | -15.4% |
| % Gain to Breakeven | 25.7% | 18.2% |
| Time to Breakeven | 34 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.8% | -53.4% |
| % Gain to Breakeven | 112.0% | 114.4% |
| Time to Breakeven | 409 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -25.6% | -8.6% |
| % Gain to Breakeven | 34.5% | 9.5% |
| Time to Breakeven | 205 days | 47 days |
In The Past
Cognex's stock fell -30.7% during the 2025 US Tariff Shock. Such a loss loss requires a 44.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cognex (CGNX)
Cognex Corporation (CGNX) is a global leader in machine vision products, which are sophisticated systems designed to capture and analyze visual information to automate a wide range of manufacturing and distribution tasks. Essentially, Cognex's technology gives machines "eyes" and "brains" to perform precise operations like locating, identifying, inspecting, and measuring individual items, such as mobile phones, aspirin bottles, or automobile tires, throughout their production or logistics processes. This automation significantly enhances efficiency, quality control, and tracking capabilities in industrial environments.
The company offers a comprehensive portfolio of products to achieve these goals. Its software suite includes VisionPro, providing advanced vision tools for complex programming, and QuickBuild, which allows for intuitive application development with a graphical interface, alongside its deep learning vision software. For hardware, Cognex provides various vision sensors for basic applications like checking part presence and size, as well as the advanced In-Sight product line of integrated vision systems and sensors. Furthermore, its DataMan series is a prominent offering, known for reliable image-based barcode readers and verifiers crucial for product tracking and authentication.
Cognex serves a diverse and global client base across industries that demand high-precision automation and quality assurance. Its primary customers operate in sectors such as consumer electronics, automotive manufacturing, general consumer products, food and beverage, pharmaceuticals, and medical devices. The company distributes its innovative solutions both directly to end-users and through an extensive network of distributors and integrators worldwide.
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- Cognex is like the **Nvidia for industrial machine vision**, providing the specialized AI and processing power for factory automation.
- Cognex is like the **Intel for factory automation's 'eyes and visual brain'**, offering the core visual intelligence for manufacturing processes.
- Cognex is like **Apple's 'Face ID' for manufacturing**, using advanced vision to identify, inspect, and track products on production lines.
AI Analysis | Feedback
- VisionPro Software: A suite of patented vision tools designed for advanced programming of machine vision applications.
- QuickBuild: A graphical, flowchart-based programming interface that enables customers to build vision applications easily.
- Cognex Deep Learning Vision Software: Specialized vision software that leverages deep learning for complex inspection tasks.
- Vision Sensors: Devices used for basic vision applications like checking the presence and size of parts.
- In-Sight Product Line: Integrated vision systems and sensors for a wide range of industrial automation applications.
- DataMan: A line of image-based barcode readers and barcode verifiers used for identification and tracking.
AI Analysis | Feedback
Cognex Corporation (CGNX) sells its machine vision products and software primarily to other companies, operating on a business-to-business (B2B) model. Based on the provided background information, specific major customer companies are not identified by name. Instead, the company description indicates the industries in which its major customers operate. These industries represent the categories of companies that Cognex serves:
- Consumer Electronics Industry
- Automotive Industry
- Consumer Products Industry
- Food and Beverage Industry
- Pharmaceuticals Industry
- Medical Devices Industry
Cognex also sells its products through a network of distributors and integrators, who then supply the end-user companies within these manufacturing and distribution sectors.
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Matt Moschner, President and Chief Executive Officer
Matt Moschner was appointed President and Chief Executive Officer of Cognex in February 2025. He joined Cognex from within the company and has outlined three strategic priorities for Cognex's future: becoming the leading provider of AI technology for industrial machine vision applications, delivering a superior customer experience, and doubling the company's served customer base over the next five years.
Dennis Fehr, Chief Financial Officer
Dennis Fehr was appointed Chief Financial Officer in July 2025, continuing to lead finance and IT functions, and expanding his role to include corporate strategy and M&A. He was drawn from Cognex's internal talent bench.
Carl Gerst, Executive Vice President, Global Sales & Products
Carl Gerst is the Executive Vice President, Global Sales & Products, responsible for global sales and product strategy, and leading top-line growth initiatives for Cognex. He is part of the executive leadership team assembled by CEO Matt Moschner from within Cognex.
Sheila DiPalma, Executive Vice President, Employee Services, Chief Culture Officer
Sheila DiPalma serves as the Executive Vice President, Employee Services, and Chief Culture Officer. In this role, she is responsible for employee services, culture, communications, and global real estate and facilities. She was appointed to this role as part of the new executive leadership team in July 2025.
Mark Fennell, Chief Legal Officer and Corporate Secretary
Mark Fennell is the Chief Legal Officer and Corporate Secretary, with responsibility for legal and governance matters, including intellectual property and corporate transactions. He was appointed to this position as part of the new executive leadership team announced in July 2025.
AI Analysis | Feedback
Here are the key risks to Cognex (CGNX):
- Economic Downturn and Cyclicality in Key Industries: Cognex's business is highly dependent on capital expenditures by manufacturers in various industries, including consumer electronics and automotive. A significant slowdown or downturn in the global economy or specific key industrial sectors can directly impact demand for machine vision products, leading to reduced sales and revenue. For example, persistent weakness in the automotive sector and European markets beyond 2026 is identified as a primary risk. The company's short sales cycle also provides limited visibility into future growth, making it vulnerable if the market were to shift or slow down.
- Technological Obsolescence and Intense Competition: Operating in the rapidly evolving machine vision and industrial automation space, Cognex faces continuous pressure to innovate and stay ahead of competitors. The risk of technological obsolescence is significant, especially with the accelerated development of AI-driven industrial machine vision solutions. Failure to adapt to emerging technologies, slower uptake of new software platforms (like cloud and AI software), or intense pricing pressure in core machine vision hardware could undercut the company's competitive advantage, profit margins, and growth trajectory.
- Profitability and Margin Pressure: Cognex has experienced shrinking adjusted operating margins and declining free cash flow margins over the past several years. This trend raises questions about the company's expense structure and its ability to achieve economies of scale and sustained profitability, even with revenue growth. Persistent profitability and margin pressure, partly due to tougher pricing in core machine vision hardware, could limit the company's capacity for future investments in R&D and market expansion, thereby affecting long-term financial health.
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The rapid democratization and commoditization of advanced computer vision and artificial intelligence technologies for industrial applications, driven by open-source frameworks, increasingly powerful yet lower-cost generic camera hardware, and user-friendly AI development platforms, represent an emerging threat. This trend allows new entrants, system integrators, and even end-user manufacturers to develop and deploy sophisticated machine vision solutions with significantly reduced reliance on Cognex's proprietary hardware and specialized software, potentially leading to increased competition and erosion of the value proposition for highly integrated, premium systems.
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Cognex Corporation (CGNX) operates within several significant addressable markets related to machine vision technology and industrial automation. The company's main products, which include machine vision systems, vision sensors, and barcode readers, serve a global market with substantial projected growth.
Machine Vision Market
The global machine vision market, which encompasses Cognex's core products like VisionPro software, QuickBuild, deep learning vision software, and In-Sight vision systems, was estimated at USD 20,378.6 million in 2024 and is projected to reach USD 41,744.0 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 13.0% from 2025 to 2030. Other estimates for the global machine vision market include USD 16.07 billion in 2024, projected to reach USD 29.78 billion by 2033 with a CAGR of 7.10% from 2025 to 2033. Another report states the market size as USD 15.83 billion in 2025, expected to grow to USD 23.63 billion by 2030 at a CAGR of 8.3%.
- Asia-Pacific: This region dominated the global machine vision market with over 43% share in 2024. It is projected to reach USD 11,429 million by 2030, with a CAGR of 8.60%. The market in Asia-Pacific is also projected to reach USD 9.81 billion by 2030, up from USD 5.85 billion in 2024, growing at a CAGR of 9.2% from 2025 to 2030.
- North America: The U.S. machine vision market is expected to grow at a CAGR of over 12% from 2025 to 2030. The broader North American machine vision market is projected to reach USD 6.66 billion by 2030 from USD 4.13 billion in 2024, growing at a CAGR of 8.5% from 2025 to 2030. The U.S. market alone is expected to reach USD 2.04 billion by 2026.
- Europe: The machine vision market in Europe is projected to reach USD 5.43 billion by 2030, up from USD 3.61 billion in 2024, with a CAGR of 7.3% from 2025 to 2030.
Barcode Reader Market
Cognex's DataMan image-based barcode readers address a significant segment of the global 2D barcode reader market. This market was valued at USD 8.5 billion globally in 2024 and is estimated to grow to USD 20.4 billion by 2034, at a CAGR of 9.2%. Other estimates place the global 2D barcode reader market at USD 8.44 billion in 2025, projected to grow to USD 15.58 billion by 2034 with a CAGR of 7.10%. Another report suggests a market size of USD 8.14 billion in 2024, projected to reach USD 13.60 billion by 2030, growing at a CAGR of 9.4% from 2025 to 2030.
- Asia-Pacific: This region dominated the 2D barcode reader market, holding a 40.10% share in 2025. The regional market was valued at USD 3.39 billion in 2025 and held a substantial share of over 42.5% in 2024.
- North America: The North American 2D barcode reader market held a major share of over 31% in 2024 and is expected to grow at a CAGR of 10.12% during the forecast period.
Vision Sensor Market
Cognex's In-Sight product line includes vision systems and sensors. The global vision sensor market is expected to reach USD 8.2 billion by 2030, rising at a CAGR of 11.3% during the forecast period (2023-2030). Another report values the global market for Vision Sensors at US$6.8 billion in 2024, projected to reach US$13.2 billion by 2030, growing at a CAGR of 11.8% from 2024 to 2030.
- Asia Pacific: This region dominated the global Vision Sensor Market in 2022 and is expected to remain dominant until 2030, reaching a market value of USD 3.1 billion by 2030.
- North America: The North American region is anticipated to witness a CAGR of 10.8% during 2023-2030 for vision sensors.
- Europe: The Europe region is poised to grow at a CAGR of 10.6% during 2023-2030 for vision sensors.
Cognex itself identifies a "$7B served market across diverse set of verticals with ~10%-11% CAGR through-cycle" globally.
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Cognex Corporation (CGNX) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market tailwinds, including advanced AI-enabled product offerings, diversified expansion across key end markets, and a focused effort on customer acquisition and salesforce transformation.
Expected Drivers of Future Revenue Growth:
- AI-Enabled Product Innovation and Expansion: Cognex is heavily investing in and launching new AI-driven machine vision products and solutions. These include products like DataMan 290, In-Sight 8900, OneVision, and SLX, which are designed to enhance capabilities such as auto-setup, advanced code filtering, embedded AI for OEMs, and unified deep learning platforms. These innovations are expected to strengthen Cognex's leadership in industrial machine vision, expand its addressable market, deepen penetration in under-automated workflows, and facilitate market share gains across various industries.
- Diversified Growth Across Key End Markets: While acknowledging moderated growth in some areas, Cognex anticipates continued revenue expansion from its key end markets. Specifically, the company projects mid-to-high single-digit organic revenue growth in Logistics and Packaging, high single-to-double-digit growth in Consumer Electronics, and a recovery in the Semiconductor sector with mid-single to double-digit growth, particularly in the latter half of 2026, supported by AI-driven investment cycles. The Automotive sector is also expected to stabilize, moving from declines to flat or low-single-digit growth.
- Customer Base Expansion and Enhanced Go-to-Market Strategy: Cognex is actively working to significantly grow its customer base, reporting approximately 9,000 new customer accounts added in 2025, a threefold increase from 2024. The company aims to double its customer base within five years by unifying its global sales organization, implementing three new selling motions for more efficient coverage, and improving customer relationship management processes. These efforts are expected to increase pipeline velocity, conversion rates, and overall market reach, particularly in Packaging and Factory Automation.
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Share Repurchases
- Cognex repurchased $151 million of its common stock in 2025.
- In 2024, the company spent $43 million to repurchase its common stock.
- On February 11, 2026, Cognex's Board of Directors authorized an additional $500 million share repurchase capacity, supplementing the $115 million remaining as of December 31, 2025, bringing the total available for repurchase to $650 million.
Outbound Investments
- Cognex acquired Moritex, a machine vision and optical systems manufacturer, in August 2023 for $273 million.
- In December 2022, Cognex acquired SAC for an undisclosed amount.
Capital Expenditures
- Cognex's capital expenditures were approximately $13.3 million in 2021, $15.5 million in 2022, $19.7 million in 2023, and $5.5 million in 2024.
- The capital expenditure for the last twelve months (LTM) as of November 21, 2025, was $5.51 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 199.31 |
| Mkt Cap | 22.7 |
| Rev LTM | 5,979 |
| Op Inc LTM | 1,033 |
| FCF LTM | 989 |
| FCF 3Y Avg | 833 |
| CFO LTM | 1,093 |
| CFO 3Y Avg | 926 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.3% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 12.8% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 10.7% |
| Op Inc Chg 3Y Avg | 7.0% |
| Op Mgn LTM | 19.1% |
| Op Mgn 3Y Avg | 16.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 19.7% |
| CFO/Rev 3Y Avg | 16.7% |
| FCF/Rev LTM | 17.5% |
| FCF/Rev 3Y Avg | 14.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 22.7 |
| P/S | 4.8 |
| P/Op Inc | 24.4 |
| P/EBIT | 24.3 |
| P/E | 34.9 |
| P/CFO | 24.4 |
| Total Yield | 3.0% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 4.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.6% |
| 3M Rtn | 17.4% |
| 6M Rtn | 8.4% |
| 12M Rtn | 17.1% |
| 3Y Rtn | 49.2% |
| 1M Excs Rtn | 3.0% |
| 3M Excs Rtn | 10.4% |
| 6M Excs Rtn | -0.9% |
| 12M Excs Rtn | -5.0% |
| 3Y Excs Rtn | -24.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Machine vision technology | 994 | 915 | 838 | ||
| Application-specific customer solutions | 158 | 148 | |||
| Standard products and services | 848 | 889 | |||
| Total | 994 | 915 | 838 | 1,006 | 1,037 |
| $ Mil | 2025 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Machine vision technology | 163 | ||||
| Modular Vision Systems Division (MVSD) | 157 | 99 | 89 | 94 | |
| Reconciling Items | -28 | -22 | -18 | -19 | |
| Surface Inspections Systems Division (SISD) | 16 | 9 | 12 | 10 | |
| Total | 163 | 144 | 86 | 83 | 85 |
| $ Mil | 2025 |
|---|---|
| Machine vision technology | 114 |
| Total | 114 |
| $ Mil | 2024 |
|---|---|
| Machine vision technology | 1,993 |
| Total | 1,993 |
Price Behavior
| Market Price | $67.44 | |
| Market Cap ($ Bil) | 11.2 | |
| First Trading Date | 10/09/1989 | |
| Distance from 52W High | -6.9% | |
| 50 Days | 200 Days | |
| DMA Price | $64.75 | $51.04 |
| DMA Trend | up | up |
| Distance from DMA | 4.2% | 32.1% |
| 3M | 1YR | |
| Volatility | 53.1% | 57.3% |
| Downside Capture | 260.06 | 174.51 |
| Upside Capture | 280.52 | 193.32 |
| Correlation (SPY) | 66.3% | 42.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.69 | 2.50 | 2.55 | 1.61 | 1.80 | 1.47 |
| Up Beta | 5.91 | 3.30 | 3.39 | 2.55 | 2.55 | 1.31 |
| Down Beta | -0.37 | 1.60 | 1.56 | -0.20 | 1.59 | 1.45 |
| Up Capture | 198% | 306% | 351% | 330% | 310% | 380% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 31 | 63 | 124 | 374 |
| Down Capture | 328% | 225% | 221% | 135% | 126% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 23 | 32 | 63 | 127 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CGNX | |
|---|---|---|---|---|
| CGNX | 66.9% | 57.1% | 1.08 | - |
| Sector ETF (XLK) | 36.2% | 25.6% | 1.17 | 43.2% |
| Equity (SPY) | 21.0% | 12.9% | 1.20 | 42.2% |
| Gold (GLD) | 22.8% | 28.1% | 0.72 | 8.4% |
| Commodities (DBC) | 28.8% | 19.7% | 1.16 | -18.5% |
| Real Estate (VNQ) | 15.5% | 13.8% | 0.80 | 11.3% |
| Bitcoin (BTCUSD) | -45.9% | 43.1% | -1.30 | 26.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CGNX | |
|---|---|---|---|---|
| CGNX | -4.0% | 44.3% | 0.04 | - |
| Sector ETF (XLK) | 19.1% | 25.7% | 0.66 | 53.9% |
| Equity (SPY) | 12.9% | 17.2% | 0.58 | 54.2% |
| Gold (GLD) | 17.2% | 18.5% | 0.75 | 8.6% |
| Commodities (DBC) | 8.4% | 19.5% | 0.32 | 6.5% |
| Real Estate (VNQ) | 2.5% | 18.9% | 0.03 | 38.2% |
| Bitcoin (BTCUSD) | 11.0% | 53.1% | 0.39 | 25.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CGNX | |
|---|---|---|---|---|
| CGNX | 12.8% | 42.2% | 0.43 | - |
| Sector ETF (XLK) | 24.0% | 24.9% | 0.88 | 59.6% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 59.8% |
| Gold (GLD) | 11.4% | 16.1% | 0.58 | 5.7% |
| Commodities (DBC) | 7.1% | 18.0% | 0.31 | 14.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 41.2% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 15.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 5.9% | 2.2% | -2.2% |
| 2/11/2026 | 36.3% | 30.0% | 11.7% |
| 10/29/2025 | -12.9% | -14.6% | -19.8% |
| 7/30/2025 | 20.8% | 21.1% | 30.7% |
| 4/30/2025 | 1.9% | 4.1% | 10.1% |
| 2/12/2025 | -13.6% | -14.9% | -19.5% |
| 10/30/2024 | -0.6% | 5.3% | -1.0% |
| 7/31/2024 | -21.2% | -24.7% | -19.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 11 | 11 | 13 |
| Median Positive | 5.9% | 8.2% | 12.9% |
| Median Negative | -10.9% | -12.0% | -10.7% |
| Max Positive | 36.3% | 30.0% | 30.7% |
| Max Negative | -21.2% | -24.7% | -20.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/6/2026 | 5.9% | 2.2% | -2.2% |
| 2/11/2026 | 36.3% | 30.0% | 11.7% |
| 10/29/2025 | -12.9% | -14.6% | -19.8% |
| 7/30/2025 | 20.8% | 21.1% | 30.7% |
| 4/30/2025 | 1.9% | 4.1% | 10.1% |
| 2/12/2025 | -13.6% | -14.9% | -19.5% |
| 10/30/2024 | -0.6% | 5.3% | -1.0% |
| 7/31/2024 | -21.2% | -24.7% | -19.2% |
| 5/2/2024 | 5.9% | 13.1% | 11.4% |
| 2/15/2024 | 6.5% | 12.9% | 12.9% |
| 10/31/2023 | 3.0% | 3.0% | 7.9% |
| 8/3/2023 | -0.1% | -4.4% | -7.6% |
| 5/4/2023 | 6.6% | 6.4% | 20.3% |
| 2/16/2023 | -13.0% | -15.0% | -10.7% |
| 11/3/2022 | 8.1% | 17.0% | 17.2% |
| 8/2/2022 | -6.6% | -7.5% | -15.2% |
| 5/5/2022 | -10.9% | -23.6% | -20.8% |
| 2/17/2022 | 6.6% | 8.2% | 15.4% |
| 11/4/2021 | -13.5% | -12.0% | -17.0% |
| 8/5/2021 | -5.4% | -10.2% | -2.9% |
| 5/6/2021 | -1.7% | -7.3% | -0.7% |
| 2/11/2021 | 4.6% | -2.7% | -6.7% |
| 10/28/2020 | 3.9% | 11.5% | 14.5% |
| 7/29/2020 | 0.1% | 4.2% | 1.2% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 11 |
| # Negative | 11 | 11 | 13 |
| Median Positive | 5.9% | 8.2% | 12.9% |
| Median Negative | -10.9% | -12.0% | -10.7% |
| Max Positive | 36.3% | 30.0% | 30.7% |
| Max Negative | -21.2% | -24.7% | -20.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/17/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/27/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
| 06/30/2019 | 07/29/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 280.00 Mil | 290.00 Mil | 300.00 Mil | 18.4% | Higher New | Guidance: 245.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA Margin | 28.0% | 29.5% | 31.0% | 9.0% | Higher New | Guidance: 20.5% for Q1 2026 | |
| Q2 2026 Adjusted Earnings Per Share (diluted) | 0.4 | 0.42 | 0.44 | 75.0% | Higher New | Guidance: 0.24 for Q1 2026 | |
Prior: Q4 2025 Earnings Reported 2/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 235.00 Mil | 245.00 Mil | 255.00 Mil | 3.2% | Higher New | Guidance: 237.50 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA Margin | 19.0% | 20.5% | 22.0% | 2.0% | Higher New | Guidance: 18.5% for Q4 2025 | |
| Q1 2026 Adjusted Earnings Per Share (diluted) | 0.22 | 0.24 | 0.26 | 11.6% | Higher New | Guidance: 0.21 for Q4 2025 | |
| 2026 Annualized Cost Reductions | 35.00 Mil | 37.50 Mil | 40.00 Mil | ||||
| 2026 Adjusted EBITDA Margin | 25.0% | ||||||
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 230.00 Mil | 237.50 Mil | 245.00 Mil | -6.9% | Lower New | Guidance: 255.00 Mil for Q3 2025 | |
| Q4 2025 Adjusted EBITDA Margin | 17.0% | 18.5% | 20.0% | -2.5% | Lower New | Guidance: 21.0% for Q3 2025 | |
| Q4 2025 Adjusted Earnings Per Share (diluted) | 0.19 | 0.21 | 0.24 | -18.9% | Lower New | Guidance: 0.27 for Q3 2025 | |
Insider Activity
Updated 5/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Long, Darren Marc | Vice President | Direct | Sell | 5282026 | 66.34 | 20,252 | 1,343,457 | 264,685 | Form |
| 2 | MacDonald, Laura Ann | VP and PAO | Direct | Sell | 5122026 | 65.56 | 41,600 | 2,727,429 | 344,731 | Form |
| 3 | Fennell, Mark | Chief Legal Officer &Secretary | Direct | Sell | 5122026 | 67.05 | 64,873 | Form | ||
| 4 | MacDonald, Laura Ann | VP and PAO | Direct | Sell | 5122026 | 66.80 | 98,122 | 6,554,765 | 351,246 | Form |
| 5 | Parrotte, Dianne M | Direct | Sell | 3032026 | 54.00 | 44,000 | 2,376,000 | 1,805,274 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Long, Darren Marc | Vice President | Direct | Sell | 5282026 | 66.34 | 20,252 | 1,343,457 | 264,685 | Form |
| 2 | MacDonald, Laura Ann | VP and PAO | Direct | Sell | 5122026 | 65.56 | 41,600 | 2,727,429 | 344,731 | Form |
| 3 | Fennell, Mark | Chief Legal Officer &Secretary | Direct | Sell | 5122026 | 67.05 | 64,873 | Form | ||
| 4 | MacDonald, Laura Ann | VP and PAO | Direct | Sell | 5122026 | 66.80 | 98,122 | 6,554,765 | 351,246 | Form |
| 5 | Parrotte, Dianne M | Direct | Sell | 3032026 | 54.00 | 44,000 | 2,376,000 | 1,805,274 | Form | |
| 6 | Papadimitriou, Angelos | Direct | Sell | 2242026 | 55.58 | 4,150 | 230,659 | 901,625 | Form | |
| 7 | Gerst, Carl | EVP, Global Sales and Products | Direct | Sell | 2242026 | 55.93 | 10,532 | Form | ||
| 8 | Kuechen, Joerg | Head of Corporate M&A | Direct | Sell | 2242026 | 56.03 | 61,900 | Form | ||
| 9 | Gerst, Carl | EVP, Global Sales and Products | Direct | Sell | 2242026 | 55.99 | 3,804 | 212,979 | 270,759 | Form |
| 10 | Willett, Robert | Direct | Sell | 2172026 | 59.50 | 2,148 | Form | |||
| 11 | MacDonald, Laura Ann | VP and PAO | Direct | Sell | 2132026 | 57.16 | 14,881 | 850,553 | 126,431 | Form |
| 12 | Willett, Robert | Direct | Sell | 2132026 | 58.39 | 177,052 | Form | |||
| 13 | Willett, Robert | Direct | Sell | 10222025 | 49.51 | 6,704 | Form | |||
| 14 | Dipalma, Sheila Marie | EVP, Employee Services | Direct | Sell | 9082025 | 45.03 | 2,000 | 90,060 | 296,387 | Form |
| 15 | Dipalma, Sheila Marie | EVP, Employee Services | Direct | Sell | 9082025 | 45.00 | 2,002 | 90,090 | 386,190 | Form |
| 16 | MacDonald, Laura Ann | VP and PAO | Direct | Sell | 9082025 | 45.00 | 2,666 | 119,970 | 206,685 | Form |
Investor Activity (13F)
Updated Aug 4, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Equipment & Instruments Resources |
| EDN |
| Electronic Design |
| EE Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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