Here are 1-3 brief analogies for Cohu:

• The Applied Materials of chip testing.
• GE Healthcare for semiconductor diagnostics.

Major Products and Services of Cohu (COHU)

• Semiconductor Automated Test Equipment (ATE): Systems designed for wafer level and device package testing of semiconductors.
• Semiconductor Test Handlers: Automated machines that move and position semiconductors for testing, including various types like pick-and-place, turret, gravity, strip, and MEMS handlers.
• Test Interface Products: Components such as test contactors, probe heads, and pins used to make electrical contact with devices during testing.
• Thermal Sub-systems: Equipment used to precisely control the temperature of semiconductors during the testing process.
• DI-Core Data Analytics Software: A software suite that optimizes Cohu equipment performance through real-time monitoring and process control.
• Support Services: Provides spares, kits, warranties, training, and consulting services related to product application and data management.

Based on the provided background information, Cohu (COHU) sells primarily to other companies. The background describes the types of major customers that Cohu serves but does not list specific company names.

Cohu's major customers fall into the following categories:

• Semiconductor and electronics manufacturers
• Test subcontractors

Luis Müller, President and Chief Executive Officer

Luis Müller joined Cohu's Delta Design subsidiary in 2005 and has served as President and Chief Executive Officer of Cohu, Inc. since December 2014. Prior to becoming CEO, he was President of Cohu's Semiconductor Equipment Group (SEG) from January 2011, Managing Director of SEG's Rasco GmbH business unit in Germany from 2009 to 2010, and Vice President of SEG's High-Speed Pick-and-Place handler products from 2008 to 2010. Before joining Cohu, Dr. Müller spent nine years at Teradyne, where he held various management positions in engineering and business development. He is also the founder of Kinetrix, Inc. Dr. Müller previously served as an Independent Director at Celestica, Inc. He holds a B.S. and Master of Science in Mechanical Engineering from Universidade Federal de Santa Catarina and a PhD in Mechanical Engineering from the Massachusetts Institute of Technology.

Jeffrey Jones, Chief Financial Officer

Jeffrey D. Jones serves as the Chief Financial Officer and Vice President of Finance at Cohu, Inc.

Christopher Bohrson, Chief Customer Officer

Christopher Bohrson joined Cohu in May 2016 as Vice President Sales and Service, Americas. He became Vice President and General Manager for Digital Test Handlers in January 2017. Following the acquisition of Xcerra in October 2018, he was named Senior Vice President and General Manager for the Test Handler Group. Since February 2021, Mr. Bohrson has served as Senior Vice President for the Global Customer Group, and in 2023, he was named Chief Customer Officer.

Klaus Ilgenfritz, Chief Product Officer

Klaus Ilgenfritz is the Chief Product Officer at Cohu, Inc.

Jon Herlocker, Vice President and General Manager of Data Analytics Software

Jon Herlocker joined Cohu in January 2025 as Vice President and General Manager of Tignis, following Cohu's acquisition of Tignis, where he was the CEO and co-founder. In September 2025, Dr. Herlocker assumed the role of Vice President and General Manager of Data Analytics Software. He has held technical and executive roles with VMware's Cloud Management Business Unit, Mozy, and EMC's Cloud Services division, and has co-founded two other startup companies.

The key risks to Cohu's business are primarily driven by the cyclical nature of the semiconductor industry, intense competition and the need for continuous technological innovation, and geopolitical factors coupled with supply chain vulnerabilities.

1. Cyclical Nature of the Semiconductor Industry

Cohu is heavily dependent on the semiconductor industry, which is inherently cyclical and unpredictable. This market dependence leads to volatility in capital expenditure decisions by major customers, directly impacting Cohu's revenue and financial performance. For example, Cohu experienced 14 consecutive quarters of revenue contraction at one point, highlighting the significant impact of industry downturns. Unpredictable customer capital expenditure spending can quickly affect Cohu's system sales.

2. Intense Competition and Technological Obsolescence

Cohu operates in a highly competitive market for semiconductor test equipment, facing established rivals such as Advantest Corporation and Teradyne, Inc. This environment demands constant and significant investment in research and development (R&D) to keep pace with rapid technological shifts and to avoid technological obsolescence. Failure to continuously innovate and differentiate its products in areas like throughput and precision for advanced packages could lead to a loss of market share.

3. Geopolitical Risks and Supply Chain Disruptions

Cohu's international operations, particularly in key markets like China, expose it to geopolitical risks, including trade tensions and regulatory changes. Export control changes can increase approval times for shipments and prolong sales cycles. Additionally, the company faces risks associated with supply chain fragility, which can lead to delays in procuring raw materials and components, disrupting operations and impacting financial results.

Cohu (COHU) operates in several significant addressable markets within the semiconductor industry. The estimated market sizes for its main products and services are as follows:

• Semiconductor Automated Test Equipment (ATE): The global automated test equipment (ATE) market size was valued at approximately USD 10.63 billion in 2024. It is projected to reach USD 18.11 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 6.1% during the forecast period (2025–2033). Asia-Pacific is a significant global automated test equipment (ATE) market shareholder. Another estimate places the global market at USD 5.46 billion in 2024, expected to reach USD 8.35 billion by 2032, at a CAGR of 5.45%.
• Semiconductor Test Handlers: The global semiconductor test handler market size was valued at USD 2.006 billion (2006.34 million) in 2024. This market is projected to grow to over USD 5.92 billion (5924.53 million) by 2033, with a CAGR of 12.4%. Another source estimates the market at USD 2.334 billion (2334 million) in 2025, exceeding USD 6.0 billion (6000 million) by 2033.
• Micro-Electro-Mechanical System (MEMS) Test Modules: The global MEMS Test Handler market size was valued at USD 824 million in 2025. It is projected to grow to USD 1.47 billion by 2034, exhibiting a CAGR of 6.4%. The broader MEMS Sensor Packaging and Testing Equipment market is projected to reach USD 18.76 billion by 2025 and is expected to witness a robust CAGR of 9.17% from 2025 to 2033.
• Test Contactors: The global market size for semiconductor test contactors is estimated to be in the range of USD 1.5 billion to USD 2 billion annually. This market was estimated at USD 1.67 billion in 2025 and is expected to reach USD 2.68 billion by 2032, growing at a CAGR of 6.90%. The largest markets for semiconductor test contactors are predominantly in East Asia, particularly Taiwan and South Korea.
• Data Analytics (DI-Core software suite): The global semiconductor yield analytics tools market size was valued at USD 1.04 billion in 2025. This market is projected to grow from USD 1.13 billion in 2026 to USD 2.29 billion by 2034, exhibiting a CAGR of 9.19%. The global big data analytics in the semiconductor and electronics market (a broader category that includes Cohu's data analytics offerings) was valued at USD 24.69 billion in 2024 and is expected to grow to USD 53.19 billion by 2033, with a CAGR of 8.9% during the forecast period (2025-2033). North America is a growing region within this market.

Cohu, Inc. (COHU) is expected to drive future revenue growth over the next two to three years through several key areas:

1. Expansion in High-Bandwidth Memory (HBM) and AI Applications: Cohu is strategically prioritizing high-performance computing and artificial intelligence (AI) applications. The company projects HBM revenue to increase to between $15 million and $20 million in 2026, up from $11 million in 2025. This growth is driven by demand for HBM inspection and GPU testing solutions, including orders for its Neon inspection platform and Eclipse handler for AI applications.
2. Increased Demand in Automotive and Industrial Semiconductor Markets: Cohu anticipates higher equipment demand from analog, mixed-signal, automotive, and industrial semiconductor customers. The company has noted robust design-win momentum, particularly in automotive Advanced Driver Assistance Systems (ADAS), and offers innovative solutions like the Krypton system for automotive ADAS inspection. Automotive represented 14% of Cohu's revenue in the fourth quarter of 2025.
3. Consistent Growth in Recurring Revenue: A substantial portion of Cohu's revenue comes from its recurring business, which includes consumables, services, interface solutions, and handler-related spares. This segment accounted for 60% of total revenue in Q4 2025 and experienced a 25% year-over-year increase, reflecting the value of Cohu's installed base and customer reliance. The recurring revenue has shown sequential growth for four consecutive quarters, indicating a broader market recovery.
4. Overall Semiconductor Market Recovery and Increased Utilization: Cohu is forecasting another year of growth in 2026, building on a 13% revenue increase in 2025. This positive outlook is supported by improving market fundamentals, with estimated test cell utilization rising to 76% in December 2025, which typically leads to increased demand for semiconductor test equipment and services.

Share Repurchases

• Cohu authorized a $70 million share repurchase program on October 28, 2021, and an additional $70 million on October 25, 2022, bringing the total authorized to $140 million.
• As of March 29, 2025, $22.8 million remained available under the share repurchase program.
• The company completed the repurchase of 4,022,737 shares for $117.17 million under the buyback program announced in October 2021, with the completion occurring by December 27, 2025.

Share Issuance

• In March 2021, Cohu completed an underwritten public offering of 4,950,000 shares of its common stock at $41.00 per share, resulting in approximately $203 million in gross proceeds.
• The net proceeds from the March 2021 offering were intended for the repayment of outstanding principal on its term loan facility and for general corporate purposes, including future growth initiatives.
• In September 2025, Cohu issued $287.5 million aggregate principal amount of 1.50% Convertible Senior Notes due 2031, generating approximately $246.7 million in net proceeds after debt-issuance costs and capped-call transactions.

Outbound Investments

• Cohu acquired MCT Worldwide, LLC (MCT), a provider of automated solutions for the semiconductor industry, on January 30, 2023.
• On October 2, 2023, Cohu acquired Equiptest Engineering Pte. Ltd. (EQT), a provider of semiconductor test contactors and other consumables, which had approximately $20 million in trailing twelve months revenue.
• Cohu completed the acquisition of Tignis, Inc., a provider of artificial intelligence (AI) process control and analytics-based monitoring software, on January 7, 2025, funded with cash on hand.

Capital Expenditures

• Capital expenditures for the full year 2025 were $21 million, which included $9 million for the purchase of its Malaysia factory in Q1 2025.
• Q4 2025 capital expenditures amounted to $3.4 million, primarily directed towards facility improvements.
• For Q3 2024, capital expenditures were $2 million, supporting factory operations in the Philippines and Germany for its interface and automation businesses.