Cohu (COHU)
Market Price (9/14/2026): $56.98 | Market Cap: $2.7 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Cohu (COHU)
Market Price (9/14/2026): $56.98Market Cap: $2.7 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, and Automation & Robotics. Themes include AI Chips, Show more. | Weak multi-year price returns3Y Excs Rtn is -14% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.2% Stock price has recently run up significantly6M Rtn6 month market price return is 110%, 12M Rtn12 month market price return is 176% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.2% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% 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 -5.6% Key risksCOHU key risks include [1] significant customer concentration and [2] vulnerability to cyclical downturns in its specific mobile, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Autonomous Technologies, and Automation & Robotics. Themes include AI Chips, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -14% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -32 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.2% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 110%, 12M Rtn12 month market price return is 176% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.2% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% |
| 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 -5.6% |
| Key risksCOHU key risks include [1] significant customer concentration and [2] vulnerability to cyclical downturns in its specific mobile, Show more. |
Qualitative Assessment
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Cohu (COHU) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Upbeat Guidance. Cohu significantly surpassed analyst expectations for both non-GAAP earnings per share (EPS) of $0.26 against a $0.14 consensus, and revenue of $149 million, exceeding the $144.20 million estimate, in its fiscal Q2 2026 (ended June 26, 2026). The company subsequently raised its full-year 2026 revenue growth guidance to approximately 35%, projecting $610 million-$615 million, and provided strong fiscal Q3 2026 sales guidance of about $170 million.
2. Accelerated Momentum in AI and High-Performance Computing (HPC) Demand. Cohu reported a substantial 150% year-over-year increase in computing system orders, which accounted for 46% of total system orders in fiscal Q2 2026. This strong demand led the company to raise its fiscal year 2026 HPC revenue outlook to $100 million-$110 million and increase its annual AI-driven compute opportunity pipeline to approximately $850 million, driven by the adoption of its Eclipse test handler.
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Cohu (COHU) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Earnings Beat and Upbeat Guidance. Cohu significantly surpassed analyst expectations for both non-GAAP earnings per share (EPS) of $0.26 against a $0.14 consensus, and revenue of $149 million, exceeding the $144.20 million estimate, in its fiscal Q2 2026 (ended June 26, 2026). The company subsequently raised its full-year 2026 revenue growth guidance to approximately 35%, projecting $610 million-$615 million, and provided strong fiscal Q3 2026 sales guidance of about $170 million.
2. Accelerated Momentum in AI and High-Performance Computing (HPC) Demand. Cohu reported a substantial 150% year-over-year increase in computing system orders, which accounted for 46% of total system orders in fiscal Q2 2026. This strong demand led the company to raise its fiscal year 2026 HPC revenue outlook to $100 million-$110 million and increase its annual AI-driven compute opportunity pipeline to approximately $850 million, driven by the adoption of its Eclipse test handler.
3. Strategic Orders for AI Data Center Power Devices. In May 2026, Cohu secured multiple orders totaling around $5 million for its DiamondX platform. These orders are for testing next-generation gallium nitride (GaN) power devices, crucial components for AI data-center power architectures, thereby expanding Cohu's market position in the rapidly growing AI data center segment.
4. Favorable Semiconductor Industry Upcycle Driven by AI Investment. The broader semiconductor market continued its upcycle in fiscal Q2 2026, with momentum expected to continue. Total semiconductor manufacturing equipment sales are forecast to grow by 23.2% to US$165.9 billion in 2026, with AI-driven investment being a primary catalyst for capacity expansion in advanced logic, high-bandwidth memory (HBM), and packaging. This positive market trend provides a supportive environment for Cohu's specialized equipment and services.
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Stock Movement Drivers
Fundamental Drivers
The 8.2% change in COHU stock from 5/31/2026 to 9/13/2026 was primarily driven by a 8.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.75 | 57.08 | 8.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 481 | 523 | 8.6% |
| P/S Multiple | 5.2 | 5.2 | 0.4% |
| Shares Outstanding (Mil) | 47 | 47 | -0.7% |
| Cumulative Contribution | 8.2% |
Market Drivers
5/31/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| COHU | 8.2% | |
| Market (SPY) | 1.0% | 53.4% |
| Sector (XLK) | -1.8% | 79.9% |
Fundamental Drivers
The 89.0% change in COHU stock from 2/28/2026 to 9/13/2026 was primarily driven by a 65.5% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.20 | 57.08 | 89.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 453 | 523 | 15.4% |
| P/S Multiple | 3.1 | 5.2 | 65.5% |
| Shares Outstanding (Mil) | 47 | 47 | -1.0% |
| Cumulative Contribution | 89.0% |
Market Drivers
2/28/2026 to 9/13/2026| Return | Correlation | |
|---|---|---|
| COHU | 89.0% | |
| Market (SPY) | 11.7% | 51.1% |
| Sector (XLK) | 35.4% | 72.4% |
Fundamental Drivers
The 186.8% change in COHU stock from 8/31/2025 to 9/13/2026 was primarily driven by a 119.3% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.90 | 57.08 | 186.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 394 | 523 | 32.7% |
| P/S Multiple | 2.4 | 5.2 | 119.3% |
| Shares Outstanding (Mil) | 47 | 47 | -1.4% |
| Cumulative Contribution | 186.8% |
Market Drivers
8/31/2025 to 9/13/2026| Return | Correlation | |
|---|---|---|
| COHU | 186.8% | |
| Market (SPY) | 19.5% | 51.7% |
| Sector (XLK) | 43.6% | 67.7% |
Fundamental Drivers
The 52.7% change in COHU stock from 8/31/2023 to 9/13/2026 was primarily driven by a 116.6% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9132026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.39 | 57.08 | 52.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 746 | 523 | -30.0% |
| P/S Multiple | 2.4 | 5.2 | 116.6% |
| Shares Outstanding (Mil) | 48 | 47 | 0.6% |
| Cumulative Contribution | 52.7% |
Market Drivers
8/31/2023 to 9/13/2026| Return | Correlation | |
|---|---|---|
| COHU | 52.7% | |
| Market (SPY) | 75.7% | 54.9% |
| Sector (XLK) | 117.7% | 64.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| COHU Return | -0% | -16% | 10% | -25% | -13% | 135% | 43% |
| Peers Return | 221% | -35% | 59% | -4% | 19% | 142% | 826% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| COHU Win Rate | 50% | 33% | 67% | 50% | 58% | 78% | |
| Peers Win Rate | 63% | 42% | 60% | 48% | 57% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| COHU Max Drawdown | -41% | -37% | -31% | -35% | -51% | -47% | |
| Peers Max Drawdown | -32% | -55% | -32% | -40% | -53% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TER, ONTO, KLIC, FORM, AEHR.
[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 9/11/2026 (YTD)
How Low Can It Go
| Event | COHU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.7% | -18.8% |
| % Gain to Breakeven | 60.5% | 23.1% |
| Time to Breakeven | 162 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -32.1% | -7.8% |
| % Gain to Breakeven | 47.4% | 8.5% |
| Time to Breakeven | 611 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.4% | -9.5% |
| % Gain to Breakeven | 34.0% | 10.5% |
| Time to Breakeven | 899 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.4% | -6.7% |
| % Gain to Breakeven | 11.6% | 7.1% |
| Time to Breakeven | 20 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.3% | -24.5% |
| % Gain to Breakeven | 59.5% | 32.4% |
| Time to Breakeven | 343 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.1% | -33.7% |
| % Gain to Breakeven | 133.0% | 50.9% |
| Time to Breakeven | 229 days | 140 days |
In The Past
Cohu's stock fell -37.7% during the 2025 US Tariff Shock. Such a loss loss requires a 60.5% gain to breakeven.
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| Event | COHU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.7% | -18.8% |
| % Gain to Breakeven | 60.5% | 23.1% |
| Time to Breakeven | 162 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -32.1% | -7.8% |
| % Gain to Breakeven | 47.4% | 8.5% |
| Time to Breakeven | 611 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.4% | -9.5% |
| % Gain to Breakeven | 34.0% | 10.5% |
| Time to Breakeven | 899 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.3% | -24.5% |
| % Gain to Breakeven | 59.5% | 32.4% |
| Time to Breakeven | 343 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.1% | -33.7% |
| % Gain to Breakeven | 133.0% | 50.9% |
| Time to Breakeven | 229 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.8% | -19.2% |
| % Gain to Breakeven | 63.3% | 23.8% |
| Time to Breakeven | 380 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.1% | -6.8% |
| % Gain to Breakeven | 30.1% | 7.3% |
| Time to Breakeven | 65 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.0% | -17.9% |
| % Gain to Breakeven | 42.8% | 21.8% |
| Time to Breakeven | 114 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.0% | -15.4% |
| % Gain to Breakeven | 42.8% | 18.2% |
| Time to Breakeven | 176 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -55.7% | -53.4% |
| % Gain to Breakeven | 125.9% | 114.4% |
| Time to Breakeven | 401 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.8% | -8.6% |
| % Gain to Breakeven | 27.9% | 9.5% |
| Time to Breakeven | 3503 days | 47 days |
In The Past
Cohu's stock fell -37.7% during the 2025 US Tariff Shock. Such a loss loss requires a 60.5% 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 Cohu (COHU)
Cohu, Inc. is a global provider of critical equipment and services for the semiconductor industry, specializing in testing and inspection. The company supplies a comprehensive range of hardware solutions essential for ensuring the quality and reliability of semiconductor components. Its main offerings include semiconductor test and inspection handlers, micro-electromechanical system (MEMS) test modules, and advanced automated test equipment designed for both wafer-level and device package testing. These products are fundamental for manufacturers to verify the performance of chips before they are integrated into various electronic devices.
Beyond its core testing hardware, Cohu provides a variety of specialized products and services. This includes various types of test handlers (e.g., pick-and-place, turret, gravity, strip), thermal sub-systems, and interface products such as test contactors and probe heads. The company also offers essential support services like spare parts, maintenance kits, warranties, and training on system operation. A key part of its offering is DI-Core, a data analytics software suite that helps optimize Cohu equipment performance through real-time monitoring and process control, further enhancing efficiency and output quality for its customers.
Cohu's primary customer base includes semiconductor and electronics manufacturers, as well as specialized test subcontractors who perform component verification. The company maintains a significant global presence, serving these critical clients across major technology regions. Its products and services are marketed through a direct sales force and independent sales representatives, reaching customers in key markets such as China, the United States, Taiwan, Malaysia, the Philippines, and other international territories.
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Here are 1-3 brief analogies for Cohu:
- The Applied Materials of chip testing.
- GE Healthcare for semiconductor diagnostics.
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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.
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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
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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.
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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.
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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.
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Cohu, Inc. (COHU) is expected to drive future revenue growth over the next two to three years through several key areas:
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Semiconductor Materials & Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| COHU | Cohu | -7.2% | -69.6x | 176.4% | 63.6% | 69.0% | — |
| AEHR | Aehr Test Systems | -8.1% | -423.6x | 257.7% | 95.4% | 756.1% | +687pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 66.7% | 194.4% | 290.6% | TTMI 835% · FLEX 749% · SANM 443% |
| Semiconductor Materials & Equipment ← | 27 | 129.7% | 86.1% | 107.7% | AEHR 756% · AXTI 734% · KLAC 432% |
| Technology Distributors | 9 | 33.3% | 78.3% | 101.8% | CLMB 335% · AVT 196% · SNX 147% |
| Electronic Components | 26 | 43.3% | 57.0% | 74.2% | CLS 3920% · BELFA 1373% · COHR 401% |
| Communications Equipment | 36 | 19.4% | 81.2% | 74.1% | AAOI 1361% · FEIM 1055% · LITE 979% |
| Technology Hardware, Storage & Peripherals | 21 | 37.9% | 57.2% | 37.0% | DELL 1172% · STX 1065% · SMCI 1012% |
| Semiconductors | 55 | 23.1% | 30.0% | 36.5% | POET 1852% · MU 1261% · NVDA 886% |
| Internet Services & Infrastructure | 6 | 17.9% | 39.5% | 21.5% | DOCN 60% · VRSN 34% · GDDY 32% |
| Electronic Equipment & Instruments | 27 | -12.8% | 7.6% | -9.5% | PI 229% · ACFN 120% · OSIS 119% |
| IT Consulting & Other Services | 28 | -24.3% | -15.2% | -30.4% | CHRN 499900% · APLD 1221% · TSSI 712% |
| Application Software | 122 | -27.1% | -16.0% | -43.0% | VIDA 193536% · INLX 5416% · PLTR 537% |
| Systems Software | 66 | -19.3% | 1.3% | -58.2% | QNC 472% · PAYS 377% · ZETA 352% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 104.82 |
| Mkt Cap | 6.7 |
| Rev LTM | 926 |
| Op Inc LTM | 128 |
| FCF LTM | 89 |
| FCF 3Y Avg | 67 |
| CFO LTM | 117 |
| CFO 3Y Avg | 106 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 25.3% |
| Rev Chg 3Y Avg | 7.7% |
| Rev Chg Q | 36.8% |
| QoQ Delta Rev Chg LTM | 9.6% |
| Op Inc Chg LTM | 104.9% |
| Op Inc Chg 3Y Avg | 22.6% |
| Op Mgn LTM | 13.5% |
| Op Mgn 3Y Avg | 4.5% |
| QoQ Delta Op Mgn LTM | 4.5% |
| CFO/Rev LTM | 14.4% |
| CFO/Rev 3Y Avg | 13.8% |
| FCF/Rev LTM | 10.9% |
| FCF/Rev 3Y Avg | 8.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Interface products, spares, kits (not as part of systems sales) and DI-Core software and services | 272 | 261 | 312 | ||
| Semiconductor test & inspection systems (including kits) | 181 | 141 | 325 | ||
| Semiconductor Test and Inspection | 813 | 860 | |||
| Printed circuit board (PCB) Test | 27 | ||||
| Total | 453 | 402 | 636 | 813 | 887 |
| $ Mil | 2014 | 2013 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|
| Semiconductor Equipment | 27 | -25 | 11 | 21 | |
| Corporate | -8 | -6 | |||
| Microwave Communications | -10 | -6 | -2 | 1 | |
| Video Cameras | 1 | ||||
| Microwave communications | 0 | ||||
| Semiconductor equipment | -5 | ||||
| Television cameras | -1 | ||||
| Television Cameras | -2 | -1 | |||
| Total | 9 | -36 | -6 | 8 | 21 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2014 |
|---|---|---|---|---|---|
| Semiconductor Test and Inspection | 1,122 | 968 | 999 | 1,038 | |
| Corporate, principally cash and investments | 137 | 55 | 18 | 34 | |
| Printed circuit board (PCB) Test | 67 | 57 | 58 | ||
| Discontinued operations | 4 | 4 | |||
| Corporate | 16 | ||||
| Microwave Communications | 13 | ||||
| Semiconductor Equipment | 320 | ||||
| Total | 1,259 | 1,090 | 1,078 | 1,134 | 349 |
Price Behavior
| Market Price | $57.08 | |
| Market Cap ($ Bil) | 2.7 | |
| First Trading Date | 11/12/1986 | |
| Distance from 52W High | -22.8% | |
| 50 Days | 200 Days | |
| DMA Price | $51.60 | $40.82 |
| DMA Trend | up | down |
| Distance from DMA | 10.6% | 39.8% |
| 3M | 1YR | |
| Volatility | 96.9% | 67.6% |
| Downside Capture | 434.29 | 233.88 |
| Upside Capture | 340.71 | 312.36 |
| Correlation (SPY) | 49.6% | 51.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.27 | 4.88 | 4.12 | 3.08 | 2.78 | 1.90 |
| Up Beta | 3.99 | 8.70 | 5.62 | 3.54 | 3.53 | 1.83 |
| Down Beta | -1.82 | 0.73 | 1.74 | 2.16 | 1.85 | 1.51 |
| Up Capture | 261% | 256% | 575% | 623% | 958% | 1480% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 20 | 33 | 73 | 145 | 381 |
| Down Capture | 493% | 531% | 351% | 223% | 170% | 112% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 22 | 31 | 54 | 105 | 366 |
[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 COHU | |
|---|---|---|---|---|
| COHU | 174.2% | 67.4% | 1.77 | - |
| Sector ETF (XLK) | 39.7% | 26.3% | 1.24 | 67.8% |
| Equity (SPY) | 18.3% | 12.8% | 1.03 | 51.7% |
| Gold (GLD) | 19.0% | 29.2% | 0.59 | 20.4% |
| Commodities (DBC) | 48.3% | 20.6% | 1.80 | -5.6% |
| Real Estate (VNQ) | 7.6% | 13.6% | 0.29 | -2.7% |
| Bitcoin (BTCUSD) | -32.4% | 43.8% | -0.77 | 18.6% |
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 COHU | |
|---|---|---|---|---|
| COHU | 11.1% | 49.9% | 0.38 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 67.1% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 59.3% |
| Gold (GLD) | 18.7% | 18.8% | 0.81 | 12.5% |
| Commodities (DBC) | 11.4% | 19.5% | 0.46 | 6.3% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 31.1% |
| Bitcoin (BTCUSD) | 9.4% | 52.6% | 0.36 | 24.4% |
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 COHU | |
|---|---|---|---|---|
| COHU | 19.0% | 52.2% | 0.54 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 59.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 56.0% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 10.9% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 14.5% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 36.4% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 3.3% | 11.5% | 3.3% |
| 4/30/2026 | -3.7% | 0.3% | 15.1% |
| 2/12/2026 | -6.7% | -3.8% | -12.9% |
| 10/29/2025 | 0.2% | 0.3% | -0.0% |
| 7/31/2025 | 7.1% | 9.5% | 11.4% |
| 5/1/2025 | 3.9% | 0.6% | 7.8% |
| 2/13/2025 | -1.6% | -2.0% | -19.6% |
| 10/31/2024 | 9.8% | 14.0% | 11.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 13 |
| # Negative | 14 | 12 | 11 |
| Median Positive | 5.4% | 5.3% | 9.3% |
| Median Negative | -4.6% | -3.6% | -12.7% |
| Max Positive | 20.2% | 35.1% | 63.1% |
| Max Negative | -16.9% | -24.6% | -20.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 3.3% | 11.5% | 3.3% |
| 4/30/2026 | -3.7% | 0.3% | 15.1% |
| 2/12/2026 | -6.7% | -3.8% | -12.9% |
| 10/29/2025 | 0.2% | 0.3% | -0.0% |
| 7/31/2025 | 7.1% | 9.5% | 11.4% |
| 5/1/2025 | 3.9% | 0.6% | 7.8% |
| 2/13/2025 | -1.6% | -2.0% | -19.6% |
| 10/31/2024 | 9.8% | 14.0% | 11.8% |
| 7/31/2024 | -12.5% | -24.6% | -17.6% |
| 5/2/2024 | -2.4% | -3.5% | 7.8% |
| 2/15/2024 | -5.7% | -7.4% | -9.6% |
| 11/2/2023 | 0.3% | -3.1% | 4.9% |
| 8/3/2023 | -6.3% | -6.4% | -12.7% |
| 5/4/2023 | 2.3% | 1.7% | 9.3% |
| 2/16/2023 | -3.3% | -1.5% | 1.8% |
| 10/27/2022 | 14.0% | 1.7% | 15.0% |
| 7/28/2022 | -1.3% | 7.9% | -0.4% |
| 4/28/2022 | -2.5% | 4.3% | 12.2% |
| 2/10/2022 | -5.5% | -0.4% | -16.2% |
| 10/28/2021 | -2.9% | 6.4% | 3.4% |
| 7/29/2021 | -7.6% | -7.0% | -12.6% |
| 4/29/2021 | -16.9% | -19.8% | -20.7% |
| 2/11/2021 | 6.9% | -0.1% | -10.8% |
| 10/29/2020 | 20.2% | 35.1% | 63.1% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 13 |
| # Negative | 14 | 12 | 11 |
| Median Positive | 5.4% | 5.3% | 9.3% |
| Median Negative | -4.6% | -3.6% | -12.7% |
| Max Positive | 20.2% | 35.1% | 63.1% |
| Max Negative | -16.9% | -24.6% | -20.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/26/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/10/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 163.00 Mil | 170.00 Mil | 177.00 Mil | Higher New | |||
| 2026 High-performance computing revenue | Reported | 100.00 Mil | 105.00 Mil | 110.00 Mil | 16.7% | Raised | Guidance: 90.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 High-Performance Computing Revenue | Reported | 80.00 Mil | 90.00 Mil | 100.00 Mil | Raised | |||
| Q2 2026 Revenue | Reported | 137.00 Mil | 144.00 Mil | 151.00 Mil | ||||
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 115.00 Mil | 122.00 Mil | 129.00 Mil | 0 | Same New | Guidance: 122.00 Mil for Q4 2025 | |
Q3 2025 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 115.00 Mil | 122.00 Mil | 129.00 Mil | -2.4% | |||
Insider Activity
Updated 8/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 8212026 | 55.82 | 10,000 | 558,200 | 8,914,566 | Form |
| 2 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 8182026 | 61.90 | 1,000 | 61,900 | 10,504,554 | Form |
| 3 | Richardson, Nina | Direct | Sell | 8062026 | 51.54 | 3,055 | 157,455 | 2,014,853 | Form | |
| 4 | Caggia, Andrew M | Direct | Sell | 8062026 | 51.74 | 15,252 | 789,086 | 3,351,391 | Form | |
| 5 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 7162026 | 57.92 | 1,000 | 57,920 | 9,887,060 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 8212026 | 55.82 | 10,000 | 558,200 | 8,914,566 | Form |
| 2 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 8182026 | 61.90 | 1,000 | 61,900 | 10,504,554 | Form |
| 3 | Richardson, Nina | Direct | Sell | 8062026 | 51.54 | 3,055 | 157,455 | 2,014,853 | Form | |
| 4 | Caggia, Andrew M | Direct | Sell | 8062026 | 51.74 | 15,252 | 789,086 | 3,351,391 | Form | |
| 5 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 7162026 | 57.92 | 1,000 | 57,920 | 9,887,060 | Form |
| 6 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 6162026 | 63.88 | 1,000 | 63,880 | 10,968,324 | Form |
| 7 | Jones, Jeffrey D | Sr. VP Finance & CFO | Direct | Sell | 5262026 | 46.84 | 13,000 | 608,920 | 16,103,217 | Form |
| 8 | Muller, Luis A | President & CEO | Direct | Sell | 5262026 | 46.62 | 45,154 | 2,105,079 | 43,245,598 | Form |
| 9 | Donahue, James A | Direct | Sell | 5262026 | 46.77 | 10,257 | 479,720 | 167,343 | Form | |
| 10 | Bilodeau, Steven J | Direct | Sell | 5222026 | 44.85 | 10,257 | 460,026 | 2,344,399 | Form | |
| 11 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 5182026 | 46.92 | 1,000 | 46,920 | 8,103,178 | Form |
| 12 | Bendush, William | Bendush Living Trust | Sell | 5142026 | 49.14 | 7,500 | 368,550 | 1,217,689 | Form | |
| 13 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 5122026 | 51.28 | 1,500 | 76,920 | 8,907,439 | Form |
| 14 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 4172026 | 38.00 | 1,000 | 38,000 | 6,657,676 | Form |
| 15 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 3172026 | 28.57 | 1,000 | 28,570 | 5,034,091 | Form |
| 16 | Bohrson, Christopher | Sr VP & Chief Customer Officer | Direct | Sell | 2232026 | 30.23 | 1,000 | 30,230 | 5,055,575 | Form |
| 17 | Bilodeau, Steven J | Direct | Sell | 2232026 | 31.26 | 11,105 | 347,142 | 1,842,808 | Form |
Investor Activity (13F)
Updated Sep 14, 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.
| Active Manager |
|---|
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
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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