(COHU) Cohu - Overview
Sector: Technology | Industry: Semiconductor Equipment & Materials | Exchange: NASDAQ (USA) | Market Cap: 2.122m USD | Total Return: 162.3% in 12m
Avg Turnover: 61.3M
Qual. Beats: -2
Rev. Trend: -79.1%
Qual. Beats: 1
Warnings
Interest Coverage Ratio -14.4 is critical
Below Avwap Earnings
Tailwinds
No distinct edge detected
Cohu, Inc. designs and manufactures semiconductor test equipment and automation systems for global chipmakers and subcontractors. Its portfolio includes automated test equipment (ATE), thermal subsystems, and interface products such as test contactors and probe heads used for wafer-level and device package testing. The company also provides data analytics and artificial intelligence software suites to monitor equipment performance and optimize process control.
Operating within the back-end of the semiconductor manufacturing process, Cohu focuses on the test and assembly phase, which is critical for ensuring yield and reliability in automotive, industrial, and mobile markets. The business model relies on a mix of capital equipment sales and recurring revenue from consumables, such as contactors and pins, which require frequent replacement during high-volume production cycles.
Investors can evaluate these recurring revenue streams and valuation metrics further on ValueRay.
Headquartered in San Diego, California, the company utilizes a direct sales force and independent representatives to serve major manufacturing hubs in Taiwan, China, and Southeast Asia. Cohu has expanded its technical capabilities through the integration of machine vision and metrology tools to meet the increasing demand for advanced semiconductor inspection.
- Cyclical semiconductor demand recovery drives automated test equipment sales volume
- Automotive and industrial sector capital expenditure cycles dictate revenue growth
- High-margin recurring interface and software services stabilize overall gross margins
- Geopolitical tensions and trade restrictions impact sales in key Asian markets
- Artificial intelligence integration in chip testing enhances proprietary software adoption rates
| Net Income: -55.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 4.45 > 1.0 |
| NWC/Revenue: 132.3% < 20% (prev 98.92%; Δ 33.41% < -1%) |
| CFO/TA 0.04 > 3% & CFO 52.2m > Net Income -55.5m |
| Current Ratio: 6.43 > 1.5 & < 3 |
| Outstanding Shares: last quarter (47.0m) vs 12m ago 0.75% < -2% |
| Gross Margin: 36.21% > 18% (prev 0.41%; Δ 3.58k% > 0.5%) |
| Asset Turnover: 43.54% > 50% (prev 40.08%; Δ 3.47% > 0%) |
| Interest Coverage Ratio: -14.42 > 6 (EBITDA TTM 715k / Interest Expense TTM 3.48m) |
| A: 0.52 (Total Current Assets 754.2m - Total Current Liabilities 117.3m) / Total Assets 1.24b |
| B: 0.13 (Retained Earnings 162.4m / Total Assets 1.24b) |
| C: -0.05 (EBIT TTM -50.1m / Avg Total Assets 1.11b) |
| D: 0.37 (Book Value of Equity 174.5m / Total Liabilities 466.0m) |
| Altman-Z'' = 3.90 = AA |
| DSRI: 0.88 (Receivables 101.5m/93.6m, Revenue 481.3m/391.0m) |
| GMI: 1.13 (GM 36.21% / 41.01%) |
| AQI: 0.73 (AQ_t 0.30 / AQ_t-1 0.42) |
| SGI: 1.23 (Revenue 481.3m / 391.0m) |
| TATA: -0.09 (NI -55.5m - CFO 52.2m) / TA 1.24b) |
| Beneish M = -3.09 (Cap -4..+1) = AA |
As of May 25, 2026, the stock is trading at USD 46.53 with a total of 685,599 shares traded.
Over the past week, the price has changed by -1.29%,
over one month by -0.85%,
over three months by +52.06% and
over the past year by +162.29%.
Cohu has received a consensus analysts rating of 4.60. Therefore, it is recommended to buy COHU.
- StrongBuy: 4
- Buy: 0
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 57.4 | 23.4% |
P/E Forward = 77.5194
P/S = 4.409
P/B = 2.6238
P/EG = 1.1542
Revenue TTM = 481.3m USD
EBIT TTM = -50.1m USD
EBITDA TTM = 715k USD
Long Term Debt = 285.0m USD (from longTermDebt, last quarter)
Short Term Debt = 13.9m USD (from shortTermDebt, last quarter)
Debt = 361.2m USD (from shortLongTermDebtTotal, last quarter) + Leases 31.1m
Net Debt = -127.5m USD (calculated: Debt 361.2m - CCE 488.7m)
Enterprise Value = 1.99b USD (2.12b + Debt 361.2m - CCE 488.7m)
Interest Coverage Ratio = -14.42 (Ebit TTM -50.1m / Interest Expense TTM 3.48m)
EV/FCF = 49.65x (Enterprise Value 1.99b / FCF TTM 40.2m)
FCF Yield = 2.01% (FCF TTM 40.2m / Enterprise Value 1.99b)
FCF Margin = 8.35% (FCF TTM 40.2m / Revenue TTM 481.3m)
Net Margin = -11.54% (Net Income TTM -55.5m / Revenue TTM 481.3m)
Gross Margin = 36.21% ((Revenue TTM 481.3m - Cost of Revenue TTM 307.0m) / Revenue TTM)
Gross Margin QoQ = 40.45% (prev 34.07%)
Tobins Q-Ratio = 1.61 (Enterprise Value 1.99b / Total Assets 1.24b)
Interest Expense / Debt = 0.96% (Interest Expense 3.48m / Debt 361.2m)
Taxrate = 21.0% (US default 21%)
NOPAT = -39.6m (EBIT -50.1m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 6.43 (Total Current Assets 754.2m / Total Current Liabilities 117.3m)
Debt / Equity = 0.47 (Debt 361.2m / totalStockholderEquity, last quarter 769.0m)
Debt / EBITDA = -178.3 (out of range, set to none) (Net Debt -127.5m / EBITDA 715k)
Debt / FCF = -3.17 (Net Debt -127.5m / FCF TTM 40.2m)
Total Stockholder Equity = 804.0m (last 4 quarters mean from totalStockholderEquity)
RoA = -5.02% (Net Income -55.5m / Total Assets 1.24b)
RoE = -6.91% (Net Income TTM -55.5m / Total Stockholder Equity 804.0m)
RoCE = -4.60% (EBIT -50.1m / Capital Employed (Equity 804.0m + L.T.Debt 285.0m))
RoIC = -4.94% (negative operating profit) (NOPAT -39.6m / Invested Capital 801.6m)
WACC = 12.16% (E(2.12b)/V(2.48b) * Re(14.10%) + D(361.2m)/V(2.48b) * Rd(0.96%) * (1-Tc(0.21)))
Discount Rate = 14.10% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: -33.33 | Cagr: -0.35%
[DCF] Terminal Value 63.32% ; FCFF base≈40.2m ; Y1≈40.3m ; Y5≈42.7m
[DCF] Fair Price = 11.25 (EV 403.4m - Net Debt -127.5m = Equity 530.9m / Shares 47.2m; r=12.16% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -1.20 | # QB: -2
Revenue Correlation: -79.14 | Revenue CAGR: -17.88% | SUE: 3.33 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.14 | Chg30d=-9.62% | Revisions=-33% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.22 | Chg30d=+20.14% | Revisions=+0% | Analysts=7
EPS current Year (2026-12-31): EPS=0.58 | Chg30d=+8.95% | Revisions=+0% | GrowthEPS=+364.9% | GrowthRev=+23.3%
EPS next Year (2027-12-31): EPS=1.46 | Chg30d=+18.66% | Revisions=N/A | GrowthEPS=+150.0% | GrowthRev=+21.2%
[Analyst] Revisions Ratio: -33%