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CGNX

Cognex Corporation

CGNX

Cognex Corporation • NASDAQ
$38.10 ▼ -0.29% (-0.11)
Market Cap $6.39 B
52w High $49.76
52w Low $22.67
Dividend Yield 0.33%
P/E 58.62
Volume 538.89K
Outstanding Shares 167.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $276.892M ▲ $129.525M ▲ $17.664M ▼ 6.379% ▼ $0.11 ▼ $70.396M ▲
Q2-2025 $249.093M ▲ $124.443M ▲ $40.511M ▲ 16.263% ▲ $0.24 ▲ $51.432M ▲
Q1-2025 $216.036M ▼ $118.231M ▼ $23.603M ▼ 10.925% ▼ $0.14 ▼ $34.026M ▼
Q4-2024 $229.684M ▼ $127.019M ▼ $28.346M ▼ 12.341% ▼ $0.17 $38.699M ▼
Q3-2024 $234.742M $127.835M $29.591M 12.606% $0.17 $40.382M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $300.266M ▲ $2.003B ▼ $513.114M ▲ $1.49B ▼
Q2-2025 $228.203M ▲ $2.004B ▲ $497.484M ▲ $1.506B ▲
Q1-2025 $200.447M ▼ $1.933B ▼ $486.875M ▲ $1.446B ▼
Q4-2024 $246.05M ▼ $1.993B ▼ $475.345M ▼ $1.518B ▼
Q3-2024 $287.878M $2.063B $496.221M $1.567B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $17.664M ▼ $87.485M ▲ $18.503M ▲ $-37.571M ▼ $66.587M ▲ $86.033M ▲
Q2-2025 $40.511M ▲ $42.625M ▲ $-3.966M ▼ $-13.256M ▲ $35.567M ▲ $40.431M ▲
Q1-2025 $23.603M ▼ $40.502M ▼ $33.087M ▲ $-118.37M ▼ $-42.35M ▼ $38.001M ▼
Q4-2024 $28.346M ▼ $51.404M ▼ $2.225M ▲ $-55.755M ▼ $-10.981M ▼ $49.331M ▼
Q3-2024 $29.591M $56.271M $-27.409M $-15.159M $20.449M $51.872M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
ApplicationSpecific Customer Solutions
ApplicationSpecific Customer Solutions
 $30.00M ▲$10.00M ▼$30.00M ▲$40.00M ▲
Standard Products and Services
Standard Products and Services
 $200.00M ▲$200.00M ▲$220.00M ▲$230.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively flat over the last few years, with a clear peak in the early 2020s followed by a cooling-off period and then some recent recovery. The business remains profitable, but earnings per share and operating profit are meaningfully lower than they were at that earlier high point. Margins are still healthy for an equipment and software company, yet they are not as rich as they once were, which suggests either pricing pressure, higher costs, or a less favorable mix of projects. Overall, the income statement shows a solid, profitable company that has come off a boom period and is now in a more normalized, mid-cycle phase rather than a strong growth surge.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Assets have grown steadily over time, and shareholder equity makes up the bulk of the capital structure, which points to a company that is largely self-financed. Debt levels are low and manageable, so financial risk from leverage appears limited. Cash holdings are meaningful but not excessive, giving Cognex flexibility to keep investing, weather downturns, or pursue strategic opportunities. In simple terms, the company looks financially sturdy with a strong capital base and limited balance-sheet stress.

Cash Flow

Cash Flow Cognex consistently generates positive cash from its operations, showing that reported profits are backed by real cash. Free cash flow remains solid even after ongoing investment in equipment and development infrastructure, and capital spending has been steady and modest relative to the size of the business. There is no sign of cash burn or heavy dependence on outside financing. The cash flow profile supports continued R&D investment and strategic initiatives without putting the company under visible financial strain.

Competitive Edge

Competitive Edge Cognex occupies a strong niche within machine vision and industrial barcode reading, acting as a key technology provider for factory and logistics automation. Its advantages come from a long track record, a large installed base, a strong brand, and a deep library of proprietary algorithms and vision tools. Direct sales relationships give it close ties to key customers, which makes it harder for rivals to displace. However, it still faces tough competition from other automation and vision players, and its end markets, like electronics and logistics, can be cyclical. Overall, the company appears to have a durable but not unassailable leadership position in its space.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of Cognex’s strategy. The company invests heavily in research and development, building a sizable patent portfolio and staying at the forefront of AI-driven inspection and recognition. Its differentiation rests on powerful vision algorithms, deep learning capability, and tools that make complex machine vision easier to deploy. New platforms like the planned OneVision cloud service and expanded logistics solutions show an effort to create more software-like, recurring revenue and to broaden the addressable market. The main risks are fast-moving AI competition, the need to keep products easy to use for non-experts, and execution on new platforms, but the current R&D posture looks ambitious and forward-leaning.

Summary

Cognex combines a solid financial base with a strong technological franchise in machine vision. Profitability remains good but is clearly below the peak years, reflecting a more challenging demand environment and possibly some pressure on margins. The balance sheet and cash flows are strengths, giving the company room to keep investing through cycles. Competitively, it benefits from technology leadership, long-standing customer relationships, and a large installed base, yet it must continually innovate to stay ahead of capable rivals. The company’s heavy focus on AI, cloud-enabled vision platforms, and logistics automation positions it to benefit from long-term automation trends, while investors should be mindful of cyclicality in its end markets and the execution risks that come with ambitious product and market expansion plans.

NEWS

November 4, 2025 · 8:00 AM UTC

Cognex Announces Participation at Upcoming Investor Conferences

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October 29, 2025 · 4:30 PM UTC

Cognex Reports Third Quarter 2025 Results

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October 28, 2025 · 8:00 AM UTC

Cognex Introduces the Solutions Experience (SLX) Logistics Portfolio

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October 21, 2025 · 3:00 PM UTC

Engaged Capital Releases Presentation to Highlight Value Enhancement Opportunities at Cognex Corp.

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October 9, 2025 · 8:30 AM UTC

Cognex Announces Third Quarter 2025 Earnings Release and Conference Call Dates

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