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COHU

Cohu, Inc.

COHU

Cohu, Inc. • NASDAQ
$24.32 ▲ 1.16% (+0.28)
Market Cap $1.14 B
52w High $29.08
52w Low $12.57
Dividend Yield 0%
P/E -15.49
Volume 127.40K
Outstanding Shares 46.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $126.249M ▲ $64.98M ▲ $-4.101M ▲ -3.248% ▲ $1.02 ▲ $5.888M ▲
Q2-2025 $107.68M ▲ $64.345M ▼ $-16.88M ▲ -15.676% ▲ $-0.36 ▲ $-2.468M ▲
Q1-2025 $96.797M ▲ $69.643M ▲ $-30.804M ▼ -31.823% ▼ $-0.66 ▼ $-8.914M ▲
Q4-2024 $94.122M ▼ $57.91M ▼ $-21.358M ▼ -22.692% ▼ $-0.46 ▼ $-11.656M ▼
Q3-2024 $95.342M $60.426M $-18.056M -18.938% $-0.39 $-2.602M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $198.157M ▼ $1.021B ▲ $190.182M ▲ $831.089M ▲
Q2-2025 $209.411M ▲ $1.01B ▲ $179.65M ▲ $830.543M ▲
Q1-2025 $200.808M ▼ $975.537M ▼ $147.82M ▲ $827.717M ▼
Q4-2024 $262.092M ▼ $999.415M ▼ $142.524M ▼ $856.891M ▼
Q3-2024 $269.238M $1.032B $147.808M $884.538M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.101M ▲ $-14.009M ▼ $-12.694M ▼ $-478K ▼ $-14.492M ▼ $-17.969M ▼
Q2-2025 $-16.88M ▲ $16.047M ▲ $-743K ▲ $1.101M ▲ $12.56M ▲ $13.388M ▲
Q1-2025 $-30.804M ▼ $-10.182M ▼ $-34.002M ▼ $-2.151M ▼ $-54.531M ▼ $-21.146M ▼
Q4-2024 $-21.358M ▼ $-1.717M ▼ $18.241M ▲ $859K ▲ $17.145M ▲ $-4.757M ▼
Q3-2024 $-18.056M $17.363M $-22.344M $-8.205M $-13.806M $15.111M

Revenue by Products

Product Q4-2014Q1-2015Q2-2025Q3-2025
Nonsystems
Nonsystems
 $0 ▲$0 ▲$70.00M ▲$70.00M ▲
Systems
Systems
 $0 ▲$0 ▲$40.00M ▲$60.00M ▲
Microwave Communications Equipment
Microwave Communications Equipment
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Semiconductor Equipment
Semiconductor Equipment
 $90.00M ▲$60.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has come down from its peak a few years ago, reflecting the broader semiconductor downcycle, and the company has slipped back into a small loss after several years of solid profitability. Gross margins are still decent but clearly compressed versus prior years, and operating profitability has swung from comfortably positive to negative. Earnings per share have moved from strong gains to a loss, showing how sensitive Cohu’s income statement is to swings in demand and factory utilization. Overall, the business looks cyclical: it performs very well in strong markets but can quickly lose profitability when volumes soften.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative and resilient. Cash remains a meaningful portion of total assets, giving the company a financial cushion, and debt has steadily been reduced over the past few years. Shareholders’ equity has grown materially compared with earlier years, indicating that prior periods of profitability were retained in the business rather than heavily leveraged. Asset levels are fairly stable, suggesting no aggressive expansion or overbuilding. In short, the company appears to be entering this weaker phase of the cycle from a position of financial strength rather than strain.

Cash Flow

Cash Flow Operating cash flow has softened alongside earnings but has not collapsed, hovering around breakeven in the latest year after several years of healthy inflows. Free cash flow dipped slightly negative recently, mainly because the company is still investing in its equipment and technology while end-market demand is slower. Capital spending is modest and looks disciplined rather than aggressive. Over a full cycle, Cohu has shown an ability to generate positive cash flow, but in the current downturn, cash generation is thin and depends heavily on how quickly demand recovers.

Competitive Edge

Competitive Edge Cohu occupies a specialized position in the back-end of the semiconductor value chain, providing test, handling, and inspection systems rather than front-end fabrication tools. Its key strength is an integrated, “one-stop” offering that can simplify life for chip manufacturers and create stickier customer relationships. A large installed base drives recurring revenue from services and consumables, which can be more stable than equipment sales. At the same time, Cohu competes against much larger and well-entrenched players in automated test equipment, so it relies on focus, integration, and niche leadership—especially in automotive, industrial, and power devices—rather than scale. The moat is meaningful but not unassailable, and it must keep innovating to stay differentiated.

Innovation and R&D

Innovation and R&D The company is clearly leaning into innovation and software-driven differentiation. Its data intelligence platform aims to turn equipment data into real-time, actionable insights for chip makers, while its thermal control technology targets demanding, high-power devices used in AI, automotive, and high-performance computing. The new mixed-signal test platforms and the acquisition of an AI process control firm fit into a broader “smart factory” vision, where Cohu is not just selling machines but also analytics and automation. Energy-efficient tester designs add another angle of differentiation. The main risk is execution: these tools must be integrated well, adopted by customers, and translated into steady, higher-margin revenue, especially as larger rivals pursue similar data and AI strategies.

Summary

Cohu looks like a cyclical, niche semiconductor equipment provider that is currently navigating a weaker part of the cycle. Recent financial results show pressure on revenue and margins, with a swing back into losses and thinner cash generation, but the balance sheet is solid with good liquidity and modest debt. Strategically, the company is positioning itself around integrated back-end solutions, data analytics, AI-driven process control, and thermal management for high-power and automotive chips—areas that align with long-term trends such as AI, electrification, and automation. The key things to watch are how quickly demand in its end markets recovers, whether margins rebound as volumes return, and how effectively Cohu can turn its software and analytics investments into durable competitive advantages and recurring revenue over time.

NEWS

October 29, 2025 · 4:05 PM UTC

Cohu Reports Third Quarter 2025 Results

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October 23, 2025 · 4:05 PM UTC

Cohu to Present at Upcoming Investor Conferences

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October 16, 2025 · 4:05 PM UTC

Cohu To Announce Third Quarter 2025 Results on October 29

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September 29, 2025 · 4:05 PM UTC

Cohu Announces Closing of Private Upsized Offering of $287,500,000 of 1.50% Convertible Senior Notes Due 2031

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September 24, 2025 · 10:05 PM UTC

Cohu Announces Upsize and Pricing of 1.50% Convertible Senior Notes Offering

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