olivLaw · US equity research
Cognex Corporation CGNX
Industrial Instruments For Measurement, Display, and Control · SIC 3823 · Vertical: Industrial Instruments For Measurement, Display, and Control (SIC 3823)
Cognex designs and sells industrial machine vision systems that automate inspection, identification and tracking of products in factories and distribution centers. The company is in an accelerating phase: revenue rose 9% in fiscal 2025, and in the second quarter of 2026 it reached a record 291,263,000 USD with a sharply higher operating margin.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cognex Corporation (CGNX) stock was 53.06 USD (−8.69% on the day), with market capitalisation 8.9 bn USD, P/E 51.3 on diluted EPS of 1.03 USD over the last 12 months, dividend yield 0.63%, beta 1.49, 52-week range 34.80–72.42 USD. Latest reported quarter (Q2 2026): revenue of 291.3 m USD (+16.9% YoY), net income of 72.8 m USD (+79.6% YoY), diluted EPS 0.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.0
- weak (30–45)
- Bollinger (20, 2)
- 52.28 – 62.49
- in the lower half of the band · %B 0.08 · band width 17.8%
- SMA 50 / 200
- 59.64 / 58.12
- mixed trend
- MACD (12, 26, 9)
- -1.17 / -1.09
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.6% | −1.1% | −16.5 pp | — |
| 3 months | −25.0% | −0.5% | −24.5 pp | — |
| 6 months | −14.8% | +4.4% | −19.2 pp | — |
| Year to date | +47.5% | +12.3% | +35.2 pp | — |
| 1 year | +32.7% | +13.5% | +19.1 pp | +24.7% |
| 3 years | +46.3% | +76.4% | −30.1 pp | +5.2% |
| 5 years | −32.8% | +63.7% | −96.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 05 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 239.3 m | 234.7 m | 216.0 m | 249.1 m | 276.9 m | 252.3 m | 268.4 m | 291.3 m |
| Cost of revenue | 72.7 m | 75.3 m | 71.7 m | 81.2 m | 89.6 m | 86.4 m | 77.5 m | 85.5 m |
| Gross profit | 166.6 m | 159.4 m | 144.3 m | 167.9 m | 187.3 m | 165.9 m | 190.9 m | 205.8 m |
| Research & development | 35.0 m | 35.2 m | 34.7 m | 33.1 m | 35.1 m | 36.1 m | 37.0 m | 32.4 m |
| SG&A | 93.2 m | 92.6 m | 83.5 m | 91.3 m | 94.4 m | 94.6 m | 94.0 m | 87.9 m |
| Operating income | 38.5 m | 31.6 m | 26.1 m | 43.4 m | 57.8 m | 35.3 m | 59.9 m | 85.5 m |
| Pre-tax income | 41.6 m | 36.6 m | 27.8 m | 48.1 m | 62.9 m | 44.1 m | 61.8 m | 89.3 m |
| Income tax | 5.4 m | 7.0 m | 4.2 m | 7.6 m | 45.2 m | 11.4 m | 10.1 m | 16.5 m |
| Net income | 36.2 m | 29.6 m | 23.6 m | 40.5 m | 17.7 m | 32.7 m | 51.7 m | 72.8 m |
| Diluted EPS | 0.21 | 0.17 | 0.14 | 0.24 | 0.10 | 0.19 ≈ | 0.31 | 0.43 |
| Operating cash flow | — | — | 40.5 m | 42.6 m ≈ | 87.5 m ≈ | 74.9 m | 45.1 m | 69.2 m ≈ |
| Capex | — | — | 2.5 m | 2.2 m ≈ | 1.5 m ≈ | 2.6 m | 2.8 m | 1.5 m ≈ |
| Dividends paid | — | — | 13.6 m | 13.4 m ≈ | 13.4 m ≈ | 14.2 m | 14.2 m | 14.3 m ≈ |
| Share repurchases | — | — | 102.2 m | 0 ≈ | 24.0 m ≈ | 25.0 m | 99.0 m | 6.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 61 percentile of its own 23-quarter history (min 23.7, median 47.9, max 81.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 806.3 m | 725.6 m | 811.0 m | 1.0 bn | 1.0 bn | 837.5 m | 914.5 m | 994.4 m |
| Revenue YoY | +5.3% | −10.0% | +11.8% | +27.9% | −3.0% | −16.8% | +9.2% | +8.7% |
| Net income | 219.3 m | 203.9 m | 176.2 m | 279.9 m | 215.5 m | 113.2 m | 106.2 m | 114.4 m |
| Net income YoY | +24.1% | −7.0% | −13.6% | +58.9% | −23.0% | −47.5% | −6.2% | +7.8% |
| Diluted EPS | 1.24 | 1.16 | 1.00 | 1.56 | 1.23 | 0.65 | 0.62 | 0.68 |
| Diluted EPS YoY | +26.5% | −6.5% | −13.8% | +56.0% | −21.2% | −47.2% | −4.6% | +9.7% |
| net % | 27.2% | 28.1% | 21.7% | 27.0% | 21.4% | 13.5% | 11.6% | 11.5% |
| Free cash flow | 186.4 m | 231.6 m | 229.1 m | 298.6 m | 223.7 m | 89.8 m | 134.0 m | 236.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 262.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.5 bn USD
- Total assets
- 2.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 3.80x
- ROE
- 7.6%
- ROA
- 5.7%
- FCF margin
- 23.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 811.0 m | 1.0 bn | 1.0 bn | 837.5 m | 914.5 m | 994.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 206.4 m | 277.3 m | 284.2 m | 236.3 m | 288.7 m | 329.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 604.6 m | 759.8 m | 721.9 m | 601.2 m | 625.8 m | 665.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 131.0 m | 135.4 m | 141.1 m | 139.4 m | 139.8 m | 139.0 m | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 267.6 m | 309.4 m | 312.1 m | 339.1 m | 370.9 m | 363.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 170.5 m | 315.1 m | 246.2 m | 130.7 m | 115.1 m | 162.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 186.9 m | 318.9 m | 250.7 m | 135.3 m | 131.5 m | 182.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 10.7 m | 39.0 m | 35.2 m | 22.1 m | 25.3 m | 68.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 176.2 m | 279.9 m | 215.5 m | 113.2 m | 106.2 m | 114.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 1.00 | 1.56 | 1.23 | 0.65 | 0.62 | 0.68 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 176.6 m | 179.9 m | 174.9 m | 173.4 m | 172.6 m | 169.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 2.23 | 0.25 | 0.27 | 0.29 | 0.31 | 0.33 | SEC (XBRL)· 12 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 269.1 m | 186.2 m | 181.4 m | 202.7 m | 186.1 m | 262.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 125.7 m | 130.3 m | 125.4 m | 114.2 m | 143.4 m | 146.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 60.8 m | 113.1 m | 122.5 m | 162.3 m | 157.5 m | 137.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 601.7 m | 639.8 m | 717.7 m | 679.0 m | 613.4 m | 697.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 79.2 m | 77.5 m | 79.7 m | 105.8 m | 98.4 m | 86.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 244.1 m | 241.7 m | 242.6 m | 393.2 m | 384.9 m | 386.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 15.6 m | 11.9 m | 12.4 m | 113.0 m | 90.7 m | 81.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 1.8 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 16.3 m | 44.1 m | 27.1 m | 21.5 m | 38.0 m | 50.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 132.3 m | 188.6 m | 187.7 m | 151.9 m | 169.4 m | 183.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 538.5 m | 573.6 m | 519.7 m | 513.1 m | 475.3 m | 524.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 1.3 bn † | 1.4 bn † | 1.4 bn † | 1.5 bn † | 1.5 bn † | 1.5 bn † | SEC (XBRL)· 12 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 242.4 m | 314.1 m | 243.4 m | 112.9 m | 149.1 m | 245.5 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 13.3 m | 15.5 m | 19.7 m | 23.1 m | 15.0 m | 8.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 229.1 m ≈ | 298.6 m ≈ | 223.7 m ≈ | 89.8 m ≈ | 134.0 m ≈ | 236.8 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | 169.4 m | -252.5 m | -4.5 m | 32.3 m | -39.0 m | 28.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -316.9 m | -141.6 m | -240.4 m | -125.6 m | -118.4 m | -206.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 390.5 m | 43.3 m | 45.9 m | 49.1 m | 52.3 m | 54.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 51.0 m | 161.7 m | 204.3 m | 79.8 m | 67.1 m | 151.2 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth0
- Quality87
- Returns60
- Valuation24
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.27 – 37.13 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E26.12 – 37.13 (Mid 33.63)7 companies used · median multiple 32.5x · quartiles 25.3x – 35.9xAME, DHR, FTV, KEYS, MKSI, ROP, ST
- Dividend discount (DDM)4.27 – 5.74 (Mid 4.90)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.1% | 73 (vs peers) | 10% |
| FCF conversion · Quality | 153.5% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -0.4% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | -17.9% | 0 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.9x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 51.3x | 13 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.0% | 38 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 2.4% | 34 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 20.9% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation24/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COGNEX CORP (CGNX). Latest full fiscal year: 2025; data up to 2026-07-05.
Figures computed from the financial statements: revenue 994.4 m USD in 2025; YoY growth 8.7%; net margin 16.1%; ROE 11.1%.
The estimated value range is 15.19–21.44 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 19.26 USD, the price of 53.06 USD leaves a potential of -63.7% (value / price − 1) and a margin of safety of -175.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.1%
- FCF conversion: 153.5%
- Current ratio: 3.9x
- Payout ratio (FCF): 20.9%
What contradicts it
- Revenue CAGR 3Y: -0.4%
- EPS CAGR 3Y: -17.9%
- P/E (TTM): 51.3x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Industrial Instruments For Measurement, Display, and Control (SIC 3823) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHRDanaher Corporation | 165.3 bn | 38.4 | 8.3% | 16.9% | +2.9% | +4% / +5% |
| AMEAMETEK, Inc. | 54.4 bn | 33.4 | 14.7% | 19.9% | +6.6% | +20% / +53% |
| ROPRoper Technologies, Inc. | 48.7 bn | 19.4 | 13.2% | 30.7% | +12.3% | +10% / −9% |
| KEYSKeysight Technologies, Inc. | 48.7 bn | 39.2 | 20.6% | 19.1% | +8.0% | +44% / +110% |
| FTVFortive Corporation | 20.3 bn | 32.5 | 10.5% | 14.8% | +1.9% | +28% / +31% |
| MKSIMks Inc. | 13.2 bn | 31.1 | 15.9% | 10.1% | +9.6% | +25% / +136% |
| CGNXCognex Corp | 8.9 bn | 51.3 | 11.1% | 16.1% | +8.7% | +33% / +46% |
| RALRalliant Corporation | 7.9 bn | — | -51.8% | -52.1% | −4.0% | +45% / unavailable |
| STSensata Technologies Holding PLC | 6.0 bn | 16.5 | 12.7% | 9.5% | −5.8% | +28% / +26% |
| MLABMesa Laboratories Inc | 706.1 m | 148.1 | 2.7% | 1.9% | +3.4% | +57% / +48% |
| SENSSenseonics Holdings, Inc. | 476.9 m | — | -118.2% | -225.3% | +56.9% | +46% / −24% |
| HURCHurco Companies, Inc. | 137.6 m | — | -3.3% | -3.6% | −4.3% | +31% / +1% |
| SYPRSypris Solutions, Inc. | 29.2 m | — | -69.9% | -9.2% | −14.5% | −42% / −33% |
| CLIRClearsign Technologies Corporation | 16.5 m | — | -51.7% | -96.1% | +45.6% | −67% / −80% |
| FCUVFocus Universal Inc. | 2.2 m | — | -106.0% | -637.2% | −35.9% | −98% / −99% |
| POASPhaos Technology Holdings (Cayman) Limited | — | — | -363.8% | -4,662.3% | −19.3% | −98% / unavailable |
1- and 3-year price returns: for CGNX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 29.99 Total return -43% · Per year -43% | 53.14 Total return 1% · Per year 1% | 80.23 Total return 52% · Per year 52% |
| 3 years | 26.31 Total return -49% · Per year -20% | 52.73 Total return 1% · Per year 0% | 87.80 Total return 68% · Per year 19% |
| 5 years | 23.09 Total return -54% · Per year -15% | 52.32 Total return 2% · Per year 0% | 96.08 Total return 85% · Per year 13% |
- Exit P/E± 13.18
- Net margin± 9.23
- Annual revenue growth± 7.95
- Annual dilution± 0.78
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Cognex designs and sells industrial machine vision systems that automate inspection, identification and tracking of products in factories and distribution centers. The company is in an accelerating phase: revenue rose 9% in fiscal 2025, and in the second quarter of 2026 it reached a record 291,263,000 USD with a sharply higher operating margin.
SWOT
Strengths
- The company holds a recognized leadership position in industrial vision, with products covering everything from simple sensors to complex AI systems 1.
- The balance sheet is strong with no debt, and operating cash generation was solid in the most recent quarter 3.
- The OneVision platform and AI experience give a product advantage that competitors could find hard to match quickly 13.
Weaknesses
- Sales depend heavily on a few industries, and automotive has been weak in recent years 1.
- Exposure to foreign markets and supply chains outside the United States brings risks from tariffs, currency moves and delays 1.
- Reducing certain legacy products created excess inventory charges that weighed on gross margin in fiscal 2025 1.
Opportunities
- If the logistics market accelerates automation, the company could benefit from demand for advanced vision beyond barcode reading 1.
- Expansion toward smaller customers with simple, easy-to-deploy products could support the goal of doubling the customer base 1.
- Strategic acquisitions, funded by the strong balance sheet, could broaden the product line and access to new markets 1.
Threats
- Trade tensions, sanctions and export controls could restrict sales in China and other regions 1.
- Open-source AI algorithms and free solutions from large companies could pressure prices and reduce differentiation 1.
- Economic instability, inflation and recession risk could slow customers' investment in automation 1.
Risks
- Dependence on a few large customershigh
Loss or reduced purchases by large customers in logistics, consumer electronics or automotive could materially affect revenue 2.
- Geopolitical and trade riskshigh
Conflicts, tariffs and export restrictions can affect the supply chain and sales in China 1.
- Failure of new product launchesmedium
If new AI-based products are not launched on time or do not gain adoption, the company could lose market share 1.
- Acquisition integrationmedium
Acquisitions may face integration difficulties, talent retention problems and failure to achieve expected synergies 1.
- Leadership transition and talent retentionlow
The change of chief executive and competition for AI specialists could put pressure on execution and company culture 1.
Investment thesis
What would need to be true (bull case)
- Strong quarterly growth with expanding operating margin suggests the 2026 guidance could be achieved if demand stays firm 23.
- The debt-free balance sheet and high cash generation give flexibility for acquisitions and AI investment 3.
- Expansion toward smaller customers and the OneVision platform could build a broader customer base and recurring revenue 13.
What would break the thesis
- Part of the recent growth was supported by one-off factors, such as a one-time partnership revenue and currency effects, which could make future results more volatile 12.
- Geopolitical and trade exposure could limit access to some markets and raise costs if tensions worsen 1.
- Competition from free or low-cost AI solutions could pressure prices and margins over the longer term 1.
What to watch
- Delivery against 2026 guidance for revenue and adjusted EBITDA marginQ3 2026
- Trends in logistics and consumer electronics salesQ4 2026
- Effects of the 35 to 40 million USD annualized operating expense reductions2026
- Adoption of the OneVision platform and new customer acquisitionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Founded in 1981, Cognex combines hardware and software to capture and analyze visual information, helping manufacturers and logistics companies automate tasks such as locating, identifying, inspecting and measuring parts. Products include vision systems and sensors, vision software, barcode readers and optical accessories, ranging from deep learning solutions to simple presence sensors. Service revenue is below 10% of total revenue 1.
The company aims to lead in AI technology for industrial machine vision, deliver the best customer experience and double its customer base within five years. The OneVision cloud platform, launched in 2025 and generally available in 2026, combines AI model training with edge inference, and acquisitions are treated as a complement to organic growth, with Moritex as the largest example 13.
Revenue is concentrated in logistics, packaging, consumer electronics and automotive, which together represented about 85% of sales in fiscal 2025 1. The company has begun to reshape its portfolio, reducing focus on legacy products, and an operating model program targets further cost savings in 2026 1.
Segments
Logistics
According to the company, logistics is the end market with the highest potential growth over the medium to long term, mainly through barcode reading and AI vision for warehouses and parcel centers. Revenue from this area grew strongly in fiscal 2025 as large e-commerce customers increased spending 1.
Consumer electronics
Cognex sees a new wave of products, such as wearable and foldable devices, requiring high precision in manufacturing. Sales in this market grew in fiscal 2025, partly because customers shifted purchases from China to Europe 1.
Automotive
Automotive has historically been one of the largest markets but remained weak in fiscal 2025 due to geopolitical and trade uncertainty. The company believes the shift to electric and autonomous vehicles could create new demand for high-precision vision 1.
Market context
Industrial machine vision is a fragmented market in which system vendors, sensor makers and integrators compete alongside customers' internal engineering teams and open-source tools 1. The company sees its served market growing as automation spreads across factories and warehouses, although the pace depends on customers' investment cycles 1.
Most revenue comes from outside the United States: about two thirds of fiscal 2025 sales came from customers outside the country 1. Regional demand varied in 2025, with growth in the Americas and Europe and declines in Greater China and other Asian countries 1.
Trends
- Logistics automationtailwind
E-commerce and the need for fast delivery push warehouses toward automation, and the company considers this market still in its early stages. If investment continues, demand for barcode reading and AI vision could accelerate 1.
- Stricter traceability and quality rulestailwind
Regulations on traceability and compliance in packaging and healthcare increase the need for automated inspection, which could open new customers for the company 1.
- Trade tensions and sanctionsheadwind
Tariffs, export controls and sanctions on Chinese companies have already reduced sales in China and raised component costs. If tensions escalate, the effects could be considerably stronger 1.
- Open-source AI accessmixed
More accessible AI algorithms and open-source platforms can lower entry barriers and pressure prices, but they may also encourage smaller customers to adopt automated vision 1.
Competitive position
Competition comes from other machine vision system vendors, image processing system makers and system integrators, as well as large technology companies offering free or low-cost solutions 1. The company considers its main advantage to be the combination of AI performance and ease of use.
Consolidation in the industry could strengthen larger competitors and increase pricing pressure, so differentiation through innovation and service remains essential 1.
- System integrators and original equipment manufacturers
Partners that deliver complete solutions but can also compete for the same automation projects 1.
- Image processing system and sensor suppliers
Companies producing similar components and systems, competing on performance and price 1.
- Customers' internal engineering departments
Customers can build their own inspection solutions, especially when they have strong technical resources 1.
- Large technology companies offering free solutions
Firms with large financial resources can offer free or low-cost AI tools, which could reduce market share 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Other events · Financial statements and exhibits
- Current report22 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Other events · Financial statements and exhibits
- Current report30 Apr 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Proxy statement13 Mar 2026
- Current report (amendment)19 Feb 2026Item 4.01 · Financial statements and exhibits
- Current report17 Feb 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cognex Corporation · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-05 · SEC / Cognex Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cognex Corporation · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.