olivLaw · US equity research
Cohu, Inc. COHU
Instruments For Meas & Testing of Electricity & Elec Signals · SIC 3825 · Vertical: Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825)
Cohu supplies equipment, interface products, inspection and software to the semiconductor industry, focusing on manufacturing yield and productivity. Driven by AI-related demand, the company accelerated its growth in the first half of fiscal 2026, with second-quarter sales of $149.0 million.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cohu, Inc. (COHU) stock was 43.98 USD (−12.09% on the day), with market capitalisation 2.1 bn USD, dividend yield 0.00%, beta 2.01, 52-week range 21.38–73.91 USD. Latest reported quarter (Q3 2026): revenue of 173.0 m USD (+37.0% YoY), net income of 12.1 m USD, diluted EPS 0.22 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)
- 34.6
- weak (30–45)
- Bollinger (20, 2)
- 40.55 – 67.87
- in the lower half of the band · %B 0.13 · band width 50.4%
- SMA 50 / 200
- 56.70 / 47.40
- mixed trend
- MACD (12, 26, 9)
- -3.43 / -2.64
- 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 | −40.3% | −1.1% | −39.3 pp | — |
| 3 months | −15.0% | −0.5% | −14.5 pp | — |
| 6 months | −11.4% | +4.4% | −15.8 pp | — |
| Year to date | +89.0% | +12.3% | +76.7 pp | — |
| 1 year | +94.0% | +13.5% | +80.5 pp | +47.7% |
| 3 years | +40.4% | +76.4% | −36.0 pp | +51.5% |
| 5 years | +22.4% | +63.7% | −41.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 94.1 m | 96.8 m | 107.7 m | 126.2 m | 122.2 m | 125.1 m | 149.0 m | 173.0 m |
| Cost of revenue | 54.7 m | 54.5 m | 60.6 m | 71.0 m | 73.3 m | 67.2 m | 81.4 m | 94.2 m |
| Research & development | 20.8 m | 23.2 m | 23.2 m | 22.5 m | 23.4 m | 26.4 m | 24.9 m | 25.6 m |
| SG&A | 30.5 m | 30.0 m | 29.9 m | 31.8 m | 31.9 m | 34.6 m | 34.4 m | 32.7 m |
| Operating income | -21.6 m | -27.3 m | -17.2 m | -9.7 m | -15.5 m | -11.2 m | 292.0 k | 12.8 m |
| Depreciation & amortisation | 12.9 m | 13.1 m | 13.5 m ≈ | 13.6 m ≈ | 10.6 m | 10.4 m | 10.4 m ≈ | 10.3 m ≈ |
| Interest expense | 99.0 k | 198.0 k | 126.0 k | 110.0 k | 1.6 m | 1.6 m | 1.6 m | 1.8 m |
| Pre-tax income | -19.3 m | -26.0 m | -14.8 m | -7.8 m | -13.8 m | -9.0 m | 2.0 m | 14.3 m |
| Income tax | 2.1 m | 4.8 m | 2.0 m | -3.7 m | 8.7 m | 3.1 m | 2.1 m | 2.2 m |
| Net income | -21.4 m | -30.8 m | -16.9 m | -4.1 m | -22.5 m | -12.1 m | -159.0 k | 12.1 m |
| Diluted EPS | -0.46 ≈ | -0.66 | -0.36 | -0.09 | -0.48 ≈ | -0.26 | 0.00 | 0.22 |
| Operating cash flow | -1.7 m | -10.2 m | 16.0 m ≈ | -14.0 m ≈ | 39.8 m | 10.3 m | 10.4 m ≈ | 5.6 m ≈ |
| Capex | 3.0 m | 11.0 m | 2.7 m ≈ | 4.0 m ≈ | 3.4 m | 2.0 m | 2.3 m ≈ | 2.6 m ≈ |
| Share repurchases | 32.0 k | 8.4 m | 138.0 k ≈ | -1.0 k ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
≈ 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.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 451.8 m | 583.3 m | 636.0 m | 887.2 m | 812.8 m | 636.3 m | 401.8 m | 453.0 m |
| Revenue YoY | +28.1% | +29.1% | +9.0% | +39.5% | −8.4% | −21.7% | −36.9% | +12.7% |
| Net income | -32.2 m | -69.7 m | -13.8 m | 167.3 m | 96.8 m | 28.2 m | -69.8 m | -74.3 m |
| Net income YoY | −198.0% | unavailable | unavailable | unavailable | −42.1% | −70.9% | −348.0% | unavailable |
| Diluted EPS | -1.01 | -1.69 | -0.33 | 3.45 | 1.98 | 0.59 | -1.49 | -1.59 |
| Diluted EPS YoY | −188.6% | unavailable | unavailable | unavailable | −42.6% | −70.2% | −352.5% | unavailable |
| net % | -7.1% | -11.9% | -2.2% | 18.9% | 11.9% | 4.4% | -17.4% | -16.4% |
| Free cash flow | 29.5 m | -731.0 k | 31.2 m | 85.9 m | 98.1 m | 85.4 m | -7.9 m | 10.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 227.1 m USD
- Financial debt
- 296.1 m USD
- Net debt
- 69.0 m USD
- Equity
- 785.5 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- 0.38x
- Current ratio
- 6.88x
- ROE
- -9.0%
- ROA
- -6.6%
- FCF margin
- 2.4%
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 | 636.0 m | 887.2 m | 812.8 m | 636.3 m | 401.8 m | 453.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 364.2 m | 500.3 m | 429.4 m | 333.5 m | 221.5 m | 259.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 271.8 m ≈ | 387.0 m ≈ | 383.3 m ≈ | 302.9 m ≈ | 180.3 m ≈ | 193.6 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Research & development | 86.2 m | 92.0 m | 92.6 m | 88.6 m | 84.8 m | 92.2 m | SEC (XBRL)· 17 Feb 2026verified |
| SG&A | 129.2 m | 127.0 m | 131.4 m | 132.2 m | 128.0 m | 123.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 3.3 m | 201.5 m | 125.6 m | 43.3 m | -71.7 m | -69.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Depreciation & amortisation | 52.7 m | 48.6 m | 46.0 m | 49.7 m | 52.5 m | 50.7 m | SEC (XBRL)· 17 Feb 2026verified |
| EBITDA | 56.0 m ≈ | 250.1 m ≈ | 171.6 m ≈ | 93.0 m ≈ | -19.2 m ≈ | -19.1 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Interest expense | 13.8 m | 6.4 m | 4.2 m | 3.4 m | 618.0 k | 2.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | -13.2 m | 192.3 m | 126.7 m | 45.8 m | -64.9 m | -62.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 666.0 k | 25.0 m | 29.9 m | 17.7 m | 4.9 m | 11.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | -13.8 m | 167.3 m | 96.8 m | 28.2 m | -69.8 m | -74.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | -0.33 | 3.45 | 1.98 | 0.59 | -1.49 | -1.59 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 41.9 m | 48.5 m | 48.8 m | 48.0 m | 46.9 m | 46.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividend per share | 0.06 | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 149.4 m | 290.2 m | 242.3 m | 245.5 m | 206.4 m | 227.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 142.5 m | 161.1 m | 170.1 m | 155.8 m | 141.9 m | 129.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 485.0 m | 750.8 m | 764.9 m | 638.8 m | 534.3 m | 750.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 66.9 m | 64.0 m | 65.0 m | 69.1 m | 74.8 m | 77.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 252.3 m | 219.8 m | 213.5 m | 241.7 m | 234.6 m | 283.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 233.7 m | 177.3 m | 140.1 m | 151.8 m | 110.7 m | 79.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 1.1 bn | 1.3 bn | 1.2 bn | 1.2 bn | 999.4 m | 1.2 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 67.9 m | 85.2 m | 51.8 m | 33.6 m | 30.6 m | 40.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 8.4 m | 14.4 m | 6.3 m | 6.3 m | 1.7 m | 11.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 311.6 m | 103.4 m | 72.7 m | 34.3 m | 7.1 m | 285.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 174.5 m | 192.5 m | 160.9 m | 103.4 m | 85.2 m | 109.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 512.3 m | 882.5 m | 928.8 m † | 950.2 m † | 856.9 m † | 785.5 m † | SEC (XBRL)· 17 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 | 49.9 m | 97.9 m | 112.9 m | 101.5 m | 2.8 m | 31.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 18.7 m | 12.0 m | 14.8 m | 16.1 m | 10.6 m | 21.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 31.2 m ≈ | 85.9 m ≈ | 98.1 m ≈ | 85.4 m ≈ | -7.9 m ≈ | 10.7 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -18.4 m | 39.9 m | -67.9 m | -30.2 m | 21.9 m | -257.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -38.2 m | 6.5 m | -91.1 m | -68.1 m | -59.0 m | 246.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Dividends paid | 5.0 m | 0 | 0 | — | — | — | SEC (XBRL)· 17 Feb 2023verified |
| Share repurchases | 0 | 7.3 m | 50.7 m | 23.6 m | 27.0 m | 8.6 m | SEC (XBRL)· 17 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: 19 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation15
- Returns0
- Quality8
- Balance sheet45
- Growth0
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: 0.79 – 22.32 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)14.00 – 22.32 (Mid 17.17)WACC 8.8% · starting FCFF 61.5 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 38.5%
- Peers: EV/EBITDA10.52 – 13.89 (Mid 12.38)6 companies used · median multiple 21.9x · quartiles 18.8x – 24.5xALNT, INTT, ITRI, TER, TRNS, VLTO
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.79 – 1.06 (Mid 0.90)
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
Unattractive profile · Score 19/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.5% | 0 (vs peers) | 15% |
| Net margin · Quality | -4.0% | 22 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -17.7% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.1x | 50 (vs peers) | 15% |
| Interest coverage · Balance sheet | -2.0x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 5.2x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 75.1x | 0 (vs peers) | 15% |
| FCF yield · Valuation | 2.7% | 34 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet45/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation15/100 · 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
COHU, INC. (COHU). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 453.0 m USD in 2025; YoY growth 12.7%; net margin -4.0%; ROE -2.8%; net debt/EBITDA 1.1x.
The estimated value range is 10.52–13.89 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 12.38 USD, the price of 43.98 USD leaves a potential of -71.8% (value / price − 1) and a margin of safety of -255.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 19/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.2x
What contradicts it
- ROIC: -1.5%
- Net margin: -4.0%
- Revenue CAGR 3Y: -17.7%
- Interest coverage: -2.0x
- EV/EBITDA: 75.1x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).
Versus the vertical median
Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825) · same industry (4-digit SIC) · compared with 9 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 | |
|---|---|---|---|---|---|---|
| TERTeradyne, Inc. | 39.2 bn | 28.8 | 42.9% | 27.5% | +13.1% | +38% / +172% |
| VLTOVeralto Corporation | 28.5 bn | 28.9 | 33.0% | 17.3% | +6.0% | +16% / +51% |
| ITRIItron, Inc. | 4.5 bn | 16.4 | 16.5% | 12.1% | −3.0% | +3% / +51% |
| COHUCohu, Inc. | 2.1 bn | — | -2.8% | -4.0% | +12.7% | +94% / +40% |
| AEHRAehr Test Systems | 2.0 bn | — | -4.2% | -14.3% | −15.2% | +165% / +165% |
| ALNTAllient Inc | 1.4 bn | 35.8 | 12.1% | 6.2% | +4.6% | +48% / +205% |
| TRNSTranscat, Inc. | 1.0 bn | 226.7 | 1.5% | 1.3% | +19.2% | +91% / +10% |
| FEIMFrequency Electronics, Inc. | 693.5 m | 243.8 | 3.0% | 3.7% | −9.4% | +115% / +523% |
| INTTinTest Corporation | 175.9 m | 335.2 | 0.6% | 0.5% | −12.9% | +74% / +7% |
| DAIOData I | 25.2 m | — | -61.2% | -50.1% | −1.2% | −16% / −16% |
1- and 3-year price returns: for COHU 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 31 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Cohu supplies equipment, interface products, inspection and software to the semiconductor industry, focusing on manufacturing yield and productivity. Driven by AI-related demand, the company accelerated its growth in the first half of fiscal 2026, with second-quarter sales of $149.0 million 3.
SWOT
Strengths
- A broad, integrated portfolio covering test, automation, inspection, interfaces and software, with a large installed base and a global service network 1.
- Growth in recurring revenue provides a steadier source of income than cyclical system sales 1.
- Demand for AI and high-performance computing has recently accelerated the company's sales and orders 3.
Weaknesses
- Dependence on a small number of large customers is a vulnerability, since losing one important customer would significantly affect results 1.
- Most system production relies on one outside manufacturer, which limits control over deliveries 1.
- The company reported GAAP net losses in the first half of fiscal 2026, and GAAP profitability remained under pressure 3.
Opportunities
Threats
- Investment cycles in the semiconductor industry can cause sudden drops in orders, especially in automotive and industrial markets 1.
- Pressure from global rivals and Asian manufacturers could push prices and gross margins lower 1.
- Geopolitical tensions, trade restrictions and supply chain disruptions could affect production and sales 1.
Risks
- Customer concentrationhigh
A small number of large customers generate a major part of revenue, and a reduction in orders from one of them could significantly affect results 1.
- Industry cyclicalityhigh
Demand for semiconductor equipment is volatile, and sudden changes are difficult to predict and manage operationally 1.
- Dependence on one manufacturing partnermedium
Most systems are outsourced to a single partner, and a delay there could lead to lost or postponed orders 1.
- Inventory and obsolescencemedium
New product launches and changes in test methods can leave inventory obsolete, affecting margins 1.
- Geopolitical and trade risksmedium
Export restrictions, tariffs and regional instability could limit access to certain markets or components 1.
Investment thesis
What would need to be true (bull case)
- If demand for AI and high-performance computing keeps expanding, orders and test cell utilization could rise in coming quarters 3.
- Growth in recurring revenue could stabilize profitability and reduce dependence on capital spending cycles 1.
- A differentiated position in thermal control and inspection could let the company win new share in high-complexity segments 1.
What would break the thesis
- Industry investment cycles can turn abruptly, and demand from automotive and consumer segments could remain weak 1.
- Strong competition from established rivals could pressure prices and gross margins 1.
- The company reported net losses in the first half of fiscal 2026, and if profitability does not improve, pressure on results could persist 3.
What to watch
- Delivery against the third-quarter sales outlookQ3 2026
- Trend in test cell utilization and AI-related ordersQ3 2026
- Development of backlog and customer concentration2027
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 31 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
Segments
Recurring revenue
Recurring revenue includes interface products, spares, software and services, and is meant to stabilize revenue through volatile demand cycles 1. The company describes interfaces as a key part of recurring revenue, which grows as more devices are tested in parallel 1.
Software and analytics
The AI-driven software platform, using the DTQL scripting language, offers process control, online performance monitoring and predictive maintenance for factories 1. It is presented as part of the strategy to grow recurring revenue, although it is not reported as a separate segment 1.
Market context
The company estimates its serviceable available market at approximately $3 billion, across areas such as high-performance computing, HBM, power semiconductors for AI infrastructure, ADAS and electric vehicles 1. In the second quarter of fiscal 2026, estimated test cell utilization rose to 80% by the end of June, supported by AI demand and the industrial market 3.
Demand from automotive and consumer markets remains weak, while AI and data-center equipment has been more resilient 2. Industry cyclicality remains an important factor, and demand for Cohu systems can fluctuate with customers' investment cycles 1.
Trends
- Cyclicality of semiconductor demandheadwind
The industry is described as cyclical and hard to predict, and sales fell sharply in the mobile, automotive and industrial segments in recent years 1. A pullback in capital spending could quickly reduce orders for system sales 1.
- Recurring revenuetailwind
Recurring revenue from interfaces, services and software tends to be more stable than system sales, and its share has grown in recent years 1. This trend could reduce sensitivity to customer capital investment cycles 1.
- Pricing and cost pressuremixed
Intense competition and price pressure in mature product lines can erode margins, while inflation and higher interest rates raise material and labor costs 1. Supply of critical components has also been a source of constraints 1.
Competitive position
Cohu operates in a highly competitive market for test, automation and inspection equipment, where a few large suppliers hold a significant share of sales 1. Its main competitors include established global players such as Advantest, Teradyne, KLA and Asia-based manufacturers 1.
Cohu differentiates through an integrated product range, R&D investment, proprietary thermal control technology and a global field service network 1. The company argues these elements let it compete effectively in high-demand segments 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.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report15 May 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report01 May 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement02 Apr 2026
- Annual report17 Feb 2026
- Current report12 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / Cohu, Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Cohu, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cohu, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.