Cohu, Inc.
- Open
- 70.41
- Day high
- 72.55
- Day low
- 68.58
- Prev close
- 73.91
- Volume
- 642K
- Mkt cap
- $3.3B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.3
- P/S
- 6.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$4.2M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions mixed (13F)
Cohu, Inc. (COHU) is a Technology company listed on NASDAQ. The stock is up 277% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
Cohu, Inc. (COHU) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
COHU earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.03 | $0.01 | -66.7% | $125M | +2.4% |
| Feb 12, 2026 | $0.07 | $-0.15 | -314.3% | $122M | +1.7% |
| Oct 29, 2025 | $-0.19 | $-0.06 | +68.4% | $126M | +3.4% |
| Jul 31, 2025 | $-0.02 | $0.02 | +200.0% | $108M | -5.9% |
| May 1, 2025 | $-0.16 | $-0.02 | +87.5% | $97M | +0.2% |
| Feb 13, 2025 | $-0.07 | $-0.15 | -114.3% | $94M | -1.0% |
| Oct 31, 2024 | $-0.08 | $-0.08 | +0.0% | $95M | +0.3% |
| Jul 31, 2024 | $-0.01 | $-0.01 | -56.0% | $105M | -0.4% |
| May 2, 2024 | $0.00 | $0.01 | +195.0% | $108M | +0.5% |
| Feb 15, 2024 | $0.22 | $0.23 | +4.5% | $137M | +0.3% |
| Nov 2, 2023 | $0.31 | $0.35 | +12.9% | $151M | +0.5% |
| Aug 3, 2023 | $0.43 | $0.48 | +11.6% | $169M | +1.2% |
COHU insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 26, 2026 | CAGGIA ANDREW Mdirector | Grant | 294 | — |
| Jun 16, 2026 | BOHRSON CHRISTOPHERofficer: Sr VP & Chief Customer Officer | Sell | 1,000 | $63.88 |
| May 26, 2026 | DONAHUE JAMES Adirector | Sell | 10,257 | $46.77 |
| May 26, 2026 | Jones Jeffrey Dofficer: Sr. VP Finance & CFO | Sell | 13,000 | $46.84 |
| May 26, 2026 | Muller Luis Aofficer: President & CEO | Sell | 45,154 | $46.62 |
| May 22, 2026 | BILODEAU STEVEN Jdirector | Sell | 10,257 | $44.85 |
| May 19, 2026 | Richardson Ninadirector | Grant | 3,578 | — |
| May 19, 2026 | BILODEAU STEVEN Jdirector | Grant | 3,578 | — |
| May 19, 2026 | Rapp Karen Mariedirector | Grant | 3,578 | — |
| May 19, 2026 | Mattes Andreas Wdirector | Grant | 3,578 | — |
| May 19, 2026 | JORDEN YONdirector | Grant | 3,578 | — |
| May 19, 2026 | CAGGIA ANDREW Mdirector | Grant | 3,578 | — |
| May 19, 2026 | DONAHUE JAMES Adirector | Grant | 3,578 | — |
| May 19, 2026 | BENDUSH WILLIAMdirector | Grant | 3,578 | — |
| May 18, 2026 | BOHRSON CHRISTOPHERofficer: Sr VP & Chief Customer Officer | Sell | 1,000 | $46.92 |
Source: COHU SEC Form 4 filings, latest Jun 26, 2026. For informational purposes only — not investment advice.
See the full COHU insider & 13F page →Cohu, Inc. company profile
Overview
Cohu, Inc. (NASDAQ:COHU) is a California-based semiconductor test equipment manufacturer founded in 1947 and publicly traded since 1980. The company provides specialized testing and inspection equipment used in semiconductor manufacturing, serving customers across the global electronics supply chain. Originally established as Cohu Electronics, the company rebranded to its current name in 1972 and has evolved from a general electronics manufacturer into a focused provider of semiconductor test solutions. Today, Cohu operates internationally with manufacturing facilities in Asia and serves major semiconductor manufacturers and test subcontractors worldwide.
Business
Cohu operates in the semiconductor test equipment industry, which is a critical segment of the broader semiconductor manufacturing ecosystem. The company's core business involves providing the specialized equipment and services needed to test semiconductor chips before they are integrated into electronic devices. Semiconductor Test Equipment Business: Cohu's primary offering consists of automated test equipment (ATE) systems that verify semiconductor chips function correctly before they leave the factory. This includes test handlers that physically move chips through testing processes, contactors that create electrical connections between chips and test equipment, and thermal subsystems that test chips under various temperature conditions. The semiconductor testing process is essential because it identifies defective chips before they reach end products, preventing costly failures in consumer electronics, automotive systems, and industrial equipment. Test Interface Products: The company manufactures probe cards, test contactors, and other interface components that create the physical and electrical connections between semiconductor devices and test equipment. These products are consumable items that require regular replacement, generating recurring revenue streams. Software and Analytics: Cohu has expanded into software solutions through its DI-Core platform and the recent acquisition of Tignis. These AI-powered analytics tools help semiconductor manufacturers optimize their testing processes, predict equipment maintenance needs, and improve manufacturing yields. This represents a growing segment as the industry increasingly adopts data-driven manufacturing approaches. Inspection Systems: The company provides vision-based inspection systems that use advanced imaging and AI to detect physical defects in semiconductor packages. This includes newer offerings for High Bandwidth Memory (HBM) inspection, targeting the rapidly growing data center and AI server markets. Revenue is distributed across multiple semiconductor market segments, with mobile devices historically representing the largest portion at approximately 11-12% of total revenue, followed by automotive (9%), industrial (6-7%), consumer electronics (4-5%), and computing (3-4%). The company generates approximately 62-67% of its revenue from recurring sources including spare parts, consumables, and services, while the remainder comes from new equipment sales.
Competitive moat
Cohu operates in a competitive semiconductor test equipment market with limited sustainable competitive advantages, though it maintains several defensive positions that provide modest protection. Technical Expertise and Customer Relationships: The company's primary moat stems from its deep technical knowledge in semiconductor testing and long-standing relationships with major customers. Semiconductor testing requires specialized expertise in handling delicate chips, creating precise electrical connections, and managing complex thermal conditions. Cohu's decades of experience and installed base of equipment create switching costs for customers who rely on the company's service support and spare parts. However, this technical moat is not insurmountable, as competitors like Teradyne, Advantest, and other test equipment manufacturers offer similar capabilities. Recurring Revenue Base: The company's 62-67% recurring revenue from spare parts, consumables, and services provides some defensive characteristics. Once customers install Cohu equipment, they typically continue purchasing replacement parts and service contracts, creating a steady revenue stream. This recurring business model offers more stability than pure equipment sales but doesn't prevent competitors from winning new equipment installations. Market Position Limitations: Cohu faces significant competitive threats from larger, better-resourced competitors. Teradyne and Advantest dominate the high-end ATE market with superior R&D capabilities and broader product portfolios. These companies can invest more heavily in next-generation technologies and offer comprehensive solutions that smaller players like Cohu cannot match. Additionally, semiconductor manufacturers increasingly prefer working with fewer, larger suppliers who can provide integrated solutions across multiple testing needs. Disruption Risks: The semiconductor testing industry faces potential disruption from changes in chip design and manufacturing processes. New packaging technologies, in-line testing methods, or alternative quality assurance approaches could reduce demand for traditional test equipment. The industry's rapid technological evolution means that companies must continuously invest in R&D to remain relevant, putting pressure on smaller players with limited resources. Overall, Cohu's competitive position is modest at best, with limited sustainable advantages in a market dominated by larger competitors with superior scale and resources.
Risks & safety
Cohu maintains a relatively strong financial position despite recent operational challenges, though profitability concerns warrant attention. Overall Assessment: The company exhibits solid balance sheet strength with minimal debt and substantial cash reserves, but faces near-term cash burn and valuation concerns during the current market downturn. Liquidity and Solvency: • Cash and short-term investments: $152 million as of Q1 2025 • Current ratio: 5.2x indicating strong short-term liquidity • Debt-to-equity ratio: 3.2% reflecting minimal leverage • Free cash flow: -$21 million in Q1 2025, indicating current cash burn • Operating cash flow: -$10 million in Q1 2025, showing operational headwinds Valuation Metrics: • Price-to-book ratio: 0.85x suggesting potential undervaluation relative to assets • Graham net-net ratio: 4.1x indicating stock trades below liquidation value • Negative earnings and EBITDA make traditional valuation metrics less meaningful • Enterprise value reflects market skepticism about near-term recovery Other Considerations: • Strong balance sheet provides runway during semiconductor downturn • Recurring revenue base (62-67%) offers some stability • Management implementing cost reduction and restructuring measures • Market cyclicality suggests eventual recovery, though timing uncertain
Recent development
Over the past several years, Cohu has pursued strategic diversification and technology expansion to reduce dependence on traditional semiconductor testing markets and capture growth in emerging segments. Market Expansion Initiatives: The company has aggressively expanded into high-growth semiconductor markets, particularly High Bandwidth Memory (HBM) inspection for data center and AI applications. Cohu shipped its first HBM inspection system and projects $7-8 million in HBM-related revenue for 2025. The company also entered the silicon carbide power semiconductor market, developing specialized die-level burn-in solutions for automotive applications with an estimated $5 million revenue opportunity in 2025. Software and AI Integration: Cohu has significantly invested in software capabilities through both internal development and acquisition. The company acquired Tignis, an AI-powered process control software company, and has been developing its DI-Core analytics platform for predictive maintenance and yield optimization. Management targets 50% annual software revenue growth over the next three years, representing a strategic shift toward higher-margin, subscription-based revenue models. Operational Restructuring: Facing challenging market conditions, Cohu implemented a restructuring program in early 2025, transferring manufacturing operations to Asian facilities to reduce costs. The company has focused on expense discipline while preserving critical R&D investments in growth areas. Additionally, Cohu opened a new engineering design center in Penang to support regional customers and reduce development costs. Customer Diversification: The company secured a significant $100 million, five-year customer contract for test automation and inspection systems, demonstrating its ability to win large, long-term engagements. Cohu has also expanded its presence in automotive testing through design wins with Chinese automotive test subcontractors and European communications IC suppliers, positioning for recovery in the automotive semiconductor market. These strategic moves reflect management's recognition that traditional semiconductor testing markets face increasing competition and cyclicality, requiring expansion into specialized, higher-growth niches where Cohu can differentiate its offerings.
COHU company profile · for informational purposes only — not investment advice.
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