Loading…
Maker of machine-vision systems and barcode readers that let factory robots and equipment 'see' and inspect parts.
Maker of machine-vision systems and barcode readers that let factory robots and equipment 'see' and inspect parts.
Sells vision cameras, barcode readers and software mostly through direct sales engineers and system integrators to factory and warehouse customers, whose orders come in waves when they build or retool lines. Consumer electronics and automotive plants have been the main source of demand, with logistics a newer one.
Moat: narrow (IP / patents, brand, installed base). Leading machine-vision IP and brand recognition among factory automation engineers.
Headquarters: Natick, Massachusetts, US · Founded: 1981 · Employees: 2,745
Size Cognex (CGNX) is a United States Information Technology company (Electronic Equipment/Instruments) with a market value of $8.04B, the 880th largest of 3,117 United States companies the cockpit tracks. Shares closed at $47.78 on 6 Nov 2026.
Performance Over six months the shares fell 27.2%, against -25.2% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 19 in its peer set.
Growth Revenue grew 17.1% over the last twelve months (peer median +16.2%); the operating margin is 21.9% (peer median 17.4%).
Valuation It trades at 24.8× forward earnings against a peer median of 25.0× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.5 points above its cost of capital (12.2% WACC).
Short interest Short interest is 3.9% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.09B | $994M | $915M | $838M | $1.01B |
| Revenue growth | — | +9% | +9% | -17% | — |
| Gross profit | $750M | $665M | $626M | $601M | $722M |
| EBITDA | $267M | $193M | $148M | $145M | $288M |
| Net income | $175M | $114M | $106M | $113M | $216M |
| Free cash flow | $268M | $237M | $134M | $89.8M | $224M |
| Capital expenditure | $8.34M | $8.74M | $15.0M | $23.1M | $19.7M |
| Total debt | $72.5M | $76.6M | $70.2M | $78.6M | $39.8M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cognex CGNX | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% |
| Keyence 6861.T | $107B | -2% | +25% | 54% | 28.7× | 21.1% |
| Omron 6645.T | $5.79B | -17% | -2% | 9% | 16.7× | 11.7% |
| Zebra Technologies ZBRA | $15.2B | +42% | +17% | 17% | 14.9× | 14.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CGNX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.6% | -12.4% | 8th lowest of 21 |
| 6-month return | -27.2% | -25.2% | 9th lowest of 19 |
| Distance from 52-week high | -34.4% | -45.5% | 7th highest of 21 |
| Revenue growth (TTM) | +17.1% | +16.2% | 10th highest of 20 |
| Operating margin | 21.9% | 17.4% | 8th highest of 20 |
| Forward P/E | 24.8× | 25.0× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 25.6% | 20.7% | 7th most demanding of 15 |
| Growth delivered (Del g) | +4.2% | +13.9% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | +21.4 pp | +4.0 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | +6.5 pp | +2.6 pp | 8th highest of 20 |
| EV / EBITDA | 27.7× | 26.1× | 4th most expensive of 9 |
| Net debt / EBITDA | -1.2× | -1.1× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cognex CGNX | United States | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% | +4.2% |
| ONTO ONTO | United States | $8.50B | -39% | +8% | 20% | 16.9× | 29.4% | +12.6% |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |
| NVMI NVMI | United States | $9.96B | -40% | +16% | 29% | 25.0× | 32.8% | +26.7% |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |
| Novanta NOVT | United States | $5.11B | -2% | +8% | 12% | 33.9× | 33.5% | +10.7% |
| Sieyuan Electric 002028.SZ | China | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% | +23.9% |
| Skyverse Technology 688361.SS | China | $13.8B | +33% | +39% | -12% | 563.2× | n/a | n/a |
| INFICON IFCN.SW | Switzerland | $4.51B | 0% | -2% | 17% | 32.8× | 19.7% | +8.4% |
| Itron ITRI | United States | $4.32B | +20% | -4% | 14% | 14.5× | 9.2% | +1.7% |
| Chroma Ate 2360.TW | Taiwan | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% | +12.8% |
| CIQTEK 688828.SS | China | $4.17B | n/a | +33% | -5% | n/a | n/a | n/a |
| Halma HLMA.L | United Kingdom | $17.0B | -25% | +15% | 20% | 25.0× | 21.7% | +14.4% |
| Semight Instruments 688808.SS | China | $17.0B | n/a | n/a | n/a | 51.5× | n/a | n/a |
| Hangzhou Changchuan Technology 300604.SZ | China | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% | +45.8% |
| Lasertec 6920.T | Japan | $18.2B | -25% | -19% | 44% | 28.7× | 28.9% | +26.8% |
| Shenzhen SEICHI Technologies 688627.SS | China | $3.37B | -24% | +65% | 3% | 89.1× | n/a | n/a |
| GRG Banking Equipment 002152.SZ | China | $3.26B | -25% | 0% | 9% | 23.0× | 4.0% | +13.5% |
| Hon Precision 7769.TW | Taiwan | $20.0B | -34% | +257% | 48% | 21.3× | 28.2% | +31.0% |
| Syntec Technology 7750.TW | Taiwan | $3.15B | -46% | +60% | 25% | 13.2× | 17.2% | +24.3% |
| Addsino 000547.SZ | China | $3.02B | -49% | -6% | -54% | n/a | n/a | n/a |