Loading…
Makes semiconductor test handlers and equipment that move and sort chips during final testing.
Makes semiconductor test handlers and equipment that move and sort chips during final testing.
Sells handlers and test contactors, the sockets and probes that hold each chip during test, and the contactors are consumables bought again as they wear, giving steadier income than handler sales. It reached its present size by buying rival Xcerra in 2018.
In one line: A niche peer of Teradyne, but for test handling.
Moat: narrow (installed base, customer qualification). Established base of test handlers at chipmakers/OSATs, in a niche, cyclical equipment segment.
Headquarters: Poway, California, US · Founded: 1947 · Employees: 2,857
Size Cohu (COHU) is a United States Information Technology company (Semiconductors) with a market value of $1.82B, the 1861st largest of 3,117 United States companies the cockpit tracks. Shares closed at $38.49 on 6 Nov 2026.
Performance Over six months the shares fell 22.3%, against -24.1% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 34.0% over the last twelve months (peer median +16.1%); the operating margin is -2.0% (peer median 9.1%).
Valuation It trades at 19.3× forward earnings against a peer median of 29.2× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is -7%, so the hurdle is +28 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 13.2 points below its cost of capital (11.7% WACC).
Backlog Backlog (remaining performance obligations) was $4.60M at 26 Sep 2026, flat on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Cohu has 1 bond outstanding ($288M).
Short interest Short interest is 18.9% 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 | $569M | $453M | $402M | $636M | $813M |
| Revenue growth | — | +13% | -37% | -22% | — |
| Gross profit | $224M | $156M | $141M | $266M | $350M |
| EBITDA | $33.2M | -$6.91M | -$19.2M | $103M | $175M |
| Net income | -$22.6M | -$74.3M | -$69.8M | $28.2M | $96.8M |
| Free cash flow | $55.9M | $10.7M | -$7.86M | $85.4M | $98.1M |
| Capital expenditure | $10.3M | $21.0M | $10.6M | $16.1M | $14.8M |
| Total debt | $336M | $331M | $32.4M | $58.9M | $103M |
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 |
|---|---|---|---|---|---|---|
| Cohu COHU | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% |
| Advantest 6857.T | $124B | -1% | +48% | 50% | 27.5× | 36.4% |
| Teradyne TER | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% |
| Chroma Ate 2360.TW | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% |
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 | COHU | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -43.7% | -23.0% | 2nd lowest of 21 |
| 6-month return | -22.3% | -24.1% | 11th highest of 21 |
| Distance from 52-week high | -49.2% | -48.8% | 11th highest of 21 |
| Revenue growth (TTM) | +34.0% | +16.1% | 8th highest of 21 |
| Operating margin | -2.0% | 9.1% | 8th lowest of 21 |
| Forward P/E | 19.3× | 29.2× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 21.5% | 15.6% | 3rd most demanding of 8 |
| Growth delivered (Del g) | -6.6% | +8.7% | lowest of 8 |
| Hurdle (Req g minus delivered) | +28.0 pp | -2.0 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -13.2 pp | -6.3 pp | 5th lowest of 20 |
| EV / EBITDA | 49.7× | 9.1× | most expensive of 11 |
| Net debt / EBITDA | -5.2× | -0.8× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cohu COHU | United States | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% | -6.6% |
| ISC 095340.KS | South Korea | $1.82B | -50% | +61% | 30% | 29.8× | 10.5% | +12.6% |
| Shanghai V-Test Semiconductor Tech 688372.SS | China | $1.82B | -53% | +53% | 18% | 29.2× | n/a | n/a |
| BOE HC SemiTek 300323.SZ | China | $1.81B | -38% | +23% | -8% | 53.6× | n/a | n/a |
| Emmvee Photovoltaic Power EMMVEE.NS | India | $1.84B | -5% | +116% | 29% | 11.4× | n/a | n/a |
| Elite Semiconductor Microelectronics Technology 3006.TW | Taiwan | $1.79B | +14% | +273% | 49% | 1.6× | n/a | n/a |
| Siltronic WAF.DE | Germany | $1.86B | -46% | +1% | -16% | n/a | n/a | n/a |
| ams-OSRAM AMS.SW | Switzerland | $1.78B | -16% | -3% | 8% | n/a | n/a | n/a |
| Shanghai New Vision Microelectronics 688593.SS | China | $1.76B | -22% | +7% | -4% | 643.2× | n/a | n/a |
| Psk 031980.KS | South Korea | $1.89B | -4% | +7% | 36% | 19.2× | 19.3% | +39.2% |
| Chengdu Sino-Microelectronics Tech 688709.SS | China | $1.90B | -47% | -15% | -19% | 29.9× | n/a | n/a |
| Changzhou Fusion New Material 688503.SS | China | $1.71B | -53% | +41% | 2% | 37.6× | n/a | n/a |
| Risen Energy 300118.SZ | China | $1.71B | -42% | -52% | -39% | n/a | 38.4% | -4.7% |
| HPSP 403870.KS | South Korea | $1.95B | -37% | -20% | 53% | 22.1× | 15.6% | +23.1% |
| Southchip Semiconductor Technology (Shanghai) 688484.SS | China | $1.95B | -21% | +9% | -2% | 882.8× | n/a | n/a |
| Shoals Technologies SHLS | United States | $1.70B | +14% | +49% | 11% | 18.3× | n/a | n/a |
| Greatek Electronics 2441.TW | Taiwan | $1.68B | +4% | +24% | 21% | 13.2× | 1.6% | +2.7% |
| Shanghai Anlogic Infotech 688107.SS | China | $1.67B | -26% | +70% | -25% | n/a | n/a | n/a |
| Shenzhen Injoinic Technology 688209.SS | China | $1.64B | +5% | +13% | 11% | n/a | n/a | n/a |
| Aerospace Nanhu Electronic Information Technology 688552.SS | China | $1.64B | -19% | +19% | -6% | 231.3× | 35.8% | +1.0% |
| Tekscend Photomask 429A.T | Japan | $1.64B | -36% | +10% | 22% | 9.9× | 6.4% | +8.7% |
Cohu has 1 bond outstanding with $288M face value.
Cohu reported $4.60M of remaining performance obligations at 26 Sep 2026, flat from a year earlier and down 4% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.