At a glance
Cohu Inc is worth $2.52B. Revenue grew 12.7% to $453.0M in fiscal 2025, at a loss; over 5 years it has grown 6.6% a year. It pays no dividend; it spent $117.3M buying back its shares over FY2021–FY2025. The stock returned +126.3% over the past year with dividends reinvested and +10.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.1% in the 2020 crash (S&P 500: 33.7%) and 37.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 11 months after the lows.
The business in plain English
Cohu, founded in 1947, makes equipment and parts that chipmakers use to test and inspect semiconductors during production. Its test automation systems move chips into place and control their temperature during testing. Its testers run electrical checks, and its inspection systems use optical and infrared imaging to spot defects. It also supplies interface products, such as test contactors and probe cards that connect the tester to each chip. Its software helps factories raise the share of good chips. Everything falls into one reporting segment, Semiconductor Test & Inspection.
Cohu earns money two ways. Systems sales depend on customers' equipment budgets, which swing with the chip cycle. Recurring revenue comes from its installed base of more than 25,000 systems through interface products, spares, kits, software and services. Interface parts are built for specific chips and need frequent replacement. In fiscal 2025, which ended December 27, 2025, recurring revenue was 60% of net sales of about $453 million, up from 49% in fiscal 2023.
Customers include chipmakers with their own factories, outsourced assembly and test firms, and fabless designers that hire others to make their chips. Sales lean on Asia. In fiscal 2025, the Philippines supplied 15.2% of revenue, Taiwan 14.3%, China 13.4% and Malaysia 12.6%, while the United States supplied 10.4%. Rivals include Advantest, Teradyne and KLA.
Price history
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COHU +126.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| Rest of the World | $128.3M | 28.3% |
| PHILIPPINES | $68.9M | 15.2% |
| TAIWAN | $64.7M | 14.3% |
| CHINA | $60.7M | 13.4% |
| MALAYSIA | $57.3M | 12.6% |
| UNITED STATES | $47.0M | 10.4% |
| SINGAPORE | $26.2M | 5.8% |
Latest results
- In Q3 FY2026 (ended Sep 26, 2026), revenue was $173.0M, up 37% from a year earlier, and net income was $12.1M.
- For fiscal 2025, revenue was $453.0M (+12.7% year over year; -6.6% a year from FY2020 to FY2025) with a -16.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -6.6% weak |
|---|---|
| Operating margin | -15.4% weak |
| Free cash flow margin | 2.4% watch |
| Return on equity (FY2025) | -9.5% weak |
| Return on assets (FY2025) | -6% weak |
| Net cash (cash minus debt) | $205.9M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $636.0M | $-13.8M | $31.2M |
| FY2021 | $887.2M | $167.3M | $85.9M |
| FY2022 | $812.8M | $96.8M | $98.1M |
| FY2023 | $636.3M | $28.2M | $85.4M |
| FY2024 | $401.8M | $-69.8M | $-7.9M |
| FY2025 | $453.0M | $-74.3M | $10.7M |
Valuation snapshot
| Market value | $2.52B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Cohu’s market value went from $371.3M at the end of 2016 to $2.52B on Oct 28, 2026, about 6.8 times as much; since the end of 2025 it is up 132%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.52B | +131.6% |
| 2025 | $1.09B | -12.7% |
| 2024 | $1.24B | -26.0% |
| 2023 | $1.68B | +10.1% |
| 2022 | $1.53B | -17.7% |
| 2021 | $1.85B | +15.7% |
| 2020 | $1.60B | +69.9% |
| 2019 | $942.9M | +44.2% |
| 2018 | $654.1M | +5.3% |
| 2017 | $620.9M | +67.2% |
| 2016 | $371.3M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| COHU price data to Oct 28, 2026 | +128.4% | +126.3% | +20.3% | +10.0% | +17.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +128.4% |
| 2025 | -12.8% |
| 2024 | -24.6% |
| 2023 | +10.4% |
| 2022 | -15.9% |
| 2021 | -0.2% |
| 2020 | +67.5% |
| 2019 | +44.3% |
| 2018 | -26.0% |
| 2017 | +60.0% |
| 2016 | +17.6% |
| 2015 | +3.6% |
| 2014 | +15.8% |
| 2013 | -0.8% |
| 2012 | -2.0% |
| 2011 | -30.1% |
| 2010 | +21.0% |
| 2009 | +17.7% |
| 2008 | -19.2% |
| 2007 | -23.1% |
| 2006 | -10.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.6% over that stretch · deepest drop along the way 64.4%, back to its old high 95.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.1% over that stretch · deepest drop along the way 57.1%, back to its old high 7.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.8% over that stretch · deepest drop along the way 37.3%, back to its old high 11.3 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 16 sales ($12.1M), 11 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 21, 2026 | Luis A Muller President & CEO | sell (plan) | $3.3M |
| May 22, 2026 | Luis A Muller President & CEO | sell | $2.1M |
| Sep 25, 2026 | Luis A Muller President & CEO | sell (plan) | $1.8M |
| Oct 2, 2026 | Luis A Muller President & CEO | sell (plan) | $1.6M |
| May 22, 2026 | Jeffrey D Jones Sr. VP Finance & CFO | sell | $609K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.7% | Jun 30, 2025 |
| Capital World Investors | 5.8% | Jun 30, 2026 |
| THRIVENT FINANCIAL FOR LUTHERANS | 5.6% | Dec 31, 2024 |
| Vanguard Capital Management | 5.01% | Jun 30, 2026 |
| Victory Capital Management, Inc. | 4.91% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 4% | Dec 31, 2025 |
ETFs with the most weight in COHU
| PSCT Invesco S&P SmallCap Information Technology ETF | 0.5% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.46% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.33% |
| OASC OneAscent Small Cap Core ETF | 0.26% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.21% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.14% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.12% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.11% |
What could go wrong
- Heavy reliance on one contract manufacturer. Cohu relies on Jabil to build most of its semiconductor test systems in Malaysia. Delays or downtime there could hold up customer orders, and backup capacity may not be available on good terms.
- Sharp swings in chip-industry demand. Demand follows the chip cycle. Cohu's mobile market sales fell 54% in 2023, 10% in 2024 and 17% in 2025. Automotive and industrial system sales fell 65% in 2024, then rose 45% in 2025.
- Trade limits on sales to China. Trade rules limit which products Cohu can make and which customers it can serve, especially in China, which was 13.4% of fiscal 2025 sales. Tighter rules could cut off part of that business.
- Products and inventory can become obsolete. Chip testing methods change fast. Cohu spent $92.2 million on research and development in fiscal 2025, and some past product platforms missed expected sales. Outdated parts inventory can force costly write-offs.
- Debt and possible share dilution. Cohu had $296.2 million of debt as of June 27, 2026, including notes that can convert into shares. Conversion or new stock sales would shrink existing owners' stakes. Cash and investments exceeded debt.
- Tough rivals and few large customers. Cohu competes with Advantest, Teradyne, KLA and Asia-based makers. A small number of large chipmakers and test subcontractors account for much of industry sales, and mergers among them could hurt demand for Cohu's products.
Recent events
- Quarterly results released
- Quarterly results released
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Quarterly results released
For income and retirement investors
Cohu pays no dividend, so it provides no regular income. It last paid a dividend, $0.06 per share, in fiscal 2020, and its yield was 0% as of October 28, 2026. Anyone needing cash from the stock would have to trim the position. Cohu has returned cash through buybacks (repurchases of its own shares) instead, about $117 million from fiscal 2021 through fiscal 2025, and its share count fell 2.6% between July 2021 and July 2026. Buybacks slowed to $8.6 million in fiscal 2025, when Cohu lost $74.3 million and free cash flow (cash left after capital spending) was $10.7 million.
The shares have fallen steeply in past downturns. They dropped 64.4% in the 2008 financial crisis and took about eight years to recover. They fell 57.1% in the 2020 COVID crash but recovered by November 2020, and lost 37.3% in the 2022 bear market. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Cohu make money?
Cohu makes money by supplying equipment, parts and services that chipmakers use to test and inspect semiconductors. In fiscal 2025, 40% of net sales came from systems such as test automation equipment, testers and inspection machines. The other 60% was recurring revenue from interface products, spares, kits, software and services. Interface parts such as test contactors and probe cards are built for specific chips and need frequent replacement. That brings repeat orders from its installed base of more than 25,000 systems.
Does Cohu pay a dividend?
No. Cohu's last dividend came in fiscal 2020, when it paid $0.06 per share, and its dividend yield was 0% as of October 28, 2026. The company has used share buybacks instead, spending about $117 million from fiscal 2021 through fiscal 2025, and its share count fell 2.6% between July 2021 and July 2026. Investors who rely on portfolio income would get none from this stock and would need to trim shares to raise cash.
Is Cohu profitable?
Not in its latest two fiscal years. Cohu lost $74.3 million in fiscal 2025, which ended December 27, 2025, on revenue of $453.0 million, up 12.7%. It lost $69.8 million in fiscal 2024. In the quarter ended June 27, 2026, revenue rose 38.4% from a year earlier to $149.0 million, and the net loss was $159,000. Cohu was profitable from fiscal 2021 through fiscal 2023, earning $167.3 million in fiscal 2021.
Does Cohu have a lot of debt?
Not compared with its cash. As of June 27, 2026, Cohu held $498.2 million in cash and investments against $296.2 million of total debt, leaving about $201.9 million in net cash. Part of that debt is notes that can convert into shares, and conversion would shrink existing owners' stakes. Cohu's annual report (10-K) warns that its debt level could strain its ability to meet note obligations or keep enough cash on hand.
How volatile is Cohu stock?
Very volatile. As of October 28, 2026, the shares were up 128.4% for the year to date and 126.3% over one year, yet down 19.6% over the prior month. Within the past year they fell as much as 46.8% from a peak. One-year beta was 2.96, meaning the stock has tended to move about three times as much as the broad market. It lost 24.6% in 2024 and 12.9% in 2025.