# Cognex Corporation (CGNX)

> Source: Nexqual · https://nexqual.com/CGNX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cognex Corporation (CGNX), nexqual.com/CGNX" · informational, not investment advice.

**Price:** USD 54.6 (-5.94% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 54.6 · day 54.14–56.63 · 52w 34.6–72.88 · market cap null · NMS

## Key facts
- Last four reported quarters (through Jul 5, 2026): revenue $1.09B, net income $175M (16.1% margin), free cash flow $268M (SEC filings).
- Valuation: P/E 52.5x (avg 58.5x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold CGNX (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $16.6M; 3 not under a Rule 10b5-1 plan ($15.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.05 on a 1–5 scale) (20 analysts), mean target USD 79.37 (range 60–92).
- Total return with dividends: 1Y +14.4% vs S&P 500 +14.9%; 5Y -33.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.52, revenue estimate $314M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.04B | $1.01B | $838M | $915M | $994M | $1.09B |
| Gross profit | $760M | $722M | $601M | $626M | $665M | — |
| Operating income | $315M | $246M | $131M | $115M | $163M | $238M |
| Net income | $280M | $216M | $113M | $106M | $114M | $175M |
| EPS (diluted) | $1.56 | $1.23 | $0.65 | $0.62 | $0.68 | — |
| Free cash flow | $299M | $224M | $89.8M | $134M | $237M | $268M |
| Gross margin | 73.3% | 71.8% | 71.8% | 68.4% | 66.9% | — |
| Operating margin | 30.4% | 24.5% | 15.6% | 12.6% | 16.3% | 21.9% |
| Net margin | 27.0% | 21.4% | 13.5% | 11.6% | 11.5% | 16.1% |
| Revenue growth | +27.9% | -3.0% | -16.8% | +9.2% | +8.7% | — |
| Cash + short-term investments | $324M | $400M | $332M | $246M | $337M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 5, 2026)
P/E 52.5x · P/S 8.4x · P/FCF 34.2x · P/B 5.6x · FCF yield 2.92% · Earnings yield 1.90% · Dividend yield (paid, TTM) 0.61% · Buyback yield (TTM) 1.68%
P/E at fiscal year-ends: Dec 2025 53.2x, Dec 2024 58.3x, Dec 2023 63.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold CGNX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Glenn Welling | Engaged Capital | 7.60% | $24.6M | Reduced -30.0% |
| Mairs & Power | Mairs & Power Funds | 0.87% | $94.7M | Added +6.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Moschner Matthew | CEO & President | 24,962 | $1.6M | 69.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Long Darren Marc | Vice President | 20,252 | $1.3M | 83.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11…2026-05-12 | Macdonald Laura Ann | VP and PAO | 139,722 | $9.3M | 96.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Fennell Mark | Chief Legal Officer &Secretary | 64,873 | $4.3M | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.05 on a 1–5 scale), 20 analysts; mean target USD 79.37 (low 60, high 92).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Barclays | Target raised | Overweight | $80 → $85 |
| 2026-10-05 | Truist Securities | Target lowered | Hold | $78 → $74 |
| 2026-09-23 | DA Davidson | Maintained | Neutral | $65 |
| 2026-09-23 | Baird | Target lowered | Neutral | $78 → $70 |
| 2026-09-15 | Needham | Reiterated | Buy | $80 |
| 2026-08-10 | DA Davidson | Target raised | Neutral | $62 → $65 |
| 2026-08-10 | HSBC | Downgrade | Buy → Hold |  |
| 2026-08-10 | Barclays | Target raised | Overweight | $75 → $80 |
| 2026-08-07 | Citigroup | Target raised | Neutral | $72 → $74 |
| 2026-08-07 | Needham | Target raised | Buy | $75 → $80 |
| 2026-08-07 | Truist Securities | Target raised | Hold | $71 → $78 |
| 2026-08-07 | Cantor Fitzgerald | Target raised | Overweight | $76 → $84 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +14.4% | -33.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +14.4% | -7.8% |
| Volatility (annualized) | 55.8% | 42.0% |
| Max drawdown | -27.9% (Oct 2025→Dec 2025) | -72.3% (Oct 2021→Apr 2025) |

## Peers (Scientific & Technical Instruments)
TRMB (Trimble Inc.) USD 64.01 +2.27% · MKSI (MKS Inc.) USD 196.11 -9.25% · ESE (ESCO Technologies Inc.) USD 232.99 -5.87% · ST (Sensata Technologies Holding pl) USD 40.7 -3.74% · FTV (Fortive Corporation) USD 60.05 +2.40% · NOVT (Novanta Inc.) USD 136.66 -2.34%

## More
Full page: https://nexqual.com/CGNX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CGNX's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/851205/000085120526000012/cgnx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Moritex | "The portfolio of Moritex optical components allows us to expand our served market to include high-end lenses and lighting and provide our customers with a more complete product offering by replacing third-party component…" |

## Revenue by product line (quarter ended 2026-07-05)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Standard products and services | $247.1M | 84.8% | +14.4% |
| Application-specific customer solutions | $44.2M | 15.2% | +33.6% |
| Total revenue | $291.3M | 100% | — |

## Revenue by region (quarter ended 2026-07-05)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $117.0M | 40.2% | +27.0% |
| Greater China | $66.1M | 22.7% | +46.9% |
| Europe | $58.9M | 20.2% | -11.6% |
| Other Asia | $49.2M | 16.9% | +8.6% |
| Total revenue | $291.3M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 15% of revenue from unnamed direct customers (10-K, filed 2026-02-12).

## Company outlook (8-K filed 2026-08-05)

- "Cognex issued third-quarter and full-year 2026 guidance; details are summarized in the tables below."
- "Table 1: Third-Quarter 2026 Guidance (Dollars in millions, except per share amounts) Q3 2026 Guidance Q3 2025 Results Q3 2025 Results ex CP* Y/Y Change** Y/Y Change** ex CP* Revenue $300 - $320 $277 $264 +12% +17% Adj."
- "EPS (diluted) 1 $0.50 - $0.54 $0.33 $0.28 +58% +86% Table 2: Full-Year 2026 Guidance (Dollars in millions, except per share amounts) 2026 Guidance 2025 Results 2025 Results ex CP* Y/Y Change** Y/Y Change** ex CP* Revenue $1,130 - $1,150 $994 $982 +15% +16% Adj."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.52 | $0.37 | +40.4% | $313.6M | 17 |
| Next quarter (ends 2026-12-31) | $0.39 | $0.34 | +13.5% | $273.6M | 16 |
| Current fiscal year (ends 2026-12-31) | $1.69 | $1.48 | +14.3% | $1.15B | 18 |
| Next fiscal year (ends 2027-12-31) | $2.02 | $1.78 | +13.6% | $1.27B | 18 |