# Cohu, Inc. (COHU)

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

**Price:** USD 46.26 (-16.33% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 55.29 · day 45.29–51.9 · 52w 21.1–75.72 · market cap $2.19B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $523M, net income -$38.8M (-7.4% margin), free cash flow $34.9M (SEC filings).
- 1 of 80 tracked superinvestors hold COHU (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 19 Form 4 filings, $12.7M; 6 not under a Rule 10b5-1 plan ($4.3M); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.88 on a 1–5 scale) (8 analysts), mean target USD 70.88 (range 65–80).
- Total return with dividends: 1Y +105.8% vs S&P 500 +14.9%; 5Y +49.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.35, revenue estimate $170M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $887M | $813M | $636M | $402M | $453M | $523M |
| Operating income | $202M | $126M | $43.3M | -$71.7M | -$69.8M | -$36.1M |
| Net income | $167M | $96.8M | $28.2M | -$69.8M | -$74.3M | -$38.8M |
| EPS (diluted) | $3.45 | $1.98 | $0.59 | -$1.49 | -$1.59 | — |
| Free cash flow | $85.9M | $98.1M | $85.4M | -$7.9M | $10.7M | $34.9M |
| Operating margin | 22.7% | 15.4% | 6.8% | -17.8% | -15.4% | -6.9% |
| Net margin | 18.9% | 11.9% | 4.4% | -17.4% | -16.4% | -7.4% |
| Revenue growth | +39.5% | -8.4% | -21.7% | -36.9% | +12.7% | — |
| Cash + short-term investments | $380M | $386M | $336M | $262M | $484M | — |
| Total debt | $119M | $79.7M | $40.9M | $8.8M | $305M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/S 4.2x · EV/EBITDA 223.0x · EV/Sales 3.8x · P/FCF 62.7x · P/B 2.8x · FCF yield 1.59% · Earnings yield -1.77% · Buyback yield (TTM) 0.00% · Net cash $202M · EV $1.99B
P/E at fiscal year-ends: Dec 2023 60.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold COHU. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.07% | $40.5M | Added +15.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 19 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Bohrson Christopher | Chief Recurring Officer | 1,000 | $55K | 0.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-02 | Muller Luis A | President & CEO | 21,662 | $1.6M | 2.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-25 | Muller Luis A | President & CEO | 27,236 | $1.8M | 3.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-09-21 | Muller Luis A | President & CEO | 55,794 | $3.3M | 6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-19 | Bohrson Christopher | Sr VP & Chief Customer Officer | 10,000 | $558K | 5.9% | No | Too little history (no open-market trades in 2023) |
| 2026-08-17 | Bohrson Christopher | Sr VP & Chief Customer Officer | 1,000 | $62K | 0.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-05 | Richardson Nina | Director | 3,055 | $157K | 7.2% | Yes | Too little history (no open-market trades in 2025) |
| 2026-08-05 | Caggia Andrew M | Director | 15,252 | $789K | 19.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-15 | Bohrson Christopher | Sr VP & Chief Customer Officer | 1,000 | $58K | 0.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-15 | Bohrson Christopher | Sr VP & Chief Customer Officer | 1,000 | $64K | 0.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-22 | Jones Jeffrey D | Sr. VP Finance & CFO | 13,000 | $609K | 3.6% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-22 | Muller Luis A | President & CEO | 45,154 | $2.1M | 4.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Donahue James A | Director | 10,257 | $480K | 2.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20 | Bilodeau Steven J | Director | 10,257 | $460K | 16.4% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-15 | Bohrson Christopher | Sr VP & Chief Customer Officer | 1,000 | $47K | 0.6% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-13 | Bendush William | Director | 7,500 | $369K | 17.6% | Yes | Routine (sold in May each year 2023–2025) |
| 2026-05-11 | Bohrson Christopher | Sr VP & Chief Customer Officer | 1,500 | $77K | 0.9% | No | Too little history (no open-market trades in 2023) |
| 2026-04-15 | Bohrson Christopher | Sr VP & Chief Customer Officer | 1,000 | $38K | 0.6% | Yes | Too little history (no open-market trades in 2023) |
| 2025-09-15 | Bohrson Christopher | Chief Recurring Officer | 1,000 | $51K | 0.6% | Yes | Too little history (no open-market trades in 2023) |
% 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 1.88 on a 1–5 scale), 8 analysts; mean target USD 70.88 (low 65, high 80).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-31 | B. Riley Securities | Target raised | Buy | $65 → $69 |
| 2026-07-31 | Needham | Target raised | Buy | $54 → $65 |
| 2026-07-22 | B. Riley Securities | Target raised | Buy | $60 → $65 |
| 2026-07-10 | Stifel | Target raised | Buy | $50 → $70 |
| 2026-07-09 | Baird | Initiated | Outperform | $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +105.8% | +49.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +106.3% | +8.4% |
| Volatility (annualized) | 71.6% | 45.7% |
| Max drawdown | -46.8% (Jun 2026→Jul 2026) | -68.5% (Jul 2023→Mar 2025) |

## Peers (Semiconductor Equipment & Materials)
UCTT (Ultra Clean Holdings, Inc.) USD 44.46 -14.86% · VECO (Veeco Instruments Inc.) USD 41.15 -11.81% · AEHR (Aehr Test Systems) USD 55.65 -12.88% · AMBA (Ambarella, Inc.) USD 63.12 -4.36% · IPGP (IPG Photonics Corporation) USD 69.41 -6.24% · PLAB (Photronics, Inc.) USD 27.9 -3.56%

## More
Full page: https://nexqual.com/COHU · 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 COHU's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/21535/000143774926004339/cohu20251227_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Jabil (JBL) | "In the event that Jabil is unable to meet our current delivery schedule for semiconductor test systems, or if Jabil experienced unexpected downtime, we may not be able to sell to our customers, or have significant delays…" |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Nonsystems | $78.3M | 52.6% | +15.1% |
| Systems | $70.7M | 47.4% | +78.2% |
| Total revenue | $149.0M | 100% | — |

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Rest Of The World | $67.2M | 45.1% | +62.1% |
| Malaysia | $26.5M | 17.8% | +144.7% |
| Taiwan | $19.9M | 13.4% | -11.8% |
| Philippines | $17.7M | 11.9% | +12.0% |
| China | $17.6M | 11.8% | +3.8% |
| Total revenue | $149.0M | 100% | — |

## Customer concentration

Period ended 2026-06-27: 11% of revenue from unnamed direct customers (10-Q, filed 2026-07-31).

## Company outlook (8-K filed 2026-07-30)

- "Increased confidence in this market is leading us to raise our FY26 high-performance computing revenue estimate to $100 million to $110 million, further reinforcing Cohu's differentiated position in test and inspection." Cohu expects third quarter 2026 sales to be in a range of $170 million +/- $7 million."

Analysts expect $170.2M for the current quarter, +0.1% vs the guidance midpoint $170.0M. Source: https://www.sec.gov/Archives/edgar/data/21535/000143774926025053/ex_994647.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.34 | $0.22 | +55.1% | $170.2M | 8 |
| Next quarter (ends 2026-12-31) | $0.31 | $0.20 | +51.5% | $168.1M | 8 |
| Current fiscal year (ends 2026-12-31) | $0.93 | $0.58 | +61.3% | $612.4M | 8 |
| Next fiscal year (ends 2027-12-31) | $1.81 | $1.48 | +22.4% | $769.8M | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±20.4%; last 8 reports averaged ±6.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 94.6% | ±20.4% |
| 2026-12-18 | 56 | 85.8% | ±26.5% |
| 2027-02-19 | 119 | 79.5% | ±35.6% |
| 2027-05-21 | 210 | 76.0% | ±44.7% |