CGNX
Cognex Corporation

Cognex CorporationCGNX

Technology · Scientific & Technical Instruments
47.78USD
+0.59%
Nov 08, 2026
CGNX overview ready
Machine Vision Systems Supplier for Automated Manufacturing and Logistics
Cognex is a focused machine-vision supplier to manufacturers and logistics operators, selling vision sensors, cameras, barcode readers, 3D systems and vision software used for automated inspection, measurement, identification, traceability and robot guidance.
Primary theme is lagging
Robotics / Automation is lagging (-6.7pp vs SPY over 21 sessions; 3 of 10 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Demanding valuation
Cognex Corporation carries a Expensive valuation stance that the scored components do not clearly support.
Unremarkable fundamentals
Primary risk
Cyclicality in manufacturing capital expenditures.
Market Nov 6Filing Oct 4Price action Nov 7Research Oct 18

Conviction Level

PriceAction3.4BusinessPerformance5.0BusinessQuality8.0Valuation3.0ThemeMomentum1.0Mixed — Revenue is still growing (+13% YoY), but growth has slowed for 2 consecutive quarters, down from +24%. Diluted EPS growth has strengthened to +400% year over year ($0.50), up from +79%. That earnings comparison is against a weak year-ago quarter. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−6.7pp
Theme return
−11.7%
Beating SPY
3 of 10
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$8.0B
Avg Volume (60D)
1.9M
60 sessions
Revenue Growth YoY
+8.7%
FY2025 vs FY2024
Gross Margin
+69.7%
Trailing twelve months
Operating Margin
+25.0%
Trailing twelve months
Free Cash Flow Yield
+3.6%
Distance from 200DMA
-17.8%
P/E
33.3x
Market metrics as of Nov 6, 2026
Financial results for the period ended Oct 4, 2026
Filed balance-sheet data as of Oct 4, 2026

Business Performance

Mixed

Revenue is still growing (+13% YoY), but growth has slowed for 2 consecutive quarters, down from +24%. Diluted EPS growth has strengthened to +400% year over year ($0.50), up from +79%. That earnings comparison is against a weak year-ago quarter.

Latest reported: Q3 FY2026, ended Oct 4
Revenue growthSlowing
+13%
$313M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +9.9%
  2. +24%
  3. +17%
  4. +13%
Earnings growthAccelerating
+400%
Diluted EPS $0.50 vs $0.10 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. +19%
  2. +121%
  3. +79%
  4. +400%
Operating marginExpanding
32.2%
+11.3 pp YoY · gross margin 70.8% (+3.1 pp)
The comparison is against a weak year-ago quarter

Business Quality

8.0 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

One of the two valuation perspectives says expensive; intrinsic is the dissenting view.
Cognex Corporation carries a Expensive valuation stance that the scored components do not clearly support. Treat it as unresolved.

Company Research

Thesis
Cognex is a focused machine-vision supplier to manufacturers and logistics operators, selling vision sensors, cameras, barcode readers, 3D systems and vision software used for automated inspection, measurement, identification, traceability and robot guidance.
Opportunity
Moderate opportunity
Factory and logistics automation investment in cameras, vision sensors, image-based identification, 3D perception and software that allow machines to inspect, identify, measure, track and physically handle variable real-world objects.
Key risk
Cyclicality in manufacturing capital expenditures.

Economic classification

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Business & Markets

Technology · Scientific & Technical Instruments
What they do

Cognex Corporation designs, manufactures, and sells machine vision products that capture and analyze visual information to automate manufacturing and distribution processes globally.

How it earns

The company generates revenue primarily through transactional sales of hardware and software products to manufacturers and logistics operators.

Products & services
VisionPro vision software
Machine vision sensors and cameras
Barcode readers
3D vision systems
Customers & end markets
Manufacturers of discrete items such as mobile phones and automotive components
Logistics and distribution operators
Market position

Leader in machine vision systems for industrial automation and robotics applications.

Demand drivers
Medium cyclicality

Demand is linked to capital investment cycles in manufacturing and logistics automation.