COHU
Cohu, Inc.

Cohu, Inc.COHU

Technology · Semiconductor Equipment & Materials
64.54USD
+6.47%
Sep 23, 2026
COHU overview ready
Provider of automated test and inspection systems for advanced semiconductor packaging
Cohu supplies the production-test layer: automated test handlers, test contactors and interface products, thermal-control systems, semiconductor test equipment, inspection and metrology tools, and manufacturing-yield software and services.
Strong narrative exposure
Exposed to the Semiconductor Supply Chain Localization narrative through Advanced Packaging and Semiconductor Test — bottleneck supplier.
Advancing price action
Longer-term context reads mature trend, with a near-term setup of daily advance.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / ebitda is weak.
Primary risk
Cyclical demand fluctuations in semiconductor industry.
Market Sep 22Filing Jun 27Price action Sep 22Research Aug 30

Conviction Level

NarrativeHeat8.7ThemeHeat8.2PriceAction8.0Valuation0.3CompanyPosition9.3
Price
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Price Action

Advancing price action
Longer-term context reads mature trend, with a near-term setup of daily advance.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA100 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location. The advance off that reset has already consumed part of the entry advantage while the weekly trend remains extended, which tempers the assessment.

Key Financials

Market Cap
$3.1B
Avg Volume (60D)
1.1M
60 sessions
Revenue Growth YoY
+12.7%
FY2025 vs FY2024
Gross Margin
+37.8%
Trailing twelve months
Operating Margin
-6.9%
Trailing twelve months
Free Cash Flow Yield
+1.1%
Distance from 200DMA
+53.3%
Next Earnings
2026-10-29
P/E
N/M
EV / EBITDA
320.1x
EV / Sales
5.5x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 27, 2026
Filed balance-sheet data as of Jun 27, 2026

Fundamentals & Valuation

One of the two valuation perspectives says expensive; intrinsic is the dissenting view.
Cohu, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at 5.5x revenue, which requires sustained delivery to be justified.

Company Research

Thesis
Cohu supplies the production-test layer: automated test handlers, test contactors and interface products, thermal-control systems, semiconductor test equipment, inspection and metrology tools, and manufacturing-yield software and services.
Opportunity
High opportunity
Investment in geographically resilient semiconductor back-end capacity—advanced packaging, assembly, inspection and test—needed to commercialize increasingly complex high-performance devices.
Key risk
Cyclical demand fluctuations in semiconductor industry.

Narrative & Theme

Semiconductor Supply Chain Localization
Part of Advanced Packaging and Semiconductor Test, with strong fit.
COHU is a genuine picks-and-shovels beneficiary of semiconductor back-end investment rather than a generic semiconductor adjacency.
Narrative HeatHot8.7 / 10
Theme HeatHeating up8.2 / 10

Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

Cohu, Inc. designs, manufactures, and sells semiconductor test equipment and related services globally, supporting semiconductor manufacturers and test subcontractors through automated test and inspection systems.

How it earns

The company generates revenue primarily through transactional sales of equipment and related services to semiconductor manufacturers and subcontractors.

Products & services
Semiconductor test equipment
Test contactors
Thermal subsystems
Data analytics software
Test handlers
Customers & end markets
Semiconductor manufacturers
Semiconductor test subcontractors
Market position

Niche player specializing in semiconductor test equipment with a global footprint.

Demand drivers
High cyclicality

Semiconductor equipment demand is closely tied to the cyclical semiconductor manufacturing industry.

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