COHU
Cohu, Inc.

Cohu, Inc.COHU

Technology · Semiconductor Equipment & Materials
38.49USD
+10.29%
Nov 08, 2026
COHU overview ready
Supplier of semiconductor test handlers and automation to chipmakers and OSATs
Cohu supplies semiconductor test handlers, automated test equipment, test contactors and probe-interface products, thermal subsystems, inspection and metrology automation, and manufacturing analytics to chip manufacturers and outsourced semiconductor assembly and test providers.
Theme not measured
Semiconductor Test Equipment has no leadership state this session.
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
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / ebitda is weak.
Primary risk
Cyclicality of semiconductor capital equipment spending.
Market Nov 6Filing Sep 26Price action Nov 7Research Sep 30

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction3.4BusinessPerformance7.0BusinessQuality5.4Valuation3.0ThemeMomentum—Improving — Revenue is growing at a steady pace (+37% year over year). Earnings turned positive: diluted EPS of $0.22 against a loss of -$0.09 a year earlier. — 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
Semiconductor Test Equipment — Semiconductor Test Equipment is tracked (3–4 priced members) — too few for a leadership state
Its economic family, Semiconductors, reads Lagging (−22.2pp vs SPY) — the family’s reading, not this theme’s.
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
$1.8B
Avg Volume (60D)
1.2M
60 sessions
Revenue Growth YoY
+12.7%
FY2025 vs FY2024
Gross Margin
+39.4%
Trailing twelve months
Operating Margin
-2.4%
Trailing twelve months
Free Cash Flow Yield
+3.1%
Distance from 200DMA
-18.9%
P/E
N/M
EV / EBITDA
57.5x
EV / Sales
2.8x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 26, 2026
Filed balance-sheet data as of Sep 26, 2026

Business Performance

Improving

Revenue is growing at a steady pace (+37% year over year). Earnings turned positive: diluted EPS of $0.22 against a loss of -$0.09 a year earlier.

Latest reported: Q3 FY2026, ended Sep 26
Revenue growthGrowing
+37%
$173M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +30%
  2. +29%
  3. +38%
  4. +37%
Earnings growthTurned profitable
$0.22
Diluted EPS $0.22 vs -$0.09 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
7.4%
+15.1 pp YoY
The share count is rising

Business Quality

5.4 / 10

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

Fundamentals & Valuation

The available comparisons disagreed; the peers comparison is the more reliable method for this business and the others are published as dissent.
Cohu, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at 2.8x revenue, which requires sustained delivery to be justified.

What changed

  • COHU rose 10.3% in one session
    COHU closed +10.3% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Cohu supplies semiconductor test handlers, automated test equipment, test contactors and probe-interface products, thermal subsystems, inspection and metrology automation, and manufacturing analytics to chip manufacturers and outsourced semiconductor assembly and test providers.
Opportunity
High opportunity
Chipmaker, OSAT, and AI-system investment in advanced packaging, assembly, test, inspection, and yield-management capacity as heterogeneous integration and high-performance devices require more complex back-end manufacturing.
Key risk
Cyclicality of semiconductor capital equipment spending.

Economic classification

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Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

Cohu, Inc. designs, manufactures, and sells semiconductor test equipment and related automation systems globally, serving chip manufacturers and outsourced semiconductor assembly and test providers.

How it earns

Primarily transactional sales of test equipment, automation systems, and software solutions to semiconductor manufacturers and test subcontractors.

Products & services
Semiconductor test handlers
Test contactors and probe-interface products
Automated test equipment for wafer and device package testing
Thermal subsystems
Inspection and metrology automation systems
Manufacturing analytics software
Customers & end markets
Semiconductor manufacturers (chipmakers)
Outsourced semiconductor assembly and test providers (OSATs)
Market position

Niche provider specializing in semiconductor test equipment and automation within the advanced packaging and test segment.

Demand drivers
High cyclicality

Semiconductor equipment demand is closely tied to semiconductor industry cycles and capital spending patterns.

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