Cohu, Inc., through its subsidiaries, provides semiconductor test equipment and services in the United States, Taiwan, China, Malaysia, the Philippines, Singapore, and internationally. It supplies test and inspection metrology automation systems, micro-electromechanical system test modules, test contactors, thermal subsystems, and data analytics software for semiconductor manufacturers and test subcontractors. The company also provides semiconductor automated test equipment for wafer level and device package testing; various test handlers, including pick-and-place, turret, gravity, strip, film frame, laser marker, and thermal sub-systems; interface products comprising test contactors, and probe heads and pins; spares and kits; various parts and labor warranties on test and handling systems, and instruments; and training on the maintenance and operation of its systems, as well as application, data management software, and consulting services on its products. In addition, it offers data analytics product that includes DI-Core, a software suite used to optimize Cohu equipment performance, which provides real-time online performance monitoring and process control. Further, the company provides artificial intelligence process control and analytics-based monitoring software. It markets its products through direct sales force and independent sales representatives. The company was formerly known as Cohu Electronics, Inc. and changed its name to Cohu, Inc. in 1972. Cohu, Inc. was incorporated in 1947 and is headquartered in San Diego, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $453M | $-10M | $-74M | $11M | -9.5% | 12.7% | 6.4% |
| 2024 | $402M | $-12M | $-70M | $-8M | -8.1% | -36.9% | -348.0% |
| 2023 | $636M | $99M | $28M | $85M | 3.0% | -21.7% | -70.9% |
| 2022 | $813M | $177M | $97M | $98M | 10.4% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 812.78 | 636.32 | 401.78 | 452.96 |
| Operating Revenue | - | 812.78 | 636.32 | 401.78 | 452.96 |
| Cost Of Revenue | - | 429.45 | 333.45 | 221.48 | 259.34 |
| Gross Profit | - | 383.33 | 302.87 | 180.29 | 193.62 |
| Operating Expense | - | 257.16 | 257.18 | 251.92 | 253.24 |
| Research And Development | - | 92.59 | 88.57 | 84.80 | 92.21 |
| Selling General And Administration | - | 131.39 | 132.25 | 128.04 | 123.57 |
| Total Expenses | - | 686.61 | 590.63 | 473.41 | 512.58 |
| Operating Income | - | 126.16 | 45.69 | -71.63 | -59.63 |
| Total Operating Income As Reported | - | 125.56 | 43.27 | -71.67 | -69.77 |
| EBITDA | - | 176.91 | 98.94 | -11.84 | -9.67 |
| Normalized EBITDA | - | 176.19 | 106.94 | -9.16 | -0.90 |
| EBIT | - | 130.89 | 49.20 | -64.33 | -60.35 |
| Interest Income | - | 4.01 | 11.50 | 9.98 | 8.04 |
| Interest Expense | - | 4.18 | 3.38 | 0.62 | 2.05 |
| Net Interest Income | - | -0.16 | 8.12 | 9.36 | 5.99 |
| Other Income Expense | - | 0.72 | -8 | -2.68 | -8.77 |
| Interest Income Non Operating | - | 4.01 | 11.50 | 9.98 | 8.04 |
| Interest Expense Non Operating | - | 4.18 | 3.38 | 0.62 | 2.05 |
| Net Non Operating Interest Income Expense | - | -0.16 | 8.12 | 9.36 | 5.99 |
| Pretax Income | - | 126.72 | 45.82 | -64.95 | -62.41 |
| Tax Provision | - | 29.87 | 17.66 | 4.87 | 11.87 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.17 | -3.08 | -0.56 | -1.84 |
| Net Income Continuous Operations | - | 96.85 | 28.16 | -69.82 | -74.27 |
| Net Income From Continuing And Discontinued Operation | - | 96.85 | 28.16 | -69.82 | -74.27 |
| Net Income From Continuing Operation Net Minority Interest | - | 96.85 | 28.16 | -69.82 | -74.27 |
| Net Income | - | 96.85 | 28.16 | -69.82 | -74.27 |
| Net Income Common Stockholders | - | 96.85 | 28.16 | -69.82 | -74.27 |
| Net Income Including Noncontrolling Interests | - | 96.85 | 28.16 | -69.82 | -74.27 |
| Normalized Income | - | 96.30 | 33.07 | -67.70 | -67.35 |
| Diluted NI Availto Com Stockholders | - | 96.85 | 28.16 | -69.82 | -74.27 |
| Basic Average Shares | - | 48.18 | 47.49 | 46.91 | 46.72 |
| Diluted Average Shares | - | 48.80 | 48.02 | 46.91 | 46.72 |
| Reconciled Depreciation | - | 46.02 | 49.74 | 52.49 | 50.68 |
| Reconciled Cost Of Revenue | - | 416.62 | 320.06 | 208.08 | 246.12 |
| Total Unusual Items | - | 0.72 | -8 | -2.68 | -8.77 |
| Total Unusual Items Excluding Goodwill | - | 0.72 | -8 | -2.68 | -8.77 |
| Minority Interests | 0 | - | - | - | - |
| Net Income Discontinuous Operations | 0 | 0 | - | - | - |
| Special Income Charges | - | -0.92 | -2.79 | -0.28 | -7.98 |
| Gain On Sale Of Business | 70.82 | 0 | 0 | - | - |
| Other Special Charges | 3.41 | 0.31 | 0.37 | 0.24 | - |
| Impairment Of Capital Assets | 0.10 | 0 | 0 | - | - |
| Restructuring And Mergern Acquisition | - | 0.60 | 2.42 | 0.04 | 7.98 |
| Gain On Sale Of Security | - | 1.64 | -5.21 | -2.40 | -0.78 |
| Depreciation Amortization Depletion Income Statement | - | 33.18 | 36.35 | 39.09 | 37.47 |
| Depreciation And Amortization In Income Statement | - | 33.18 | 36.35 | 39.09 | 37.47 |
| Gain On Sale Of Ppe | 0 | 0 | - | - | - |
| Amortization | - | 33.18 | 36.35 | 39.09 | 37.47 |
| Amortization Of Intangibles Income Statement | - | 33.18 | 36.35 | 39.09 | 37.47 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Cohu, Inc.this co. | COHU | $2.6B | -35.49 | 3.36 | -9.5% | -283.09 |
| NetScout Systems, Inc. | NTCT | $3.0B | 31.58 | 1.83 | 5.8% | 13.51 |
| Diebold Nixdorf, Incorporated | DBD | $2.8B | 30.12 | 2.59 | 8.6% | 10.11 |
| Q2 Holdings, Inc. | QTWO | $2.8B | 53.98 | 4.24 | 7.9% | 24.54 |
| Digi International Inc. | DGII | $2.6B | 63.99 | 4.10 |
| - |
| - |
| - |
| - |
| 6.4% |
| 30.51 |
| Rogers Corporation | ROG | $2.6B | -42.10 | 2.18 | -5.2% | 233.34 |
| Ichor Holdings, Ltd. | ICHR | $2.5B | - | 3.73 | -8.0% | - |
| Calix, Inc. | CALX | $2.4B | 136.74 | 2.85 | 2.1% | 59.89 |
| CSG Systems International, Inc. | CSGS | $2.3B | 41.17 | 8.11 | 19.7% | 13.98 |
| Peer Median | - | 41.17 | 3.29 | 6.1% | 24.54 | |