Cohu
COHU on Nasdaq. Cohu sells chip-making equipment and support services to semiconductor manufacturers. Market value $3.5bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.01 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 51 of 100. Price score: 5 of 100. Our list needs 70 on quality and 60 on price.
$73.10 a share, 292% above its 1-year low
Over the past year the price has ranged from $18.67 to $75.72.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $35 million in the past 12 months, $11 million in the year to December 2025.
| Revenue | |||||
| Revenue | $887m | $813m | $636m | $402m | $453m |
| Operating margin | |||||
| Operating margin | 22.7% | 15.4% | 6.8% | -17.8% | -15.4% |
| Debt to equity | |||||
| Debt to equity | 0.14 | 0.09 | 0.04 | 0.02 | 0.39 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)3 of 9
- Profit backed by cash (accruals)Yes
- Debt0.39× equity
- Revenue growth, five yearsShrinking, 6.6% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $149 million last quarter, up 38% on a year ago.
- A loss of $159,000, compared with a loss of $17 million a year ago.
- It loses 7 cents on each $1 of sales, compared with 21 cents a year earlier.
- Spare cash over the past 12 months: $35 million, up from $3 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $77 million more than cash. A year ago it had $146 million more cash than debt.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $95m |
| December 2024 | $94m |
| March 2025 | $97m |
| June 2025 | $108m |
| September 2025 | $126m |
| December 2025 | $122m |
| March 2026 | $125m |
| June 2026 | $149m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$18m |
| December 2024 | -$21m |
| March 2025 | -$31m |
| June 2025 | -$17m |
| September 2025 | -$4m |
| December 2025 | -$22m |
| March 2026 | -$12m |
| June 2026 | -$159,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 349 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $81m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $69m | 0.6% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $4m | <0.1% | New |
| Barrow HanleyBarrow Hanley team | $9,830 | <0.1% | Cut |
Largest holders overall
- BlackRock$546m
- Capital World Investors$204mNew
- Vanguard Portfolio Management$170mAdded
- Invesco$150mAdded
- Vanguard Capital Management$148mAdded
- State Street$140mAdded
- Geode Capital Management$96mAdded
- Systematic Financial Management LP$87mCut
- TWO Sigma Investments, LP$84mAdded
- Dimensional Fund Advisors LP$83mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor14.7%Since 30 June 2025
- Capital World InvestorsPassive investor5.8%Since 30 June 2026
- THRIVENT FINANCIAL FOR LUTHERANSPassive investor5.6%Since 31 December 2024
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- Victory Capital Management, Inc.Passive investorSold down below 5%Since 31 March 2026
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Franklin Mutual Advisers, LLCPassive investorSold down below 5%Since 31 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.7% | 30 June 2025 | |
Capital World Investors Passive investor | 5.8% | 30 June 2026 | |
THRIVENT FINANCIAL FOR LUTHERANS Passive investor | 5.6% | 31 December 2024 | |
Vanguard Capital Management Passive investor | 5.0% | 30 June 2026 | |
Victory Capital Management, Inc. Passive investor | Sold down below 5% | 31 March 2026 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Franklin Mutual Advisers, LLC Passive investor | Sold down below 5% | 31 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $13m, $8m of it under preset trading plans.
- Muller Luis APresident & CEOSoldunder a preset trading plan
- Date
- 2 October 2026
- Shares
- 21,662
- Price
- $73.00
- Value
- $2m
- Muller Luis APresident & CEOSoldunder a preset trading plan
- Date
- 25 September 2026
- Shares
- 27,236
- Price
- $65.00
- Value
- $2m
- Muller Luis APresident & CEOSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 55,794
- Price
- $60.00
- Value
- $3m
- BOHRSON CHRISTOPHERSr VP & Chief Customer OfficerSold
- Date
- 19 August 2026
- Shares
- 10,000
- Price
- $55.82
- Value
- $558,200
- BOHRSON CHRISTOPHERSr VP & Chief Customer OfficerSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 1,000
- Price
- $61.90
- Value
- $61,900
- Richardson NinaDirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 3,055
- Price
- $51.54
- Value
- $157,455
- CAGGIA ANDREW MDirectorSoldunder a preset trading plan
- Date
- 5 August 2026
- Shares
- 15,252
- Price
- $51.74
- Value
- $789,086
- BOHRSON CHRISTOPHERSr VP & Chief Customer OfficerSoldunder a preset trading plan
- Date
- 15 July 2026
- Shares
- 1,000
- Price
- $57.92
- Value
- $57,920
- BOHRSON CHRISTOPHERSr VP & Chief Customer OfficerSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 1,000
- Price
- $63.88
- Value
- $63,880
- Jones Jeffrey DSr. VP Finance & CFOSold
- Date
- 22 May 2026
- Shares
- 13,000
- Price
- $46.84
- Value
- $608,920
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 October 2026 | Muller Luis A President & CEO | Sold under a preset trading plan | 21,662 | $73.00 | $2m |
| 25 September 2026 | Muller Luis A President & CEO | Sold under a preset trading plan | 27,236 | $65.00 | $2m |
| 21 September 2026 | Muller Luis A President & CEO | Sold under a preset trading plan | 55,794 | $60.00 | $3m |
| 19 August 2026 | BOHRSON CHRISTOPHER Sr VP & Chief Customer Officer | Sold | 10,000 | $55.82 | $558,200 |
| 17 August 2026 | BOHRSON CHRISTOPHER Sr VP & Chief Customer Officer | Sold under a preset trading plan | 1,000 | $61.90 | $61,900 |
| 5 August 2026 | Richardson Nina Director | Sold under a preset trading plan | 3,055 | $51.54 | $157,455 |
| 5 August 2026 | CAGGIA ANDREW M Director | Sold under a preset trading plan | 15,252 | $51.74 | $789,086 |
| 15 July 2026 | BOHRSON CHRISTOPHER Sr VP & Chief Customer Officer | Sold under a preset trading plan | 1,000 | $57.92 | $57,920 |
| 15 June 2026 | BOHRSON CHRISTOPHER Sr VP & Chief Customer Officer | Sold under a preset trading plan | 1,000 | $63.88 | $63,880 |
| 22 May 2026 | Jones Jeffrey D Sr. VP Finance & CFO | Sold | 13,000 | $46.84 | $608,920 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 6.6% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.