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Semiconductor equipment & materials · Technology · Fiscal year ends Dec 26
COHU reported revenue of $453M in the fiscal year ended Dec 2025, up 12.7% from the year before. Operating income was −$70M, an operating margin of −15.4%, and net income was −$74M. Operating cash flow of $32M less capital expenditure of $21M left free cash flow of $11M. Net debt was $69M.
Ranks among the 16 semiconductor equipment & materials companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 887 | 813 | 636 | 402 | 453 |
| Cost of revenue | 500 | 429 | 333 | 221 | 259 |
| Gross profit | 387 | 383 | 303 | 180 | 194 |
| Research & development | 92.0 | 92.6 | 88.6 | 84.8 | 92.2 |
| Selling, general & admin | 127 | 131 | 132 | 128 | 124 |
| Operating income | 202 | 126 | 43.3 | −71.7 | −69.8 |
| Interest expense | 6.4 | 4.2 | 3.4 | 0.6 | 2.1 |
| Pre-tax income | 192 | 127 | 45.8 | −64.9 | −62.4 |
| Income tax | 25.0 | 29.9 | 17.7 | 4.9 | 11.9 |
| Net income | 167 | 96.8 | 28.2 | −69.8 | −74.3 |
| Diluted EPS | 3.45 | 1.98 | 0.59 | −1.49 | −1.59 |
| Diluted shares | 48.5 | 48.8 | 48.0 | 46.9 | 46.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 290 | 242 | 246 | 206 | 227 |
| Receivables | 193 | 176 | 125 | 91.6 | 109 |
| Inventory | 161 | 170 | 156 | 142 | 129 |
| Current assets | 751 | 765 | 639 | 534 | 750 |
| Net PP&E | 64.0 | 65.0 | 69.1 | 74.8 | 77.0 |
| Goodwill | 220 | 214 | 242 | 235 | 283 |
| Total assets | 1,259 | 1,227 | 1,150 | 999 | 1,243 |
| Payables | 85.2 | 51.8 | 33.6 | 30.6 | 40.7 |
| Deferred revenue | 7.3 | 6.9 | 4.7 | 2.8 | 2.8 |
| Current liabilities | 192 | 161 | 103 | 85.2 | 109 |
| Short-term debt | 14.4 | 6.3 | 6.3 | 1.7 | 11.1 |
| Long-term debt | 103 | 72.7 | 34.3 | 7.1 | 285 |
| Total liabilities | 377 | 299 | 200 | 143 | 457 |
| Shareholders' equity | 883 | 929 | 950 | 857 | 786 |
| Backlog (remaining obligations) | 7.7 | 7.1 | 6.2 | 5.6 | 5.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 97.9 | 113 | 101 | 2.8 | 31.7 |
| Capital expenditure | 12.0 | 14.8 | 16.1 | 10.6 | 21.0 |
| Free cash flow | 85.9 | 98.1 | 85.4 | −7.9 | 10.7 |
| Depreciation & amortisation | 48.6 | 46.0 | 49.7 | 52.5 | 50.7 |
| Stock-based compensation | 13.8 | 14.9 | 17.2 | 20.7 | 23.0 |
| Share buybacks | 7.3 | 50.7 | 23.6 | 27.0 | 8.6 |
| Dividends paid | 0.0 | 0.0 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −8.4% | −21.7% | −36.9% | 12.7% |
| Operating income growth (YoY) | – | −37.7% | −65.5% | −265.6% | – |
| EPS growth (YoY) | – | −42.6% | −70.2% | −352.5% | – |
| Gross margin | 43.6% | 47.2% | 47.6% | 44.9% | 42.7% |
| Operating margin | 22.7% | 15.4% | 6.8% | −17.8% | −15.4% |
| Net margin | 18.9% | 11.9% | 4.4% | −17.4% | −16.4% |
| Return on equityBlank when equity is negative | 19.0% | 10.4% | 3.0% | −8.1% | −9.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 18.9% | 11.8% | 4.1% | −7.8% | −6.2% |
| Free cash flow margin | 9.7% | 12.1% | 13.4% | −2.0% | 2.4% |
| Cash conversion (CFO ÷ net income) | 0.59x | 1.17x | 3.60x | −0.04x | −0.43x |
| Receivable days | 79 | 79 | 71 | 83 | 88 |
| Inventory days | 118 | 145 | 171 | 234 | 182 |
| Payable days | 62 | 44 | 37 | 50 | 57 |
| Interest cover | 31.4x | 30.1x | 12.8x | −116x | −34.0x |
| Debt ÷ equity | 0.13x | 0.09x | 0.04x | 0.01x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −172 | −163 | −205 | −198 | 69.0 |
| Current ratio | 3.90x | 4.75x | 6.18x | 6.27x | 6.88x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.