Cohu (NASDAQ:COHU) Posts Earnings Results

Cohu (NASDAQ:COHU) posted its quarterly earnings data on Thursday. The semiconductor company reported ($0.15) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.22), FiscalAI reports. The firm had revenue of $122.23 million during the quarter, compared to analyst estimates of $122.09 million. Cohu had a negative net margin of 17.22% and a negative return on equity of 3.73%. The firm’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.15) earnings per share.

Here are the key takeaways from Cohu’s conference call:

• Q4 revenue was $122.2M, up 30% year‑over‑year, with recurring revenue at ~60% of sales and full‑year orders up 29% — management says recurring bookings rose 34% sequentially, signaling improving demand stability.
• Multiple design wins and product traction were highlighted, including Eclipse handler high‑performance orders (qualification unit shipping this summer), Krypton and Neon (HBM) inspection wins, and expanded Diamondx tester deployments; Neon HBM exited 2025 at $11M with a 2026 forecast of $15–20M.
• Q4 gross margin of 40.8% missed guidance due to one‑time inventory charges (management estimates ~350 bps impact) from product discontinuations and consolidation, although they expect margins to rebound to ~45% in Q1 and move higher as revenue ramps.
• Liquidity strengthened via an upsized convertible notes offering that raised $287.5M (1.5% coupon, 32.5% conversion premium), boosting cash and investments to $484M while using a capped call to limit near‑term dilution; total debt stands at $305M.

Cohu Trading Down 4.0%

Shares of NASDAQ COHU traded down $1.36 during trading on Thursday, reaching $32.80. The stock had a trading volume of 1,687,288 shares, compared to its average volume of 868,838. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.24 and a current ratio of 4.39. The company has a market cap of $1.53 billion, a P/E ratio of -20.89 and a beta of 1.29. Cohu has a fifty-two week low of $12.57 and a fifty-two week high of $34.96. The business’s 50-day moving average price is $26.70 and its 200-day moving average price is $23.23.

Hedge Funds Weigh In On Cohu

Several institutional investors have recently bought and sold shares of COHU. Illinois Municipal Retirement Fund grew its holdings in shares of Cohu by 4.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 24,154 shares of the semiconductor company’s stock valued at $562,000 after purchasing an additional 1,064 shares in the last quarter. Gabelli Funds LLC boosted its position in Cohu by 43.8% in the 3rd quarter. Gabelli Funds LLC now owns 26,275 shares of the semiconductor company’s stock valued at $534,000 after buying an additional 8,000 shares during the period. Brooklyn Investment Group boosted its position in Cohu by 816.2% in the 3rd quarter. Brooklyn Investment Group now owns 24,417 shares of the semiconductor company’s stock valued at $496,000 after buying an additional 21,752 shares during the period. Inceptionr LLC acquired a new position in shares of Cohu in the fourth quarter worth $323,000. Finally, Mariner LLC increased its position in shares of Cohu by 20.5% during the third quarter. Mariner LLC now owns 13,525 shares of the semiconductor company’s stock worth $275,000 after acquiring an additional 2,302 shares during the period. 94.67% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Stifel Nicolaus lifted their price objective on Cohu from $30.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, January 14th. TD Cowen reaffirmed a “buy” rating on shares of Cohu in a research report on Thursday, October 30th. B. Riley Financial increased their price objective on Cohu from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Needham & Company LLC upgraded Cohu from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research report on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cohu in a research note on Wednesday, January 21st. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.75.

About Cohu

Cohu, Inc is a global provider of semiconductor test and inspection solutions, offering a broad portfolio of products designed to support chip manufacturers, outsourced semiconductor assembly and test (OSAT) providers, and electronics original equipment manufacturers (OEMs). The company’s product lineup includes automatic test handlers, wafer probers, test sockets, thermal subassembly systems and burn-in boards, all engineered to optimize throughput, accuracy and reliability in semiconductor production and final test.

Founded in 1947 and headquartered in Poway, California, Cohu has grown through both organic development and targeted acquisitions to become a recognized leader in test handling and interconnect technologies.