Cohu Inc. Common Stock (COHU)

FairStock Score: 43/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett-and-Graham-style investor, I start with durable earning power and a margin of safety. Cohu supplies semiconductor test equipment and services—a cyclical industry with technical barriers but no clear evidence of a wide moat. The filed record shows fiscal 2023, ended 2023-12-30, revenue of $636.3M and net income of $28.2M. Then fiscal 2024, ended 2024-12-28, revenue fell to $401.8M and net loss was $69.8M, and fiscal 2025, ended 2025-12-27, revenue was $453.0M with a net loss of $74.3M. The latest filed quarter, fiscal Q2 2026 ended 2026-06-27, showed revenue of $149.0M and a net loss of only $159,000. That is a sharp improvement from fiscal Q1 2026 ended 2026-03-28, with revenue of $125.1M and net loss of $12.1M, and from fiscal Q2 2025 ended 2025-06-28, with revenue of $107.7M and net loss of $16.9M. Trailing free cash flow is $34.9M, and FairStock's Altman Z-Score is 4.61, debt-to-equity is 0.43, and Piotroski score is 5/9. Still, FairStock's ROE is -4.84% and ROCE is -1.78%. At the close on 2026-10-13, price was $62.79; FairStock calculations show P/B 3.84, EV/EBITDA 144.46, FCF yield 1.2%, and P/E -75.65. Those are not Graham bargain numbers. The Lynch category is TURNAROUND—loss in the latest year after earlier profits. I would need evidence that near-breakeven becomes durable profit before paying this price.

In plain English: Cohu makes equipment and services used to test semiconductors. The business has lost money in recent years, but the latest quarter was almost break-even and sales rose from a year earlier. At $62.79, the shares look expensive compared with today's profits and cash flow, so a lot depends on whether the recovery continues.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-27) · fiscal Q1 2026 10-Q (period ended 2026-03-28) · fiscal Q3 2025 10-Q (period ended 2025-09-27) · fiscal Q2 2025 10-Q (period ended 2025-06-28) · FY2025 10-K (period ended 2025-12-27) · FY2024 10-K (period ended 2024-12-28) · FY2023 10-K (period ended 2023-12-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer