COHUMEDIUM SIGNALOPPORTUNITY10-K

Cohu demonstrates strong revenue growth of 25% alongside substantial increases in capital expenditures and current assets, signaling business expansion and investment in capacity.

The company's repositioning from a "technology leader supplying test equipment" to a "global supplier optimizing semiconductor manufacturing yield" suggests a strategic shift toward higher-value solutions. The emphasis on recurring revenue streams from their 25,000+ installed base across 280 facilities indicates improved business model resilience and predictability.

Comparing 2026-02-17 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

Cohu delivered solid revenue growth of 25% to $353M with gross profit expanding meaningfully to $141M, demonstrating operational leverage. Capital expenditures roughly doubled to $21M while share buybacks declined significantly to $9M, suggesting management is prioritizing growth investments over shareholder returns. The company strengthened its balance sheet with current assets growing 40% to $750M and cash rising modestly to $227M, providing financial flexibility for continued expansion.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+97.1%
$10.6M$21.0M

Capital expenditure jumped 97.1% — major investment cycle underway; assess returns on deployment.

Share Buybacks
Cash Flow
-68.2%
$27.0M$8.6M

Buyback activity reduced 68.2% — capital being redeployed elsewhere or cash conservation underway.

Gross Profit
P&L
+48.4%
$94.8M$140.7M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Current Assets
Balance Sheet
+40.4%
$534.3M$750.0M

Current assets grew 40.4% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+28%
$85.2M$109.1M

Current liabilities rose 28% — increased short-term obligations, watch current ratio.

Revenue
P&L
+25%
$282.1M$352.7M

Revenue growing 25% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+24.4%
$999.4M$1.2B

Asset base grew 24.4% — expansion through organic growth, acquisitions, or capital deployment.

Cash & Equivalents
Balance Sheet
+10%
$206.4M$227.1M

Cash grew 10% — improving liquidity position supports investment and shareholder returns.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-20
ADDED
As of February 4, 2026, the Registrant had 46,888,325 shares of its $1.00 par value common stock outstanding.
( Cohu , we , our , us and the Company ) was founded in 1947 and is a global supplier of equipment and services optimizing semiconductor manufacturing yield and productivity.
Our products and services provide enabling capability and technology to customers that deliver connectivity around the globe, autonomous driving to our cities, high-performance computing to enable artificial intelligence ( AI ) applications, advanced medical equipment to improve lives, robotic automation to accelerate productivity, and much more.
Cohu s recurring revenue consists of interface products, services, spares, upgrades, configuration tooling, and software analytics, supporting a resilient and scalable business model which complements the systems revenue driven by the capital expenditure of our customers.
Our active equipment installed base exceeds 25,000 systems, serving over 280 high-volume manufacturing facilities across 108 customers in 31 countries.
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REMOVED
As of February 5, 2025, the Registrant had 46,710,033 shares of its $1.00 par value common stock outstanding.
( Cohu , we , our , us and the Company ) is a global technology leader supplying test, interface, automation, inspection and metrology, and software products and related services to the semiconductor industry.
We offer a wide range of products and services, and revenue from our capital equipment products is driven by the capital expenditure budgets and spending patterns of our customers, who often delay or accelerate purchases in reaction to variations in their business.
The level of capital expenditure by these companies depends on the current and anticipated market demand for semiconductor devices and the products that incorporate them.
Our recurring revenues are driven by increases in our product installed base and in the number of semiconductor devices that are tested, and by the continuous introduction of new products and technologies by our customers.
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