COHUHIGH SIGNALFINANCIAL10-K

COHU underwent a massive business transformation with revenue growing 277% and total debt increasing by 3,367%, suggesting a major acquisition or significant capital restructuring.

The dramatic increase in debt from $8.8M to $305.1M alongside the revenue surge indicates COHU likely completed a major acquisition that fundamentally changed the business scale and risk profile. The language shift from describing themselves as a "global technology leader" to emphasizing their expanded capabilities, 25,000+ installed systems, and serving 280+ facilities suggests successful integration and growth momentum.

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

COHU's financials reflect a transformational year with revenue exploding 277% to $352.7M and gross profit growing 281% to $140.7M, while the debt load increased dramatically from $8.8M to $305.1M. Operating cash flow surged over 1,000% to $31.7M and current assets grew 40% to $750M, indicating the business expansion is generating positive cash flows despite the higher debt burden. The overall picture suggests a successful major acquisition or business combination that significantly scaled the company while maintaining operational efficiency and cash generation capabilities.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+3366.9%
$8.8M→$305.1M

Debt increased 3366.9% — substantial leverage increase; assess whether deployed for growth or covering losses.

Operating Cash Flow
Cash Flow
+1040.8%
$2.8M→$31.7M

Operating cash flow surged 1040.8% — exceptional cash generation, highest quality earnings signal.

Gross Profit
P&L
+281.3%
$36.9M→$140.7M

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

Revenue
P&L
+276.6%
$93.7M→$352.7M

Strong top-line growth of 276.6% — accelerating demand or successful expansion into new markets.

Interest Expense
P&L
+232.4%
$618K→$2.1M

Interest expense surged 232.4% — significant debt increase or rising rates materially impacting earnings.

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.

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.

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

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

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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