Added to YB: 2026-05-05
Pitch date: 2026-05-01
COHU [neutral]
Cohu, Inc.
+1.06%
current return
Author Info
No bio for this author
Company Info
Cohu, Inc., through its subsidiaries, provides semiconductor test equipment and services in the United States, Taiwan, China, Malaysia, the Philippines, Singapore, and internationally.
Market Cap
$2.2B
Pitch Price
$46.20
Price Target
N/A
Dividend
N/A
EV/EBITDA
205.53
P/E
-39.78
EV/Sales
4.30
Sector
Semiconductors and Semiconductor Equipment
Category
growth
Cohu Write-up w/Mgmt Analysis (COHU).
COHU (overview): AI back-end test thesis upgraded materially since Feb. Q1 rev $125M, 60% recurring; Q2 guide $144M; FY26 rev $544M-$566M (+20-25% YoY) vs Needham Feb est $500M. HPC rev outlook raised to $80M-$100M; AI compute SAM ~$750M across xPU test, HBM inspect, power mgmt, software. Eclipse w/T-Core active thermal wins $30M follow-on orders Apr, ~$100M qualified/3 cust, ~$150M-$200M in qual/5 cust, ~$450M-$500M engage/7 cust. Q1 gross margin 46.5%; Q2 guide ~44%; FY26 mid-40% on systems mix/ramp costs. Non-GAAP EPS weak as OpEx elevated for HPC support. At $47, ~3.7x FY26 sales, ~34.6x Needham FY27 EPS $1.37. Mgmt 7.4/10: tech CEO, aligned comp, 0 payout on 2023-25 PSUs (-28% TSR vs +41% R2K). Pipeline not backlog; risks: qual conversion, margin pressure, dilution, cyclicality. Key: Q2/Q3 orders, Eclipse production scale, HBM breadth, software ARR growth, FY27 opex leverage.
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