Cohu, Inc. (COHU)

Cohu reported Q3 2025 net sales of $126.2 million and a GAAP net loss of $4.1 million. The company announced additional orders for its Neon platform for inspection and metrology of high bandwidth memory (HBM) devices. Cohu reported Q4 fiscal 2025 net sales of $122.2 million, up 30% year-over-year, and full-year revenue of $453.0 million. Several analysts initiated or updated coverage, with some raising price targets, while a Zacks "Strong Sell" downgrade contributed to a stock tumble. Cohu secured a major multi-unit Eclipse platform order from a leading U.S. semiconductor manufacturer for AI and datacenter processors, followed by $30 million in follow-on orders for its Eclipse platform for high-performance computing processors. Cohu's stock reached a 52-week high of $35.20 in April 2026.

The semiconductor industry, which Cohu serves, is cyclical, seasonal, volatile, and unpredictable, influencing Cohu's business and financial results. The level of capital expenditure by semiconductor manufacturers depends on market demand for semiconductor devices. Historically, November has shown the highest probability of positive returns for COHU stock, suggesting some seasonal patterns.

Cohu, Inc. specializes in back-end semiconductor equipment and services, offering test, automation, inspection, and metrology products, along with software analytics solutions and related services. Their offerings include test handling equipment for automating semiconductor device testing, inspection and metrology solutions like the Krypton platform for defect detection, semiconductor automated test equipment (ATE) for testing devices, semiconductor test interface solutions such as test contactors, software analytics solutions like DI-Core for optimizing equipment performance, MEMS and sensor test solutions, and services and support for installed equipment.

Cohu has a significant global presence with operations and sales across key semiconductor manufacturing regions. Asia-Pacific generates over 65% of Cohu's fiscal 2024 revenue, with major concentrations in Taiwan, South Korea, and China. The Americas account for approximately 20% of sales, with corporate headquarters in San Diego, California. Operations are also present in Europe, including France, Germany, Italy, and Switzerland.

Cohu is recognized as a leading global provider of semiconductor test and inspection solutions, emphasizing customer satisfaction and innovation. The company reports high internal Customer Satisfaction (CSAT) and Product Quality scores. Cohu leverages its technological expertise and strong customer partnerships, particularly with blue-chip customers. The introduction of new inspection platforms and focus on AI-driven solutions reinforce its reputation for innovation. Securing significant orders for advanced testing platforms, especially in high-performance computing and AI sectors, demonstrates continued customer trust and industry relevance.

Cohu's ownership structure is heavily influenced by institutional investors, who collectively held a significant majority of the shares as of March 31, 2025. Major institutional owners include BlackRock, Inc. (15.70%), Vanguard Group Inc. (9.23%), and Victory Capital Management Inc. (8.03%). Luis A. Muller, the President and CEO, is the largest individual insider shareholder, owning 2.14% of the shares as of March 14, 2025.