Cohu, Inc. (COHU)

Cohu's stock price has experienced significant positive movement, rising by 117.95% over the past six months and 205.99% over the last year. As of May 4, 2026, the stock price was $46.69, with a market cap of $2.2 billion. In Q1 2026, Cohu reported net sales of $125.1 million, exceeding revenue expectations, and a GAAP loss of $12.1 million or $0.26 per share. Management raised its full-year 2026 revenue outlook for growth of 20% to 25% and projected Q2 2026 revenue to be approximately $144 million, plus or minus $7 million. Strong demand for AI-driven compute and high-performance computing has been a significant driver. A $70 million share buyback in 2024 contributed to a shift in ownership towards larger institutional positions and passive ETF investors.

The semiconductor equipment industry is characterized by its seasonal, cyclical, volatile, and unpredictable nature. The company's CFO indicated an expectation for Q3 revenue to be similar to Q2, with Q4 potentially being slightly weaker. The company's shift towards higher-margin services and consumables is helping to reduce exposure to the cyclicality of capital equipment sales and boost recurring margins.

Cohu, Inc. is a global technology leader specializing in equipment and services for the semiconductor industry. Founded in 1947 and headquartered in Poway, California, the company operates within the Technology sector, specifically in the Semiconductor Equipment & Materials industry. Cohu provides integrated solutions that combine hardware, software, and services to optimize semiconductor manufacturing yield and productivity. The company's products include test handling equipment used to automate the testing of semiconductor devices, inspection and metrology solutions to ensure the quality and reliability of semiconductor devices, MEMS and sensor test solutions, semiconductor test interface solutions, semiconductor automated test equipment (ATE), services and support, and bare board PCB test systems.

Cohu, Inc. maintains a significant global presence, with its geographic market presence mirroring the worldwide semiconductor manufacturing landscape. The Asia-Pacific region is its dominant market, generating over 65% of its fiscal 2024 revenue, with major concentrations in Taiwan, South Korea, and China. The company also has a strong presence in the Philippines, Malaysia, Singapore, and Japan, including manufacturing operations in Melaka and Penang, Malaysia, and Laguna, Philippines, and Osaka, Japan. The Americas account for approximately 20% of Cohu's sales, with product development and corporate offices in California, Massachusetts, Minnesota, Rhode Island, and Washington. In Europe, Cohu has product development and operational centers in France, Germany, Italy, and Switzerland. Mid-2025 saw expansions in Malaysia and Vietnam to support manufacturing and high-parallelism tester modules.

Cohu has established a strong brand reputation within the semiconductor industry, particularly in its specialized niches. The company is recognized as a market leader in semiconductor test handlers, interface solutions, RF power amplifier/front-end module testing, and inspection and metrology. A 57% year-over-year increase in orders, driven by demand in AI and HPC, indicates strong customer confidence and market relevance. The company's strategic focus on automotive and AI-related equipment orders demonstrates its adaptability and forward-looking approach. The introduction of platforms like Neon for HBM inspection and DI-Core data software showcases its continuous innovation. Recent Q1 2026 results and positive guidance suggest a turnaround and renewed market confidence.

Cohu's ownership structure is heavily influenced by institutional investors, who collectively held approximately 130.55% of outstanding shares as of March 31, 2025. By early 2025, institutional investors held an estimated 94.2% of Cohu shares. Major institutional shareholders as of March 31, 2025, include BlackRock, Inc., Vanguard Group Inc., and Victory Capital Management Inc. The largest individual insider shareholder is Luis A. Muller, President and CEO, holding 2.14% or 882,135 shares as of March 14, 2025. Retail investors hold a smaller percentage of the company's stock.