A Business at a Glance
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COGNEX CORP
CGNX
$10.4B
Mkt Cap
$62.05
-2.19%
COGNEX CORP (CGNX) has a current P/E ratio of 91.2, compared to its historical median P/E of 51.3. The stock is currently considered Expensive based on its historical valuation range.
COGNEX CORP (CGNX) has a 5-year average return on invested capital (ROIC) of 24.9%. This indicates strong capital allocation and a potential competitive advantage.
COGNEX CORP (CGNX) has a market capitalization of $10.3B. It is classified as a large-cap stock.
Yes, COGNEX CORP (CGNX) pays a dividend with a trailing twelve-month yield of 0.53%. The company also returns capital through share buybacks, with a buyback yield of 1.43%.
Based on historical P/E analysis, COGNEX CORP (CGNX) appears expensive. The current P/E of 91.2 is 78% above its historical median of 51.3. The estimated fair value CAGR (P/E method) is -6.4%.
COGNEX CORP (CGNX) operates in the Industrial Instruments For Measurement, Display, And Control industry, within the Technology sector.
COGNEX CORP (CGNX) reported annual revenue of $994 million in its most recent fiscal year, based on SEC EDGAR filings.
Cognex Corporation, founded in 1981, is a global technology leader in industrial machine vision systems that enable manufacturing and distribution companies to automate production and logistics operations. The company's solutions blend hardware and software to capture and analyze visual information for locating, identifying, inspecting, and measuring discrete items on assembly lines and in distribution centers, with applications spanning logistics, packaging, consumer electronics, automotive, and semiconductor industries—which collectively represented approximately 85% of 2025 revenue. Cognex's business model centers on selling machine vision products and systems to a broad customer base across nearly all major industries where discrete items are manufactured or distributed; the company generates revenue through direct sales and partnerships with original equipment manufacturers, machine builders, and system integrators. The logistics segment, representing the company's largest growth opportunity, addresses high-speed throughput and supply chain traceability demands through barcode reading and AI-enabled vision technology, with the company launching its Solutions Experience (SLX) product line in 2025 to simplify deployment and reduce implementation time. The packaging market benefits from increasingly stringent regulatory requirements around traceability and compliance, while consumer electronics and semiconductor markets drive demand through product complexity, quality requirements, and advanced manufacturing processes. Cognex's competitive differentiation rests on its advanced AI-driven vision technology, ease of deployment, and deep relationships with leading equipment manufacturers and large customers, supported by a sales force transformation initiative that added approximately 9,000 new customer accounts in 2025 to expand market penetration.
【Strong demand momentum continuing】 Management reported that Q1 2026 marked the ninth consecutive quarter of double-digit logistics growth led by large e-commerce customers, with the company expecting growth to normalize to mid-to-high single digits as comparisons strengthen through the year. Packaging delivered double-digit growth in Q1 2026 driven by broad-based strength and the sales force transformation, with management now expecting high single-digit growth for the full year supported by continued momentum from AI-enabled products. Consumer electronics delivered double-digit Q1 growth across customers and geographies, with management expecting high single-to-double-digit growth for 2026 supported by supply chain shifts, consumer refresh cycles, and new device form factors, though Q2 is expected to represent the peak for this segment. Semiconductor achieved double-digit Q1 growth exceeding expectations, prompting management to narrow the full-year outlook to high single-to-double-digit growth, while automotive is expected to remain challenged with flat-to-low single-digit growth for 2026. Management remains focused on executing $35 million to $40 million in annualized net cost reductions by the end of 2026 and targeting a 25% adjusted EBITDA margin run rate by year-end 2026, with the broader macro environment remaining uncertain and visibility limited to the second half of the year.
| Metric | Target | Period |
|---|---|---|
| Net cost reductions | $35 million to $40 million | Annualized by end of 2026 |
| Adjusted EBITDA margin run rate | 25% | End of 2026 |
Net cost reductions (Annualized by end of 2026): “We remain on track to achieve the $35 million-$40 million in net cost reductions we announced last quarter.”
Adjusted EBITDA margin run rate (End of 2026): “Building on the actions already completed, we are setting our next milestone at a 25% adjusted EBITDA margin, targeted on a run rate basis by the end of 2026.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.0B | 994M | 915M | 838M | 1.0B | 1.0B |
| Net Income | 143M | 114M | 106M | 113M | 216M | 280M |
| EPS | $0.85 | $0.68 | $0.62 | $0.65 | $1.23 | $1.56 |
| Free Cash Flow | 241M | 237M | 134M | 90M | 224M | 299M |
| ROIC | 15.1% | 11.0% | 9.6% | 13.7% | 36.9% | 53.0% |
| Gross Margin | 68.0% | 66.9% | 68.4% | 71.8% | 71.8% | 73.3% |
| Debt/Equity | 0.00 | 0.05 | 0.05 | 0.05 | 0.03 | 0.02 |
| Dividends/Share | $0.33 | $0.33 | $0.31 | $0.29 | $0.27 | $0.25 |
| Operating Income | 196M | 163M | 115M | 131M | 246M | 315M |
| Operating Margin | 18.8% | 16.3% | 12.6% | 15.6% | 24.5% | 30.4% |
| ROE | 9.6% | 7.6% | 7.0% | 7.7% | 15.0% | 20.8% |
| Shares Outstanding | 167M | 168M | 171M | 174M | 175M | 179M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 426M | 451M | 521M | 748M | 806M | 726M | 811M | 1.0B | 1.0B | 838M | 915M | 994M | 1.0B |
| Gross Margin | 77.9% | 77.2% | 76.5% | 77.4% | 74.4% | 73.8% | 74.5% | 73.3% | 71.8% | 71.8% | 68.4% | 66.9% | 68.0% |
| R&D | 56M | 70M | 78M | 99M | 116M | 119M | 131M | 135M | 141M | 139M | 140M | 139M | 141M |
| SG&A | 149M | 157M | 166M | 221M | 263M | 274M | 268M | 309M | 312M | 339M | 371M | 364M | 374M |
| EBIT | 128M | 122M | 154M | 259M | 221M | 143M | 171M | 315M | 246M | 131M | 115M | 163M | 196M |
| Op. Margin | 30.0% | 27.0% | 29.6% | 34.6% | 27.4% | 19.7% | 21.0% | 30.4% | 24.5% | 15.6% | 12.6% | 16.3% | 18.8% |
| Net Income | 121M | 187M | 144M | 177M | 219M | 204M | 176M | 280M | 216M | 113M | 106M | 114M | 143M |
| Net Margin | 28.5% | 41.5% | 27.6% | 23.6% | 27.2% | 28.1% | 21.7% | 27.0% | 21.4% | 13.5% | 11.6% | 11.5% | 13.6% |
| Non-Recurring | 0 | 78M | -255K | 469K | 0 | -324K | 17M | -33K | 9.6M | -229K | -88K | -164K | -164K |
| Returns on Capital | |||||||||||||
| ROIC | 56.3% | 51.1% | 63.7% | 70.7% | 68.3% | 32.8% | 31.0% | 53.0% | 36.9% | 13.7% | 9.6% | 11.0% | 15.1% |
| ROE | 17.6% | 23.8% | 16.0% | 17.2% | 19.7% | 16.4% | 13.5% | 20.8% | 15.0% | 7.7% | 7.0% | 7.6% | 9.6% |
| ROA | 15.9% | 21.9% | 14.9% | 15.2% | 17.0% | 12.8% | 9.6% | 14.7% | 10.9% | 5.7% | 5.3% | 5.7% | 7.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 164M | 128M | 182M | 224M | 223M | 253M | 242M | 314M | 243M | 113M | 149M | 246M | 250M |
| Free Cash Flow | 143M | 110M | 169M | 196M | 186M | 232M | 229M | 299M | 224M | 90M | 134M | 237M | 241M |
| Owner Earnings | 144M | 104M | 146M | 175M | 161M | 183M | 214M | 250M | 169M | 36M | 64M | 166M | 60M |
| CapEx | 21M | 18M | 13M | 29M | 37M | 22M | 13M | 15M | 20M | 23M | 15M | 8.7M | 9.0M |
| Maint. CapEx | 12M | 14M | 15M | 17M | 22M | 25M | 27M | 20M | 20M | 22M | 33M | 31M | 140M |
| Growth CapEx | 8.5M | 4.1M | 0 | 12M | 16M | 0 | 0 | 0 | 46K | 1.2M | 0 | 0 | 0 |
| D&A | 12M | 14M | 15M | 17M | 22M | 25M | 27M | 20M | 20M | 22M | 33M | 31M | 140M |
| CapEx/OCF | 13.4% | 14.2% | 7.0% | 12.8% | 16.6% | 8.6% | 5.5% | 4.9% | 8.1% | 20.4% | 10.1% | 3.6% | 3.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 18M | 25M | 29M | 32M | 35M | 391M | 43M | 46M | 49M | 52M | 55M | 55M |
| Dividend Yield | N/A | 0.6% | 0.7% | 0.2% | 0.4% | 0.4% | 3.9% | 0.3% | 0.5% | 0.6% | 0.8% | 0.9% | 0.5% |
| Share Buybacks | 60M | 126M | 47M | 124M | 204M | 62M | 51M | 162M | 204M | 80M | 67M | 151M | 148M |
| Buyback Yield | 1.7% | 4.5% | 0.9% | 1.2% | 3.3% | 0.7% | 0.4% | 1.2% | 2.6% | 1.1% | 1.1% | 2.5% | 1.4% |
| Stock-Based Comp | 7.9M | 10.0M | 21M | 32M | 41M | 46M | 1.4M | 44M | 55M | 55M | 52M | 49M | 51M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | -823M | -741M | -882M | -814M | -498M | -517M | -566M | -622M |
| Cash & Equiv. | 56M | 52M | 80M | 107M | 108M | 171M | 269M | 186M | 181M | 203M | 186M | 263M | 622M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.12 | 0.07 | 0.08 | 0.18 | 0.14 | 0.01 | 0.02 | 0.02 | 0.03 | 0.05 | 0.05 | 0.05 | 0.00 |
| Interest Coverage | N/A | 3574.1 | 1674.6 | 3645.9 | 2430.1 | 1229.3 | 501.6 | 1121.4 | 1075.2 | 126.6 | 53.6 | 96.2 | 96.2 |
| Equity | 736M | 832M | 963M | 1.1B | 1.1B | 1.4B | 1.3B | 1.4B | 1.4B | 1.5B | 1.5B | 1.5B | 1.5B |
| Total Assets | 822M | 888M | 1.0B | 1.3B | 1.3B | 1.9B | 1.8B | 2.0B | 2.0B | 2.0B | 2.0B | 2.0B | 2.0B |
| Total Liabilities | 85M | 62M | 76M | 192M | 154M | 530M | 539M | 574M | 520M | 513M | 475M | 525M | 527M |
| Intangibles | 9.7M | 6.3M | 8.3M | 10M | 10M | 39M | 16M | 12M | 12M | 113M | 91M | 81M | 67M |
| Retained Earnings | 524M | 573M | 645M | 669M | 646M | 753M | 488M | 563M | 528M | 513M | 499M | 406M | 344M |
| Working Capital | 191M | 391M | 461M | 517M | 689M | 487M | 469M | 451M | 530M | 527M | 444M | 514M | 501M |
| Current Assets | 272M | 444M | 526M | 630M | 780M | 607M | 602M | 640M | 718M | 679M | 613M | 697M | 690M |
| Current Liabilities | 81M | 54M | 66M | 113M | 91M | 120M | 132M | 189M | 188M | 152M | 169M | 184M | 189M |
| Per Share Data | |||||||||||||
| EPS | 0.68 | 1.10 | 0.85 | 0.49 | 1.24 | 1.16 | 1.00 | 1.56 | 1.23 | 0.65 | 0.62 | 0.68 | 0.85 |
| Owner EPS | 0.80 | 0.61 | 0.86 | 0.49 | 0.91 | 1.04 | 1.22 | 1.39 | 0.97 | 0.21 | 0.37 | 0.99 | 0.36 |
| Book Value | 4.12 | 4.90 | 5.68 | 3.04 | 6.42 | 7.71 | 7.16 | 7.97 | 8.21 | 8.64 | 8.86 | 8.86 | 8.88 |
| Cash Flow/Share | 0.92 | 0.76 | 1.07 | 0.62 | 1.26 | 1.44 | 1.38 | 1.75 | 1.39 | 0.65 | 0.87 | 1.46 | 1.70 |
| Dividends/Share | 0.00 | 0.11 | 0.15 | 0.08 | 0.19 | 0.21 | 2.23 | 0.25 | 0.27 | 0.29 | 0.31 | 0.33 | 0.33 |
| Shares Out. | 178.7M | 169.7M | 169.7M | 360.6M | 176.8M | 175.7M | 176.2M | 179.4M | 175.2M | 174.2M | 171.2M | 168.3M | 166.5M |
| Valuation | |||||||||||||
| P/E Ratio | 28.4 | 15.0 | 34.4 | 58.7 | 28.4 | 45.5 | 79.8 | 48.9 | 36.6 | 64.3 | 57.5 | 53.7 | 72.8 |
| P/FCF | 24.1 | 24.6 | 29.7 | 106.1 | 33.5 | 40.0 | 61.4 | 45.9 | 35.3 | 81.1 | 45.6 | 25.9 | 42.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 49.5 |
| Price/Book | 4.7 | 3.4 | 5.4 | 9.5 | 5.5 | 6.8 | 11.1 | 9.6 | 5.5 | 4.8 | 4.0 | 4.1 | 7.0 |
| Price/Sales | 7.4 | 7.5 | 6.9 | 10.7 | 10.3 | 10.9 | 12.3 | 13.9 | 9.2 | 9.7 | 7.6 | 6.1 | 9.9 |
| FCF Yield | 4.1% | 3.9% | 3.3% | 1.9% | 3.0% | 2.5% | 1.6% | 2.2% | 2.8% | 1.2% | 2.2% | 3.9% | 2.3% |
| Market Cap | 3.4B | 2.8B | 5.2B | 10.4B | 6.2B | 9.3B | 14.1B | 13.7B | 7.9B | 7.3B | 6.1B | 6.1B | 10.3B |
| Avg. Price | 17.64 | 19.22 | 20.79 | 45.27 | 46.96 | 45.04 | 56.81 | 80.25 | 53.03 | 46.46 | 40.64 | 36.07 | 62.05 |
| Year-End Price | 19.30 | 15.97 | 29.61 | 57.52 | 35.27 | 52.75 | 79.79 | 76.33 | 45.05 | 41.81 | 35.67 | 36.50 | 62.05 |
COGNEX CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
COGNEX CORP trades at 91.2x trailing earnings, compared to its 15-year median P/E of 51.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 43.4x vs a median of 40.0x. The company's 5-year average ROIC is 24.9% with a gross margin of 70.4%. Total shareholder yield (dividends + buybacks) is 2.0%. At current prices, the estimated annualized return to fair value is -3.7%.
COGNEX CORP (CGNX) has a net profit margin of 11.5%. This is a healthy margin.
COGNEX CORP (CGNX) generated $237 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COGNEX CORP (CGNX) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
COGNEX CORP (CGNX) reported earnings per share (EPS) of $0.68 in its most recent fiscal year.
COGNEX CORP (CGNX) has a return on equity (ROE) of 7.6%. This indicates moderate shareholder returns.
COGNEX CORP (CGNX) has a 5-year average gross margin of 70.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for COGNEX CORP (CGNX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COGNEX CORP (CGNX) has a book value per share of $8.86, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management reported that Q1 2026 marked the ninth consecutive quarter of double-digit logistics growth led by large e-commerce customers, with the company expecting growth to normalize to mid-to-high single digits as comparisons strengthen through the year. Packaging delivered double-digit growth in Q1 2026 driven by broad-based strength and the sales force transformation, with management now expecting high single-digit growth for the full year supported by continued momentum from AI-enabled products. Consumer electronics delivered double-digit Q1 growth across customers and geographies, with management expecting high single-to-double-digit growth for 2026 supported by supply chain shifts, consumer refresh cycles, and new device form factors, though Q2 is expected to represent the peak for this segment. Semiconductor achieved double-digit Q1 growth exceeding expectations, prompting management to narrow the full-year outlook to high single-to-double-digit growth, while automotive is expected to remain challenged with flat-to-low single-digit growth for 2026. Management remains focused on executing $35 million to $40 million in annualized net cost reductions by the end of 2026 and targeting a 25% adjusted EBITDA margin run rate by year-end 2026, with the broader macro environment remaining uncertain and visibility limited to the second half of the year.
Based on recent SEC filings and earnings calls, COGNEX CORP (CGNX) has provided the following forward guidance: Net cost reductions: $35 million to $40 million (Annualized by end of 2026); Adjusted EBITDA margin run rate: 25% (End of 2026).
No recent press releases.