Cohu (COHU) financial statements
Cohu reported revenue of $453M in fiscal 2025, up 5.4% a year over 9 years.
Net income was -$74M and the operating margin -15.4%, against 1.1% in 2016.
Free cash flow was $11M, and the company returned $9M in net buybacks.
The diluted share count rose 70% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cohu's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $282M | $353M | $452M | $583M | $636M | $887M | $813M | $636M | $402M | $453M |
| Cost of revenue | $182M | $209M | $292M | $354M | $364M | $500M | $429M | $333M | $221M | $259M |
| Gross profit | $95M | $141M | $159M | $230M | $272M | $387M | $383M | $303M | $180M | $194M |
| Research and development | $35M | $41M | $56M | $86M | $86M | $92M | $93M | $89M | $85M | $92M |
| Selling, general and admin | $55M | $61M | $97M | $143M | $129M | $127M | $131M | $132M | $128M | $124M |
| Operating income | $3M | $38M | -$30M | -$52M | $3M | $202M | $126M | $43M | -$72M | -$70M |
| Interest expense | — | $54,000 | $5M | $21M | $14M | $6M | $4M | $3M | $618,000 | $2M |
| Pre-tax income | $6M | $35M | -$32M | -$72M | -$13M | $192M | $127M | $46M | -$65M | -$62M |
| Income tax | $3M | $2M | $631,000 | -$3M | $666,000 | $25M | $30M | $18M | $5M | $12M |
| Net income | $3M | $33M | -$32M | -$70M | -$14M | $167M | $97M | $28M | -$70M | -$74M |
| EPS (diluted) | $0.11 | $1.14 | -$1.01 | -$1.69 | -$0.33 | $3.45 | $1.98 | $0.59 | -$1.49 | -$1.59 |
| Diluted shares | 27M | 29M | 32M | 41M | 42M | 48M | 49M | 48M | 47M | 47M |
| Gross margin | 33.6% | 39.9% | 35.3% | 39.4% | 42.7% | 43.6% | 47.2% | 47.6% | 44.9% | 42.7% |
| Operating margin | 1.1% | 10.7% | -6.6% | -9.0% | 0.5% | 22.7% | 15.4% | 6.8% | -17.8% | -15.4% |
| Net margin | 1.1% | 9.3% | -7.1% | -11.9% | -2.2% | 18.9% | 11.9% | 4.4% | -17.4% | -16.4% |
Balance sheet
Fiscal years, from Cohu's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $128M | $156M | $165M | $156M | $170M | $380M | $386M | $336M | $262M | $484M |
| Inventory | $46M | $62M | $139M | $131M | $142M | $161M | $170M | $156M | $142M | $129M |
| Total current assets | $245M | $297M | $485M | $440M | $485M | $751M | $765M | $639M | $534M | $750M |
| Property, plant and equipment | $18M | $34M | $74M | $71M | $67M | $64M | $65M | $69M | $75M | $77M |
| Goodwill | $59M | $66M | $242M | $239M | $252M | $220M | $214M | $242M | $235M | $283M |
| Total assets | $346M | $420M | $1.1B | $1.1B | $1.1B | $1.3B | $1.2B | $1.2B | $999M | $1.2B |
| Total current liabilities | $69M | $85M | $161M | $149M | $174M | $192M | $161M | $103M | $85M | $109M |
| Long-term debt | — | $5M | $343M | $347M | $312M | $103M | $73M | $34M | $7M | $285M |
| Total liabilities | $110M | $131M | $588M | $595M | $578M | $377M | $299M | $200M | $143M | $457M |
| Shareholders' equity | $235M | $289M | $546M | $483M | $512M | $883M | $929M | $950M | $857M | $786M |
| Net debt | -$96M | -$125M | $186M | $198M | $171M | -$172M | -$163M | -$205M | -$198M | $69M |
Cash flow
Fiscal years, from Cohu's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $25M | $40M | $34M | $17M | $50M | $98M | $113M | $101M | $3M | $32M |
| Capital spending | $3M | $6M | $5M | $18M | $19M | $12M | $15M | $16M | $11M | $21M |
| Free cash flow | $21M | $34M | $29M | -$731,000 | $31M | $86M | $98M | $85M | -$8M | $11M |
| Stock-based compensation | $7M | $7M | $18M | $14M | $14M | $14M | $15M | $17M | $21M | $23M |
| Dividends paid | $6M | $7M | $7M | $10M | $5M | $0 | $0 | — | — | — |
| Share buybacks (net) | — | — | — | $0 | $0 | -$7M | -$51M | -$24M | -$27M | -$9M |
| Net borrowing | — | — | $346M | -$4M | -$41M | -$206M | -$38M | -$39M | -$31M | -$2M |
| Free cash flow margin | 7.5% | 9.5% | 6.5% | -0.1% | 4.9% | 9.7% | 12.1% | 13.4% | -2.0% | 2.4% |
| Dividends per share | $0.23 | $0.23 | $0.22 | $0.24 | $0.12 | — | — | — | — | — |
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Open COHU in InvestinglyQuestions
What was Cohu's revenue in 2025?
$453M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cohu generate?
$11M in fiscal 2025 (operating cash flow minus capital spending).
From Cohu's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.