Latest Ratios: P/E Ratio 102.2x · EV/EBITDA 59.1x · ROE 7.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.6B | $6.1B | $6.2B | $7.2B | $8.2B | $14.0B | $14.2B | $9.8B | $6.9B | $11.0B | $5.5B |
| Enterprise Value | $11.4B | $5.9B | $6.1B | $7.1B | $8.1B | $13.8B | $13.9B | $9.7B | $6.8B | $10.9B | $5.5B |
| P/E Ratio → | 102.19 | 52.91 | 57.84 | 64.22 | 38.30 | 49.85 | 80.29 | 48.31 | 31.19 | 61.78 | 36.99 |
| P/S Ratio | 11.67 | 6.13 | 6.77 | 8.64 | 8.19 | 13.49 | 17.48 | 13.54 | 8.51 | 14.33 | 10.46 |
| P/B Ratio | 7.89 | 4.08 | 4.08 | 4.81 | 5.73 | 9.78 | 11.23 | 7.24 | 6.04 | 10.03 | 5.75 |
| P/FCF | 49.02 | 25.74 | 46.18 | 80.56 | 36.82 | 46.85 | 61.89 | 42.42 | 36.81 | 56.15 | 32.73 |
| P/OCF | 47.27 | 24.82 | 41.52 | 64.10 | 33.85 | 44.55 | 58.49 | 38.77 | 30.70 | 48.95 | 30.42 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.94 | 6.64 | 8.49 | 8.05 | 13.33 | 17.18 | 13.32 | 8.37 | 14.20 | 10.31 |
| EV / EBITDA | 59.06 | 30.55 | 41.11 | 46.62 | 30.45 | 41.24 | 70.73 | 57.72 | 27.82 | 39.42 | 32.28 |
| EV / EBIT | 70.25 | 36.34 | 52.79 | 57.97 | 30.14 | 43.89 | 67.64 | 67.80 | 30.53 | 42.01 | 35.44 |
| EV / FCF | — | 24.95 | 45.32 | 79.18 | 36.19 | 46.31 | 60.83 | 41.75 | 36.23 | 55.61 | 32.26 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.9% | 66.9% | 68.4% | 71.8% | 71.8% | 73.3% | 74.5% | 73.8% | 74.4% | 75.6% | 75.2% |
| Operating Margin | 16.3% | 16.3% | 12.6% | 15.6% | 24.5% | 30.4% | 21.0% | 19.7% | 27.4% | 33.8% | 29.1% |
| Net Profit Margin | 11.5% | 11.5% | 11.6% | 13.5% | 21.4% | 27.0% | 21.7% | 28.1% | 27.2% | 23.1% | 27.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.6% | 7.6% | 7.0% | 7.7% | 15.0% | 20.8% | 13.5% | 16.4% | 19.7% | 17.2% | 16.1% |
| ROA | 5.7% | 5.7% | 5.3% | 5.7% | 10.9% | 14.7% | 9.6% | 12.8% | 17.0% | 15.2% | 14.9% |
| ROIC | 9.0% | 9.0% | 6.2% | 7.3% | 14.4% | 20.6% | 11.5% | 9.6% | 16.5% | 20.7% | 13.9% |
| ROCE | 8.9% | 8.9% | 6.2% | 7.2% | 13.7% | 18.1% | 9.9% | 9.6% | 18.6% | 24.1% | 17.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.05 | 0.05 | 0.03 | 0.02 | 0.02 | 0.01 | — | — | — |
| Debt / EBITDA | 0.40 | 0.40 | 0.48 | 0.52 | 0.15 | 0.08 | 0.13 | 0.11 | — | — | — |
| Net Debt / Equity | — | -0.12 | -0.08 | -0.08 | -0.10 | -0.11 | -0.19 | -0.11 | -0.10 | -0.10 | -0.08 |
| Net Debt / EBITDA | -0.96 | -0.96 | -0.78 | -0.81 | -0.53 | -0.48 | -1.23 | -0.92 | -0.45 | -0.39 | -0.47 |
| Debt / FCF | — | -0.79 | -0.86 | -1.38 | -0.63 | -0.54 | -1.06 | -0.66 | -0.58 | -0.54 | -0.47 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($263M) exceeds total debt ($77M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.80 | 3.80 | 3.62 | 4.47 | 3.82 | 3.39 | 4.55 | 5.04 | 8.54 | 5.59 | 8.00 |
| Quick Ratio | 3.05 | 3.05 | 2.69 | 3.40 | 3.17 | 2.79 | 4.09 | 4.54 | 7.63 | 4.99 | 7.59 |
| Cash Ratio | 1.84 | 1.84 | 1.45 | 2.19 | 2.13 | 1.72 | 2.81 | 3.42 | 5.86 | 3.59 | 6.40 |
| Asset Turnover | — | 0.49 | 0.46 | 0.42 | 0.51 | 0.52 | 0.45 | 0.38 | 0.63 | 0.59 | 0.51 |
| Inventory Turnover | 2.39 | 2.39 | 1.83 | 1.46 | 2.32 | 2.45 | 3.39 | 3.15 | 2.47 | 2.76 | 4.86 |
| Days Sales Outstanding | — | 60.09 | 58.44 | 50.80 | 46.29 | 47.28 | 59.10 | 54.44 | 57.71 | 60.43 | 39.74 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | 0.9% | 0.8% | 0.7% | 0.6% | 0.3% | 2.8% | 0.4% | 0.5% | 0.3% | 0.5% |
| Payout Ratio | 47.7% | 47.7% | 49.3% | 43.3% | 21.3% | 15.5% | 221.6% | 17.2% | 14.5% | 16.4% | 17.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.9% | 1.7% | 1.6% | 2.6% | 2.0% | 1.2% | 2.1% | 3.2% | 1.6% | 2.7% |
| FCF Yield | 2.0% | 3.9% | 2.2% | 1.2% | 2.7% | 2.1% | 1.6% | 2.4% | 2.7% | 1.8% | 3.1% |
| Buyback Yield | 1.3% | 2.5% | 1.1% | 1.1% | 2.5% | 1.2% | 0.4% | 0.6% | 3.0% | 1.1% | 0.9% |
| Total Shareholder Yield | 1.8% | 3.4% | 1.9% | 1.8% | 3.0% | 1.5% | 3.1% | 1.0% | 3.4% | 1.4% | 1.3% |
| Shares Outstanding | — | $169M | $173M | $173M | $175M | $180M | $177M | $175M | $177M | $180M | $174M |
Cyclical capital expenditure sensitivity
According to current market data, Cognex trades at a P/E of 97.88, a valuation that appears to price in significant future growth and software-driven margin expansion, despite the inherent cyclicality of its primary industrial and logistics end-markets compared to its diversified industrial peers.
The elevated P/E and EV/EBITDA multiples suggest the market is assigning a technology-enabler premium to the company, distinguishing it from traditional hardware manufacturers. Investors should monitor whether this valuation can be sustained if the current revenue acceleration fails to translate into consistent, long-term margin expansion.
Based on reported financial statements, Cognex's ROIC has fluctuated between 0.8% and 3.4% over the last ten quarters, indicating that the company's ability to compound returns on invested capital is currently hampered by the lumpy nature of its capital-intensive logistics and factory automation project cycles.
The low ROIC relative to historical peaks suggests that the company is currently in a phase of heavy investment or market digestion. Future improvements in capital returns will likely depend on the successful integration of recent acquisitions and the stabilization of high-margin factory automation demand.
As evidenced by the company's reported figures, the cash conversion cycle reached 159 days in 2026Q1, a trend that highlights the significant impact of inventory management and customer payment milestones on the company's overall operational efficiency compared to its historical performance in more stable demand environments.
The high days inventory outstanding, which peaked at 220 days in 2024Q1, suggests that the company maintains substantial inventory buffers to mitigate supply chain risks. While this supports customer service levels, it also ties up significant capital that could otherwise be deployed toward higher-return R&D or share repurchases.
Based on the latest quarterly filings, Cognex maintains a current ratio of 3.64, which provides a substantial liquidity cushion that appears more than adequate to navigate potential volatility in its cyclical end-markets without the need for external financing or debt-based capital structure adjustments.
This liquidity position is a structural strength that allows the company to maintain its R&D commitment even during downturns. The lack of meaningful debt service obligations further insulates the firm from interest rate fluctuations, providing management with significant flexibility for strategic capital allocation.
As reported in industry research, the most commonly misapplied metric for Cognex is the standard EV/Sales multiple, which fails to account for the high-margin, sticky nature of the company's proprietary software libraries that differentiate it from commodity sensor manufacturers.
By treating Cognex as a pure hardware provider, analysts may overlook the recurring-like revenue quality embedded in its software-defined vision systems. Investors should instead focus on adjusted operating margins and software-attach rates to better capture the true earning power of the business model.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CGNX stock.
Cognex Corporation's current P/E ratio is 102.2x. The historical average is 40.2x. This places it at the 100th percentile of its historical range.
Cognex Corporation's current EV/EBITDA is 59.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.6x.
Cognex Corporation's return on equity (ROE) is 7.6%. The historical average is 11.6%.
Based on historical data, Cognex Corporation is trading at a P/E of 102.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cognex Corporation's current dividend yield is 0.46% with a payout ratio of 47.7%.
Cognex Corporation has 66.9% gross margin and 16.3% operating margin. Operating margin between 10-20% is typical for established companies.
Cognex Corporation's Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.