Latest Ratios: P/E Ratio -37.3x · EV/EBITDA N/A · ROE -9.0%. (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 | $2.8B | $1.1B | $1.3B | $1.7B | $1.6B | $1.8B | $1.6B | $940M | $511M | $635M | $382M |
| Enterprise Value | $2.9B | $1.2B | $1.1B | $1.5B | $1.4B | $1.7B | $1.8B | $1.2B | $699M | $509M | $286M |
| P/E Ratio → | -37.28 | — | — | 59.98 | 16.19 | 11.02 | — | — | — | 19.25 | 126.36 |
| P/S Ratio | 6.15 | 2.42 | 3.13 | 2.67 | 1.92 | 2.08 | 2.55 | 1.61 | 1.13 | 1.80 | 1.35 |
| P/B Ratio | 3.53 | 1.40 | 1.47 | 1.79 | 1.68 | 2.09 | 3.17 | 1.95 | 0.94 | 2.20 | 1.62 |
| P/FCF | 259.44 | 102.25 | — | 19.90 | 15.94 | 21.49 | 52.19 | — | 17.33 | 18.86 | 18.11 |
| P/OCF | 87.87 | 34.63 | 453.04 | 16.75 | 13.86 | 18.85 | 32.61 | 54.46 | 14.83 | 15.97 | 15.56 |
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 | — | 2.72 | 2.67 | 2.38 | 1.75 | 1.91 | 2.86 | 2.00 | 1.55 | 1.44 | 1.01 |
| EV / EBITDA | — | — | — | 16.27 | 8.30 | 6.78 | 32.46 | 178.39 | — | 10.86 | 21.25 |
| EV / EBIT | — | — | — | 32.03 | 11.33 | 12.85 | 85.09 | — | 87.64 | 13.50 | 52.53 |
| EV / FCF | — | 114.58 | — | 17.71 | 14.53 | 19.79 | 58.51 | — | 23.72 | 15.13 | 13.55 |
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 | 34.5% | 34.5% | 44.8% | 47.6% | 47.1% | 43.6% | 43.3% | 39.4% | 39.5% | 40.7% | 35.4% |
| Operating Margin | -13.3% | -13.3% | -17.8% | 6.8% | 15.4% | 22.7% | 0.5% | -9.0% | -6.6% | 10.7% | 1.1% |
| Net Profit Margin | -16.4% | -16.4% | -17.4% | 4.4% | 11.9% | 18.9% | -2.2% | -11.9% | -7.1% | 9.3% | 1.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -9.0% | -9.0% | -7.7% | 3.0% | 10.7% | 24.0% | -2.8% | -13.5% | -7.7% | 12.5% | 1.3% |
| ROA | -6.6% | -6.6% | -6.5% | 2.4% | 7.8% | 14.2% | -1.3% | -6.3% | -4.1% | 8.6% | 0.9% |
| ROIC | -5.7% | -5.7% | -7.5% | 4.2% | 12.3% | 20.9% | 0.3% | -5.4% | -5.0% | 18.7% | 1.7% |
| ROCE | -5.9% | -5.9% | -7.3% | 4.1% | 11.8% | 20.3% | 0.4% | -5.5% | -4.6% | 12.3% | 1.1% |
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 | 0.46 | 0.46 | 0.02 | 0.06 | 0.11 | 0.16 | 0.67 | 0.79 | 0.65 | 0.03 | — |
| Debt / EBITDA | — | — | — | 0.63 | 0.60 | 0.58 | 6.17 | 58.37 | — | 0.19 | — |
| Net Debt / Equity | — | 0.17 | -0.22 | -0.20 | -0.15 | -0.16 | 0.38 | 0.47 | 0.35 | -0.43 | -0.41 |
| Net Debt / EBITDA | — | — | — | -2.01 | -0.81 | -0.58 | 3.51 | 34.65 | — | -2.67 | -7.14 |
| Debt / FCF | — | 12.34 | — | -2.18 | -1.42 | -1.70 | 6.32 | — | 6.39 | -3.72 | -4.55 |
| Interest Coverage | -29.42 | -29.42 | -116.33 | 13.97 | 30.10 | 20.59 | 1.55 | -2.51 | 1.60 | 698.61 | — |
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 | 6.88 | 6.88 | 6.27 | 6.18 | 4.75 | 3.90 | 2.78 | 2.95 | 3.02 | 3.49 | 3.57 |
| Quick Ratio | 5.69 | 5.69 | 4.61 | 4.67 | 3.70 | 3.06 | 1.96 | 2.08 | 2.15 | 2.76 | 2.91 |
| Cash Ratio | 4.44 | 4.44 | 3.08 | 3.25 | 2.40 | 1.97 | 0.97 | 1.05 | 1.03 | 1.83 | 1.86 |
| Asset Turnover | — | 0.36 | 0.40 | 0.55 | 0.66 | 0.70 | 0.58 | 0.54 | 0.40 | 0.84 | 0.82 |
| Inventory Turnover | 2.30 | 2.30 | 1.56 | 2.14 | 2.53 | 3.11 | 2.53 | 2.70 | 1.96 | 3.37 | 4.00 |
| Days Sales Outstanding | — | 87.64 | 83.23 | 71.49 | 79.10 | 79.35 | 87.19 | 80.04 | 120.61 | 73.60 | 81.54 |
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 | — | — | — | — | — | — | 0.3% | 1.0% | 1.4% | 1.0% | 1.7% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | 20.0% | 209.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 1.7% | 6.2% | 9.1% | — | — | — | 5.2% | 0.8% |
| FCF Yield | 0.4% | 1.0% | — | 5.0% | 6.3% | 4.7% | 1.9% | — | 5.8% | 5.3% | 5.5% |
| Buyback Yield | 0.3% | 0.7% | 2.1% | 1.4% | 3.2% | 0.4% | 0.0% | 0.0% | 1.8% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.3% | 0.7% | 2.1% | 1.4% | 3.2% | 0.4% | 0.3% | 1.0% | 3.1% | 1.0% | 1.8% |
| Shares Outstanding | — | $47M | $47M | $48M | $49M | $48M | $42M | $41M | $32M | $29M | $27M |
Fixed cost absorption failure
According to current market data, Cohu trades at a forward P/E of 110.22, a valuation that appears disconnected from its recent negative earnings trajectory and suggests investors are pricing in a significant, yet unproven, recovery in the semiconductor test equipment cycle relative to historical norms.
The elevated forward P/E multiple indicates that the market is assigning a premium to future earnings potential rather than current fundamental performance. This valuation approach warrants caution, as it assumes a rapid return to profitability that may be delayed by the company's persistent inability to absorb fixed costs during the current industry downturn.
As reported in financial statements, Cohu's ROIC has trended into negative territory, reaching -1.1% in 2026Q1, which reflects a clear decay in the company's ability to generate returns on invested capital compared to the more stable performance observed in previous fiscal periods.
The consistent decline in ROIC suggests that the capital deployed for the Xcerra acquisition and subsequent operational maintenance is currently failing to produce economic value. Investors should monitor whether management can pivot toward higher-margin software analytics to reverse this trend, as the current reliance on hardware-heavy revenue streams appears to be eroding shareholder value.
Based on the provided quarterly data, Cohu's cash conversion cycle remains highly volatile, with DIO levels reaching 149 days in 2025Q4, indicating that the company is struggling to manage its inventory efficiently compared to its historical performance and industry peers.
The extended duration of the cash conversion cycle suggests that capital is being trapped in inventory, likely due to the specialized nature of its thermal interface products and the cyclical nature of OSAT demand. This inefficiency limits the company's ability to self-fund operations, forcing a greater reliance on external financing during periods of low utilization.
The price-to-sales ratio is frequently misapplied to Cohu's business model, as it obscures the company's high fixed-cost structure and the significant lag between hardware shipments and revenue recognition, which can artificially inflate top-line figures without reflecting actual cash-generative capacity.
Investors should prioritize free cash flow and operating margin metrics over P/S, as the latter fails to account for the high cost of maintaining technological relevance in the semiconductor test space. Relying on P/S risks overestimating the company's value during cyclical peaks while ignoring the underlying operational leverage risks that become apparent during industry contractions.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying COHU stock.
Cohu, Inc.'s current P/E ratio is -37.3x. The historical average is 30.8x.
Cohu, Inc.'s return on equity (ROE) is -9.0%. The historical average is 4.3%.
Based on historical data, Cohu, Inc. is trading at a P/E of -37.3x. Compare with industry peers and growth rates for a complete picture.
Cohu, Inc. has 34.5% gross margin and -13.3% operating margin.