Skip to content
stoqly

Cognex

CGNX Nasdaq Electronic Equipment & Instruments Financials FY2016–FY2025

Cognex's revenue rose 8.7% to $994 million in fiscal 2025. Its operating margin was 16.4%, up from 12.6% a year earlier. Free cash flow was $237 million, up 76.6%. It paid out $206 million in dividends and buybacks, 87% of free cash flow. The diluted share count fell 1.9%.

Last close · Oct 23, 2026

$55.55

1.7%
Value it Compare
Revenue Total sales reported in the income statement.
$994M
8.7% vs prior year
Operating margin Operating income as a share of revenue.
16.4%
3.8 pts
Net income Profit after all expenses, interest and tax.
$114M
7.7%
Free cash flow Cash from operations minus capital spending.
$237M
76.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.4%
0.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
53.4x
On $1.04 EPS (TTM)

About these figures. Cognex has no borrowings (its balance sheets have no debt line), so debt is counted as zero.

What Cognex does

No business description yet.

Legal name
COGNEX CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000851205-26-000012
0000851205

Revenue and margins

Cognex had $994M of revenue in fiscal 2025, up 8.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −2.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $237M in fiscal 2025, 23.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cognex returned $206M to shareholders in fiscal 2025, 87% of free cash flow. The diluted share count fell 1.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cognex yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $337M and divides by 169.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 53.4x · peers 33.4x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cognex can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $324M$400M$332M$246M$337M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −1.0x−1.5x−2.2x−1.7x−1.7x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 3.4x3.8x4.5x3.6x3.8x
Quick ratio 2.8x3.2x3.4x2.7x3.1x
Total assets $2.0B$2.0B$2.0B$2.0B$2.0B
Total liabilities $574M$520M$513M$475M$525M
Shareholders' equity $1.4B$1.4B$1.5B$1.5B$1.5B
Net debt (− = net cash) −$324M−$400M−$332M−$246M−$337M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$33.9M

9 insiders

Of sales under plans

38%

$12.9M

DateInsiderTradeSharesPriceValueFiling
Aug 11, 2026 Matthew MoschnerCEO & President, Director Sold plan 24,962 $64.01 $1.6M Form 4
May 27, 2026 Darren Marc LongVice President Sold 20,252 $66.34 $1.3M Form 4
May 12, 2026 Laura Ann MacdonaldVP and PAO Sold 41,600 $65.56 $2.7M Form 4
May 11, 2026 Laura Ann MacdonaldVP and PAO Sold 98,122 $66.80 $6.6M Form 4
May 11, 2026 Mark FennellChief Legal Officer &Secretary Sold 64,873 $67.05 $4.3M Form 4
Mar 2, 2026 Dianne M ParrotteDirector Sold 44,000 $54.00 $2.4M Form 4
Feb 23, 2026 Angelos PapadimitriouDirector Sold 4,150 $55.58 $0.2M Form 4
Feb 23, 2026 Carl GerstEVP, Global Sales and Products Sold plan 10,532 $55.93 $0.6M Form 4
Feb 20, 2026 Carl GerstEVP, Global Sales and Products Sold plan 3,804 $55.99 $0.2M Form 4
Feb 20, 2026 Joerg KuechenHead of Corporate M&A Sold 61,900 $56.03 $3.5M Form 4
Feb 13, 2026 Robert WillettDirector Sold plan 2,148 $59.50 $0.1M Form 4
Feb 12, 2026 Robert WillettDirector Sold plan 177,052 $58.39 $10.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 95 / 97 / 9
Accruals ratio 0.0%−2.1%−6.5%
Altman Z'' 6.066.025.86

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cognex CGNX $9.4B 8.7% 16.4% 23.8% 8.4% 53.4x 7
Novanta NOVT $5.8B 3.3% 9.6% 4.9% 6.5% 89.7x 5 Compare →
Crane NXT CXT $3.3B 11.4% 14.9% 12.0% 10.4% 23.6x 4 Compare →
Vontier VNT $4.8B 3.2% 18.3% 14.3% 15.8% 14.2x 6 Compare →
Keysight Technologies KEYS $54.5B 8.0% 16.3% 23.8% 12.1% 43.1x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $530M $766M $806M $726M $811M $1.0B $1.0B $838M $915M $994M
Gross profit $398M $579M $600M $536M $605M $760M $722M $601M $626M $665M
Research and development $78.3M $99.2M $116M $119M $131M $135M $141M $139M $140M $139M
Operating income $154M $259M $221M $143M $171M $315M $246M $131M $115M $163M
Pretax income $162M $267M $235M $163M $187M $319M $251M $135M $132M $183M
Income tax $18.1M $89.8M $15.3M −$40.9M $10.7M $39.0M $35.2M $22.1M $25.3M $68.4M
Net income $144M $177M $219M $204M $176M $280M $216M $113M $106M $114M
Diluted EPS $0.83 $0.98 $1.24 $1.16 $1.00 $1.56 $1.23 $0.65 $0.62 $0.68
Diluted shares 0.17B 0.18B 0.18B 0.18B 0.18B 0.18B 0.17B 0.17B 0.17B 0.17B
Cash flow
Cash from operations $182M $224M $224M $253M $242M $314M $243M $113M $149M $246M
Capital expenditure $12.8M $28.8M $37.1M $21.7M $13.3M $15.5M $19.7M $23.1M $15.0M $8.7M
Free cash flow $169M $196M $186M $232M $229M $299M $224M $89.8M $134M $237M
Depreciation and amortization $15.1M $17.0M $21.5M $24.9M $26.5M $20.3M $19.6M $21.9M $32.7M $30.8M
Stock-based compensation $20.6M $31.9M $41.1M $45.6M $1.4M $43.8M $54.5M $54.8M $52.4M $48.5M
Acquisitions $14.3M $24.1M $4.3M $167M $1.0M $0.0M $5.0M $257M $1.4M $0.0M
Share buybacks $47.1M $124M $204M $61.7M $51.0M $162M $204M $79.8M $67.1M $151M
Dividends paid $25.2M $29.0M $31.9M $35.1M $391M $43.3M $45.9M $49.1M $52.3M $54.6M
Dividends and buybacks $72.4M $153M $236M $96.8M $442M $205M $250M $129M $119M $206M
Balance sheet
Cash and short-term investments $421M $405M $536M $412M $372M $324M $400M $332M $246M $337M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $526M $630M $780M $607M $602M $640M $718M $679M $613M $697M
Current liabilities $65.8M $113M $91.4M $121M $132M $189M $188M $152M $169M $184M
Inventory $27.0M $67.9M $83.3M $60.3M $60.8M $113M $123M $162M $158M $138M
Property and equipment, net $54.0M $78.0M $91.4M $89.4M $79.2M $77.5M $79.7M $106M $98.4M $86.0M
Total assets $1.0B $1.3B $1.3B $1.9B $1.8B $2.0B $2.0B $2.0B $2.0B $2.0B
Total liabilities $76.0M $192M $154M $530M $539M $574M $520M $513M $475M $525M
Shareholders' equity $963M $1.1B $1.1B $1.4B $1.3B $1.4B $1.4B $1.5B $1.5B $1.5B
Margins
Gross margin 75.3% 75.6% 74.5% 73.9% 74.6% 73.3% 71.8% 71.8% 68.4% 66.9%
Operating margin 29.1% 33.8% 27.4% 19.7% 21.0% 30.4% 24.5% 15.6% 12.6% 16.4%
EBITDA margin 31.9% 36.0% 30.1% 23.1% 24.3% 32.3% 26.4% 18.2% 16.2% 19.5%
Net margin 27.1% 23.1% 27.2% 28.1% 21.7% 27.0% 21.4% 13.5% 11.6% 11.5%
FCF margin 32.0% 25.5% 23.1% 31.9% 28.3% 28.8% 22.2% 10.7% 14.7% 23.8%
Returns
Return on capital 26.7% 27.8% 32.0% 18.5% 17.5% 27.7% 19.7% 9.9% 7.6% 8.4%
Return on capital employed 17.1% 24.1% 18.6% 9.6% 9.9% 18.1% 13.7% 7.2% 6.2% 8.9%
Return on equity 16.0% 17.2% 19.7% 16.4% 13.5% 20.8% 15.0% 7.7% 7.0% 7.6%
Return on assets 14.9% 15.2% 17.0% 12.8% 9.6% 14.7% 10.9% 5.7% 5.3% 5.7%
Growth
Revenue growth 17.5% 44.7% 5.3% −10.0% 11.8% 27.9% −3.0% −16.8% 9.2% 8.7%
Net income growth −23.2% 23.0% 24.1% −7.0% −13.6% 58.9% −23.0% −47.5% −6.2% 7.8%
EPS growth −21.7% 18.1% 26.5% −6.5% −13.8% 56.0% −21.2% −47.2% −4.6% 9.7%
FCF growth 53.7% 15.5% −4.7% 24.3% −1.1% 30.3% −25.1% −59.9% 49.2% 76.6%
Share count change −1.0% 3.1% −1.2% −1.2% 0.8% 1.9% −2.8% −0.8% −0.5% −1.9%
Financial health
Net debt / EBITDA −2.5x −1.5x −2.2x −2.5x −1.9x −1.0x −1.5x −2.2x −1.7x −1.7x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 8.0x 5.6x 8.5x 5.0x 4.6x 3.4x 3.8x 4.5x 3.6x 3.8x
Quick ratio 7.6x 5.0x 7.6x 4.5x 4.1x 2.8x 3.2x 3.4x 2.7x 3.1x
Capital allocation
Capex / revenue 2.4% 3.8% 4.6% 3.0% 1.6% 1.5% 2.0% 2.8% 1.6% 0.9%
Stock comp / revenue 3.9% 4.2% 5.1% 6.3% 0.2% 4.2% 5.4% 6.5% 5.7% 4.9%
Payouts / FCF 42.8% 78.1% 126.5% 41.8% 192.7% 68.6% 111.8% 143.5% 89.1% 86.9%
Quality scores
Piotroski F-score 5.0 6.0 6.0 4.0 4.0 5.0 5.0 5.0 5.0 7.0
Altman Z'' 19.2 11.7 14.0 6.2 5.7 6.1 6.4 6.1 6.0 5.9
Accruals ratio −4.0% −4.1% −0.3% −3.1% −3.6% −1.8% −1.4% 0.0% −2.1% −6.5%

Source: SEC EDGAR XBRL filings (CIK 0000851205). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open