Recent News
On June 16, 2026, Cognex announced CEO participation in the opening keynote at Automate 2026, highlighting the company’s public emphasis on AI and robotics leadership. On August 5, 2026, the company disclosed a quarterly cash dividend of $0.085 per share payable September 3, 2026, with record date August 20, 2026.
Technical Analysis
ADX at 9.11 indicates no trend strength; directional movement readings therefore reflect cross-traffic rather than a dominant trend. DI+ shows a dip & reversal while DI- shows a peak & reversal, which together present a bullish directional configuration despite the low ADX reading.
MACD stands at -0.37 with the MACD line above the signal line (-0.66) and an increasing MACD_trend; the crossover while still negative represents a bullish momentum shift from recent compression and supports a near-term upward bias in price momentum.
MRO sits at 20.64 and is positive with an increasing trend; positive MRO implies the current price sits above the model target and therefore creates pressure for mean reversion. That creates a tension with bullish momentum signals and suggests any advance may encounter corrective pressure.
RSI at 49.77 with a dip & reversal shows short-term buying interest re-emerging from neutral territory rather than an overbought condition, leaving room for further upside before momentum exhaustion.
Price sits above the 50-day average ($63.28) and well above the 200-day average ($53.94), and the 12-day and 26-day EMAs show a dip & reversal pattern on the shorter EMA—these align with the MACD crossover and reinforce a near-term bullish tilt while Bollinger bands and Ichimoku levels cluster around the current price, indicating limited immediate breakout room without a volatility expansion.
Fundamental Analysis
Total revenue reached $291,263,000 with QoQ revenue growth of +33.28% and year-over-year revenue change of -44.43%; the QoQ acceleration contrasts with the YoY contraction and signals recovery momentum versus the prior-year base. Gross margin at 70.65% remains high and improved YoY by +4.83 percentage points, supporting strong product-level profitability.
Operating (EBIT) income totaled $85,517,000 and the operating margin equals 29.36%, which sits above the industry peer mean of 12.83% and above the industry peer median of 16.49%. Operating margin rose QoQ by +31.64% and YoY by +68.39%, indicating expanding profitability driven by operating leverage on recent revenue gains.
Net income totaled $72,756,000 and EPS came in at $0.45 versus an estimate of $0.42, producing an EPS surprise of +7.14%. Forward EPS stands at $0.506 and forward P/E of 121.18x contrasts with the trailing P/E of 139.45x; PEG ratios show elevated forward multiples (PEG 4.31, forward PEG 3.75) consistent with strong expectations priced into growth forecasts.
Liquidity looks robust: cash of $302,521,000 and cash & short-term investments of $404,370,000 produce a current ratio of 3.93 and a quick ratio of 3.27. Debt remains minimal (total debt $72,477,000; debt-to-assets 3.33%; debt-to-equity 4.45%), and interest coverage exceeds 21x, leaving ample capacity for capital allocation or opportunistic reinvestment.
Free cash flow reached $67,621,000 with free cash flow yield roughly 0.64% and free cash growth YoY showing a sharp increase (+833.93% as reported), while free cash growth QoQ shows a large negative move (–244.09% QoQ) that highlights lumpy cash generation patterns. Return on equity registers near 4.46% with improving QoQ and YoY trends.
Valuation context: WMDST values the stock as fair-valued. Elevated profitability, strong cash balances, and improving quarter-over-quarter top-line and margin dynamics support the valuation, while very high P/E and P/S multiples and modest free cash flow yield indicate the market prices above conservative earnings expectations.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-05 |
| NEXT REPORT DATE: | 2026-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 237.3 M |
| Operating Cash Flow | $ 69.2 M | |
| Capital Expenditures | $ -1.53 M | |
| Change In Working Capital | $ -22.52 M | |
| Dividends Paid | $ -14.26 M | |
| Cash Flow Delta | $ 65.2 M | |
| End Period Cash Flow | $ 302.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 291.3 M | |
| Forward Revenue | $ 85.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 85.5 M | |
| Depreciation | $ 4.6 M | |
| Depreciation and Amortization | $ 6.9 M | |
| Research and Development | $ 32.4 M | |
| Total Operating Expenses | $ 205.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 205.8 M | |
| EBITDA | $ 92.4 M | |
| EBIT | $ 85.5 M | |
| Operating Income | $ 85.5 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ 89.3 M | |
| Tax Provision | $ 16.5 M | |
| Tax Rate | 18.526 % | |
| Net Income | $ 72.8 M | |
| Net Income From Continuing Operations | $ 72.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.42 | |
| EPS Actual | $ 0.45 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 7.143 % | |
| Forward EPS | $ 0.51 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.2 B | |
| Intangible Assets | $ 445.8 M | |
| Net Tangible Assets | $ 1.2 B | |
| Total Current Assets | $ 849.9 M | |
| Cash and Short-Term Investments | $ 404.4 M | |
| Cash | $ 302.5 M | |
| Net Receivables | $ 216.2 M | |
| Inventory | $ 142.8 M | |
| Long-Term Investments | $ 4.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 65.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 216.0 M | |
| Net Debt | — | |
| Total Debt | $ 72.5 M | |
| Total Liabilities | $ 549.1 M | |
| EQUITY | ||
| Total Equity | $ 1.6 B | |
| Retained Earnings | $ 397.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.69 | |
| Shares Outstanding | 168.217 M | |
| Revenue Per-Share | $ 1.73 | |
| VALUATION | Market Capitalization | $ 10.6 B |
| Enterprise Value | $ 10.2 B | |
| Enterprise Multiple | 110.654 | |
| Enterprise Multiple QoQ | -10.377 % | |
| Enterprise Multiple YoY | -7.748 % | |
| Enterprise Multiple IPRWA | high: 302.042 CGNX: 110.654 median: 97.5 mean: 92.769 low: -236.336 |
|
| EV/R | 35.103 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.337 | |
| Asset To Liability | 3.968 | |
| Debt To Capital | 0.043 | |
| Debt To Assets | 0.033 | |
| Debt To Assets QoQ | -9.837 % | |
| Debt To Assets YoY | -19.87 % | |
| Debt To Assets IPRWA | high: 0.731 median: 0.229 mean: 0.203 CGNX: 0.033 low: 0.001 |
|
| Debt To Equity | 0.044 | |
| Debt To Equity QoQ | -11.129 % | |
| Debt To Equity YoY | -19.464 % | |
| Debt To Equity IPRWA | high: 2.204 mean: 0.442 median: 0.36 CGNX: 0.044 low: -0.8 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 6.478 | |
| Price To Book QoQ | 12.602 % | |
| Price To Book YoY | 54.509 % | |
| Price To Book IPRWA | high: 17.779 mean: 9.143 median: 8.415 CGNX: 6.478 low: -2.382 |
|
| Price To Earnings (P/E) | 139.449 | |
| Price To Earnings QoQ | -7.203 % | |
| Price To Earnings YoY | 9.247 % | |
| Price To Earnings IPRWA | high: 454.629 mean: 142.119 CGNX: 139.449 median: 108.536 low: -148.034 |
|
| PE/G Ratio | 4.31 | |
| Price To Sales (P/S) | 36.242 | |
| Price To Sales QoQ | 14.344 % | |
| Price To Sales YoY | 42.974 % | |
| Price To Sales IPRWA | high: 91.147 CGNX: 36.242 mean: 31.179 median: 31.03 low: 0.118 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 121.177 | |
| Forward PE/G | 3.745 | |
| Forward P/S | 125.569 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 5.037 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.139 | |
| Asset Turnover Ratio QoQ | 4.3 % | |
| Asset Turnover Ratio YoY | 9.994 % | |
| Asset Turnover Ratio IPRWA | high: 0.574 mean: 0.177 median: 0.14 CGNX: 0.139 low: 0.002 |
|
| Receivables Turnover | 1.505 | |
| Receivables Turnover Ratio QoQ | -10.99 % | |
| Receivables Turnover Ratio YoY | 4.292 % | |
| Receivables Turnover Ratio IPRWA | high: 2.33 median: 1.607 mean: 1.582 CGNX: 1.505 low: 0.353 |
|
| Inventory Turnover | 0.614 | |
| Inventory Turnover Ratio QoQ | 8.352 % | |
| Inventory Turnover Ratio YoY | 12.181 % | |
| Inventory Turnover Ratio IPRWA | high: 3.153 mean: 0.885 median: 0.858 CGNX: 0.614 low: 0.165 |
|
| Days Sales Outstanding (DSO) | 60.614 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 151.147 | |
| Cash Conversion Cycle Days QoQ | 7.689 % | |
| Cash Conversion Cycle Days YoY | -23.482 % | |
| Cash Conversion Cycle Days IPRWA | high: 389.683 CGNX: 151.147 mean: 103.21 median: 93.299 low: -166.342 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.46 | |
| CapEx To Revenue | -0.005 | |
| CapEx To Depreciation | -0.334 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.6 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 1.2 B | |
| Net Working Capital | $ 633.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.872 | |
| Current Ratio | 3.934 | |
| Current Ratio QoQ | 7.981 % | |
| Current Ratio YoY | 19.732 % | |
| Current Ratio IPRWA | high: 14.857 CGNX: 3.934 mean: 2.607 median: 1.813 low: 0.516 |
|
| Quick Ratio | 3.273 | |
| Quick Ratio QoQ | 11.781 % | |
| Quick Ratio YoY | 29.539 % | |
| Quick Ratio IPRWA | high: 13.267 CGNX: 3.273 mean: 2.08 median: 1.399 low: 0.332 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.784 | |
| Cost Of Debt | 4.509 % | |
| Interest Coverage Ratio | 21.094 | |
| Interest Coverage Ratio QoQ | 42.831 % | |
| Interest Coverage Ratio YoY | 96.894 % | |
| Interest Coverage Ratio IPRWA | high: 163.5 CGNX: 21.094 mean: 10.016 median: 7.785 low: -149.225 |
|
| Operating Cash Flow Ratio | 0.15 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 73.362 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 5.103 | |
| Dividend Payout Ratio | 0.196 | |
| Dividend Rate | $ 0.08 | |
| Dividend Yield | 0.001 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 8.627 % | |
| Revenue Growth | 8.503 % | |
| Revenue Growth QoQ | 33.276 % | |
| Revenue Growth YoY | -44.432 % | |
| Revenue Growth IPRWA | high: 71.255 % mean: 12.621 % CGNX: 8.503 % median: 8.358 % low: -33.957 % |
|
| Earnings Growth | 32.353 % | |
| Earnings Growth QoQ | 24.79 % | |
| Earnings Growth YoY | -42.484 % | |
| Earnings Growth IPRWA | high: 200.0 % CGNX: 32.353 % median: 23.404 % mean: 21.223 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 70.649 % | |
| Gross Margin QoQ | -0.676 % | |
| Gross Margin YoY | 4.828 % | |
| Gross Margin IPRWA | high: 98.113 % CGNX: 70.649 % mean: 40.037 % median: 38.478 % low: -57.962 % |
|
| EBIT Margin | 29.361 % | |
| EBIT Margin QoQ | 31.64 % | |
| EBIT Margin YoY | 68.393 % | |
| EBIT Margin IPRWA | high: 54.087 % CGNX: 29.361 % median: 16.493 % mean: 12.832 % low: -229.509 % |
|
| Return On Sales (ROS) | 29.361 % | |
| Return On Sales QoQ | 31.64 % | |
| Return On Sales YoY | 68.393 % | |
| Return On Sales IPRWA | high: 35.194 % CGNX: 29.361 % median: 15.494 % mean: 14.705 % low: -229.509 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 67.6 M | |
| Free Cash Flow Yield | 0.641 % | |
| Free Cash Flow Yield QoQ | 28.715 % | |
| Free Cash Flow Yield YoY | 0.156 % | |
| Free Cash Flow Yield IPRWA | high: 11.872 % CGNX: 0.641 % mean: 0.497 % median: 0.384 % low: -16.267 % |
|
| Free Cash Growth | 59.725 % | |
| Free Cash Growth QoQ | -244.093 % | |
| Free Cash Growth YoY | 833.933 % | |
| Free Cash Growth IPRWA | high: 458.586 % CGNX: 59.725 % mean: 30.62 % median: 16.009 % low: -359.143 % |
|
| Free Cash To Net Income | 0.929 | |
| Cash Flow Margin | 11.105 % | |
| Cash Flow To Earnings | 0.445 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.478 % | |
| Return On Assets QoQ | 35.278 % | |
| Return On Assets YoY | 68.999 % | |
| Return On Assets IPRWA | high: 5.859 % CGNX: 3.478 % median: 1.741 % mean: 0.574 % low: -27.727 % |
|
| Return On Capital Employed (ROCE) | 4.357 % | |
| Return On Equity (ROE) | 0.045 | |
| Return On Equity QoQ | 27.717 % | |
| Return On Equity YoY | 65.985 % | |
| Return On Equity IPRWA | high: 0.149 CGNX: 0.045 median: 0.045 mean: 0.037 low: -0.481 |
|
| DuPont ROE | 4.681 % | |
| Return On Invested Capital (ROIC) | 4.276 % | |
| Return On Invested Capital QoQ | 26.173 % | |
| Return On Invested Capital YoY | 75.895 % | |
| Return On Invested Capital IPRWA | high: 11.748 % CGNX: 4.276 % median: 3.323 % mean: 2.787 % low: -14.412 % |
|