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On June 16, 2026, Cognex announced CEO Matt Moschner will participate in the opening keynote at Automate 2026, emphasizing automation leadership and the role of AI in vision systems. On July 16, 2026, the company set the dates for its second-quarter 2026 earnings release and conference call. On August 5, 2026, Cognex published its second-quarter 2026 results in a press release and accompanying SEC filing.
Technical Analysis
Directional indicators show mixed short-term bias: DI+ registers 24.02 and notes an increasing trend, which signals bullish pressure, while DI- at 28.46 displays a dip-and-reversal that now reads as bearish; ADX at 11.42 indicates no strong established trend. That combination implies limited directional conviction and a near-term tug-of-war between buyers and sellers, increasing the likelihood of rangebound action unless trend strength rises.
MACD sits negative at -1.0 with a peak-and-reversal pattern and the MACD below its signal line (-0.8), indicating declining momentum and a bearish momentum posture that weighs on upside continuation in the immediate horizon.
MRO stands at 9.79 and reached a peak before reversing; the positive MRO suggests price currently sits above the model target and carries downward pressure potential if momentum remains negative, reinforcing the caution signaled by the MACD.
RSI at 47.72 has also peak-and-reversal characteristics, consistent with waning bullish momentum and supporting a neutral-to-slightly-bearish short-term bias that aligns with the technical momentum indicators.
Price relationships add nuance: the last close at $59.94 sits below the 20-day average ($61.50) and the 50-day average ($64.06) yet above the 200-day average ($53.22), indicating short-term weakening inside a longer-term uptrend. The 12-day EMA and 26-day EMA show peak-and-reversal behavior and trade above the close, which increases the probability of continued short-term pressure. Ichimoku components (Senkou A/B near $65) place the price below the cloud, adding a bearish tilt to the short-term technical picture. Elevated short-term beta (42-day 2.60) suggests outsized volatility that could amplify moves in either direction.
Fundamental Analysis
Revenue totaled $291,263,000 with revenue growth quarter-over-quarter strong at 33.28% but down year-over-year by 44.43%, reflecting substantial sequential recovery following a weak prior-year comparison. EPS came in at $0.45 versus an estimate of $0.42, producing an EPS surprise of 7.14%.
Operating performance shows strength: operating (EBIT) margin equals 29.36% and operating income of $85,517,000. That operating margin sits above the industry peer mean (14.36%), median (16.49%), and above the industry peer range high (26.40%), indicating margin outperformance versus peers.
Liquidity and balance-sheet health remain robust. Cash equals $302,521,000 and cash plus short-term investments equals $404,370,000; current ratio stands at 3.93, quick ratio 3.27, and cash ratio 1.87, signaling ample short-term coverage. Leverage stays low: total debt $72,477,000, debt-to-assets 3.33%, and debt-to-equity 4.45%.
Free cash flow measures $67,621,000 with a free cash flow yield of 0.64% and free cash growth year-over-year showing strong expansion. Cash conversion cycle sits at 151 days, longer than the industry peer mean (104.55 days) and median (93.30 days), which points to working-capital intensity compared with peers even as margins remain elevated.
Valuation context: price multiples appear extended. Trailing P/E registers 139.45x and forward P/E 121.18x; price-to-sales at 36.24x and price-to-book 6.48x. WMDST values the stock as over-valued given the combination of high multiples relative to earnings and price-based ratios despite margin and cash-flow strengths.
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: 262.761 CGNX: 110.654 mean: 105.134 median: 97.5 low: -146.873 |
|
| 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: 0.705 median: 0.25 mean: 0.214 CGNX: 0.033 low: 0.006 |
|
| Debt To Equity | 0.044 | |
| Debt To Equity QoQ | -11.129 % | |
| Debt To Equity YoY | -19.464 % | |
| Debt To Equity IPRWA | high: 2.204 median: 0.57 mean: 0.538 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 median: 12.106 mean: 9.857 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: 167.333 CGNX: 139.449 median: 111.92 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 median: 31.03 mean: 27.449 low: 0.798 |
|
| 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: 0.547 mean: 0.202 median: 0.148 CGNX: 0.139 low: 0.003 |
|
| Receivables Turnover | 1.505 | |
| Receivables Turnover Ratio QoQ | -10.99 % | |
| Receivables Turnover Ratio YoY | 4.292 % | |
| Receivables Turnover Ratio IPRWA | high: 2.33 mean: 1.607 median: 1.607 CGNX: 1.505 low: 0.626 |
|
| Inventory Turnover | 0.614 | |
| Inventory Turnover Ratio QoQ | 8.352 % | |
| Inventory Turnover Ratio YoY | 12.181 % | |
| Inventory Turnover Ratio IPRWA | high: 2.694 mean: 0.928 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: 104.551 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: 13.249 CGNX: 3.934 mean: 2.429 median: 1.813 low: 0.516 |
|
| Quick Ratio | 3.273 | |
| Quick Ratio QoQ | 11.781 % | |
| Quick Ratio YoY | 29.539 % | |
| Quick Ratio IPRWA | high: 12.292 CGNX: 3.273 mean: 1.859 median: 1.244 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: 109.8 CGNX: 21.094 mean: 11.692 median: 7.904 low: -65.527 |
|
| 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: 57.54 % mean: 9.969 % median: 8.711 % CGNX: 8.503 % low: -22.909 % |
|
| Earnings Growth | 32.353 % | |
| Earnings Growth QoQ | 24.79 % | |
| Earnings Growth YoY | -42.484 % | |
| Earnings Growth IPRWA | high: 200.0 % CGNX: 32.353 % mean: 8.625 % median: 7.527 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 70.649 % | |
| Gross Margin QoQ | -0.676 % | |
| Gross Margin YoY | 4.828 % | |
| Gross Margin IPRWA | high: 86.78 % CGNX: 70.649 % mean: 38.272 % median: 36.138 % low: -8.541 % |
|
| EBIT Margin | 29.361 % | |
| EBIT Margin QoQ | 31.64 % | |
| EBIT Margin YoY | 68.393 % | |
| EBIT Margin IPRWA | CGNX: 29.361 % high: 26.399 % median: 16.493 % mean: 14.359 % low: -101.864 % |
|
| Return On Sales (ROS) | 29.361 % | |
| Return On Sales QoQ | 31.64 % | |
| Return On Sales YoY | 68.393 % | |
| Return On Sales IPRWA | CGNX: 29.361 % high: 26.399 % median: 15.494 % mean: 13.622 % low: -101.864 % |
|
| 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: 2.95 % median: 0.852 % CGNX: 0.641 % mean: 0.577 % low: -7.33 % |
|
| Free Cash Growth | 59.725 % | |
| Free Cash Growth QoQ | -244.093 % | |
| Free Cash Growth YoY | 833.933 % | |
| Free Cash Growth IPRWA | high: 230.113 % CGNX: 59.725 % median: 15.971 % mean: -33.279 % 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 % mean: 2.007 % median: 1.741 % low: -15.317 % |
|
| 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 mean: 0.05 CGNX: 0.045 median: 0.045 low: -0.189 |
|
| 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 | CGNX: 4.276 % high: 4.218 % median: 3.323 % mean: 2.854 % low: -4.912 % |
|