undamentalytics Newsletter
Sign in

Cognex Corp (CGNX) stock

Add to watchlist

Add holding +

NASDAQ: CGNX Nasdaq Electronic Equipment & Instruments Next results ~November 4, 2026

B+ Fundamentals grade

Cognex Corp is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$27

Cash-flow model

Base case. Range ~$21–$35 across our lower- and higher-growth cases (7%–17% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 52% below it.

Price used: $56.41, November 2, 2026

Cognex Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 42 sales by directors and officers, last 12 monthsInsider trades
  • Funds388 adding, 233 cuttingOf 75 active managers that changed their stake, 40 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cognex files

Where Cognex stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $1.09bn, up 17.1% on a year earlier, faster than 13.8% a quarter earlier. Free-cash-flow margin rose to 24.6% from 19.3% a year earlier. Operating margin widened to 21.9% from 14.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $26.25 a share, against a share price of $56.24.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Cognex Corp's trailing-twelve-month revenue grew 17.1% year on year, with a free-cash-flow margin of 24.6%. Where it stands out: free-cash-flow margin of 24.6% ranks 2 of 52 electronic equipment & instruments companies we cover.

Our discounted-cash-flow model values the business at ~$27 per share in the base case (~$21–$35 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 17.1% (+3.3pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 17.1% over the last 12 months, against a median of 9.8% for electronic equipment & instruments companies we cover.
  • Growth speeding up. The growth rate is 3.3 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 7.7 points on a year ago.
  • Strong cash generation. 24.6% of revenue turned into free cash flow, against a median of -2.1% for electronic equipment & instruments companies we cover.
  • Shrinking share count. Diluted shares fell 1.0% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $56.41 is 52% above our value per share of $27.
  • High earnings multiple. The shares trade at 55 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 57% and a beta of 1.8 against the S&P 500.
  • Insiders selling. 9 insiders sold $35M of stock over the past 365 days and none bought (40% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.45 against an average estimate of $0.42: beat by 5.9%
Revenue
$291m, up 16.9% on a year earlier
Share reaction
-5.8% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
revenue $300m to $320m (Q3 2026); adj. EBITDA Margin 32% to 35% (Q3 2026)
Next report
November 4, 2026; average EPS estimate $0.52

Cognex's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+1.4%
  • 1 month-13.2%
  • This year+57.4%
  • 1 year+37.2%
  • 5 years-35.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.1B
Operating margin
21.9%
Net margin
16.1%
EPS (TTM, diluted)
$1.03

Growth

Revenue growth
+17.1%
Change in growth rate
+3.3 pts
Share count change
−1.0%

Cash

Free cash flow (TTM)
$268M
FCF margin
24.6%
Stock pay % of revenue
4.5%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Deal
  3. Announcement
  4. Insider trade
  5. Results
  6. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cognex Corp valuation models and calculator

What the price is pricing in

The share price implies about 27.2% a year of cash-flow growth for five years.That is faster than the 1.0% a year revenue growth Cognex has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in27.2%
  • Last 12 months17.1%
  • 3 years a year6.8%
  • 5 years a year1.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($58.38, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$27
Price used
$58.38close November 3, 2026
Implied change
▼ 54%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Cognex Corp's free cash flow after stock-based pay with after-tax interest added back ($142M, FY2026 Q2 TTM), growing 11.3% and 11.6% in the next two years (forecasts, guidance and its record), then back to 12% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$21–~$35 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Cognex Corp's free cash flow after stock-based pay ( $142M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Cognex Corp as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.27 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$27 ~$21–$35 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$36 ~$29–$50 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$10 ~$7.4–$14 Left out: out of range vs price (0.18x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$10 ~$8.9–$12 Left out: out of range vs price (0.18x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$30 ~$27–$36 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cognex Corp with Electronic Equipment & Instruments in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +26%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $15$19$25$32$42$55
8.5% $12$15$19$25$32$41
10% $10$12$16$20$25$32

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$15.54$29.46$56.83$36.07$52.49$77.53$75.31$45.86$40.89$35.39$35.83$56.41
Market value$2.7bn$5.1bn$10.2bn$6.4bn$9.2bn$13.7bn$13.5bn$8.0bn$7.1bn$6.1bn$6.1bn$9.5bn
+ Net debt (− = net cash)−$52m−$80m−$107m−$108m−$171m−$269m−$186m−$181m−$203m−$186m−$263m−$303m
Enterprise value$2.7bn$5.0bn$10.1bn$6.3bn$9.0bn$13.4bn$13.4bn$7.8bn$6.9bn$5.9bn$5.8bn$9.2bn
Multiples
Price / sales 6.1x9.7x13.3x7.9x12.7x16.9x13.1x8.0x8.5x6.7x6.1x8.8x
Price / earnings 14.6x35.7x57.7x29.2x45.1x77.7x48.4x37.2x62.6x57.5x53.0x54.6x
Price / free cash flow 24.8x30.3x52.2x34.3x39.7x59.8x45.4x35.8x78.9x45.6x25.6x35.6x
EV / EBITDA 20.4x30.5x37.0x26.3x55.0x69.7x40.3x29.9x46.5x43.4x31.7x35.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

83 /100

Strong moat

How hard Cognex's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 17.4% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 72.8%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 21.1%; its worst year was 11.0%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 22.9% of revenue.

  • Discipline 15 / 20

    The diluted share count fell 5.8% over five years; stock-based pay has been a median 5.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (88 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $314m and EPS of $0.52 (range $0.50 to $0.54) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.69 +66% $1.1bn +15%
Next $2.02 +19% $1.3bn +11%

Next year's EPS estimate has moved +13.3% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +14.2% on 90 days ago. In the last 30 days, 2 analysts raised Cognex Corp's forecast and 2 cut it.

Consensus EPS forecast Cognex Corp, last 90 days
$1.40 $1.60 $1.80 $2.00 $2.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.48 Current fiscal year, 60 days ago: $1.69 Current fiscal year, 30 days ago: $1.69 Current fiscal year, 7 days ago: $1.69 Current fiscal year, Now: $1.69 $1.69 Next fiscal year, 90 days ago: $1.78 Next fiscal year, 60 days ago: $2.02 Next fiscal year, 30 days ago: $2.02 Next fiscal year, 7 days ago: $2.02 Next fiscal year, Now: $2.02 $2.02

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.48$1.78
60 days ago $1.69$2.02
30 days ago $1.69$2.02
7 days ago $1.69$2.02
Now $1.69$2.02

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.42 $0.45 +5.9%
Mar 2026 $0.25 $0.34 +37.1%
Dec 2025 $0.22 $0.27 +22.9%
Sept 2025 $0.29 $0.33 +13.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Revenue 2026 Guidance $1,130m to $1,150m
    “Revenue $1,130 - $1,150 $994 $982 +15% +16%” source
  • Revenue Q3 2026 $300m to $320m
    “Revenue $300 - $320 $277 $264 +12% +17%” source
  • Adj. EPS (diluted) 2026 Guidance $1.64 to $1.68 Non-GAAP
    “Adj. EPS (diluted) 1 $1.64 - $1.68 $1.02 $0.97 +63% +71%” source
  • Adj. EPS (diluted) Q3 2026 $0.50 to $0.54 Non-GAAP
    “Adj. EPS (diluted) 1 $0.50 - $0.54 $0.33 $0.28 +58% +86%” source
  • Adj. EBITDA Margin 2026 Guidance 29% to 31% Non-GAAP
    “Adj. EBITDA Margin 1 29% - 31% 21.5% 20.7% +850 bps +930 bps” source
  • Adj. EBITDA Margin Q3 2026 32% to 35% Non-GAAP
    “Adj. EBITDA Margin 1 32% - 35% 24.9% 22.1% +860 bps +1,140 bps” source

How earlier guidance turned out

  • Revenue, Q2 2026 guided $280m to $300m Within range: $291m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Cognex Corp's revenue by +11.3% next year and +11.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.3%, weight 56%) , management guidance (+10.7%, weight 19%) and the company's own record (+12.0%, weight 25%) . How the weights are set.

Analyst recommendations

20 analysts, Oct 2026
Buy1470%
Hold630%
Sell00%

Monthly trend

  1. Oct 202659620
  2. Sep 202659620
  3. Aug 202659620
  4. Jul 2026510520

Counts of recommendations published by analysts covering Cognex Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.4%
of tradable shares
Days to cover
3.5
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.4%
of shares
Employees
2,745
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +37.2%

$41.12 on October 31, 2025 to $56.41

ThenNowEffect
Revenue (last 12 months) $930m $1.1bn +17.1%
Net margin 13.1% 16.1% +22.2%
P/E multiple 57.6x 54.6x −5.2%
Share count 171m 169m +1.1%

Biggest factor: net margin.

Last 3 years +59.1%

$35.45 on November 3, 2023 to $56.41

ThenNowEffect
Revenue (last 12 months) $893m $1.1bn +22.0%
Net margin 19.3% 16.1% −16.9%
P/E multiple 35.7x 54.6x +52.8%
Share count 174m 169m +2.7%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CGNX−3%−39%−11%−13%+1%+57%
Industry peers (median)0%−37%+25%+2%−7%−21%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CGNX67%42%50%50%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CGNX−22%−49%−41%−32%−43%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 75% from February 12, 2021 to April 8, 2025. Getting back needed a 294% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$34.65 – $72.32
From 52-week high
−22.0%
vs 50-day average
−5.6%
vs 200-day average
−2.5%
Volatility (1 year)
57%
Beta vs S&P 500
1.80

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±11.3%
After a week
8 up, 4 down
typical move ±13.7%
After a month
7 up, 5 down
typical move ±13.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −5.8% −0.4% −15.2% −14.9%
May 6, 2026 +12.1% +1.1% +8.2% +3.5%
February 11, 2026 +34.6% −1.6% +28.4% +10.3%
October 29, 2025 −12.6% −1.1% −14.4% −19.3%
July 30, 2025 +19.0% −0.5% +19.4% +28.8%
April 30, 2025 +3.8% +0.7% +6.0% +12.1%
February 12, 2025 −14.4% +0.7% −15.7% −20.3%
October 30, 2024 −0.9% −2.3% +4.9% −1.3%
July 31, 2024 −20.0% +0.2% −23.6% −18.0%
May 2, 2024 +7.0% +2.2% +13.6% +10.7%
February 15, 2024 +5.5% +0.2% +9.4% +11.2%
October 31, 2023 −0.5% +1.7% +5.0% +8.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Cognex Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Cognex Corp in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cognex Corp
$800M $900M $1B $1.1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $880.3M Revenue (TTM), FY23 Q4: $837.5M Revenue (TTM), FY24 Q1: $847.2M Revenue (TTM), FY24 Q2: $844M Revenue (TTM), FY24 Q3: $881.5M Revenue (TTM), FY24 Q4: $914.5M Revenue (TTM), FY25 Q1: $919.8M Revenue (TTM), FY25 Q2: $929.6M Revenue (TTM), FY25 Q3: $971.7M Revenue (TTM), FY25 Q4: $994.4M Revenue (TTM), FY26 Q1: $1B Revenue (TTM), FY26 Q2: $1.1B $1.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $880.3M
FY23 Q4 $837.5M
FY24 Q1 $847.2M
FY24 Q2 $844M
FY24 Q3 $881.5M
FY24 Q4 $914.5M
FY25 Q1 $919.8M
FY25 Q2 $929.6M
FY25 Q3 $971.7M
FY25 Q4 $994.4M
FY26 Q1 $1B
FY26 Q2 $1.1B
Revenue growth, TTM YoY Cognex Corp
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -12.9% Revenue growth, TTM YoY, FY23 Q4: -16.8% Revenue growth, TTM YoY, FY24 Q1: -8.4% Revenue growth, TTM YoY, FY24 Q2: -5.5% Revenue growth, TTM YoY, FY24 Q3: 0.1% Revenue growth, TTM YoY, FY24 Q4: 9.2% Revenue growth, TTM YoY, FY25 Q1: 8.6% Revenue growth, TTM YoY, FY25 Q2: 10.1% Revenue growth, TTM YoY, FY25 Q3: 10.2% Revenue growth, TTM YoY, FY25 Q4: 8.7% Revenue growth, TTM YoY, FY26 Q1: 13.8% Revenue growth, TTM YoY, FY26 Q2: 17.1% 17.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -12.9%
FY23 Q4 -16.8%
FY24 Q1 -8.4%
FY24 Q2 -5.5%
FY24 Q3 0.1%
FY24 Q4 9.2%
FY25 Q1 8.6%
FY25 Q2 10.1%
FY25 Q3 10.2%
FY25 Q4 8.7%
FY26 Q1 13.8%
FY26 Q2 17.1%
Operating margin (TTM) Cognex Corp
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 19.6% Operating margin (TTM), FY23 Q4: 15.6% Operating margin (TTM), FY24 Q1: 14.5% Operating margin (TTM), FY24 Q2: 11.4% Operating margin (TTM), FY24 Q3: 11.0% Operating margin (TTM), FY24 Q4: 12.6% Operating margin (TTM), FY25 Q1: 13.8% Operating margin (TTM), FY25 Q2: 14.2% Operating margin (TTM), FY25 Q3: 16.3% Operating margin (TTM), FY25 Q4: 16.3% Operating margin (TTM), FY26 Q1: 18.8% Operating margin (TTM), FY26 Q2: 21.9% 21.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 19.6%
FY23 Q4 15.6%
FY24 Q1 14.5%
FY24 Q2 11.4%
FY24 Q3 11.0%
FY24 Q4 12.6%
FY25 Q1 13.8%
FY25 Q2 14.2%
FY25 Q3 16.3%
FY25 Q4 16.3%
FY26 Q1 18.8%
FY26 Q2 21.9%
FCF margin (TTM) Cognex Corp
5% 10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 16.4% FCF margin (TTM), FY23 Q4: 10.7% FCF margin (TTM), FY24 Q1: 9.1% FCF margin (TTM), FY24 Q2: 8.9% FCF margin (TTM), FY24 Q3: 10.5% FCF margin (TTM), FY24 Q4: 14.7% FCF margin (TTM), FY25 Q1: 17.7% FCF margin (TTM), FY25 Q2: 19.3% FCF margin (TTM), FY25 Q3: 22.0% FCF margin (TTM), FY25 Q4: 23.8% FCF margin (TTM), FY26 Q1: 23.0% FCF margin (TTM), FY26 Q2: 24.6% 24.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 16.4%
FY23 Q4 10.7%
FY24 Q1 9.1%
FY24 Q2 8.9%
FY24 Q3 10.5%
FY24 Q4 14.7%
FY25 Q1 17.7%
FY25 Q2 19.3%
FY25 Q3 22.0%
FY25 Q4 23.8%
FY26 Q1 23.0%
FY26 Q2 24.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Cognex took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $994M
  2. Other income $20.2M · 2.0%
  3. Cost of revenue $329M · 33.1%
  4. Gross profit $665M · 66.9%
  5. Research and development $139M · 14.0%
  6. Selling, general and admin $364M · 36.6%
  7. Operating income $163M · 16.3%
  8. Income tax $68.4M · 6.9%
  9. Net income $114M · 11.5%

Shares of revenue. Source: Cognex's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jul 2026
Income
Revenue 176 291 322 324 308 426 451 530 766 806 726 811 1,037 1,006 838 915 994 1,089
Gross profit 119 213 244 245 245 332 348 398 579 600 536 605 760 722 601 626 665 750
EBITDA −2 86 95 94 88 140 131 166 273 240 164 193 332 263 148 136 183 257
Operating income −13 76 85 83 77 128 122 154 259 221 143 171 315 246 131 115 163 238
Net income −5 61 70 68 74 121 187 144 177 219 204 176 280 216 113 106 114 175
Diluted EPS −$0.03 $0.38 $0.41 $0.39 $0.41 $0.68 $1.06 $0.83 $0.98 $1.24 $1.16 $1.00 $1.56 $1.23 $0.65 $0.62 $0.68 $1.03
Growth (year on year)
Revenue −27.6% +65.4% +10.7% +0.7% −5.1% +38.6% +5.7% +17.5% +44.7% +5.3% −10.0% +11.8% +27.9% −3.0% −16.8% +9.2% +8.7% +17.1%
EBITDA −107.0% — +11.2% −0.9% −6.6% +59.4% −6.4% +26.1% +64.4% −12.1% −31.5% +17.4% +72.2% −20.8% −43.6% −7.9% +34.1% +67.8%
Operating income −150.5% — +12.7% −2.3% −7.8% +66.2% −5.0% +26.8% +68.0% −14.6% −35.5% +19.6% +84.8% −21.9% −46.9% −12.0% +41.3% +80.7%
Net income −117.9% — +13.8% −2.5% +8.0% +65.1% +54.0% −23.2% +23.0% +24.1% −7.0% −13.6% +58.9% −23.0% −47.5% −6.2% +7.8% +43.2%
Diluted EPS −118.2% — +7.9% −4.9% +6.4% +63.9% +55.9% −21.7% +18.1% +26.5% −6.5% −13.8% +56.0% −21.2% −47.2% −4.6% +9.7% +44.7%
Margins
Gross margin 67.9% 73.3% 75.8% 75.5% 79.6% 77.9% 77.2% 75.2% 75.6% 74.4% 73.8% 74.5% 73.3% 71.8% 71.8% 68.4% 66.9% 68.9%
EBITDA margin −1.2% 29.4% 29.5% 29.1% 28.6% 32.9% 29.2% 31.3% 35.6% 29.7% 22.6% 23.8% 32.0% 26.1% 17.7% 14.9% 18.4% 23.6%
Operating margin −7.2% 26.0% 26.5% 25.7% 25.0% 30.0% 27.0% 29.1% 33.8% 27.4% 19.7% 21.0% 30.4% 24.5% 15.6% 12.6% 16.3% 21.9%
Net margin −2.8% 21.1% 21.7% 21.0% 23.9% 28.5% 41.5% 27.1% 23.1% 27.2% 28.1% 21.7% 27.0% 21.4% 13.5% 11.6% 11.5% 16.1%
Free-cash-flow margin 3.9% 24.2% 24.4% 28.1% 27.9% 33.5% 24.4% 32.0% 25.5% 23.1% 31.9% 28.2% 28.8% 22.2% 10.7% 14.7% 23.8% 24.6%
Cash flow
Cash from operations 12 76 86 101 95 164 128 182 224 223 253 242 314 243 113 149 246 277
Capital spending 5 6 8 10 10 21 18 13 29 37 22 13 15 20 23 15 9 8
Free cash flow 7 70 78 91 86 143 110 169 196 186 232 229 299 224 90 134 237 268
Stock-based pay 9 3 8 9 11 15 21 21 32 41 46 1 44 55 55 52 49 49
Free cash flow after stock pay −2 67 70 83 75 128 89 149 164 145 186 228 255 169 35 82 188 219
Balance sheet
Cash 120 33 38 45 41 56 52 80 107 108 171 269 186 181 203 186 263 303
Total debt 0 — 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −120 −33 −38 −45 −41 −56 −52 −80 −107 −108 −171 −269 −186 −181 −203 −186 −263 −303
Diluted shares 159m 161m 171m 175m 178m 178m 176m 174m 180m 177m 175m 177m 180m 175m 173m 173m 169m 169m
Returned to shareholders
Dividends 12 10 15 66 0 0 18 25 29 32 35 391 43 46 49 52 55 56
Buybacks — — 10 0 48 60 126 47 124 204 62 51 162 204 80 67 151 154
Total returned 12 10 25 66 48 60 144 72 153 236 97 442 205 250 129 119 206 210

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · July 5, 2026
What it owns · $2.2bn
Short-term assets $850mLonger-term assets $1.3bn
What it owes, and who funded it · $2.2bn
Short-term liabilities $216mLonger-term liabilities $333mShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $850m of assets due within a year against $216m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $850m short-term assets against $333m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Cognex Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$154M
Dividends (TTM)
$56.1M
Returned to shareholders
78%
of free cash flow
Buybacks, last 3 fiscal years
$298M
Diluted share count
−1.0%
year over year
Total shareholder yield
2.2%
dividends 0.6% + buybacks 1.6% of market value
Dividend payout ratio
32%
of net income paid out
R&D spending
12.9%
of revenue
Sales & admin spending
34.1%
of revenue
Days sales outstanding
72 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic equipment & instruments
Last 12 months unless stated CGNX MIR BMI DAKT CXT OSIS Median
Revenue, last 12 months $1.1bn $1.1bn $881m $854m $1.8bn $1.8bn $104m
Revenue growth, last 12 months 17.1% 19.6% −2.2% 14.0% 17.3% 2.9% 9.8%
Revenue growth, 3-year average 6.8% 11.0% 9.6% 1.6% −22.7% 11.9% 7.2%
Revenue growth, latest quarter 16.9% 24.5% 0.1% 7.1% 22.0% 4.9% 16.5%
Gross margin 68.9% 48.1% 41.6% 27.6% 42.1% 32.9% 38.5%
Operating margin 21.9% 6.0% 18.8% 7.3% 14.0% 12.2% −7.3%
Operating margin, 3-year average 15.8% 4.4% 19.2% 6.8% 16.3% 12.3% −5.1%
Net margin 16.1% 2.7% 14.4% 5.7% 7.8% 8.8% −5.3%
Cash from operations / revenue 25.4% 19.4% 18.0% 6.4% 15.0% 16.4% −1.6%
Free-cash-flow margin 24.6% 15.6% 16.2% 4.7% 12.4% 14.7% −2.5%
Free-cash-flow margin, 3-year average 17.6% 10.9% 17.0% 7.2% 12.2% 3.9% 3.7%
Stock pay / revenue 4.5% 2.1% 1.2% 0.6% 1.4% 1.5% 3.0%
Change in share count −1.0% 18.6% −1.2% 1.5% 0.3% −1.8% 1.9%

Median of all 53 companies we cover in electronic equipment & instruments. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

53 electronic equipment & instruments companies
Measure Company Peer median Rank
Revenue growth Growth 17.1% 9.8% 20 of 53
Change in growth rate Growth +3.3pp +2.3pp 24 of 53
Gross margin Profitability 68.9% 39.7% 2 of 48
Operating margin Profitability 21.9% -7.3% 3 of 53
Net margin Profitability 16.1% -5.3% 6 of 53
Free-cash-flow margin Cash generation 24.6% -2.1% 2 of 52
Stock pay as % of revenue Cash generation 4.5% 3.0% 32 of 49
Change in share count Balance sheet -1.0% 1.9% 9 of 46
Days sales outstanding Balance sheet 72 days 68 days 29 of 52

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Standard Product and Services $880M ▲ 10.6%
Applicationof Customer Specific Solutions $114M ▼ 4.1%
License Fees and Transferred Inventory Revenue $13M —
License Fees Revenue $10.4M —

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue YoY
Americas $407M ▲ 16.3%
United States $329M ▲ 7.3%
Other Geographic Area $255M ▲ 13.0%
Europe $252M ▲ 15.5%
Other Asia $177M ▼ 2.9%
Greater China $158M ▼ 3.5%

These categories overlap or exclude eliminations, so shares aren't shown.

From Cognex Corp's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$12.6B
Institutions reporting
649
Shares held vs prior quarter
▲ 10.0%
Positions opened / closed
128 / 54

Top buyers and sellers, Q2 2026: 388 institutions bought and 233 sold ; the biggest buyer was Invesco Ltd (+5.2M shares) and the biggest seller Federated Hermes, Inc (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.2B 16.0M 9.2% ▼ 1.5%
Vanguard Portfolio Management LLC $731M 10.1M 5.8% ▼ 2.6%
Invesco Ltd. $594M 8.2M 4.7% ▲ 174.8%
Vanguard Capital Management LLC $544M 7.5M 4.3% ▲ 1.1%
Price T Rowe Associates Inc $453M 6.3M 3.6% ▲ 32.0%
Pictet Asset Management Holding SA $422M 5.8M 3.4% ▼ 12.6%
Nordea Investment Management AB $407M 5.8M 3.2% ▼ 5.2%
State Street Corp $392M 5.4M 3.1% ▲ 3.0%
Geode Capital Management, LLC $356M 4.9M 2.8% ▲ 4.7%
Disciplined Growth Investors Inc $300M 4.1M 2.4% ▼ 4.2%
Arrowstreet Capital, Limited Partnership $216M 3.0M 1.7% ▲ 46.6%
Point72 Asset Management, L.P. $183M 2.5M 1.5% ▲ 18.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cognex Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $34.8M 42 trades by 9 insiders · 40% under pre-set plans
Net ▼ $34.8M net selling
Insider Date Trade Shares Price Value
Moschner Matthew CEO & President August 11, 2026 Sell pre-set plan 4,000 $65.36 $261,440
Moschner Matthew CEO & President August 11, 2026 Sell pre-set plan 7,000 $63.61 $445,270
Moschner Matthew CEO & President August 11, 2026 Sell pre-set plan 4,000 $63.62 $254,480
Moschner Matthew CEO & President August 11, 2026 Sell pre-set plan 8,362 $63.62 $531,990
Moschner Matthew CEO & President August 11, 2026 Sell pre-set plan 1,600 $65.36 $104,576
Long Darren Marc Vice President May 27, 2026 Sell 8,675 $66.32 $575,326
Long Darren Marc Vice President May 27, 2026 Sell 5,498 $66.32 $364,627
Long Darren Marc Vice President May 27, 2026 Sell 1,579 $66.52 $105,035
Long Darren Marc Vice President May 27, 2026 Sell 4,500 $66.32 $298,440
Macdonald Laura Ann VP and PAO May 12, 2026 Sell 25,500 $65.56 $1.7M
Macdonald Laura Ann VP and PAO May 12, 2026 Sell 6,100 $65.56 $399,916
Macdonald Laura Ann VP and PAO May 12, 2026 Sell 10,000 $65.56 $655,600

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 26 trades and filings

No trades in Cognex Corp disclosed in the last 12 months; 26 earlier trades on record.

  • Donald S. Beyer, Jr.(D-VA 8):Sale (full), $1,001 - $15,000, traded February 28, 2022, filed March 3, 2022
  • Donald S. Beyer, Jr.(D-VA 8):Sale (full), $1,001 - $15,000, traded September 17, 2021, filed October 1, 2021
  • Donald S. Beyer, Jr.(D-VA 8):Purchase, $1,001 - $15,000, traded December 3, 2020, filed January 1, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 11, 2026
  • October 29, 2025
  • July 30, 2025
  • April 30, 2025

Recent SEC filings

Data status

When each part of this page on Cognex Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cognex Corp in brief

What does Cognex Corp do?
Cognex Corp is a US-listed company in the electronic equipment & instruments industry. Its financial year ends in December.
What is Cognex Corp's stock ticker?
Cognex Corp trades under the ticker CGNX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cognex Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cognex Corp reported revenue of $1.1B, 17.1% higher than a year earlier, according to its SEC filings.
What is Cognex Corp's free cash flow?
Cognex Corp's free-cash-flow margin is 24.6% of revenue over the trailing twelve months, ranking 2 of the 52 electronic equipment & instruments companies we cover.
What is Cognex Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Cognex Corp's free cash flow after stock-based pay gives ~$27 per share in the base case, and ~$21–$35 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Cognex Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Invesco Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cognex Corp buying back stock, and does it pay a dividend?
Cognex Corp spent $154M on share repurchases over the trailing twelve months, and its diluted share count fell 1.0% over the year.
What is Cognex Corp's market cap?
On November 2, 2026, Cognex Corp's market capitalisation was about $9.5B, with a price-to-earnings ratio of 54.6 and net debt of -$303M. Market figures come from third-party market data and may be delayed.
Does Cognex Corp pay a dividend?
Yes: Cognex Corp paid $56.1M in dividends over the trailing twelve months, a dividend yield of 0.59% and a payout ratio of 32.1%.
Who are Cognex Corp's competitors?
In our Electronic Equipment & Instruments peer group, the companies closest to Cognex Corp are Mirion Technologies, Inc., Badger Meter Inc, Daktronics Inc, Crane NXT, Co. and OSI Systems Inc. The side-by-side comparison below sets their revenue, margins and growth against Cognex Corp's.
Are insiders buying or selling Cognex Corp stock?
Over the last 12 months, Cognex Corp's directors and officers reported 0 open-market purchases and 42 sales on Form 4. The insider trading page charts every trade.
When is Cognex Corp's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cognex Corp announces its own schedule.