Cohu, Inc.

COHU

TechnologySemiconductorsNASDAQ

$51.28

Market Cap: $2.42B

Cohu, Inc. (COHU) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.47 – $34.98	$9.31	-78.9%
Revenue DCF 10Y	$0.60 – $16.55	$2.91	-93.4%
▸ Trading Multiples
EV/Revenue	$6.53 – $95.44	$14.54	-67.1%

Valuation History

DCF Analysis

Cohu, Inc. (COHU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.91

Market Price

$51.28

Upside / Downside

-94.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -12.9% to a target of 10.0% over 5 years, discounted at a WACC of 8.1%, Cohu, Inc. (COHU) has an intrinsic value of $2.91 per share (range: $0.60 – $16.55).

Key Assumptions

Current Operating Margin

-12.9%

Target Operating Margin

10.0%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

13.2%

D&A/Revenue

8.8%

Tax Rate

25.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	510	12.5%	-8.3%	-42	-42	45	(19)	6	-22	-22
2027	606	19.0%	-3.8%	-23	-23	53	(29)	39	-37	-33
2028	705	16.3%	0.8%	6	4	62	(41)	39	-14	-11
2029	635	-10.0%	5.4%	34	26	56	(43)	-28	66	50
2030	571	-10.0%	10.0%	57	43	50	(45)	-25	73	51
2031	514	-10.0%	10.0%	51	38	45	(46)	-23	60	39
2032	466	-9.3%	10.0%	46	35	41	(47)	-19	48	29
2033	437	-6.2%	10.0%	44	33	38	(48)	-12	34	19
2034	423	-3.2%	10.0%	42	32	37	(51)	-5	23	12
2035	423	-0.1%	10.0%	42	32	37	(56)	-0	13	6

Enterprise Value Bridge

Sum of PV(FCFF)142

Terminal Value (Gordon Growth at 3.0%)266

PV of Terminal Value126

Enterprise Value268

(–) Net Debt132

Equity Value136

(÷) Shares Outstanding47

Fair Value per Share$2.91

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.1%	$-2	$1	$6	$11	$17
7.1%	$-3	$-0	$4	$8	$12
8.1%	$-3	$-0	$3	$6	$10
9.1%	$-3	$-1	$2	$5	$8
10.1%	$-3	$-1	$1	$4	$6

Current price: $51.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 39.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Cohu, Inc. (COHU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$9.31

Market Price

$51.28

Upside / Downside

-81.8%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -12.9% to a target of 10.0% over 5 years, discounted at a WACC of 8.1%, Cohu, Inc. (COHU) has an intrinsic value of $9.31 per share (range: $1.47 – $34.98).

Key Assumptions

Current Operating Margin

-12.9%

Target Operating Margin

10.0%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

13.2%

D&A/Revenue

8.8%

Tax Rate

25.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	510	12.5%	-8.3%	-42	-42	45	(24)	6	-28	-27
2027	606	19.0%	-3.8%	-23	-23	53	(41)	39	-49	-44
2028	705	16.3%	0.8%	6	4	62	(63)	39	-36	-30
2029	635	-10.0%	5.4%	34	26	56	(70)	-28	39	30
2030	571	-10.0%	10.0%	57	43	50	(75)	-25	43	30

Enterprise Value Bridge

Sum of PV(FCFF)-40

Terminal Value (Gordon Growth at 3.0%)863

PV of Terminal Value608

Enterprise Value567

(–) Net Debt132

Equity Value435

(÷) Shares Outstanding47

Fair Value per Share$9.31

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.1%	$4	$12	$20	$27	$35
7.1%	$1	$7	$13	$19	$25
8.1%	$-0	$5	$9	$14	$19
9.1%	$-1	$3	$7	$11	$14
10.1%	$-2	$2	$5	$8	$11

Current price: $51.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 39.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$14.54

Market Price

$51.28

Upside / Downside

-71.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cohu, Inc. (COHU) has a fair value of $14.54 based on 9 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cohu, Inc.COHU	2,396	5.6x	6.3x
MaxLinear, Inc.MXL	4,657	10.1x	13.2x
Ultra Clean Holdings, Inc.UCTT	3,560	2.0x	2.0x
Alpha and Omega Semiconductor LimitedAOSL	1,178	1.5x	1.6x
Red Cat Holdings, Inc.RCAT	1,121	153.3x	93.7x
Upbound Group, Inc.UPBD	1,108	0.6x	0.6x
Cricut, Inc.CRCT	929	1.0x	1.0x
indie Semiconductor, Inc.INDI	795	4.7x	4.7x
Rezolve AI PLCRZLV	674	15.4x	—
TaskUs, Inc.TASK	570	0.6x	0.5x
Industry Median		2.0x	1.8x
(*) Revenue		453	403
= Enterprise Value		895	729
(-) Net Debt		132	132
Equity Value		762	596
(/) Outstanding shares		47	47
Fair Price		$16	$13

Selected Fair Value (avg of trailing + forward)

$14.54

-71.6%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.47 – $34.98

$9.31

-78.9%

Revenue DCF 10Y

$0.60 – $16.55

$2.91

-93.4%

▸ Trading Multiples

EV/Revenue

$6.53 – $95.44

$14.54

-67.1%

DCF Analysis

Cohu, Inc. (COHU) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.91

Market Price

$51.28

Upside / Downside

-94.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-12.9%

Target Operating Margin

10.0%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.6%

Target CapEx/Rev

13.2%

D&A/Revenue

8.8%

Tax Rate

25.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	510	12.5%	-8.3%	-42	-42	45	(19)	6	-22	-22
2027	606	19.0%	-3.8%	-23	-23	53	(29)	39	-37	-33
2028	705	16.3%	0.8%	6	4	62	(41)	39	-14	-11
2029	635	-10.0%	5.4%	34	26	56	(43)	-28	66	50
2030	571	-10.0%	10.0%	57	43	50	(45)	-25	73	51
2031	514	-10.0%	10.0%	51	38	45	(46)	-23	60	39
2032	466	-9.3%	10.0%	46	35	41	(47)	-19	48	29
2033	437	-6.2%	10.0%	44	33	38	(48)	-12	34	19
2034	423	-3.2%	10.0%	42	32	37	(51)	-5	23	12
2035	423	-0.1%	10.0%	42	32	37	(56)	-0	13	6

Enterprise Value Bridge

Sum of PV(FCFF)142

Terminal Value (Gordon Growth at 3.0%)266

PV of Terminal Value126

Enterprise Value268

(–) Net Debt132

Equity Value136

(÷) Shares Outstanding47

Fair Value per Share$2.91

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.0%	7.0%	10.0%	13.0%	16.0%
6.1%	$-2	$1	$6	$11	$17
7.1%	$-3	$-0	$4	$8	$12
8.1%	$-3	$-0	$3	$6	$10
9.1%	$-3	$-1	$2	$5	$8
10.1%	$-3	$-1	$1	$4	$6

Current price: $51.28. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 39.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$14.54

Market Price

$51.28

Upside / Downside

-71.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Cohu, Inc. (COHU) has a fair value of $14.54 based on 9 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Cohu, Inc.COHU	2,396	5.6x	6.3x
MaxLinear, Inc.MXL	4,657	10.1x	13.2x
Ultra Clean Holdings, Inc.UCTT	3,560	2.0x	2.0x
Alpha and Omega Semiconductor LimitedAOSL	1,178	1.5x	1.6x
Red Cat Holdings, Inc.RCAT	1,121	153.3x	93.7x
Upbound Group, Inc.UPBD	1,108	0.6x	0.6x
Cricut, Inc.CRCT	929	1.0x	1.0x
indie Semiconductor, Inc.INDI	795	4.7x	4.7x
Rezolve AI PLCRZLV	674	15.4x	—
TaskUs, Inc.TASK	570	0.6x	0.5x
Industry Median		2.0x	1.8x
(*) Revenue		453	403
= Enterprise Value		895	729
(-) Net Debt		132	132
Equity Value		762	596
(/) Outstanding shares		47	47
Fair Price		$16	$13

Selected Fair Value (avg of trailing + forward)

$14.54

-71.6%