Cognex Corporation
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Range $65 – $91
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About the company
Cognex Corporation specializes in machine vision technology, offering solutions that interpret and process visual data to streamline and automate production and logistics operations globally. Their advanced vision systems enable the automated manufacturing and tracking of individual components or finished goods, such as mobile devices, pharmaceutical containers, and automotive parts. This is achieved by precisely locating, recognizing, examining, and gauging items throughout their journey from production to delivery.
- CEO
- Matthew Moschner
- IPO
- 1989
- Employees
- 2,745
- HQ
- Natick, MA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $9.94B
- P/E
- 56.89
- Fwd P/E
- 35.55
- PEG
- 1.24
- P/S
- 9.13
- P/B
- 6.13
- EV/EBITDA
- 34.81
- Div Yield
- 0.57%
- Gross Margin
- 68.87%
- Op Margin
- 21.90%
- Net Margin
- 16.05%
- ROE
- 11.48%
- ROIC
- 8.18%
Latest fiscal year · YoY change
- Revenue
- $994.36M+8.7%
- Gross Profit
- $665.39M+6.3%
- Op Income
- $162.57M
- Net Income
- $114.44M+7.8%
- EPS
- $0.68+9.7%
- OCF Growth
- +64.7%
- FCF Growth
- +76.6%
- 52W High
- $72.88
- 52W Low
- $34.60
- 50D MA
- $64.75
- 200D MA
- $52.23
- Beta
- 1.50
- RSI (14)
- 42
- Avg Volume
- 2.32M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Cognex delivered a record Q2 with strong margin expansion and raised full-year guidance on broad-based demand, especially in semiconductors, electronics, packaging, logistics, and data center-related applications.· August 6, 2026
- Q2 revenue hit a record and grew 17% year over year; adjusted EPS rose 80% and adjusted EBITDA margin expanded to 32.2%.
- Demand stayed favorable with no material negative impact from macro or geopolitical factors, and management said visibility into the second half improved.
- Cognex raised full-year outlooks for logistics, packaging, electronics, and semiconductors, while keeping automotive roughly flat to slightly up.
- The company highlighted rapid adoption of its OneVision AI platform and new products like the In-sight 3900 and 6900, especially for complex inspection tasks.
- Management expects OpEx to stay below prior-year levels, with about $35 million of annualized net cost reductions by end-2026.
Q2 revenue was $[figure not stated in transcript], up 17% year over year (16% constant currency) and a record quarterly level. Adjusted gross margin was 71.5%, up 350 basis points year over year; adjusted EBITDA was $94 million, up 81%, with margin at 32.2%, up 1,150 basis points; adjusted diluted EPS was $0.45, up 80%; free cash flow was $68 million versus $40 million a year ago, and trailing 12-month free cash flow was $268 million with 114% conversion. For Q3 2026, management guided to revenue of $300 million to $320 million, adjusted EBITDA margin of 32% to 35%, and adjusted EPS of $0.50 to $0.54. For full-year 2026, revenue guidance was raised to $1.13 billion to $1.15 billion, adjusted EBITDA margin to 29% to 31%, and adjusted EPS to $1.64 to $1.68. Management also said Q3 includes about $13 million of one-time commercial partnership benefit in the prior-year comparison, and full-year 2026 includes a $30 million headwind from that item.
Matt Moschner framed the quarter as evidence that Cognex’s strategy is working, citing record revenue, margin expansion, and strong EPS growth. He emphasized that growth is being driven not just by cyclical recovery but by structural adoption of automation and AI-enabled machine vision, with OneVision and newer In-sight products extending the addressable market. His tone was confident and upbeat, but he repeatedly described several opportunities, especially data center, as still early or nascent.
Dennis Fehr focused on the financial leverage in the model: adjusted EBITDA margin of 32.2%, adjusted gross margin of 71.5%, adjusted EPS of $0.45, and free cash flow of $68 million with 114% conversion over the trailing 12 months. He said operating expenses declined 3% year over year, expects about $35 million of annualized net cost reductions by end-2026, and noted roughly 100% revenue flow-through in Q2. He also flagged about 75 basis points of gross margin headwind from memory prices in Q3, while saying pricing actions should eventually offset it, and reminded investors that 2026 EPS includes about $0.11 per share of investment income.
Analysts focused on the data center opportunity, the pace of OpEx reductions, customer additions and salesforce needs, pricing strategy, and whether Q4 guidance implies unusual seasonality. Management said data center is still low single digits of revenue but growing more than 30% year over year, and that new AI-related inspection applications are opening up opportunities in server racks and component manufacturing. On margins, Dennis said OpEx should remain well below prior-year levels and that memory-price inflation is a second-half headwind, partly offset by pricing; he also said the company is not pursuing daily-style dynamic pricing, but is using more frequent, value-based pricing adjustments aligned with the sales cycle. On guidance, he explained the company felt confident enough to issue full-year outlooks because visibility into the second half improved, though Cognex remains a short-cycle business and Q4 still carries uncertainty.
The call showed broad demand strength, with semiconductors, electronics, packaging, logistics, and data center all contributing, and management raised guidance across multiple end markets. Cognex is also seeing operating leverage: record revenue, 71.5% gross margin, 32.2% EBITDA margin, and strong free cash flow conversion, while management expects pricing and cost actions to help protect margins.
Management flagged some real second-half pressure points, especially about 75 basis points of gross margin headwind from rising memory prices in Q3 and possibly Q4. Q4 still has uncertainty because Cognex is a short-cycle company with limited visibility, and some of the full-year step-down reflects seasonality, portfolio exits, and comparisons against a strong prior-year quarter. Data center is promising but still early and low single digits of revenue, so it is not yet a large offset to broader demand risks.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 95.4%
- Shares Outstanding
- 166.42M
- Float Shares
- 158.72M
of shares held by institutions
592 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for CGNX, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Donald Sternoff BeyerHouse · VA08 | Sell | Feb 28, 22 | Filing → |
| Donald Sternoff BeyerHouse · VA08 | Sell | Sep 17, 21 | Filing → |
| Donald Sternoff BeyerHouse · VA08 | Buy | Nov 17, 20 | Filing → |
| Greg GianforteHouse · MT00 | Sell | Oct 13, 20 | Filing → |
| Donald Sternoff BeyerHouse · VA08 | Sell | Jul 14, 20 | Filing → |
| Donald Sternoff BeyerHouse · VA08 | Sell | May 7, 20 | Filing → |
| Donald Sternoff BeyerHouse · VA08 | Sell | May 1, 20 | Filing → |
| Donald Sternoff BeyerHouse · VA08 | Sell | Apr 28, 20 | Filing → |
| Sheldon WhitehouseSenate · RI | Sell | Mar 11, 20 | Filing → |
| Donald Sternoff BeyerHouse · VA08 | Buy | Feb 14, 20 | Filing → |
| Donald Sternoff BeyerHouse · VA08 | Buy | Jan 28, 20 | Filing → |
| Donald Sternoff BeyerHouse · VA08 | Buy | Dec 24, 19 | Filing → |
| Gilbert CisnerosHouse · Ca39 | Sell | Jul 29, 19 | Filing → |
| Gilbert CisnerosHouse · Ca39 | Sell | Jul 26, 19 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 18.58M | ▼ 22.09K |
| Blackrock, Inc. | 15.99M | ▼ 250.34K |
| Invesco Ltd. | 8.21M | ▲ 5.22M |
| Vanguard Capital Management LLC | 7.51M | ▲ 79.23K |
| Price T Rowe Associates Inc | 6.26M | ▲ 1.52M |
| Pictet Asset Management Holding SA | 5.83M | ▼ 843.15K |
| Nordea Investment Management Ab | 5.82M | ▼ 321.45K |
| State Street Corp | 5.42M | ▲ 157.78K |
| Geode Capital Management, LLC | 4.92M | ▲ 220.06K |
| Disciplined Growth Investors Inc /Mn | 4.14M | ▼ 182.36K |
| Arrowstreet Capital, Limited Partnership | 2.98M | ▲ 946.67K |
| Janus Henderson Group PLC | 2.66M | ▲ 1.19M |
Held by 477 ETFs
Biggest fund positions in CGNX by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 11, 26 | Moschner Matthew | other | 7,000 |
| Aug 11, 26 | Moschner Matthew | other | 4,000 |
| Aug 11, 26 | Moschner Matthew | other | 4,000 |
| Aug 11, 26 | Moschner Matthew | other | 1,600 |
| Aug 11, 26 | Moschner Matthew | sell | 4,000 |
| Aug 11, 26 | Moschner Matthew | sell | 4,000 |
| Aug 11, 26 | Moschner Matthew | sell | 7,000 |
| Aug 11, 26 | Moschner Matthew | sell | 8,362 |
| Aug 11, 26 | Moschner Matthew | other | 7,000 |
| Aug 11, 26 | Moschner Matthew | other | 4,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our CGNX coverage
Recent articles, reports, and earnings notes.
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Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
