Cognex CorporationCGNX
NasdaqGS•Technology•Scientific & Technical Instruments
Cognex Corporation provides machine vision products that capture and analyze visual information to automate manufacturing and distribution tasks in the United States, Europe, Greater China, and internationally. Its machine vision products are used to automate the manufacture and distribution of discrete items, such as mobile phones, automotive components, and e-commerce packages, by locating, identifying, inspecting, and measuring them. The company offers VisionPro software, a suite of patented vision tools for traditional rule-based tools and deep learning-enabled tools for advanced programming; vision systems that combine smart cameras and software to perform a wide range of tasks, including part location, identification, measurement, assembly verification, and robotic guidance; OneVision, a cloud-based platform designed to transform how manufacturers build, train, and scale AI-powered vision applications; In-Sight product line of vision systems and sensors; QuickBuild, which allows customers to build vision applications with a graphical and flowchart-based programming interface; DataMan, an image-based barcode reader for fixed-mount and handheld models, as well as barcode verifiers; and vision accessories, such as industrial cameras, lenses, lighting, vision controllers, frame grabbers, and I/O cards. It sells its products to the automotive, logistics, packaging, consumer electronics, medical-related, semiconductor, and consumer products industries. The company was incorporated in 1981 and is headquartered in Natick, Massachusetts.
Cognex Corporation (CGNX) reported trailing twelve months revenue of $1.05B as of April 2026, a 13.8% increase year-over-year. Quarterly revenue reached $268.44M, reflecting continued top-line momentum.
Cognex Corporation generated $142.54M in TTM net income, with quarterly EBITDA of $59.87M. The operating margin expanded from 12.1% to 22.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (22.3%) and net margin (19.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 10.9% a year ago, signaling stronger bottom-line efficiency.
CGNX trades at a P/E of 75.7x (a premium multiple) and a P/S of 10.3x. The price-to-book ratio of 7.3x indicates a significant premium over book value.
The company generated $42.34M in free cash flow over the trailing twelve months, a 11.4% increase year-over-year, indicating cash generation ability. The balance sheet shows $2.01B in total assets with no in long-term debt against $1.48B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~16.2%, suggesting durable pricing power and cost discipline.
ROE is positive at ~7.4% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~24.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~18.6% — no sign of cost or pricing stress.
FCF covers net income by 1.8x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 2.9% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation