Equity Profile

COHU

Cohu, Inc.

Information TechnologySemiconductor Materials & Equipment$2.8B

Jul30Thu

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Cohu, Inc. is a key player in the semiconductor materials and equipment sector, providing essential testing and inspection solutions for the semiconductor industry....

Key Metrics to Watch

EPS

Earnings per share is a critical indicator of profitability and helps gauge the company's financial health.

$0.22

Revenue

Revenue figures provide insight into the company's sales performance and market demand for its products.

$146M

Wall Street expectations, options signals, track record, and call prep available with Pro.

COHU Q2-2026 Earnings Preview

Context

Company Snapshot

Cohu, Inc. is a key player in the semiconductor materials and equipment sector, providing essential testing and inspection solutions for the semiconductor industry. With a market cap of $3 billion, the company is positioned to benefit from ongoing trends in technology, including the increasing demand for semiconductors driven by advancements in AI and cloud computing.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+38.09%

Avg Stock Reaction

+0.09%

Last Quarter Recap

In Q1 2026, Cohu surprised analysts with an EPS of $0.01, significantly beating expectations of a loss. The stock reacted positively, gaining 5.90% the following day.

Management Promises & Guidance

Focus on improving operational efficiency.
Commitment to expanding product offerings in semiconductor testing.
Plans to enhance customer relationships and support.

Expectations

Wall Street Expectations

Analysts are cautiously optimistic about Cohu's upcoming earnings, expecting a modest profit and stable revenue growth. The consensus estimates reflect a belief in the company's ability to navigate a competitive market.

Bull Case

If Cohu exceeds expectations, it could signal strong demand for its products, potentially leading to increased market share and higher stock prices.

Bear Case

Conversely, if the company fails to meet the earnings estimates, it may raise concerns about its operational efficiency and market position, leading to a negative stock reaction.

Key Metrics to Watch

EPS

$0.22

Earnings per share is a critical indicator of profitability and helps gauge the company's financial health.

Revenue

$146M

Revenue figures provide insight into the company's sales performance and market demand for its products.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cohu achieve an EPS of at least $0.22?

This figure is critical as it sets the benchmark for profitability expectations and could influence investor confidence.

What are the revenue figures relative to the $146M consensus?

Revenue performance will indicate market demand and the company's ability to capitalize on growth opportunities in the semiconductor sector.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Cohu to exceed the consensus EPS of $0.22 due to recent operational improvements and increased demand for semiconductor testing.

Supporting Evidence

Cohu has consistently beaten EPS estimates in recent quarters, suggesting a trend of positive performance.

The options market is pricing a modest move, indicating that investors may be overly cautious about potential upside.

Recent industry trends indicate a growing demand for semiconductor testing solutions, which Cohu is well-positioned to capture.

Key Risk

If Cohu's revenue significantly exceeds $146M, it could challenge the current bearish sentiment and shift investor expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is crucial as it will reflect Cohu's operational effectiveness and market positioning amid a competitive landscape.

Bull Confirmed If

Achieving an EPS of $0.22 or higher with revenue exceeding $146M would confirm the bullish sentiment.

Bear Confirmed If

An EPS below $0.19 or revenue falling short of $144M would validate the bearish outlook.

Pre-Earnings Positioning

Options Market

Implied Move

±3.06%

Historical Avg

±3.6%

In line with history

The options market is pricing in a modest move around the earnings announcement, suggesting that investors expect some volatility but not extreme changes.

Options are pricing ±3.1% while COHU has averaged ±3.6% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

0.8%

30d HV

63.6%

Calls (60K)P/C Ratio: 0.15Puts (6K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Semiconductors

n=30

Fade rate: 4 of 9 (44%)

This setup has occurred 30 times across Information Technology in the last 2 years. 4 of 9 faded and 5 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 4.4%, with a raw directional average of -0.5% (modestly negative historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cohu beats expectations, history suggests the stock could rise by around 0.68%, confirming strong demand and operational success.

In-Line / Cautious

A result in line with expectations may lead to a muted response, as investors weigh management's commentary on future growth.

Miss

If Cohu misses estimates, the stock could drop by approximately 3.98%, raising concerns about its market strategy and execution.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiency improvements.
2Insights into customer demand for semiconductor testing solutions.
3Management's outlook on future revenue growth.
4Details on new product offerings and their market impact.
5Responses to competitive pressures in the semiconductor industry.

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Company Snapshot

Cohu, Inc. is a key player in the semiconductor materials and equipment sector, providing essential testing and inspection solutions for the semiconductor industry....

Key Metrics to Watch

EPS

Earnings per share is a critical indicator of profitability and helps gauge the company's financial health.

$0.22

Revenue

Revenue figures provide insight into the company's sales performance and market demand for its products.

$146M

Wall Street expectations, options signals, track record, and call prep available with Pro.

COHU Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

88%

Avg EPS Surprise

+38.09%

Avg Stock Reaction

+0.09%

Last Quarter Recap

In Q1 2026, Cohu surprised analysts with an EPS of $0.01, significantly beating expectations of a loss. The stock reacted positively, gaining 5.90% the following day.

Management Promises & Guidance

Focus on improving operational efficiency.
Commitment to expanding product offerings in semiconductor testing.
Plans to enhance customer relationships and support.

Expectations

Wall Street Expectations

Bull Case

If Cohu exceeds expectations, it could signal strong demand for its products, potentially leading to increased market share and higher stock prices.

Bear Case

Conversely, if the company fails to meet the earnings estimates, it may raise concerns about its operational efficiency and market position, leading to a negative stock reaction.

Key Metrics to Watch

EPS

$0.22

Earnings per share is a critical indicator of profitability and helps gauge the company's financial health.

Revenue

$146M

Revenue figures provide insight into the company's sales performance and market demand for its products.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Cohu achieve an EPS of at least $0.22?

This figure is critical as it sets the benchmark for profitability expectations and could influence investor confidence.

What are the revenue figures relative to the $146M consensus?

Revenue performance will indicate market demand and the company's ability to capitalize on growth opportunities in the semiconductor sector.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Cohu to exceed the consensus EPS of $0.22 due to recent operational improvements and increased demand for semiconductor testing.

Supporting Evidence

Cohu has consistently beaten EPS estimates in recent quarters, suggesting a trend of positive performance.

The options market is pricing a modest move, indicating that investors may be overly cautious about potential upside.

Recent industry trends indicate a growing demand for semiconductor testing solutions, which Cohu is well-positioned to capture.

Key Risk

If Cohu's revenue significantly exceeds $146M, it could challenge the current bearish sentiment and shift investor expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is crucial as it will reflect Cohu's operational effectiveness and market positioning amid a competitive landscape.

Bull Confirmed If

Achieving an EPS of $0.22 or higher with revenue exceeding $146M would confirm the bullish sentiment.

Bear Confirmed If

An EPS below $0.19 or revenue falling short of $144M would validate the bearish outlook.

Pre-Earnings Positioning

Options Market

Implied Move

±3.06%

Historical Avg

±3.6%

In line with history

The options market is pricing in a modest move around the earnings announcement, suggesting that investors expect some volatility but not extreme changes.

Options are pricing ±3.1% while COHU has averaged ±3.6% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

0.8%

30d HV

63.6%

Calls (60K)P/C Ratio: 0.15Puts (6K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Semiconductors

n=30

Fade rate: 4 of 9 (44%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Cohu beats expectations, history suggests the stock could rise by around 0.68%, confirming strong demand and operational success.

In-Line / Cautious

A result in line with expectations may lead to a muted response, as investors weigh management's commentary on future growth.

Miss

If Cohu misses estimates, the stock could drop by approximately 3.98%, raising concerns about its market strategy and execution.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiency improvements.
2Insights into customer demand for semiconductor testing solutions.
3Management's outlook on future revenue growth.
4Details on new product offerings and their market impact.
5Responses to competitive pressures in the semiconductor industry.