Cognex CGNX
United StatesTechnology · Scientific & Technical InstrumentsUSD
79.11 USD (+29.2%)
19 analysts
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Cognex Corporation is a leading provider of machine vision systems and industrial barcode readers that help automate manufacturing and logistics, selling both hardware and software to manufacturers worldwide.
Key points
from its scores- ✓Good share-price trend9.3
- ✓Strong growth8.8
- ✓Very solid balance sheet8.5
- ✕Demanding valuation3.3
- ✕Unfavourable risk and backdrop4.0
AI analysis
bottom line, main risk, context and newsQuality and growth justify a premium, but the current multiple leaves little margin of safety.
Cognex shows excellent financial health (net debt negative, liquidity 3.93) and strong growth (revenue +16.9%, earnings +79.2%), although its valuation is demanding (P/E 58.86, EV/EBITDA 37.27), which limits short-term appeal.
The main risk is the demanding valuation (P/E 58.86) which, combined with a slowdown in industrial automation demand, could lead to a significant correction.
Context and risks
Cognex has no material exposure to current macro factors: its machine vision and industrial barcode reading business does not depend significantly on commodities, shipping routes, or interest rates. Its balance sheet is solid (net debt negative) and its growth is driven by industrial automation, not by the rate cycle.
Is Cognex stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 85% above the Technology median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 58.9 | 31.3 | +88% |
| EV / EBITDA | 37.3 | 20.4 | +83% |
| Price / book | 6.3 | 6.3 | +0% |
| Price / sales | 9.5 | 5.3 | +79% |
Sector: median of the 283 Technology companies analysed. In bold, the multiples used for the comparison.
Valuation score: 3.3 out of 10 (median for Technology: 5.3).
Average analyst target: 79.11 USD, +29.2% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 7.5 (sector 6.4), Growth 8.8 (sector 7.5).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Technology medianValuation
- P/E
- 58.9
- Forward P/E
- 30.2
- EV / EBITDA
- 37.3
- Price / book
- 6.3
- Price / sales
- 9.5
- PEG
- 2.71
- Market cap
- 10.3B USD
- Enterprise value
- 10.0B USD
Profitability
- ROE
- 11.1%
- ROA
- 7.1%
- ROIC (approx.)
- 18.8%
- Gross margin
- 68.9%
- Operating margin
- 29.4%
- Net margin
- 16.1%
- Free cash flow
- 195.7M USD
- FCF yield
- 1.9%
- Cash conversion
- 73%
Solvency
- Total debt
- 72.5M USD
- Net debt
- −331.9M USD
- Cash
- 404.4M USD
- EBITDA
- 267.4M USD
- Net debt / EBITDA
- −1.24
- Debt / equity
- 4.45
- Current ratio
- 3.93
- Quick ratio
- 2.96
Growth
- Revenue growth
- +16.9%
- Earnings growth
- +79.2%
- EPS (TTM)
- 1.04 USD
- EPS (forward)
- 2.03 USD
Dividend
- Dividend yield
- 0.6%
- Payout
- 32.2%
Risk and market
- Beta
- 1.48
- Analyst consensus
- Buy (19)
- Target price
- 79.11 USD
- 52-week range
- 34.60 – 72.88
Recent news
All CGNX news →Compare it with its sector
All 283 in Technology →Frequently asked questions about Cognex
Is Cognex stock cheap or expensive?
On P/E and EV / EBITDA, it trades 85% above the Technology median on average. Valuation score: 3.3 out of 10 (median for Technology: 5.3). Average analyst target: 79.11 USD, +29.2% versus the price. This is not investment advice.
What score does Cognex get on MeridIAn Screener?
It scores 6.4 out of 10, rank 615 of 2,130 (better than 68% of the companies analysed). Its strongest category is Momentum (9.3) and its weakest, Valuation (3.3). Analysis of 08/10/2026.
What is Cognex's P/E ratio?
Its P/E is 58.9: the share price equals 58.9 times earnings per share over the last 12 months. The Technology median is 31.3. Based on the earnings analysts expect, the forward P/E is 30.2.
How much is Cognex worth on the stock market?
Its market capitalisation is 10.3B USD and its enterprise value, debt included, is 10.0B USD.
How much debt does Cognex have?
It has more cash than debt: net cash of 331.9M USD.
Does Cognex pay a dividend?
Yes: its dividend yield is 0.56% and it pays out 32% of its earnings.
How has Cognex stock performed over the last year?
It has risen 51.1% over the last year, excluding dividends. Over the last 52 weeks it has traded between 34.60 and 72.88 USD. Past performance does not guarantee future results.
What do analysts think of Cognex?
19 analysts cover it; their average recommendation is “Buy” and their average target is 79.11 USD (+29.2% versus the price). It is an estimate, not market data.