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Cognex Corporation (CGNX)

NEUTRAL
TechnologyScientific & Technical InstrumentsUnited States

Fundamental

65

Price

$59.81

Market Cap

$9.88B

Part 1 · What the company is worth

Overview

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.

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Direct competitors

Who this company fights with for the same customers

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No competitor list for this company yet.

Balance Sheet & Liquidity

Revenue

$1.09B

Trailing 12 months (through 7/5/2026)

Net Income

$175M

Trailing 12 months (through 7/5/2026)

Free Cash Flow

$237M

Total Equity

$1.49B

Total Liabilities

$525M

Current Ratio

3.93

Interest Coverage

-

Debt/EBITDA

0.27

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

Overvalued

Fair Value

$42.25

Current Price

$59.81

Margin of Safety

-41.6%

Fair Value Range

$27.46 - $57.04

Estimation Methods

Analyst Target:$80.05
DCF:$17.42
PE-based:$39.35
Graham Growth:$7.78
EPV:$8.68
Analyst Consensus:Buy (21B / 7H / 0S)
Last Earnings Surprise:+4.00%

Valuation Metrics

P/E Ratio

56.29

ROE

7.7%

P/B Ratio

6.04

P/FCF

36.71

Gross Margin

68.9%

ROIC

9.6%

Profitability Radar

Value Creation (Economic Moat)

ROIC

9.6%

WACC

12.6%

ROIC − WACC

-3.0 pp

ROIC is below the cost of capital — the company is destroying value for every dollar invested.

Fundamental Analysis Criteria

Passed (18)

  • EPS shows upward trend
  • Price CAGR 6.65%
  • ROIC 9.6%
  • Gross Margin 68.9%
  • Debt/Equity ratio
  • Operating Margin 21.9%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 8.0%
  • Analyst Consensus 75% Buy
  • Earnings Surprise avg 17.5%
  • Earnings Quality (OCF/NI) 1.58
  • Share Dilution -1.7%
  • Net Margin Trend 16.1% vs 13.1%
  • Piotroski F-Score 7/9

Failed (7)

  • EPS CAGR 0.18%
  • P/FCF 36.71
  • P/B Ratio 6.04
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue Growth 5Y 4.2%

Unavailable (3)

  • Dividend Payout NaN%
  • Interest Coverage
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-Score

7/9

Strong financial health

score
criteria

Earnings Quality

1.58

High quality: earnings backed by cash

Share Dilution

-1.7%

Buying back shares. Shareholder friendly

Governance

Executive Team

NameTitleAge
Mr. Matthew MoschnerPresident, CEO & Director38
Mr. Dennis S. FehrSenior VP of Finance & CFO44
Mr. Carl W. Gerst IIIExecutive Vice President of Global Sales & Products57
Ms. Sheila M. DiPalma CPAExecutive VP of Employee Services & Chief Culture Officer58
Dr. Robert J. Shillman Ph.D.Founder, Chairman Emeritus & Adviser78
Mr. Mike BowdoinVice President of Operations-
Ms. Laura Ann MacDonaldVP of Finance, Corporate Controller & Interim Principal Acc Officer56
Ms. Greer AvivHead of Investor Relations-
Mr. Mark T. FennellVP, Chief Legal Officer & Corporate Secretary-
Ms. Robin PrattCorporate Communications Contractor-

Audit Risk

7

Board Risk

3

Compensation Risk

6

Shareholder Rights Risk

6

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Latest News

Recent headlines for CGNX, sourced from Markets Gazette.

  • 3/9/2026NEUTRAL
    Assessing Cognex: Insights From 10 Financial Analysts

    Cognex Corporation (CGNX) is under review by financial analysts, with recent actions showing mixed sentiment. In March 2022, Goldman Sachs maintained a 'Sell' rating. Prior to that, in February 2022, Morgan Stanley maintained an 'Equal-Weight' rating, and JP Morgan upgraded the stock from 'Underweight' to 'Neutral'. This divergence in analyst opinions suggests a lack of clear consensus on the company's future performance, making it a neutral signal for investors at this time.

  • 2/24/2026POSITIVE
    $100 Invested In Cognex 20 Years Ago Would Be Worth This Much Today

    A recent analysis, hinted at by a provocative headline, suggests that a hypothetical $100 investment in Cognex Corporation two decades ago would today command a substantially higher value. While the precise figures remain undisclosed in the snippet, the implication points to Cognex's remarkable long-term growth trajectory and its capacity to generate significant returns for early investors. This historical performance underscores the company's resilience and innovation in the machine vision industry, positioning it as a compelling case study for patient, growth-oriented portfolios. Investors often look to such examples as indicators of a company's fundamental strength and future potential, even if past performance is not a guarantee of future results.

  • 2/22/2026NEGATIVE
    Is Cognex Stock a Buy or Sell After a Director Dumped Shares Worth $128,000?

    A cautionary signal has emerged from Cognex Corporation, a global leader in machine vision systems and industrial automation. A company director recently sold shares worth $128,000. While the amount itself is not staggering, the transaction is noteworthy given the stock's strong performance over the past year. Insider sales are often interpreted by the market as a potential indicator that a stock's valuation may have peaked or that future challenges lie ahead. Investors might question the management's confidence in near-term growth prospects. This event, while not a definitive red flag, warrants a closer look at the company's fundamentals and encourages monitoring for any further sales by key executives, which could reinforce a bearish signal.

via Markets Gazette