COGNEX CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COGNEX CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	530	766	806	726	811	1,037	1,006	838	915	994
Cost of revenue	131	187	206	190	206	277	284	236	289	329
Gross profit	398	579	600	536	605	760	722	601	626	665
Research and development	78.3	99.2	116	119	131	135	141	139	140	139
Selling, general and administrative	166	221	263	274	268	309	312	339	371	364
Operating income	154	259	221	143	171	315	246	131	115	163
Other non-operating income	0.87	-0.34	-0.22	1.21	-0.31	-0.59	-0.41	0.59	0.92	7.37
Pre-tax income	162	266	235	163	187	319	251	135	131	183
Income tax	18.1	89.8	15.3	-40.9	10.7	39	35.2	22.1	25.3	68.4
Income from continuing operations	144	177	219
Net income	144	177	219	204	176	280	216	113	106	114
EBITDA	166	273	240	164	193	332	263	148	136	183
EPS, basic	0.71	1.02	1.27	1.19	1.02	1.59	1.24	0.66	0.62	0.68
EPS, diluted	0.70	0.98	1.24	1.16	1.00	1.56	1.23	0.65	0.62	0.68
Shares, basic (weighted)	203	173	172	171	173	176	173	172	171	168
Shares, diluted (weighted)	207	180	177	175	177	180	175	173	173	169
Dividend per share	0.12	0.17	0.19	0.21	2.23	0.25	0.27	0.29	0.31	0.33

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	79.6	107	108	171	269	186	181	203	186	263
Short-term investments	341	298	427	240	103	137	219	129	60	74
Receivables	55.4	119	119	103	126	130	125	114	143	147
Inventory	27	67.9	83.3	60.3	60.8	113	122	162	158	138
Other current assets	20.9	30.7	34	26.8	37.2	68.7	67.5	68.1	63.4	58.7
Total current assets	526	630	780	607	602	640	718	679	613	697
Property, plant and equipment	54	78	91.4	89.4	79.2	77.5	79.7	106	98.4	86
Lease right-of-use assets			0	17.5	22.6	23.2	37.7	75.1	67.3	72.3
Goodwill	95.3	113	113	243	244	242	243	393	385	386
Intangible assets	8.31	10.1	10.1	39.5	15.6	11.9	12.4	113	90.7	81.1
Long-term investments	324	423	262	433	395	584	454	244	341	305
Other non-current assets	2.32	2.49	3.93	5.83	7.79	7.24	6.64	7.09	5.03	4.99
Total assets	1,039	1,288	1,290	1,886	1,801	2,004	1,958	2,018	1,993	2,017
Accounts payable	9.83	23.5	16.2	17.9	16.3	44.1	27.1	21.5	38	50.2
Accrued liabilities	42.5	68.2	60.2	52.2	77.3	92.4	93.2	72.4	71.8	91.4
Deferred revenue	7.08	9.42	9.85	14.4	21.3	35.7	40.8	31.5	25	21.1
Total current liabilities	65.8	113	91.4	120	132	189	188	152	169	184
Lease liabilities			0	12.3	18.1	17.8	31.3	69	61.4	64.9
Other non-current liabilities	4.87	5.9	3.87	2.4	9.96	15.5	1.91	0.3	1.08	1.45
Total liabilities	76	192	154	530	539	574	520	513	475	525
Paid-in capital	375	461	529	639	808	915	979	1,037	1,091	1,139
Retained earnings	645	669	646	753	488	563	528	513	499	406
Other comprehensive income	-56.4	-34.6	-40.5	-37.3	-33.8	-47.9	-69.3	-45.3	-72.8	-53.5
Shareholders' equity	963	1,096	1,135	1,356	1,262	1,430	1,438	1,505	1,518	1,492
Total equity	963	1,096	1,135	1,356	1,262	1,430	1,438	1,505	1,518	1,492
Total liabilities and equity	1,039	1,288	1,290	1,886	1,801	2,004	1,958	2,018	1,993	2,017
Shares outstanding	101	174	171	172	176	175	173	172	170	167

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	144	177	219	204	176	280	216	113	106	114
Depreciation and amortization	11.7	13.7	18.5	21.5	22.1	16.6	16.3	17.3	21.3	20.3
Stock-based compensation	20.6	31.9	41.1	45.6	1.4	43.8	54.5	54.8	52.4	48.5
Deferred income tax	-3.02	1.29	-0.75	-89.5	-3.55	-2.63	-29.1	-19.7	-20	39.7
Change in receivables	-13.3	-55.2	-1.87	16.8	-21.3	-4.5	3.45	23.3	-32.1	-1.36
Change in inventory	10.4	-37.1	-19.9	17.8	-10.3	-54.9	-48.9	-22.6	-1.25	4.86
Change in payables	2.09	12.3	-7.25	1.63	-1.69	27.8	-17.3	-13.7	18.4	11.7
Cash from operations	182	224	223	253	242	314	243	113	149	246
Capital expenditures	-12.8	-28.8	-37.1	-21.7	-13.3	-15.5	-19.7	-23.1	-15	-8.74
Acquisitions	-14.3	-24.1	-4.27	-167	1	0	-5.05	-257	-1.44	0
Purchases of investments	-752	-637	-782	-1,032	-923	-668	-234	-184	-851	-290
Sales and maturities of investments	657	584	813	1,063	1,105	431	254	496	828	320
Cash from investing	-122	-106	-10.8	-157	169	-253	-4.45	32.3	-39	28
Stock issued						63.9	12.3	11.1	6.01	6.43
Share buybacks	-47.1	-124	-204	-61.7	-51	-162	-204	-79.8	-67.1	-151
Dividends paid	-25.2	-29	-31.9	-35.1	-391	-43.3	-45.9	-49.1	-52.3	-54.6
Cash from financing	-29.2	-100	-210	-32.2	-317	-142	-240	-126	-118	-207
Exchange rate effect	-3.35	8.29	-1.09	-0.52	2.67	-2.82	-3.37	1.7	-8.25	9.99
Net change in cash	27.7	26.9	1.63	63.2	97.6	-82.9	-4.79	21.3	-16.6	76.8
Free cash flow	169	196	186	232	229	299	224	89.8	134	237
Income taxes paid	20.7	11.8	41.4	13.4	33.7	49.4	57	56.6	59.8	42.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 5, 2026; growth uses fiscal years. Valuation uses the share price of $58.66 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.9%	Gross profit / revenue.
Operating margin	21.9%	Operating income / revenue.
EBITDA margin	23.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.7%	Pre-tax income / revenue.
Net margin	16.1%	Net income / revenue.
FCF margin	24.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.4%	Cash from operations / revenue.
Effective tax rate	32.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.0%	Net income / average total assets.
Return on invested capital (ROIC)	12.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.9%	Research and development expense / revenue.
SG&A / revenue	34.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	1.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	41.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-12.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-1.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	34.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-11.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-1.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-19.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-8.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	9.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-17.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-7.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	64.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	76.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	1.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-31.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.93x	Current assets / current liabilities.
Quick ratio	2.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.87x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	25.2%	Total liabilities / total assets.
Working capital	$633.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	20.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.18B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	13.4x	Revenue / average property, plant and equipment.
Inventory turnover	2.37x	Cost of revenue / average inventory.
Days inventory	154 days	365 x average inventory / cost of revenue.
Receivables turnover	5.04x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	70 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	156 days	Days inventory + days sales outstanding - days payables.
FCF conversion	153.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.03	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.41	Revenue / diluted weighted shares.
FCF per share	$1.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.63	Cash from operations / diluted weighted shares.
Book value per share	$9.69	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.04	Tangible book value / shares outstanding.
Cash per share	$2.40	(Cash + short-term investments) / shares outstanding.
Payout ratio	32.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	57.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.87B	Share price x shares outstanding.
Enterprise value	$9.46B	Market cap + total debt - cash - short-term investments.
P/E	56.5x	Market cap / net income. Only when net income is positive.
P/S	9.06x	Market cap / revenue.
P/B	6.06x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.34x	Market cap / tangible book value, when positive.
P/FCF	36.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	35.7x	Market cap / cash from operations, when positive.
EV/Sales	8.69x	Enterprise value / revenue.
EV/EBIT	39.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	36.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	35.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.7%	Free cash flow / market cap.
Earnings yield	1.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	2.1%	(Dividends paid + share buybacks) / market cap.

What was COGNEX CORP's revenue in fiscal 2025?

COGNEX CORP reported revenue of $994.4M for fiscal 2025, 8.7% higher than the year before.

Was COGNEX CORP profitable in fiscal 2025?

Yes. Net income was $114.4M, a net margin of 11.5%.

How much free cash flow did COGNEX CORP generate in fiscal 2025?

Cash from operations of $245.5M minus capital expenditures of $8.7M left free cash flow of $236.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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