# Cognex Corp (CGNX) — Stock CV

Cognex Corp is a $10.6B technology company. Revenue grew 17.1% over the last year, and it keeps 16¢ of every dollar of sales as profit. It trades at 60.6× earnings — around the middle of its own history.

> Cognex Corp provides machine vision products that help automate manufacturing processes. The firm's products include vision software, vision systems, vision sensors, and ID products.

## Identity

- **Ticker**: CGNX
- **Sector**: Technology
- **Industry**: Industrial Instruments For Measurement, Display, And Control
- **Headquarters**: NATICK, MA
- **Employees**: 2 745
- **Website**: https://www.cognex.com
- **Market cap**: $10.6B
- **Last price**: $62.92
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $1.09B
- **Net income**: $175M
- **Free cash flow**: $268M
- **P/E**: 60.6
- **Revenue growth (YoY)**: 17.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 22 |
| Growth | 25 |
| Profitability | 64 |
| Health | 50 |
| Quality | 84 |
| Moat | 88 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +17.1% YoY
- [x] Profitable — $175M TTM
- [ ] Profit growing — -18.1% YoY
- [x] Generates cash — $268M TTM
- [x] Debt under control — current ratio 3.93
- [x] Established company — $10.6B market cap
- [x] Not printing shares — -4.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 50/100
- [x] Pays a dividend — yield 0.53%
- [ ] Valuation not extreme — P/E 60.6

## Experience (career milestones)

- **FY2021** — Revenue crossed $1B: $1.04B for the year
- **FY2021** — Best year on record: $280M net income
- **2020** — Cognex introduced the In-Sight D900 embedded vision system
- **2019** — Cognex acquired Sualab, a Korean-based developer of vision software using deep learning for…
- **2017** — Cognex acquired ViDi Systems, a Swiss-based provider of deep learning software for industrial machine…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **1995** — Cognex purchased Acumen, a U.S. based developer of wafer identification systems
- **1982** — Cognex stands for "Cognition Experts." The company's first vision system, DataMan, was introduced in 1982
- **1981** — Cognex Corporation was founded in 1981 by Robert J

## Strengths

- High gross margin (68.9%)
- Revenue growing 17.1% year over year
- Strong cash conversion — FCF is 24.6% of revenue
- Interest covered 101.0× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.04B | $280M | $299M |
| FY2022 | $1.01B | $216M | $224M |
| FY2023 | $838M | $113M | $89.8M |
| FY2024 | $915M | $106M | $134M |
| FY2025 | $994M | $114M | $237M |

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Source: https://stockcv.com/CGNX — derived from company filings; may be delayed or incomplete. Information, not investment advice.