Cohu Beats EPS by 86% While Insiders Sell $1.7M
Cohu reported Q2 2026 EPS of $0.26, beating the $0.139 consensus by 86.5%, its widest positive surprise in four quarters. Despite the result, its Chief Customer Officer sold 11,000 shares below his ow
Cohu Insiders Sell $1.7M as Analysts Target $71
NEW YORK, August 24 —
Cohu, Inc. (COHU) posted its widest earnings beat in four quarters, with Q2 2026 EPS of $0.26 running 86.5% above consensus, yet its Chief Customer Officer sold shares days later at prices below his own June transaction.
- Chief Customer Officer sold 11,000 shares over two days at $55.82, $61.90, below his June 2026 price of $63.88.
The Inflection Two Misses Earned
San Diego-based Cohu makes the handling equipment and software that semiconductor manufacturers use to sort and test chips: thermal handlers, MEMS test modules, probe heads, and a DI-Core AI-analytics suite for real-time process control. The four-quarter record shows two beats and two misses, a less settled picture of recovery than the headline suggests.
The Selling Pattern the Beat Cannot Explain
The Chief Customer Officer sold 11,000 shares over two days at $55.82 to $61.90, per filings, below the $63.88 price of his June 2026 transaction. That June sale came before the earnings report that beat consensus by 86.5%. Over 90 days, insiders have moved $1.69 million in Cohu stock with zero reported purchases. Insiders sell for routine reasons, and a single cluster proves nothing. Selling at progressively lower prices, against 20.7% short interest, puts the burden on next quarter to confirm the recovery.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| COHU | $2.4B | 27.8x | +168.2% |
| KLIC | $4.4B | 14.2x | +129.2% |
| UCTT | $3.3B | 12.5x | +224.3% |
| ACLS | $3.8B | 23.4x | +58.1% |
| PLAB | $1.7B | 14.7x | +38.2% |
| ICHR | $2.1B | 17.5x | +236.7% |
What Q3 Will Settle
Cohu generated $66 million in trailing free cash flow against GAAP losses of $0.83 per share, a gap that points to non-cash charges rather than operational deterioration. The company holds $500 million in cash versus $330 million in debt. With 44.0% gross margins and 38.4% trailing revenue growth, the balance sheet is not the concern. The question is whether demand in the semiconductor test-equipment cycle is real or whether Q2's result pulled forward shipments. Investors can stress-test the assumptions in Basis Report's DCF calculator. Run the free Cohu, Inc. deep-dive →
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Frequently Asked Questions
What were Cohu's Q2 2026 earnings results?
Cohu reported Q2 2026 EPS of $0.26 against a $0.139 consensus, an 86.5% positive surprise and the widest beat in four quarters. The four-quarter record still includes two beats and two misses, so the picture of a sustained inflection is not settled.
Why are Cohu insiders selling stock after the beat?
The Chief Customer Officer sold 11,000 shares over two days at $55.82 to $61.90, below his own June 2026 transaction price of $63.88, which itself came before the strong earnings result. Total insider selling over 90 days reached $1.69 million with zero purchases reported.
What is Cohu's analyst consensus price target?
The analyst consensus target stands at $70.875. Cohu also carries 20.7% short interest, meaning a significant portion of the market is positioned against a continued recovery.
What does Cohu do as a business?
Cohu makes the handling equipment and software that semiconductor manufacturers use to sort and test chips, including thermal handlers, MEMS test modules, probe heads, and a DI-Core AI-analytics suite for real-time process control. The San Diego-based company reported 44.0% gross margins and 38.4% trailing revenue growth.
How strong is Cohu's balance sheet?
Cohu generated $66 million in trailing free cash flow despite GAAP losses of $0.83 per share, a divergence the article attributes to non-cash charges rather than operational deterioration. The company holds $500 million in cash against $330 million in debt.
Cohu's Chief Customer Officer sold 10,000 shares in a single day last week — ten times his typical monthly clip — even as the semiconductor test-equipment maker just posted its strongest quarterly earnings beat in recent history. Whether that acceleration signals routine diversification or something more cautious is the question a 20.7% short interest in the stock has yet to answer.
Sources & Filings