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Cognex

Nasdaq:CGNX
Snowflake Description

Flawless balance sheet with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CGNX
Nasdaq
$7B
Market Cap
  1. Home
  2. US
  3. Tech
Company description

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The last earnings update was 16 days ago. More info.


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  • Cognex has significant price volatility in the past 3 months.
CGNX Share Price and Events
7 Day Returns
-11.5%
NasdaqGS:CGNX
-3.3%
US Electronic
-1.4%
US Market
1 Year Returns
-39.1%
NasdaqGS:CGNX
32.9%
US Electronic
10%
US Market
CGNX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cognex (CGNX) -11.5% -4.8% -20.2% -39.1% 140.2% 163.7%
US Electronic -3.3% 0% -4.5% 32.9% 111.1% 99.5%
US Market -1.4% -1% -3.3% 10% 55.6% 97.4%
1 Year Return vs Industry and Market
  • CGNX underperformed the Electronic industry which returned 32.9% over the past year.
  • CGNX underperformed the Market in United States of America which returned 10% over the past year.
Price Volatility
CGNX
Industry
5yr Volatility vs Market

Value

 Is Cognex undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cognex to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cognex.

NasdaqGS:CGNX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:CGNX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 3%
Equity Risk Premium S&P Global 7.1%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.06
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.056 (1 + (1- 21%) (0%))
1.056
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.06
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (1.056 * 7.05%)
10.39%

Discounted Cash Flow Calculation for NasdaqGS:CGNX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cognex is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:CGNX DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (USD, Millions) 222.03 268.31 316.60 370.42 429.69
Source Analyst x4 Analyst x3 Est @ 18%, capped from 18.47% Est @ 17%, capped from 18.47% Est @ 16%, capped from 18.47%
Present Value
Discounted (@ 10.39%)
201.12 220.16 235.33 249.41 262.08
Present value of next 5 years cash flows $1,168.10
NasdaqGS:CGNX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= $429.69 × (1 + 2.95%) ÷ (10.39% – 2.95%)
$5,942.64
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= $5,942.64 ÷ (1 + 10.39%)5
$3,624.54
NasdaqGS:CGNX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= $1,168.10 + $3,624.54
$4,792.65
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,792.65 / 172.19
$27.83
NasdaqGS:CGNX Discount to Share Price
Calculation Result
Value per share (USD) From above. $27.83
Current discount Discount to share price of $41.97
= -1 x ($41.97 - $27.83) / $27.83
-50.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Cognex is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cognex's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cognex's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:CGNX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-30) in USD $0.85
NasdaqGS:CGNX Share Price ** NasdaqGS (2018-11-13) in USD $41.97
United States of America Electronic Industry PE Ratio Median Figure of 85 Publicly-Listed Electronic Companies 22.4x
United States of America Market PE Ratio Median Figure of 2,976 Publicly-Listed Companies 18x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cognex.

NasdaqGS:CGNX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CGNX Share Price ÷ EPS (both in USD)

= 41.97 ÷ 0.85

49.53x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cognex is overvalued based on earnings compared to the US Electronic industry average.
  • Cognex is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Cognex's expected growth come at a high price?
Raw Data
NasdaqGS:CGNX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 49.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
22.9%per year
United States of America Electronic Industry PEG Ratio Median Figure of 53 Publicly-Listed Electronic Companies 1.01x
United States of America Market PEG Ratio Median Figure of 2,095 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

NasdaqGS:CGNX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 49.53x ÷ 22.9%

2.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cognex is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Cognex's assets?
Raw Data
NasdaqGS:CGNX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-30) in USD $6.68
NasdaqGS:CGNX Share Price * NasdaqGS (2018-11-13) in USD $41.97
United States of America Electronic Industry PB Ratio Median Figure of 148 Publicly-Listed Electronic Companies 2.04x
United States of America Market PB Ratio Median Figure of 4,976 Publicly-Listed Companies 1.86x
NasdaqGS:CGNX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CGNX Share Price ÷ Book Value per Share (both in USD)

= 41.97 ÷ 6.68

6.29x

* Primary Listing of Cognex.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cognex is overvalued based on assets compared to the US Electronic industry average.
X
Value checks
We assess Cognex's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. Cognex has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Cognex expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
22.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cognex expected to grow at an attractive rate?
  • Cognex's earnings growth is expected to exceed the low risk savings rate of 3%.
Growth vs Market Checks
  • Cognex's earnings growth is expected to exceed the United States of America market average.
  • Cognex's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:CGNX Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:CGNX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 22.9%
NasdaqGS:CGNX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 15.8%
United States of America Electronic Industry Earnings Growth Rate Market Cap Weighted Average 22.7%
United States of America Electronic Industry Revenue Growth Rate Market Cap Weighted Average 6.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:CGNX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:CGNX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,679 592 564 1
2021-12-31 1,423 484 466 1
2020-12-31 1,050 354 301 7
2019-12-31 903 275 241 12
2018-12-31 799 245 212 11
NasdaqGS:CGNX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-09-30 778 236 147
2018-07-01 812 206 169
2018-04-01 778 231 169
2017-12-31 748 224 177
2017-10-01 712 215 243
2017-07-02 594 223 194
2017-04-02 564 202 180
2016-12-31 521 182 150
2016-10-02 489 151 130
2016-07-03 449 160 103
2016-04-03 445 152 103
2015-12-31 451 128 108
2015-10-04 451 177 111

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cognex's earnings are expected to grow significantly at over 20% yearly.
  • Cognex's revenue is expected to grow by 15.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:CGNX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Cognex Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CGNX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31 1.59 1.72 1.49 4.00
2019-12-31 1.37 1.81 1.04 10.00
2018-12-31 1.20 1.24 1.15 9.00
NasdaqGS:CGNX Past Financials Data
Date (Data in USD Millions) EPS *
2018-09-30 0.85
2018-07-01 0.97
2018-04-01 0.97
2017-12-31 1.02
2017-10-01 1.41
2017-07-02 1.13
2017-04-02 1.05
2016-12-31 0.88
2016-10-02 0.77
2016-07-03 0.60
2016-04-03 0.60
2015-12-31 0.62
2015-10-04 0.64

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Cognex is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Cognex's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cognex has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Cognex performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cognex's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cognex's year on year earnings growth rate has been positive over the past 5 years.
  • Cognex's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Cognex's 1-year earnings growth is negative, it can't be compared to the US Electronic industry average.
Earnings and Revenue History
Cognex's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cognex Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CGNX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-09-30 777.84 146.57 256.90 114.64
2018-07-01 811.66 168.63 252.14 111.02
2018-04-01 778.48 168.92 237.90 107.51
2017-12-31 747.95 177.18 220.73 99.21
2017-10-01 712.48 242.71 203.08 91.67
2017-07-02 594.39 193.89 184.10 84.19
2017-04-02 563.59 180.41 174.29 80.48
2016-12-31 520.75 149.83 166.11 78.27
2016-10-02 489.20 130.43 158.99 76.36
2016-07-03 448.83 102.58 152.72 74.73
2016-04-03 445.39 103.08 150.06 73.36
2015-12-31 450.56 107.66 151.65 69.79
2015-10-04 451.29 111.48 153.39 66.47
2015-07-05 498.06 133.34 161.35 67.03
2015-04-05 446.51 112.50 156.84 61.25
2014-12-31 426.45 110.84 148.70 55.83
2014-09-28 423.64 108.61 147.11 54.32
2014-06-29 360.08 81.66 137.21 48.97
2014-03-30 354.31 75.81 134.98 48.34
2013-12-31 307.65 67.18 123.51 44.32
2013-09-29 340.36 69.37 129.73 46.28
2013-06-30 329.65 66.45 124.62 44.10
2013-03-31 327.46 69.40 121.45 42.51
2012-12-31 324.28 68.10 119.83 41.55
2012-09-30 326.15 70.95 120.37 41.01
2012-07-01 326.16 71.19 119.74 41.62
2012-04-01 325.23 70.52 119.08 41.83
2011-12-31 321.91 69.87 117.69 40.95

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Cognex has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cognex used its assets more efficiently than the US Electronic industry average last year based on Return on Assets.
  • Cognex has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cognex's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cognex has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Cognex's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cognex's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cognex is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cognex's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cognex's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Cognex has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cognex Company Filings, last reported 1 month ago.

NasdaqGS:CGNX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-09-30 1,149.44 0.00 527.39
2018-07-01 1,079.13 0.00 482.94
2018-04-01 1,077.10 0.00 447.20
2017-12-31 1,095.35 0.00 404.54
2017-10-01 1,133.52 0.00 384.61
2017-07-02 1,051.98 0.00 410.67
2017-04-02 1,011.21 0.00 468.46
2016-12-31 962.60 0.00 420.84
2016-10-02 943.95 0.00 389.52
2016-07-03 886.64 0.00 349.52
2016-04-03 850.72 0.00 399.70
2015-12-31 825.67 0.00 348.44
2015-10-04 812.79 0.00 352.15
2015-07-05 793.14 0.00 285.16
2015-04-05 767.06 0.00 178.39
2014-12-31 736.44 0.00 146.15
2014-09-28 733.95 0.00 87.94
2014-06-29 682.51 0.00 123.85
2014-03-30 661.05 0.00 84.24
2013-12-31 643.91 0.00 225.47
2013-09-29 637.72 0.00 217.02
2013-06-30 615.00 0.00 183.16
2013-03-31 599.46 0.00 168.17
2012-12-31 572.29 0.00 150.27
2012-09-30 605.40 0.00 156.03
2012-07-01 591.59 0.00 265.94
2012-04-01 588.79 0.00 200.77
2011-12-31 552.98 0.00 182.53
  • Cognex has no debt.
  • Cognex has not taken on any debt in the past 5 years.
  • Cognex has no debt, it does not need to be covered by operating cash flow.
  • Cognex has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Cognex's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cognex has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Cognex's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.48%
Current annual income from Cognex dividends. Estimated to be 0.55% next year.
If you bought $2,000 of Cognex shares you are expected to receive $10 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Cognex's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.38%).
  • Cognex's dividend is below the markets top 25% of dividend payers in United States of America (3.54%).
Upcoming dividend payment

Purchase Cognex on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:CGNX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
United States of America Electronic Industry Average Dividend Yield Market Cap Weighted Average of 38 Stocks 1.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1978 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:CGNX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31 0.26 3.00
2019-12-31 0.25 4.00
2018-12-31 0.20 4.00
NasdaqGS:CGNX Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-10-29 0.200 0.452
2018-07-30 0.180 0.353
2018-05-01 0.180 0.391
2018-02-15 0.180 0.345
2017-10-30 0.180 0.280
2017-07-31 0.170 0.309
2017-05-01 0.170 0.374
2017-02-16 0.150 0.371
2016-10-31 0.150 0.482
2016-08-01 0.150 0.592
2016-05-02 0.150 0.711
2016-02-10 0.140 0.743
2015-11-02 0.140 0.836
2015-08-03 0.140 0.777
2015-05-04 0.140 0.584
2014-10-27 0.000 0.000
2014-07-28 0.000 0.000
2014-04-30 0.000 0.000
2014-02-13 0.000 0.000
2013-10-28 0.000 0.000
2013-07-29 0.000 0.000
2013-04-29 0.000 0.000
2013-02-11 0.430 4.255
2012-12-04 0.110 1.156
2012-07-30 0.110 1.232
2012-04-30 0.110 1.321
2012-02-09 0.100 0.956
2011-11-01 0.100 1.088
2011-08-01 0.090 1.172
2011-05-02 0.090 1.049
2011-02-10 0.080 1.127
2010-11-01 0.080 1.071
2010-07-29 0.060 1.058
2010-05-05 0.060 1.284
2010-02-11 0.050 1.027
2009-11-02 0.050 1.161
2009-08-05 0.050 1.213
2009-05-04 0.050 1.408
2009-02-17 0.150 4.779
2008-11-17 0.150 4.544

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cognex is not paying a notable dividend for United States of America, therefore no need to check if the payments are stable.
  • Cognex is not paying a notable dividend for United States of America, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Cognex's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Cognex's dividends as it is not paying a notable one for United States of America.
Future Payout to shareholders
  • No need to calculate the sustainability of Cognex's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Cognex's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cognex afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cognex has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Cognex's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rob Willett
COMPENSATION $3,866,577
AGE 50
TENURE AS CEO 7.7 years
CEO Bio

Mr. Robert J. Willett, also known as Rob, has been the Chief Executive Officer of Cognex Corporation, since March 16, 2011. Mr. Willett has been President of Cognex Corporation. since January 2010. In June 2008 he joined Cognex Corporation as Executive Vice President and President of the Modular Vision Systems Division. He oversees the largest operating division at Cognex which generates nearly 90% of Cognex Corp's annual revenue. He served as Chief Operating Officer of Cognex Corporation since January 2010. At Danaher Corporation, he served as Group Vice President of Business Development and Innovation for the Product Identification business group. He served as the President of Videojet Technologies, Inc. He joined Videojet, a Chicago-based company, in January 2003. He served as the Chief Executive Officer of Willett International Limited from 1998 to 2003. While leading Willett, Mr. Willett's primary achievements were to grow the business in a static market, through product innovation and developing new direct sales companies in Japan, Turkey, Ukraine, Korea, Singapore and Thailand. Before Willett in January 1997, he served as Commercial Manager of Strategic and Financial Planning of Lever Brothers in New York City. He served as an Assistant Marketing Manager of Pfizer Inc.'s world headquarters in New York and the Senior Research Associate at Optima Group. He has been a Director of Cognex Corporation since April 27, 2011. Mr. Willett holds a Bachelor of Arts degree from Brown University and a Master of Business Administration from Yale University.

CEO Compensation
  • Rob's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Rob's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cognex management team in years:

4.7
Average Tenure
56.5
Average Age
  • The tenure for the Cognex management team is about average.
Management Team

Rob Willett

TITLE
CEO, President & Executive Director
COMPENSATION
$4M
AGE
50
TENURE
7.7 yrs

John Curran

TITLE
Senior VP of Finance & Administration
COMPENSATION
$4M
AGE
52
TENURE
1.8 yrs

Dick Morin

TITLE
Senior VP & Secretary
COMPENSATION
$538K
AGE
68

Sheila DiPalma

TITLE
Senior VP of Corporate Employee Services & Corporate Officer
COMPENSATION
$4M
AGE
51
TENURE
1.1 yrs

Doctor Bob Shillman

TITLE
Founder
COMPENSATION
$419K
AGE
71
TENURE
37.8 yrs

Susan Conway

TITLE
Senior Director of Investor Relations

Todd Keebaug

TITLE
Vice President of Legal Services

Robin Pratt

TITLE
Corporate Communications Contractor

Didier Lacroix

TITLE
Senior Vice President Worldwide Sales & Marketing

E. McGarry

TITLE
Senior Vice President of Research & Development
AGE
61
Board of Directors Tenure

Average tenure and age of the Cognex board of directors in years:

7.6
Average Tenure
70.5
Average Age
  • The tenure for the Cognex board of directors is about average.
Board of Directors

Doctor Bob Shillman

TITLE
Founder
COMPENSATION
$419K
AGE
71
TENURE
37.8 yrs

Tony Sun

TITLE
Lead Independent Director
COMPENSATION
$205K
AGE
65

Rob Willett

TITLE
CEO, President & Executive Director
COMPENSATION
$4M
AGE
50
TENURE
7.6 yrs

Ted Krantz

TITLE
Independent Director
COMPENSATION
$214K
AGE
75
TENURE
11.5 yrs

Gene Banucci

TITLE
Independent Director
COMPENSATION
$285K
AGE
74
TENURE
2.9 yrs

Patrick Alias

TITLE
Non-Executive Director
COMPENSATION
$490K
AGE
72
TENURE
17.8 yrs

Jerry Schneider

TITLE
Independent Director
COMPENSATION
$269K
AGE
70
TENURE
2.3 yrs

Dianne Parrotte

TITLE
Director
AGE
68
TENURE
0.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Start End Shares Max Price ($) Value ($)
13. Sep 18 Sell Anthony Sun Individual 12. Sep 18 13. Sep 18 -20,000 $56.04 $-1,109,380.00
06. Aug 18 Sell Anthony Sun Individual 06. Aug 18 06. Aug 18 -10,000 $53.01 $-530,141.00
13. Mar 18 Sell Anthony Sun Individual 12. Mar 18 12. Mar 18 -10,000 $56.49 $-564,892.00
X
Management checks
We assess Cognex's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cognex has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

External News
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Simply Wall St News

Can Cognex Corporation's (NASDAQ:CGNX) ROE Continue To Surpass The Industry Average?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Cognex has a return on equity of 13% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Where Cognex Corporation's (NASDAQ:CGNX) Earnings Growth Stands Against Its Industry

Today I will examine Cognex Corporation's (NASDAQ:CGNX) latest earnings update (01 July 2018) and compare these figures against its performance over the past couple of years, in addition to how the rest of CGNX's industry performed. … CGNX's trailing twelve-month earnings (from 01 July 2018) of US$169m has? … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 21%, indicating the rate at which CGNX is growing has slowed down

Simply Wall St -

Is It Time To Consider Buying Cognex Corporation (NASDAQ:CGNX)?

received a lot of attention from a substantial price movement on the NasdaqGS over the last few months, increasing to $58.96 at one point, and dropping to the lows of $43.66. … A question to answer is whether Cognex's current trading price of $44.72 reflective of the actual value of the? … Let’s take a look at Cognex’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

Cognex Corporation (NASDAQ:CGNX) Investors Are Paying Above The Intrinsic Value

by taking the expected future cash flows and discounting them to their present value. … discounted cash flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Cognex Corporation's (NASDAQ:CGNX) Insiders Just Sold Shares - Should You?

some insider selling over the past three months, with insiders divesting from. … A well-known argument is that insiders divesting from their own companies’ shares sends a pessimistic signal. … A two-decade research published in The MIT Press (1998) showed that stocks following insider selling declined 2.7% relative to the market

Simply Wall St -

What Should Investors Know About The Future Of Cognex Corporation's (NASDAQ:CGNX)?

After Cognex Corporation's (NASDAQ:CGNX) earnings announcement in April 2018,. … as a 34.44% increase in profits is expected in the upcoming year, … the past 5-year average growth rate of 18.78%

Simply Wall St -

Is Cognex Corporation's (NASDAQ:CGNX) 15.68% ROE Strong Compared To Its Industry?

Cognex Corporation (NASDAQ:CGNX) outperformed the electronic equipment and instruments industry on the basis of its ROE – producing a higher 15.68% relative to the peer average of 10.86% over the past 12 months. … If CGNX borrows debt to invest in its business, its profits will be higher. … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface

Simply Wall St -

Where Cognex Corporation's (NASDAQ:CGNX) Earnings Growth Stands Against Its Industry

Examining Cognex Corporation's (NASDAQ:CGNX) past track record of performance is a valuable exercise for investors. … Below, I will assess CGNX's latest performance announced on 01 April 2018 and weigh these figures against its longer term trend and industry movements. … Was CGNX's weak performance lately a part of a long-term decline.

Simply Wall St -

Cognex Corporation (NASDAQ:CGNX): A Fundamentally Attractive Investment

I've been keeping an eye on Cognex Corporation (NASDAQ:CGNX) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe CGNX has a lot to offer. … is a company with

Simply Wall St -

Cognex Corporation (NASDAQ:CGNX) Investors Are Paying Above The Intrinsic Value

The sum of these cash flows is then discounted to today's value. … 5-year cash flow forecast 2018 2019 2020 2021 2022 Levered FCF ($, Millions) $219.89 $251.66 $313.91 $406.73 $471.81 Source Analyst x5 Analyst x5 Analyst x2 Analyst x1 Extrapolated @ (16%, capped from 17.27%) Present Value Discounted @ 8.91% $201.90 $212.18 $243.03 $289.13 $307.97 Present Value of 5-year Cash Flow (PVCF)= $1,254 We now need to calculate the Terminal Value, which accounts for all the future cash flows after the five years. … Terminal Value (TV) = FCF2022 × (1 + g) ÷ (r – g) = $472 × (1 + 2.5%) ÷ (8.9% – 2.5%) = $7,512 Present Value of Terminal Value (PVTV) = TV / (1 + r)5 = $7,512 / ( 1 + 8.9%)5 = $4,903 The total value is the sum of cash flows for the next five years and the discounted terminal value, which results in the Total Equity Value, which in this case is $6,157.

Simply Wall St -

Company Info

Map
Description

Cognex Corporation provides machine vision products that capture and analyze visual information in order to automate tasks primarily in manufacturing processes worldwide. The company offers machine vision products, which are used to automate the manufacturing and tracking of discrete items, such as mobile phones, aspirin bottles, and automobile tires by locating, identifying, inspecting, and measuring them during the manufacturing or distribution process. Its products include VisionPro, a software suite that provides various vision tools for programming; displacement sensors with vision software for use in 3D application; In-Sight vision systems that perform various vision tasks, including part location, identification, measurement, assembly verification, and robotic guidance; In-Sight vision sensors; ID products, including DataMan barcode readers and barcode verifiers, as well as vision-enabled mobile terminals for industrial barcode reading applications; and barcode scanning software development kits. The company sells its products to customers in the consumer electronics and automotive industries, and semiconductor and electronics capital equipment markets through direct sales force, as well as through a network of distributors and integrators. Cognex Corporation was founded in 1981 and is headquartered in Natick, Massachusetts.

Details
Name: Cognex Corporation
CGNX
Exchange: NasdaqGS
Founded: 1981
$7,226,864,118
172,191,187
Website: http://www.cognex.com
Address: Cognex Corporation
One Vision Drive,
Natick,
Massachusetts, 01760,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CGNX Common Stock Nasdaq Global Select US USD 20. Jul 1989
DB CGZ Common Stock Deutsche Boerse AG DE EUR 20. Jul 1989
LSE 0I14 Common Stock London Stock Exchange GB USD 20. Jul 1989
BMV CGNX * Common Stock Bolsa Mexicana de Valores MX MXN 20. Jul 1989
Number of employees
Current staff
Staff numbers
1,771
Cognex employees.
Industry
Electronic Equipment and Instruments
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/11/14 21:08
End of day share price update: 2018/11/13 00:00
Last estimates confirmation: 2018/11/05
Last earnings filing: 2018/10/29
Last earnings reported: 2018/09/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.