WinstonWınston
Back
Stock

Cognex Corporation

CGNX
74
Hardware, Equipment & Parts · Technology
Also trades as: 0I14.L GBP 0.56 (+1.75%)
Price
$55.55
+0.95 (+1.74%)
Market Cap
$9.34B
Exchange
NASDAQ
Winston Score
74
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 24, 2026 · filings through Jul 5, 2026

§How the score breaks down

Quality
Strong
23/30
Growth
Exceptional
18/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Good
5/10
Ownership
Mixed
6/15
Dividends
Mixed
2/5

74 of 100 counted points = Winston Score 74.

Track this stock — start free trial

Share count falling — buybacks

−5.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 179.9M (2021) → 169.4M (2025)

§Winston Score History

The full picture

Cognex makes machine vision systems — cameras and software that help factory machines "see." These systems check products for defects, read barcodes, and guide robots on assembly lines. Cognex sells to manufacturers in industries like automotive, electronics, and consumer goods, and it is one of the largest dedicated machine vision companies in the world.

Cognex earns money by selling vision sensors, cameras, and software licenses to factories and logistics companies. It operates globally, with significant revenue coming from Asia, Europe, and North America. The company's moat comes from its deep software expertise and strong brand recognition among factory engineers, making it hard for customers to switch. The main risk is that Cognex's sales are closely tied to factory capital spending, which slows sharply during economic downturns — as seen in recent years when weakness in the consumer electronics and automotive markets weighed heavily on revenue.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.9% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+79.2% YoY

Quarterly reporting periods ended:

29 Jun 2025: $0.24

5 Jul 2026: $0.43

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$139M/ year

→ Flat (-1% vs prior year)

14.0% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

4.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$755M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Cognex Corporation is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
70.6%
Premium pricing power — 70.6% gross margin
Profit after running costs
Operating Margin
29.4%
Excellent — 29.4% operating margin
Return on the money invested
ROCE
14.6%
Good — 14.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth
Sales YoY
+17.1%
Fast-growing sales (+17.1% YoY)
Profit growth
EPS YoY
+45.8%
Earnings growing fast (+45.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash
Cash Conversion
143%
Turns 143% of profit into real cash
Spare cash per sale
FCF Margin
22.1%
Converts sales into free cash efficiently (22.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns
Debt / Equity
0.01
Conservative — low debt load (0.01)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit
P/E Ratio (TTM)
52.9x
Expensive — P/E 52.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+27.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (52.9 → 25.2)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend
Dividend Yield
0.58%
Small dividend — 0.58% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+6.3%
Dividend growing modestly (6.3% YoY)
Payout Ratio
32%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free
🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.
Start free trial