Cognex Corporation (CGNX) Stock

Cognex Corporation (CGNX) is a Technology stock trading at $59.72 (as of 2026-08-20), with a market capitalization of $9.94B and a trailing P/E of 69.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Cognex Corporation develops machine vision technology that captures and analyzes visual information to automate manufacturing and distribution tasks. Its offerings include software and vision systems for locating, identifying, inspecting, and measuring items, as well as barcode reading and verification products used across industries such as consumer electronics, automotive, food and beverage, and pharmaceuticals.

Understand Cognex Corporation: how it makes money

Cognex sells machine vision hardware and software (including VisionPro and QuickBuild tools) that capture and analyze visual information to automate manufacturing and distribution tasks, generating revenue from customer purchases of these solutions.

Reported results can be materially affected by the commercial partnership benefit, so the underlying profit picture is better tracked using revenue excluding that benefit versus the reported headline revenue.

Business quality (Solid): The dataset provides strong profitability snapshot (gross and operating margin) and a clear revenue bridge (commercial partnership benefit, Moritex, and FX), but it does not provide official reportable product segments, so segment-level drivers cannot be assessed.

Valuation: At 75× earnings, CGNX trades 25% above the Measuring & Control Equipment average (60×). Note: one-time items can distort reported P/E.

Bull case

Cognex appears to have a sizable installed base supporting ongoing demand for its machine vision solutions: Operationally, the company cites a Customer Base of 30000.0.
A high share of direct sales can support clearer control of go-to-market and customer relationships: Operationally, Direct Sales Percentage is 70.0.
Cash discipline is an explicit operational focus: The company reports Cash Conversion Cycle Improvement Year over Year of 57.0.

Bear case

Reported revenue may overstate or understate underlying performance when the commercial partnership benefit changes: Revenue Excluding Commercial Partnership Benefit is 0.26 B, versus reported Revenue of 0.27 B, with Commercial Partnership Revenue Impact of 0.03 B.
International and partner-related components may add volatility or contribute less to scale than the core business: The revenue bridge includes a Foreign Currency Translation Impact on Revenue (Headwind) of 0.01 B and Moritex Revenue of 0.01 B.

Valuation — source: SEC EDGAR (first-party)
Price	$59.72
Market Cap	$9.94B
P/E Ratio	69.7
EV / EBITDA	44.9
Price / Book	6.72
Price / Sales	9.49
FCF Yield	2.4%
DCF Value (model)	$7.69
DCF Upside vs Price	-87.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$994.36M
Net Margin	11.5%
Revenue Growth (YoY)	24.3%
EPS Growth (YoY)	121.4%
FCF Growth (YoY)	11.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	12.66 (safe)

Valuation vs Sector & Industry
Stock P/E	69.7
Sector P/E (Technology)	33.9
Industry P/E (Measuring & Control Equipment)	51.8
vs Sector	105.5%
vs Industry	34.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($795.70M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Measuring & Control Equipment
CEO	Matthew Moschner
Employees	2,914
Country	US
IPO Date	1989-07-20

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.