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44.05 (1y: +20%)
Market Cap 1.9 B P/E(ttm) 27.90
Enterprise Value 1.73 B P/B 3.32
CGNX- NAS (USA)
Cognex Corporation
  • Currently 1/5
Business Predictability Rank: 1-Star (On Watch)
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
Read more:
What is Predictability Rank?
Performances of real portfolio
Top Ranked Predictable Companies
$44.05
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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 10/10

vs
industry		 vs
history
Cash to Debt No Debt
CGNX's Cash to Debt is ranked higher than
69% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 4.95 vs. CGNX: No Debt )
CGNX' s 10-Year Cash to Debt Range
Min: No Debt   Max: No Debt
Current: No Debt
Equity to Asset 0.758
CGNX's Equity to Asset is ranked higher than
82% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.56 vs. CGNX: 0.758 )
CGNX' s 10-Year Equity to Asset Range
Min: 0.64   Max: 0.93
Current: 0.76
0.64
0.93
Interest Coverage No Debt
CGNX's Interest Coverage is ranked higher than
65% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 18.10 vs. CGNX: No Debt )
CGNX' s 10-Year Interest Coverage Range
Min: No Debt   Max: No Debt
Current: No Debt
F-Score: 4
Z-Score: 23.73
M-Score: -2.8
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry		 vs
history
Operating margin (%) 25.70
CGNX's Operating margin (%) is ranked higher than
97% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 3.40 vs. CGNX: 25.70 )
CGNX' s 10-Year Operating margin (%) Range
Min: -19.4   Max: 35.8
Current: 25.7
-19.4
35.8
Net-margin (%) 21
CGNX's Net-margin (%) is ranked higher than
96% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 2.50 vs. CGNX: 21 )
CGNX' s 10-Year Net-margin (%) Range
Min: -7.9   Max: 27.2
Current: 21
-7.9
27.2
ROE (%) 11.9
CGNX's ROE (%) is ranked higher than
78% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 4.40 vs. CGNX: 11.9 )
CGNX' s 10-Year ROE (%) Range
Min: -2.9   Max: 17.7
Current: 11.9
-2.9
17.7
ROA (%) 10.9
CGNX's ROA (%) is ranked higher than
92% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 2.60 vs. CGNX: 10.9 )
CGNX' s 10-Year ROA (%) Range
Min: -2.7   Max: 15.6
Current: 10.9
-2.7
15.6
ROC (Joel Greenblatt) (%) 112.60
CGNX's ROC (Joel Greenblatt) (%) is ranked higher than
98% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 8.80 vs. CGNX: 112.60 )
CGNX' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -42.2   Max: 147.4
Current: 112.6
-42.2
147.4
Revenue Growth (%) 13.8
CGNX's Revenue Growth (%) is ranked higher than
91% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.00 vs. CGNX: 13.8 )
CGNX' s 10-Year Revenue Growth (%) Range
Min: -11.4   Max: 14.6
Current: 13.8
-11.4
14.6
» CGNX's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades
Q2 2012

CGNX Guru Trades in Q2 2012

Jim Simons 49,714 sh (New)
Paul Tudor Jones 19,500 sh (New)
Steven Cohen 9,407 sh (New)
Joel Greenblatt 59,937 sh (+118.09%)
Ron Baron 1,700,000 sh (+36%)
Chuck Royce 4,816,890 sh (+0.21%)
James Barrow 1,428,230 sh (-1.96%)
» More
Q3 2012

CGNX Guru Trades in Q3 2012

Ron Baron 1,700,000 sh (unchged)
Paul Tudor Jones Sold Out
Steven Cohen Sold Out
Jim Simons Sold Out
Chuck Royce 4,803,552 sh (-0.28%)
James Barrow 1,412,875 sh (-1.08%)
Joel Greenblatt 38,246 sh (-36.19%)
» More
Q4 2012

CGNX Guru Trades in Q4 2012

Joel Greenblatt 72,928 sh (+90.68%)
Ron Baron 1,700,000 sh (unchged)
James Barrow 1,396,130 sh (-1.19%)
Chuck Royce 4,625,852 sh (-3.7%)
» More
Q1 2013

CGNX Guru Trades in Q1 2013

Jim Simons 15,914 sh (New)
Ron Baron 1,700,000 sh (unchged)
James Barrow 1,373,730 sh (-1.6%)
Chuck Royce 3,796,252 sh (-17.93%)
Joel Greenblatt 44,697 sh (-38.71%)
» More
» Details

Insider Trades

Latest Guru Trades with CGNX

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Joel Greenblatt 2013-03-31 Reduce -38.71%0.06%$36.79 - $42.555 $ 44.059%44697
Joel Greenblatt 2012-12-31 Add 90.68%0.08%$33.18 - $38.48 $ 44.0524%72928
Joel Greenblatt 2012-09-30 Reduce -36.19%0.05%$29.93 - $38.77 $ 44.0529%38246
Ron Baron 2012-06-30 Add 36%0.09%$30.18 - $43.63 $ 44.0521%1700000
Joel Greenblatt 2012-06-30 Add 118.09%0.08%$30.18 - $43.63 $ 44.0521%59937
Joel Greenblatt 2012-03-31 Reduce -29.53%0.05%$36.94 - $44.75 $ 44.0513%27483
Joel Greenblatt 2011-12-31 Add 21.8%0.03%$25.26 - $36.83 $ 44.0532%39001
Joel Greenblatt 2011-09-30 Add 97.98%0.07%$26.48 - $36.69 $ 44.0536%32021
James Barrow 2011-09-30 Reduce -20.01%0.03%$26.48 - $36.69 $ 44.0536%1413130
Ron Baron 2011-06-30 New Buy0.21%$28.25 - $36.19 $ 44.0536%1076592
Joel Greenblatt 2011-06-30 Reduce -25.39%0.05%$28.25 - $36.19 $ 44.0536%16174
George Soros 2011-06-30 Sold Out $28.25 - $36.19 $ 44.0536%0
Joel Greenblatt 2011-03-31 New Buy0.18%$24.76 - $34.97 $ 44.0551%21677
George Soros 2011-03-31 New Buy0.01%$24.76 - $34.97 $ 44.0551%20600
Jean-Marie Eveillard 2010-06-30 Sold Out $17.32 - $21.89 $ 44.05125%0
Premium More recent guru trades are included for Premium Members only!!

Guru Investment Theses on Cognex Corporation

Baron Funds Comments on Cognex - Aug 23, 2012

From Baron Funds' second quarter commentary:

Shares of Cognex, Corp. (CGNX), which sells machine vision systems for factory automation applications, declined 25.1% in the quarter. First quarter results showed some deceleration in the sales growth rate but most of the shortfall was related to one cyclical end market.The shares fell later in the quarter over concern about exposure to Europe. Cognex has $9 per share in cash (a third of its market capitalization) and net of that it has traded down to ten times our projection for earnings. We believe it is way too cheap. We think the stock could trade at twice that multiple since we believe its factory automation segment (which makes up three quarters of sales) can continue to grow organically at about 20% and expand margins, which is quite extraordinary.
Check out Ron Baron latest stock trades

Top Ranked Articles about Cognex Corporation

Baron Funds Comments on Cognex
August 23, 2012
From Baron Funds' second quarter commentary: Read more...

Ratios

vs
industry		 vs
history
P/E(ttm) 27.90
CGNX's P/E(ttm) is ranked lower than
67% of the 1353 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 18.30 vs. CGNX: 27.90 )
CGNX' s 10-Year P/E(ttm) Range
Min: 12   Max: 235.71
Current: 27.9
12
235.71
P/B 3.32
CGNX's P/B is ranked lower than
86% of the 1848 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.24 vs. CGNX: 3.32 )
CGNX' s 10-Year P/B Range
Min: 1   Max: 9.5
Current: 3.32
1
9.5
P/S 5.89
CGNX's P/S is ranked lower than
93% of the 1882 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.81 vs. CGNX: 5.89 )
CGNX' s 10-Year P/S Range
Min: 1.81   Max: 16.25
Current: 5.89
1.81
16.25
PFCF 19.75
CGNX's PFCF is ranked lower than
60% of the 1077 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 14.92 vs. CGNX: 19.75 )
CGNX' s 10-Year PFCF Range
Min: 8.59   Max: 160.36
Current: 19.75
8.59
160.36
EV-to-EBIT 20.65
CGNX's EV-to-EBIT is ranked lower than
66% of the 1386 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 14.28 vs. CGNX: 20.65 )
CGNX' s 10-Year EV-to-EBIT Range
Min: 7.6   Max: 212.4
Current: 20.65
7.6
212.4
Shiller P/E 41.32
CGNX's Shiller P/E is ranked lower than
100% of the Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: vs. CGNX: 41.32 )
CGNX' s 10-Year Shiller P/E Range
Min: 14.42   Max: 77.31
Current: 41.32
14.42
77.31

Dividend & Buy Back

vs
industry		 vs
history
Dividend Yield 1.00
CGNX's Dividend Yield is ranked higher than
53% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.77 vs. CGNX: 1.00 )
CGNX' s 10-Year Dividend Yield Range
Min: 0.19   Max: 5.38
Current: 1
0.19
5.38
Dividend Payout 0.4
CGNX's Dividend Payout is ranked higher than
67% of the 836 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.41 vs. CGNX: 0.4 )
CGNX' s 10-Year Dividend Payout Range
Min: 0.16   Max: 0.72
Current: 0.4
0.16
0.72
Dividend growth (3y) 15.8
CGNX's Dividend growth (3y) is ranked higher than
97% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.00 vs. CGNX: 15.8 )
CGNX' s 10-Year Dividend growth (3y) Range
Min: 0   Max: 28.8
Current: 15.8
0
28.8
Yield on cost (5-Year) 1.26
CGNX's Yield on cost (5-Year) is ranked higher than
58% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.74 vs. CGNX: 1.26 )
CGNX' s 10-Year Yield on cost (5-Year) Range
Min: 0.24   Max: 6.77
Current: 1.26
0.24
6.77
Share Buyback Rate -2.4
CGNX's Share Buyback Rate is ranked lower than
80% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.00 vs. CGNX: -2.4 )
CGNX' s 10-Year Share Buyback Rate Range
Min: 4   Max: -2.5
Current: -2.4

Valuation & Return

vs
industry		 vs
history
Price/Net Cash 20
CGNX's Price/Net Cash is ranked lower than
81% of the 436 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 6.70 vs. CGNX: 20 )
CGNX' s 10-Year Price/Net Cash Range
Min: 5.2   Max: 16.9
Current: 20
5.2
16.9
Price/Net Current Asset Value 40.3
CGNX's Price/Net Current Asset Value is ranked lower than
91% of the 1704 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 7.00 vs. CGNX: 40.3 )
CGNX' s 10-Year Price/Net Current Asset Value Range
Min: 16.1   Max: 42.7
Current: 40.3
16.1
42.7
Price/Tangible Book 4
CGNX's Price/Tangible Book is ranked lower than
88% of the 1816 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.30 vs. CGNX: 4 )
CGNX' s 10-Year Price/Tangible Book Range
Min: 2   Max: 3.8
Current: 4
2
3.8
Price/DCF (Projected) 1.8
CGNX's Price/DCF (Projected) is ranked lower than
67% of the 394 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.20 vs. CGNX: 1.8 )
CGNX' s 10-Year Price/DCF (Projected) Range
Min: 0.7   Max: 2
Current: 1.8
0.7
2
Price/Median PS Value 1.2
CGNX's Price/Median PS Value is ranked lower than
66% of the 1785 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.10 vs. CGNX: 1.2 )
CGNX' s 10-Year Price/Median PS Value Range
Min: 0.5   Max: 1.7
Current: 1.2
0.5
1.7
Price/Peter Lynch Fair Value 1.1
CGNX's Price/Peter Lynch Fair Value is ranked lower than
135% of the 181 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.10 vs. CGNX: 1.1 )
CGNX' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.9   Max: 2.8
Current: 1.1
0.9
2.8
Price/Graham Number 2.2
CGNX's Price/Graham Number is ranked lower than
80% of the 1322 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.10 vs. CGNX: 2.2 )
CGNX' s 10-Year Price/Graham Number Range
Min: 1.3   Max: 3.5
Current: 2.2
1.3
3.5
Earnings Yield (Greenblatt) 4.80
CGNX's Earnings Yield (Greenblatt) is ranked higher than
51% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 4.50 vs. CGNX: 4.80 )
CGNX' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.5   Max: 13.2
Current: 4.8
0.5
13.2
Forward Rate of Return (Yacktman) 2.45
CGNX's Forward Rate of Return (Yacktman) is ranked higher than
82% of the 1887 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.00 vs. CGNX: 2.45 )
CGNX' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -0.9   Max: 27.6
Current: 2.45
-0.9
27.6

Business Description

Cognex Corporation was incorporated in Massachusetts in 1981. Cognex is a worldwide provider of machine vision products that capture and analyze visual information in order to automate tasks, mainly in manufacturing processes, where vision is required. Machine vision is important for applications in which human vision is inadequate to meet requirements for size, accuracy, or speed, or in instances where substantial cost savings are obtained through the reduction of direct labor or improved product quality. Cognex has two operating divisions: the Modular Vision Systems Division (MVSD), based in Natick, Massachusetts, and the Surface Inspection Systems Division (SISD), based in Alameda, California. MVSD develops, manufactures, and markets modular vision systems that are used to automate the manufacture of discrete items, such as cellular phones, aspirin bottles, and automobile wheels, by locating, identifying, inspecting, and measuring them during the manufacturing process. SISD develops, manufactures, and markets surface inspection vision systems that are used to inspect the surfaces of materials processed in a continuous fashion, such as metals, paper, non-wovens, plastics, and glass, to ensure there are no flaws or defects on the surfaces. In this sector, Cognex serves three main markets: discrete factory automation, semiconductor and electronics capital equipment, and surface inspection. Products range from low-cost vision sensors that are easily integrated, to PC-based systems for users with more experience or more complex requirements. Products include: Vision Software, Vision Systems, Vision Sensors, ID Products, Surface Inspection Systems. Cognex engages in research, development, and engineering (RD&E) to enhance its existing products and to develop new products and functionality to meet market opportunities. Cognex competes with manufacturers of automatic identification systems. Cognex's ability to compete depends upon its ability to design, manufacture, and sell high-quality products, as well as its ability to develop new products and functionality that meet evolving customer requirements.
Company Website
SEC Reports
Industry: Scientific & Technical Instruments
Compare:A, ROP, GRMN, HXGBY, TRMB
Traded in other countries:CGZ.Germany
» More Articles for CGNX

Headlines

Articles On GuruFocus.com
Baron Funds Comments on Cognex Aug 23 2012 
18 Companies Providing Shareholders More Cash Through Increased Dividends Nov 07 2011 
Interview with Ron Baron Sep 20 2011 
Baron Small Cap Fund Comments on: FOSL, LCAPA, TLVT, LAMR, CGNX, VHS, Sep 07 2011 
Cognex Hits 7-Year High After Another Blowout Quarter Aug 02 2011 
Cognex Corp. (CGNX) Sr. VP F&A, CFO Richard Morin sells 1,983 Shares Dec 14 2010 
Guru Stocks Raising Dividends: RKT, EXLP, MCY, CGNX, MIG Nov 14 2010 
16 Dividend Stocks Delivering What’s Important: RKT, EXLP, MCY, CGNX, MIG, etc. Nov 08 2010 
Cognex Corp. (CGNX) CEO Robert J Shillman sells 62,250 Shares Nov 05 2010 
Cognex Corp. Reports Operating Results (10-Q) Nov 01 2010 

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