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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 : 8/10

vs
industry
vs
history
Cash to Debt No Debt
CGNX's Cash to Debt is ranked higher than
77% of the 2519 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 3.89 vs. CGNX: No Debt )
CGNX' s 10-Year Cash to Debt Range
Min: 6.6   Max: No Debt
Current: No Debt

Equity to Asset 0.92
CGNX's Equity to Asset is ranked higher than
98% of the 2482 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 0.57 vs. CGNX: 0.92 )
CGNX' s 10-Year Equity to Asset Range
Min: 0.86   Max: 0.94
Current: 0.92

0.86
0.94
Interest Coverage No Debt
CGNX's Interest Coverage is ranked higher than
74% of the 1283 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 111.15 vs. CGNX: No Debt )
CGNX' s 10-Year Interest Coverage Range
Min: 9999.99   Max: 9999.99
Current: No Debt

F-Score: 6
Z-Score: 39.28
M-Score: -2.33
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 : 8/10

vs
industry
vs
history
Operating margin (%) 24.41
CGNX's Operating margin (%) is ranked higher than
97% of the 2165 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 3.63 vs. CGNX: 24.41 )
CGNX' s 10-Year Operating margin (%) Range
Min: -19.43   Max: 42.87
Current: 24.41

-19.43
42.87
Net-margin (%) 20.79
CGNX's Net-margin (%) is ranked higher than
96% of the 2167 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 3.13 vs. CGNX: 20.79 )
CGNX' s 10-Year Net-margin (%) Range
Min: -7.91   Max: 27.18
Current: 20.79

-7.91
27.18
ROE (%) 11.43
CGNX's ROE (%) is ranked higher than
81% of the 2132 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 5.85 vs. CGNX: 11.43 )
CGNX' s 10-Year ROE (%) Range
Min: -2.94   Max: 17.75
Current: 11.43

-2.94
17.75
ROA (%) 10.37
CGNX's ROA (%) is ranked higher than
92% of the 2164 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 2.91 vs. CGNX: 10.37 )
CGNX' s 10-Year ROA (%) Range
Min: -2.73   Max: 15.63
Current: 10.37

-2.73
15.63
ROC (Joel Greenblatt) (%) 104.44
CGNX's ROC (Joel Greenblatt) (%) is ranked higher than
98% of the 2160 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 10.87 vs. CGNX: 104.44 )
CGNX' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -42.22   Max: 147.44
Current: 104.44

-42.22
147.44
Revenue Growth (%) 3.30
CGNX's Revenue Growth (%) is ranked higher than
69% of the 1822 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 2.40 vs. CGNX: 3.30 )
CGNX' s 10-Year Revenue Growth (%) Range
Min: -14.9   Max: 19.9
Current: 3.3

-14.9
19.9
EBITDA Growth (%) 1.20
CGNX's EBITDA Growth (%) is ranked higher than
66% of the 1460 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 2.20 vs. CGNX: 1.20 )
CGNX' s 10-Year EBITDA Growth (%) Range
Min: 0   Max: 36.1
Current: 1.2

0
36.1
EPS Growth (%) 3.00
CGNX's EPS Growth (%) is ranked higher than
69% of the 1304 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 2.40 vs. CGNX: 3.00 )
CGNX' s 10-Year EPS Growth (%) Range
Min: -37.9   Max: 33.7
Current: 3

-37.9
33.7
» CGNX's 10-Y Financials

Financials


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

» Details

Guru Trades

Q2 2013

CGNX Guru Trades in Q2 2013

Steven Cohen 6,058 sh (New)
Jim Simons 146,314 sh (+819.4%)
Ron Baron 1,700,000 sh (unchged)
James Barrow Sold Out
Chuck Royce 3,679,252 sh (-3.08%)
Joel Greenblatt 38,890 sh (-12.99%)
» More
Q3 2013

CGNX Guru Trades in Q3 2013

Paul Tudor Jones 12,000 sh (New)
Steven Cohen 14,730 sh (+21.57%)
Chuck Royce 6,699,704 sh (-8.95%)
Ron Baron 2,500,000 sh (-26.47%)
Joel Greenblatt 34,256 sh (-55.96%)
Jim Simons 20,900 sh (-92.86%)
» More
Q4 2013

CGNX Guru Trades in Q4 2013

Jim Simons Sold Out
Joel Greenblatt Sold Out
Paul Tudor Jones Sold Out
Chuck Royce 5,393,604 sh (-19.49%)
Ron Baron 1,850,000 sh (-26%)
Steven Cohen 10,017 sh (-32%)
» More
Q1 2014

CGNX Guru Trades in Q1 2014

Jim Simons 163,551 sh (New)
Steven Cohen 25,034 sh (+149.92%)
Chuck Royce 5,251,204 sh (-2.64%)
Ron Baron 1,750,000 sh (-5.41%)
» More
» Details

Insider Trades

Latest Guru Trades with CGNX

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Ron Baron 2013-12-31 Reduce -26%0.09%$29.49 - $38.13 $ 38.7620%1850000
Joel Greenblatt 2013-12-31 Sold Out 0.04%$29.49 - $38.13 $ 38.7620%0
Ron Baron 2013-09-30 Reduce -26.47%0.11%$23.15 - $32.215 $ 38.7638%2500000
Joel Greenblatt 2013-09-30 Reduce -55.96%0.04%$23.15 - $32.215 $ 38.7638%34256
James Barrow 2013-06-30 Sold Out 0.1%$18.75 - $23.18 $ 38.7682%0
Joel Greenblatt 2013-03-31 Reduce -38.71%0.06%$18.4 - $21.28 $ 38.7692%44697
Joel Greenblatt 2012-12-31 Add 90.68%0.08%$16.59 - $19.24 $ 38.76117%72928
Joel Greenblatt 2012-09-30 Reduce -36.19%0.05%$14.97 - $19.39 $ 38.76126%38246
Ron Baron 2012-06-30 Add 36%0.09%$15.09 - $21.82 $ 38.76112%1700000
Joel Greenblatt 2012-06-30 Add 118.09%0.08%$15.09 - $21.82 $ 38.76112%59937
Joel Greenblatt 2012-03-31 Reduce -29.53%0.05%$18.47 - $22.38 $ 38.7699%27483
Joel Greenblatt 2011-12-31 Add 21.8%0.03%$12.63 - $18.42 $ 38.76133%39001
Joel Greenblatt 2011-09-30 Add 97.98%0.07%$13.24 - $18.35 $ 38.76140%32021
James Barrow 2011-09-30 Reduce -20.01%0.03%$13.24 - $18.35 $ 38.76140%1413130
Ron Baron 2011-06-30 New Buy0.21%$14.13 - $18.1 $ 38.76139%1076592
Joel Greenblatt 2011-06-30 Reduce -25.39%0.05%$14.13 - $18.1 $ 38.76139%16174
George Soros 2011-06-30 Sold Out $14.13 - $18.1 $ 38.76139%0
Joel Greenblatt 2011-03-31 New Buy0.18%$12.38 - $17.49 $ 38.76165%21677
George Soros 2011-03-31 New Buy0.01%$12.38 - $17.49 $ 38.76165%20600
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on Cognex Corp

Baron Funds Comments on Cognex Corp. - Nov 21, 2013

Cognex Corp. (CGNX), a leading provider of machine vision systems, rose 38.4% in the quarter. Cognex beat estimates and raised guidance citing strength in its factory automation segment, especially its "product ID" offerings. The company announced important orders from global logistics customers and accelerating sales to China, both new markets with big potential. We continue to like the company's prospects, but we did trim our position in the quarter with the stock so strong.

From Ron Baron’s Baron Funds third quarter 2013 report.


Check out Ron Baron latest stock trades

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 Corp

Baron Funds Comments on Cognex Corp.
Cognex Corp. (CGNX), a leading provider of machine vision systems, rose 38.4% in the quarter. Cognex beat estimates and raised guidance citing strength in its factory automation segment, especially its "product ID" offerings. The company announced important orders from global logistics customers and accelerating sales to China, both new markets with big potential. We continue to like the company's prospects, but we did trim our position in the quarter with the stock so strong. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 44.80
CGNX's P/E(ttm) is ranked higher than
59% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 31.90 vs. CGNX: 44.80 )
CGNX' s 10-Year P/E(ttm) Range
Min: 13.71   Max: 250
Current: 44.8

13.71
250
P/B 5.30
CGNX's P/B is ranked lower than
65% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.66 vs. CGNX: 5.30 )
CGNX' s 10-Year P/B Range
Min: 1   Max: 5.4
Current: 5.3

1
5.4
P/S 9.50
CGNX's P/S is ranked lower than
68% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.03 vs. CGNX: 9.50 )
CGNX' s 10-Year P/S Range
Min: 1.82   Max: 9.84
Current: 9.5

1.82
9.84
PFCF 42.40
CGNX's PFCF is ranked higher than
68% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 104.50 vs. CGNX: 42.40 )
CGNX' s 10-Year PFCF Range
Min: 8.59   Max: 105.39
Current: 42.4

8.59
105.39
EV-to-EBIT 35.70
CGNX's EV-to-EBIT is ranked higher than
59% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 24.92 vs. CGNX: 35.70 )
CGNX' s 10-Year EV-to-EBIT Range
Min: 7.6   Max: 137.9
Current: 35.7

7.6
137.9
PEG 0.60
CGNX's PEG is ranked higher than
94% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 9999.00 vs. CGNX: 0.60 )
CGNX' s 10-Year PEG Range
Min: 0.6   Max: 23.72
Current: 0.6

0.6
23.72
Shiller P/E 62.40
CGNX's Shiller P/E is ranked higher than
84% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 9999.00 vs. CGNX: 62.40 )
CGNX' s 10-Year Shiller P/E Range
Min: 14.63   Max: 77.96
Current: 62.4

14.63
77.96

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 0.10
CGNX's Dividend Yield is ranked lower than
96% of the 1644 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.63 vs. CGNX: 0.10 )
CGNX' s 10-Year Dividend Yield Range
Min: 0.19   Max: 5.39
Current: 0.1

0.19
5.39
Dividend growth (3y) -100.00
CGNX's Dividend growth (3y) is ranked lower than
51% of the 773 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.30 vs. CGNX: -100.00 )
CGNX' s 10-Year Dividend growth (3y) Range
Min: 0   Max: 40.1
Current: -100

0
40.1
Yield on cost (5-Year) 0.10
CGNX's Yield on cost (5-Year) is ranked lower than
96% of the 1679 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.80 vs. CGNX: 0.10 )
CGNX' s 10-Year Yield on cost (5-Year) Range
Min: 0.19   Max: 5.39
Current: 0.1

0.19
5.39
Share Buyback Rate -3.30
CGNX's Share Buyback Rate is ranked higher than
60% of the 1301 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: -0.90 vs. CGNX: -3.30 )
CGNX' s 10-Year Share Buyback Rate Range
Min: 5.3   Max: -3.3
Current: -3.3

Valuation & Return

vs
industry
vs
history
Price/Net Cash 121.10
CGNX's Price/Net Cash is ranked higher than
86% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 9999.00 vs. CGNX: 121.10 )
CGNX' s 10-Year Price/Net Cash Range
Min: 4.18   Max: 526.07
Current: 121.1

4.18
526.07
Price/Net Current Asset Value 41.70
CGNX's Price/Net Current Asset Value is ranked higher than
78% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 9999.00 vs. CGNX: 41.70 )
CGNX' s 10-Year Price/Net Current Asset Value Range
Min: 3.42   Max: 91.45
Current: 41.7

3.42
91.45
Price/Tangible Book 6.00
CGNX's Price/Tangible Book is ranked lower than
61% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 2.03 vs. CGNX: 6.00 )
CGNX' s 10-Year Price/Tangible Book Range
Min: 1.81   Max: 18.68
Current: 6

1.81
18.68
Price/DCF (Projected) 2.80
CGNX's Price/DCF (Projected) is ranked higher than
83% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 9999.00 vs. CGNX: 2.80 )
CGNX' s 10-Year Price/DCF (Projected) Range
Min: 0.69   Max: 4.26
Current: 2.8

0.69
4.26
Price/Median PS Value 2.00
CGNX's Price/Median PS Value is ranked lower than
61% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 1.20 vs. CGNX: 2.00 )
CGNX' s 10-Year Price/Median PS Value Range
Min: 0.51   Max: 3.04
Current: 2

0.51
3.04
Price/Graham Number 3.80
CGNX's Price/Graham Number is ranked higher than
56% of the 2650 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 2.50 vs. CGNX: 3.80 )
CGNX' s 10-Year Price/Graham Number Range
Min: 1.18   Max: 9.82
Current: 3.8

1.18
9.82
Earnings Yield (Greenblatt) 2.80
CGNX's Earnings Yield (Greenblatt) is ranked lower than
56% of the 2145 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 6.30 vs. CGNX: 2.80 )
CGNX' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.7   Max: 13.1
Current: 2.8

0.7
13.1
Forward Rate of Return (Yacktman) 1.51
CGNX's Forward Rate of Return (Yacktman) is ranked higher than
66% of the 1462 Companies
in the Global Scientific & Technical Instruments industry.

( Industry Median: 3.30 vs. CGNX: 1.51 )
CGNX' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -1.7   Max: 28.3
Current: 1.51

-1.7
28.3

Business Description

Industry: Computer Hardware » Scientific & Technical Instruments
Compare:A, ROP, GRMN, HXGBY, TRMB » details
Traded in other countries:CGZ.Germany
Cognex Corporation was incorporated in Massachusetts in 1981. The Company is a provider of machine vision products that capture and analyze visual information in order to automate tasks, mainly in manufacturing processes, where vision is required. It 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 metal, paper, nonwoven, plastic, and glass, to ensure there are no flaws or defects on the surfaces.
» More Articles for CGNX

Headlines

Articles On GuruFocus.com
Agilent Has Focused on Several Strategic Actions Mar 20 2014 
Baron Funds Comments on Cognex Corp. Nov 21 2013 
Baron Funds Comments on Cognex Aug 23 2012 
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 
Cognex Corp. Reports Operating Results (10-Q) Aug 02 2010 

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