Cohu (COHU) Revenue Growth Story Tested By Persistent EPS Losses In FY 2025 Results

How Cohu’s FY 2025 Numbers Set the Stage for the Next Chapter

Cohu (COHU) closed FY 2025 with Q4 revenue of US$122.2 million and a basic EPS loss of US$0.48, alongside trailing twelve month revenue of US$453.0 million and an EPS loss of US$1.59. Over recent quarters, the company has seen revenue move from US$94.1 million in Q4 2024 to US$96.8 million in Q1 2025, US$107.7 million in Q2 2025, US$126.2 million in Q3 2025, and US$122.2 million in Q4 2025, while quarterly EPS losses ranged between US$0.09 and US$0.66. That mix of steady top line scale and ongoing per share losses puts the focus firmly on how margins evolve from here and what that could mean for long term profitability potential.

See our full analysis for Cohu.

With the headline figures on the table, the next step is to see how these results line up against the widely held narratives around Cohu’s growth potential and profitability profile, and where the numbers start to challenge those views.

See what the community is saying about Cohu

Losses Stay Wide Even As Sales Build

• Over the last twelve months Cohu booked US$453.0 million of revenue but a net loss of US$74.3 million, while quarterly net loss ranged from US$4.1 million in Q3 2025 to US$30.8 million in Q1 2025.
• Consensus narrative talks about higher semiconductor content in areas like autos and AI-related devices helping demand, yet the trailing 12 month loss of US$74.3 million and EPS of US$1.59 in the red show that the growth story in those markets has not yet translated into positive earnings.
  • Supporters of the growth angle might point to revenue rising from US$94.1 million in Q4 2024 to US$122.2 million in Q4 2025. Bears can just as easily point to Q4 2025 net loss of US$22.5 million being similar to the US$21.4 million loss in Q4 2024.
  • That mix of a larger revenue base and ongoing losses is exactly why the analysis flags the company as currently unprofitable and forecast to remain unprofitable over the next three years.

Revenue Growth Story Versus 55.2% Loss Widening

• Analysts expect Cohu’s revenue to grow about 14.3% a year while historical losses widened at an annualized 55.2% over five years, and trailing 12 month net loss sits at US$74.3 million.
• Consensus narrative suggests expansion into high growth test markets and more recurring software and services revenue could support steadier earnings, yet the data showing a 55.2% annualized increase in losses and a trailing EPS of US$1.59 in the red means the market still has to weigh growth expectations against a record of deeper losses.
  • On the growth side, the trailing revenue line has hovered between US$390.0 million and US$453.0 million over the periods shown. This lines up with the idea of a revenue story that analysts think can outpace the broader US market at 10.3% a year.
  • On the profitability side, net loss moving from US$69.8 million in the 2024 Q4 trailing period to US$74.3 million in the 2025 Q4 trailing period supports the cautious view that more growth alone has not yet improved the bottom line.

If you want to see how bulls think this growth could eventually reshape the story, take a look at the 🐂 Cohu Bull Case for the full case.

P/S Discount And A US$29.81 Share Price

• Cohu’s P/S of 3.1x sits below the US Semiconductor industry average of 5.9x and a peer average of 5.0x, while the current share price is US$29.81.
• Critics highlight that even with this lower P/S multiple, the company is still unprofitable today and is expected to remain unprofitable over the next three years, so the apparent discount versus peers depends heavily on whether the forecast 14.3% annual revenue growth eventually closes the gap between US$453.0 million of sales and the US$74.3 million trailing 12 month loss.
  • Supporters may argue that paying 3.1x sales for a business with forecast revenue growth faster than the 10.3% US market rate looks appealing versus peers on 5.0x to 5.9x sales.
  • Skeptics will focus on the track record of increasing losses over five years and the lack of positive EPS in the data, which both suggest that valuation alone does not resolve the profitability question.

Skeptical about whether that P/S discount really offsets the earnings risk, or think the downside case has more weight here, you may want to read the 🐻 Cohu Bear Case for how the cautious view frames these same numbers.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Cohu on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this combination of growth hopes and ongoing losses feels uncertain, do not wait on the sidelines. Instead, review the company’s identified rewards in our 1 key reward.

Explore Alternatives

Cohu’s trailing 12 month loss of US$74.3 million, widening losses and ongoing negative EPS show that revenue growth has not yet translated into sustainable profitability.

If you are uneasy about a company growing sales while still reporting sizeable losses, move your research toward 80 resilient stocks with low risk scores that focus on more resilient earnings profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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