COGNEX CORP
CGNX · Industrial Instruments For Measurement, Display, and Control · 166.4M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $78M (gross $80M, SBC $1M)
Reference price $66.32 · est. market cap ~$11.0B — last insider sale, 2026-05-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A85Wide-moat machine-vision leader with top-decile gross and free-cash-flow margins and a fortress balance sheet.
Strengths
- Gross margin 67% (93rd pct), FCF margin 23.8% (91st), and ROA 5.7% (88th) — top-decile on margins and returns
- $642M cash, no debt, current ratio 3.8 (77th); operating margin expanded to 16% on cost discipline
- Durable IP/technology moat across logistics, consumer electronics, and automotive vision
Risks
- Cyclical, customer-concentration-exposed demand; revenue swings with consumer-electronics and logistics capex
- Rising AI/open-source competition could pressure pricing and differentiation over time
- ROE only 7.7% (50th), depressed by a large cash-heavy equity base rather than weak operations
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Customer concentration~16% of revenue from one customer/distributor — Operating income increased to 16% of revenue in 2025 compared to 13% of revenue in 2024 due to the leverage achieved from revenue growth on lower operating expenses
- Strong balance sheetStrong balance sheet — $642M cash & investments
- Insider sellingInsider selling — 37 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$33M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
66.9%
Operating margin
16.3%
Net margin
11.5%
Return on equity
7.7%
Return on assets
5.7%
Revenue growth (QoQ)
6.4%
Net-income growth
7.8%
Current ratio
3.8×
Free cash flow
$237M
Tangible book value
$1.0B
Cash & investments
$642M
Stock comp / revenue
4.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-27 | Long Darren Marc | Sell | 1.6K | $66.52 |
| 2026-05-27 | Long Darren Marc | Option exercise | 4.5K | $56.44 |
| 2026-05-27 | Long Darren Marc | Sell | 4.5K | $66.32 |
| 2026-05-27 | Long Darren Marc | Option exercise | 8.7K | $51.49 |
| 2026-05-27 | Long Darren Marc | Sell | 8.7K | $66.32 |
| 2026-05-27 | Long Darren Marc | Option exercise | 5.5K | $49.12 |
| 2026-05-27 | Long Darren Marc | Sell | 5.5K | $66.32 |
| 2026-05-12 | MACDONALD LAURA ANN | Sell | 10K | $65.56 |
| 2026-05-12 | MACDONALD LAURA ANN | Option exercise | 26K | $50.94 |
| 2026-05-12 | MACDONALD LAURA ANN | Option exercise | 6.1K | $47.21 |
| 2026-05-12 | MACDONALD LAURA ANN | Sell | 6.1K | $65.56 |
| 2026-05-12 | MACDONALD LAURA ANN | Option exercise | 10K | $48.28 |
| 2026-05-12 | MACDONALD LAURA ANN | Sell | 26K | $65.56 |
| 2026-05-11 | Fennell Mark | Sell | 4.9K | $66.73 |
| 2026-05-11 | MACDONALD LAURA ANN | Option exercise | 6.6K | $33.04 |
| 2026-05-11 | MACDONALD LAURA ANN | Sell | 6.6K | $66.80 |
| 2026-05-11 | MACDONALD LAURA ANN | Option exercise | 15K | $39.44 |
| 2026-05-11 | MACDONALD LAURA ANN | Option exercise | 12K | $47.21 |
| 2026-05-11 | MACDONALD LAURA ANN | Sell | 12K | $66.80 |
| 2026-05-11 | MACDONALD LAURA ANN | Option exercise | 17K | $50.94 |
| 2026-05-11 | MACDONALD LAURA ANN | Sell | 17K | $66.80 |
| 2026-05-11 | MACDONALD LAURA ANN | Option exercise | 30K | $51.49 |
| 2026-05-11 | MACDONALD LAURA ANN | Sell | 30K | $66.80 |
| 2026-05-11 | MACDONALD LAURA ANN | Option exercise | 15K | $56.44 |
| 2026-05-11 | MACDONALD LAURA ANN | Sell | 15K | $66.80 |
| 2026-05-11 | MACDONALD LAURA ANN | Sell | 2.2K | $66.80 |
| 2026-05-11 | MACDONALD LAURA ANN | Sell | 15K | $66.80 |
| 2026-05-11 | Fennell Mark | Option exercise | 6.4K | $51.49 |
| 2026-05-11 | Fennell Mark | Sell | 6.4K | $67.08 |
| 2026-05-11 | Fennell Mark | Option exercise | 18K | $47.21 |
| 2026-05-11 | Fennell Mark | Sell | 18K | $67.08 |
| 2026-05-11 | Fennell Mark | Option exercise | 15K | $39.44 |
| 2026-05-11 | Fennell Mark | Sell | 15K | $67.08 |
| 2026-05-11 | Fennell Mark | Option exercise | 6.6K | $33.04 |
| 2026-05-11 | Fennell Mark | Sell | 6.6K | $67.08 |
| 2026-05-11 | Fennell Mark | Option exercise | 9.6K | $56.44 |
| 2026-05-11 | Fennell Mark | Sell | 9.6K | $67.08 |
| 2026-05-11 | Fennell Mark | Option exercise | 4.0K | $42.84 |
| 2026-05-11 | Fennell Mark | Sell | 4.0K | $67.08 |
| 2026-05-06 | Fehr Dennis | Option exercise | 5.4K | — |
| 2026-05-06 | Fehr Dennis | Tax withheld | 2.0K | $62.26 |
| 2026-03-15 | MACDONALD LAURA ANN | Option exercise | 368 | — |
| 2026-03-15 | MACDONALD LAURA ANN | Tax withheld | 109 | $47.98 |
| 2026-03-02 | PARROTTE DIANNE M | Sell | 2.5K | $54.00 |
| 2026-03-02 | PARROTTE DIANNE M | Option exercise | 16K | $51.49 |
| 2026-03-02 | PARROTTE DIANNE M | Sell | 16K | $54.00 |
| 2026-03-02 | PARROTTE DIANNE M | Option exercise | 7.5K | $45.06 |
| 2026-03-02 | PARROTTE DIANNE M | Sell | 7.5K | $54.00 |
| 2026-03-02 | PARROTTE DIANNE M | Option exercise | 18K | $50.94 |
| 2026-03-02 | PARROTTE DIANNE M | Sell | 18K | $54.00 |
| 2026-03-02 | PARROTTE DIANNE M | Option exercise | 2.5K | $51.49 |
| 2026-02-23 | Gerst Carl | Sell | 11K | $55.93 |
| 2026-02-23 | Papadimitriou Angelos | Sell | 4.2K | $55.58 |
| 2026-02-21 | DiPalma Sheila Marie | Option exercise | 5.3K | — |
| 2026-02-21 | DiPalma Sheila Marie | Tax withheld | 1.6K | $56.03 |
| 2026-02-21 | Sennett Marjorie | Option exercise | 2.9K | — |
| 2026-02-21 | SUN ANTHONY | Option exercise | 2.9K | — |
| 2026-02-21 | Lawande Sachin | Option exercise | 2.9K | — |
| 2026-02-21 | Kuechen Joerg | Tax withheld | 3.1K | $56.03 |
| 2026-02-21 | Kuechen Joerg | Option exercise | 6.4K | — |
| 2026-02-21 | Moschner Matthew | Option exercise | 3.5K | — |
| 2026-02-21 | Moschner Matthew | Tax withheld | 1.0K | $56.03 |
| 2026-02-21 | Papadimitriou Angelos | Option exercise | 2.5K | — |
| 2026-02-21 | Gerst Carl | Option exercise | 8.8K | — |
| 2026-02-21 | Gerst Carl | Tax withheld | 3.1K | $56.03 |
| 2026-02-21 | MACDONALD LAURA ANN | Option exercise | 2.8K | — |
| 2026-02-21 | MACDONALD LAURA ANN | Tax withheld | 809 | $56.03 |
| 2026-02-21 | PARROTTE DIANNE M | Option exercise | 2.9K | — |
| 2026-02-21 | Lee John Tseng-Chung | Option exercise | 2.9K | — |
| 2026-02-20 | DiPalma Sheila Marie | Option exercise | 3.8K | — |
| 2026-02-20 | Moschner Matthew | Option exercise | 3.0K | — |
| 2026-02-20 | Moschner Matthew | Tax withheld | 893 | $56.03 |
| 2026-02-20 | Kuechen Joerg | Option exercise | 11K | $33.04 |
| 2026-02-20 | Kuechen Joerg | Sell | 11K | $55.98 |
| 2026-02-20 | Kuechen Joerg | Option exercise | 12K | $38.39 |
| 2026-02-20 | Kuechen Joerg | Sell | 12K | $56.03 |
| 2026-02-20 | Kuechen Joerg | Option exercise | 36K | $39.44 |
| 2026-02-20 | Kuechen Joerg | Sell | 36K | $56.03 |
| 2026-02-20 | Kuechen Joerg | Sell | 2.7K | $56.24 |
| 2026-02-20 | Kuechen Joerg | Option exercise | 5.3K | — |
| 2026-02-20 | Kuechen Joerg | Tax withheld | 2.6K | $56.03 |
| 2026-02-20 | Gerst Carl | Option exercise | 6.8K | — |
| 2026-02-20 | Gerst Carl | Tax withheld | 2.0K | $56.03 |
| 2026-02-20 | Gerst Carl | Sell | 3.8K | $55.99 |
| 2026-02-20 | MACDONALD LAURA ANN | Option exercise | 1.9K | — |
| 2026-02-20 | MACDONALD LAURA ANN | Tax withheld | 559 | $56.03 |
| 2026-02-20 | DiPalma Sheila Marie | Tax withheld | 1.1K | $56.03 |
| 2026-02-18 | Moschner Matthew | Tax withheld | 1.6K | $56.72 |
| 2026-02-18 | Moschner Matthew | Option exercise | 5.1K | — |
| 2026-02-18 | Papadimitriou Angelos | Option exercise | 8.3K | — |
| 2026-02-18 | Kuechen Joerg | Option exercise | 4.1K | — |
| 2026-02-18 | Kuechen Joerg | Tax withheld | 1.3K | $56.72 |
| 2026-02-18 | Fehr Dennis | Option exercise | 5.1K | — |
| 2026-02-18 | Fehr Dennis | Tax withheld | 1.6K | $56.72 |
| 2026-02-18 | Gerst Carl | Option exercise | 5.6K | — |
| 2026-02-18 | Gerst Carl | Tax withheld | 1.8K | $56.72 |
| 2026-02-18 | MACDONALD LAURA ANN | Option exercise | 2.4K | — |
| 2026-02-18 | MACDONALD LAURA ANN | Tax withheld | 711 | $56.72 |
| 2026-02-18 | PARROTTE DIANNE M | Option exercise | 8.3K | — |
| 2026-02-18 | DiPalma Sheila Marie | Option exercise | 3.0K | — |
| 2026-02-18 | DiPalma Sheila Marie | Tax withheld | 1.0K | $56.72 |
| 2026-02-18 | Sennett Marjorie | Option exercise | 8.3K | — |
| 2026-02-18 | Lawande Sachin | Option exercise | 8.3K | — |
| 2026-02-18 | Willett Robert | Option exercise | 14K | — |
| 2026-02-18 | Willett Robert | Tax withheld | 6.8K | $56.72 |
| 2026-02-18 | Lee John Tseng-Chung | Option exercise | 8.3K | — |
| 2026-02-18 | SUN ANTHONY | Option exercise | 8.3K | — |
| 2026-02-13 | Willett Robert | Option exercise | 2.1K | $39.44 |
| 2026-02-13 | Willett Robert | Sell | 2.1K | $59.50 |
| 2026-02-12 | Willett Robert | Option exercise | 173K | $38.39 |
| 2026-02-12 | Willett Robert | Option exercise | 3.8K | $39.44 |
| 2026-02-12 | Willett Robert | Sell | 3.8K | $58.39 |
| 2026-02-12 | MACDONALD LAURA ANN | Sell | 12K | $57.27 |
| 2026-02-12 | MACDONALD LAURA ANN | Option exercise | 12K | $38.39 |
| 2026-02-12 | MACDONALD LAURA ANN | Sell | 2.4K | $56.56 |
| 2026-02-12 | Willett Robert | Sell | 173K | $58.39 |
| 2026-01-08 | SUN ANTHONY | Option exercise | 26K | $16.72 |
| 2025-10-21 | Willett Robert | Option exercise | 6.7K | $38.39 |
| 2025-10-21 | Willett Robert | Sell | 6.7K | $49.51 |
| 2025-09-08 | DiPalma Sheila Marie | Sell | 2.0K | $45.03 |
| 2025-09-05 | DiPalma Sheila Marie | Sell | 2.0K | $45.00 |
| 2025-09-05 | MACDONALD LAURA ANN | Sell | 2.7K | $45.00 |
| 2025-08-07 | Moschner Matthew | Option exercise | 3.0K | — |
| 2025-08-07 | Moschner Matthew | Tax withheld | 881 | $41.36 |
| 2025-08-04 | Moschner Matthew | Tax withheld | 1.0K | $41.43 |
| 2025-08-04 | Moschner Matthew | Option exercise | 3.4K | — |
| 2025-05-09 | Lee John Tseng-Chung | Option exercise | 1.8K | — |
| 2025-05-06 | Fehr Dennis | Option exercise | 3.6K | — |
| 2025-05-06 | Fehr Dennis | Tax withheld | 1.1K | $27.83 |
| 2025-03-15 | MACDONALD LAURA ANN | Option exercise | 246 | — |
| 2025-03-15 | MACDONALD LAURA ANN | Tax withheld | 73 | $31.51 |
| 2025-03-11 | Kuechen Joerg | Sell | 8.0K | $32.97 |
| 2025-02-25 | Gerst Carl | Sell | 4.6K | $33.05 |
| 2025-02-24 | Gerst Carl | Sell | 6.8K | $32.73 |
| 2025-02-22 | DiPalma Sheila Marie | Option exercise | 3.9K | — |
| 2025-02-22 | Gerst Carl | Tax withheld | 1.9K | $32.78 |
| 2025-02-22 | DiPalma Sheila Marie | Tax withheld | 1.1K | $32.78 |
| 2025-02-22 | PARROTTE DIANNE M | Option exercise | 2.1K | — |
| 2025-02-22 | Moschner Matthew | Option exercise | 1.6K | — |
| 2025-02-22 | Moschner Matthew | Tax withheld | 452 | $32.78 |
| 2025-02-22 | Gerst Carl | Option exercise | 6.5K | — |
| 2025-02-22 | MACDONALD LAURA ANN | Tax withheld | 658 | $32.78 |
| 2025-02-22 | SUN ANTHONY | Option exercise | 2.1K | — |
| 2025-02-22 | Kuechen Joerg | Tax withheld | 1.2K | $32.78 |
| 2025-02-22 | MACDONALD LAURA ANN | Option exercise | 2.1K | — |
| 2025-02-22 | Sennett Marjorie T. | Option exercise | 2.1K | — |
| 2025-02-22 | Kuechen Joerg | Option exercise | 4.2K | — |
| 2025-02-22 | Lawande Sachin | Option exercise | 2.1K | — |
| 2025-02-21 | DiPalma Sheila Marie | Tax withheld | 993 | $32.78 |
| 2025-02-21 | Moschner Matthew | Option exercise | 2.1K | — |
| 2025-02-21 | Moschner Matthew | Tax withheld | 710 | $32.78 |
| 2025-02-21 | SUN ANTHONY | Option exercise | 1.7K | — |
| 2025-02-21 | Sennett Marjorie T. | Option exercise | 1.7K | — |
| 2025-02-21 | PARROTTE DIANNE M | Option exercise | 1.7K | — |
| 2025-02-21 | Papadimitriou Angelos | Option exercise | 1.5K | — |
| 2025-02-21 | MACDONALD LAURA ANN | Option exercise | 1.7K | — |
| 2025-02-21 | MACDONALD LAURA ANN | Tax withheld | 573 | $32.78 |
| 2025-02-21 | Lee John Tseng-Chung | Option exercise | 1.7K | — |
| 2025-02-21 | Lawande Sachin | Option exercise | 1.7K | — |
| 2025-02-21 | Kuechen Joerg | Option exercise | 3.8K | — |
| 2025-02-21 | Kuechen Joerg | Tax withheld | 1.1K | $32.78 |
| 2025-02-21 | Gerst Carl | Option exercise | 5.3K | — |
| 2025-02-21 | Gerst Carl | Tax withheld | 1.5K | $32.78 |
| 2025-02-21 | DiPalma Sheila Marie | Option exercise | 3.2K | — |
| 2025-02-20 | Kuechen Joerg | Option exercise | 3.5K | — |
| 2025-02-20 | Kuechen Joerg | Tax withheld | 1.2K | $33.40 |
| 2025-02-20 | Moschner Matthew | Tax withheld | 704 | $33.40 |
| 2025-02-20 | DiPalma Sheila Marie | Option exercise | 2.5K | — |
| 2025-02-20 | PARROTTE DIANNE M | Option exercise | 7.0K | — |
| 2025-02-20 | Sennett Marjorie T. | Option exercise | 7.0K | — |
| 2025-02-20 | Gerst Carl | Option exercise | 4.6K | — |
| 2025-02-20 | Gerst Carl | Tax withheld | 1.5K | $33.40 |
| 2025-02-20 | DiPalma Sheila Marie | Tax withheld | 879 | $33.40 |
| 2025-02-20 | Lee John Tseng-Chung | Option exercise | 7.0K | — |
| 2025-02-20 | Moschner Matthew | Option exercise | 2.0K | — |
| 2025-02-20 | Lawande Sachin | Option exercise | 7.0K | — |
| 2025-02-20 | SUN ANTHONY | Option exercise | 7.0K | — |
| 2025-02-20 | MACDONALD LAURA ANN | Tax withheld | 440 | $33.40 |
| 2025-02-20 | MACDONALD LAURA ANN | Option exercise | 1.3K | — |
| 2025-02-20 | Papadimitriou Angelos | Option exercise | 7.0K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-06 | ResultsOtherExhibits | filing ↗ |
| 2026-04-30 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-02-19 | Auditor changeExhibits | filing ↗ |
| 2026-02-17 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-11 | ResultsOtherExhibits | filing ↗ |
| 2025-11-03 | Auditor changeExhibits | filing ↗ |
| 2025-10-29 | ResultsOtherExhibits | filing ↗ |
| 2025-07-30 | ResultsOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-07 | 2026-04-05 | 0000851205-26-000040 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0000851205-26-000037 ↗ |
| 8-K | 2026-04-30 | 2026-04-29 | 0000851205-26-000028 ↗ |
| 8-K/A | 2026-02-19 | 2025-10-29 | 0000851205-26-000022 ↗ |
| 8-K | 2026-02-17 | 2026-02-11 | 0000851205-26-000018 ↗ |
| 10-K | 2026-02-12 | 2025-12-31 | 0000851205-26-000012 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0000851205-26-000009 ↗ |
| 8-K | 2025-11-03 | 2025-10-29 | 0000851205-25-000067 ↗ |
| 10-Q | 2025-10-30 | 2025-09-28 | 0000851205-25-000064 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0000851205-25-000061 ↗ |
| 10-Q | 2025-07-31 | 2025-06-29 | 0000851205-25-000052 ↗ |
| 8-K | 2025-07-30 | 2025-07-30 | 0000851205-25-000050 ↗ |