Semiconductor back-end equipment · Test handlers & contactors
Cohu
A supplier of test handlers, contactors and interfaces; with Advantest and Teradyne it holds ~55% of the test-equipment market. Serves OSATs like ASE and Amkor, and IDMs.
COHU Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Cohu is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 12 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Semiconductor test handlers and interfaces
- Segments · Semiconductor test handlers and interfaces
Revenue from
- STMicroelectronics High confidence
Cohu supplies test handlers, contactors and interfaces to STMicroelectronics — the only customer Cohu's 10-K names above 10% across the last three years, at 12% of revenue in 2023. It fell below 10% in FY2024 and FY2025 (semiconductor down-cycle and customer-mix shift) but remains a leading back-end customer; STM's automotive and industrial chip test volumes drive demand for this relationship. - ASE Technology Medium confidence
Supplies test handlers and interfaces to top OSAT ASE — tied directly to back-end test volume. - Amkor Technology Medium confidence
Supplies test handlers and interfaces to OSAT Amkor — with ASE, one of the two OSAT-channel anchors. - Samsung Electronics Low confidence
Supplies test handlers and contactors to Samsung — a consumable-interface relationship tied to back-end test utilization.
Pays to
- equipment & infrastructure (undisclosed) Low confidence
Equipment and infrastructure (undisclosed). - components, materials & R&D (undisclosed) Low confidence
Parts, materials and R&D (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| SpaceX | lead2 | · | · | · | · | · | +0.7 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| ASE Technology | lead1 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +135.3 |
| STMicroelectronics | lead1 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +102.2 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| Amkor Technology | lead1 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +21.6 |
| Cohu | node | -0.2 | -15.9 | +10.4 | -24.6 | -12.8 | +118 |
YTD as of 2026-09-04 · source: Yahoo Finance
Cohu operates across NASDAQ, Back-end equipment, Test handlers & contactors. After -12.8% in 2025, it rebounded +118% in 2026. The stock (+118%) and its demand side (avg +79.7%) are moving in step. Among connected nodes the furthest ahead is ASE Technology (+135.3%) and the furthest behind is Amkor Technology (+21.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Serves OSATs like ASE and Amkor, and IDMs.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $66 · Price $50.72 (09-04) · Upside +30%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Baird | Outperform | $65 | Jul 9, 2026 | Report ↗ |
| TD Cowen | Buy | $80 | Jun 16, 2026 | Report ↗ |
| Needham | Buy | $54 | May 1, 2026 | Report ↗ |
Riding AI-driven semiconductor test demand, TD Cowen and Needham sharply raised targets in May-July 2026 and Baird initiated at Outperform, forming a strong Buy consensus.