NASDAQ · 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 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| SpaceX | lead2 | · | · | · | · | · | +0.7 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| STMicroelectronics | lead1 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| ASE Technology | lead1 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Amkor Technology | lead1 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +79 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| Cohu | node | -0.2 | -15.9 | +10.4 | -24.6 | -12.8 | +141.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is an oligopoly position sharing ~55% of the test-equipment market with Advantest and Teradyne in handlers, contactors and interfaces. If testers decide 'what to inspect,' Cohu supplies the handlers and contactors that precisely grip chips and connect them to the tester — consumable interfaces tied to test-tool utilization that generate recurring revenue, with OSATs like ASE and Amkor and IDMs as customers exposing it to total back-end volume. As AI/HBM chip test complexity rises, handler/contactor replacement turnover accelerates — cycle leverage. Risks are heavy linkage to semiconductor unit shipments and back-end utilization, which roll over first in downturns, and ongoing oligopoly competition with Advantest and Teradyne.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $66 · Price $56.17 (07-10) · Upside +18%
| 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.