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COHU vs ONTO
Which Stock Would AI Choose? Cohu (COHU) vs. Onto Innovation (ONTO) Stock Comparison
Key Takeaways
- COHU (Cohu, Inc.) supplies semiconductor test handlers, inspection, and metrology systems, while ONTO (Onto Innovation) focuses on process-control inspection and metrology tools.
- Both companies have benefited from strong AI-driven demand, yet ONTO is consistently profitable with expanding margins, while COHU is still working back toward GAAP profitability.
- COHU recently posted accelerating revenue growth and sharply raised guidance, but its shares have been notably more volatile.
- ONTO carries a record backlog, a stronger balance sheet, and a "Strong Buy" analyst consensus, though it trades at a considerably richer valuation multiple.
- Risk profiles differ: COHU faces execution risk around converting a large pipeline, while ONTO faces valuation and advanced-packaging concentration risk.
Introduction
Semiconductor equipment makers sit at the heart of the artificial intelligence (AI) buildout, and both COHU and ONTO have leveraged that theme to generate substantial shareholder returns in recent quarters. This stock comparison examines how these two names differ in business model, growth drivers, momentum, and risk, offering a framework for investors and traders weighing relative performance and market positioning in the semiconductor capital-equipment space. The two companies are not direct competitors in every segment, but they share exposure to similar end-market trends, making a side-by-side review useful for those seeking to understand where each fits in the current cycle.
COHU Overview and Recent Performance
Cohu, Inc. (COHU) is a global supplier of semiconductor test handlers, automation, inspection and metrology products, and software analytics services. The company has experienced a sharp re-rating in recent weeks as its business recovery gained momentum. In its most recent quarter, revenue rose roughly 38% year over year to about $149 million, and non-GAAP earnings per share (EPS) of $0.26 exceeded consensus estimates by a wide margin. Management raised its full-year revenue growth outlook and lifted its high-performance computing (HPC) revenue target, citing an expanding pipeline tied to AI infrastructure demand.
Sentiment has improved meaningfully, with shares rallying strongly following results and analysts raising price targets. Still, COHU remains modestly loss-making on a GAAP basis, and its stock has traded with notable volatility, reflecting both the strength of the recovery story and lingering execution risk as a large HPC pipeline converts into revenue.
ONTO Overview and Recent Performance
Onto Innovation (ONTO) designs and manufactures process-control tools used for macro-defect inspection and metrology across advanced semiconductor packaging, logic, and memory manufacturing. The company has delivered consistently strong results, with its most recent quarter showing revenue of approximately $343 million, up roughly 35% year over year, alongside EPS of $1.93 that beat estimates. Gross margin expanded to about 57%, and the company reported a record backlog exceeding $1.1 billion.
Recent market activity has been constructive, supported by rising earnings estimates, a "Strong Buy" consensus rating, and a deepening strategic partnership with Rigaku. ONTO's shares have climbed substantially over the trailing year, and while its trailing price-to-earnings (P/E) ratio appears elevated, its forward multiple reflects expectations for continued earnings growth. The company's consistent profitability and margin expansion distinguish it within the sector.
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Head-to-Head Comparison
The most striking contrast between COHU and ONTO lies in their stage of the profit cycle. ONTO is firmly profitable, generating strong operating and gross margins, and it has built a record backlog that extends into future periods. COHU, by comparison, is in an earlier recovery phase: growth is accelerating rapidly and guidance is rising, but the company has not yet returned to consistent GAAP profitability.
Growth drivers also differ in emphasis. ONTO is heavily leveraged to advanced packaging and high-bandwidth memory (HBM) inspection, areas central to AI chip scaling, while COHU's momentum is tied to its Eclipse test handlers for high-performance computing and a mix of recurring and systems revenue. Both carry exposure to the same broad AI infrastructure theme, but their product niches and customer bases are distinct.
On valuation, ONTO commands a premium multiple relative to COHU, reflecting its profitability, margins, and backlog strength. COHU trades at a lower valuation but with higher volatility and greater sensitivity to execution. Risk factors diverge accordingly: COHU investors weigh pipeline conversion and a still-loss-making profile, while ONTO investors weigh valuation levels and concentration in advanced packaging and AI-related demand.
Tickeron AI Verdict
Based on observable factors, Tickeron's AI would likely favor ONTO for its more consistent trend, established profitability, expanding margins, and record backlog. These qualities tend to align with the stability and follow-through that algorithmic models often weight heavily. That said, COHU presents a stronger momentum profile and sharper relative acceleration, which could appeal to models oriented toward short-term trend and volatility. The likely verdict is therefore a probabilistic one: ONTO scores higher on trend consistency and fundamental stability, while COHU offers a higher-beta, recovery-driven alternative for traders comfortable with greater execution risk.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is COHU is a StrongBuy and ONTO is a Buy.
COHU in upward trend: price may ascend as a result of having broken its lower Bollinger Band on November 04, 2026
COHU may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options. In 28 of 33 cases where COHU's price broke its lower Bollinger Band, its price rose further in the following month. The odds of a continued upward trend are 85%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The RSI Indicator points to a transition from a downward trend to an upward trend -- in cases where COHU's RSI Oscillator exited the oversold zone, 18 of 23 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 78%.
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. 44 of 59 cases where COHU's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 75%.
Following a +13.20% 3-day Advance, the price is estimated to grow further. Considering data from situations where COHU advanced for three days, in 241 of 321 cases, the price rose further within the following month. The odds of a continued upward trend are 75%.
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 12, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on COHU as a result. In 72 of 95 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 76%.
The Moving Average Convergence Divergence Histogram (MACD) for COHU turned negative on October 12, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 54 similar instances when the indicator turned negative. In 45 of the 54 cases the stock turned lower in the days that followed. This puts the odds of success at 83%.
COHU moved below its 50-day moving average on October 15, 2026 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for COHU crossed bearishly below the 50-day moving average on October 22, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 12 of 18 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 67%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where COHU declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 70%.
The Aroon Indicator for COHU entered a downward trend on November 10, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron Valuation Rating of 10 (best 1 - 100 worst) indicates that the company is seriously undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.352) is normal, around the industry mean (5.670). P/E Ratio (-46.373) is within average values for comparable stocks, (68.795). COHU's Projected Growth (PEG Ratio) (0.040) is slightly lower than the industry average of (0.801). Dividend Yield (0.006) settles around the average of (0.009) among similar stocks. P/S Ratio (4.589) is also within normal values, averaging (27.897).
The Tickeron PE Growth Rating for this company is 17 (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Seasonality Score of 50 (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Price Growth Rating for this company is 62 (best 1 - 100 worst), indicating steady price growth. COHU’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 75 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. COHU’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 76, placing this stock better than average.
The Tickeron SMR rating for this company is 92 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
ONTO in upward trend: price expected to rise as it breaks its lower Bollinger Band on November 05, 2026
ONTO may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options. In 32 of 35 cases where ONTO's price broke its lower Bollinger Band, its price rose further in the following month. The odds of a continued upward trend are 90%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The RSI Oscillator points to a transition from a downward trend to an upward trend -- in cases where ONTO's RSI Oscillator exited the oversold zone, 16 of 22 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 73%.
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. 59 of 69 cases where ONTO's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 86%.
The Moving Average Convergence Divergence (MACD) for ONTO just turned positive on November 10, 2026. Looking at past instances where ONTO's MACD turned positive, the stock continued to rise in 38 of 43 cases over the following month. The odds of a continued upward trend are 88%.
Following a +13.98% 3-day Advance, the price is estimated to grow further. Considering data from situations where ONTO advanced for three days, in 266 of 327 cases, the price rose further within the following month. The odds of a continued upward trend are 81%.
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on October 12, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on ONTO as a result. In 79 of 96 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 82%.
ONTO moved below its 50-day moving average on October 12, 2026 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for ONTO crossed bearishly below the 50-day moving average on October 16, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 11 of 19 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 58%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where ONTO declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 76%.
The Aroon Indicator for ONTO entered a downward trend on November 10, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron PE Growth Rating for this company is 8 (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 62 (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 76, placing this stock slightly better than average.
The Tickeron Price Growth Rating for this company is 65 (best 1 - 100 worst), indicating fairly steady price growth. ONTO’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Seasonality Score of 75 (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Valuation Rating of 78 (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (4.423) is normal, around the industry mean (5.670). P/E Ratio (64.899) is within average values for comparable stocks, (68.795). Projected Growth (PEG Ratio) (0.817) is also within normal values, averaging (0.801). Dividend Yield (0.000) settles around the average of (0.009) among similar stocks. P/S Ratio (10.787) is also within normal values, averaging (27.897).
The Tickeron SMR rating for this company is 80 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
COHU | ONTO | ||
|---|---|---|---|
OUTLOOK RATING 1..100 | 13 | 12 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 10 Undervalued | 78 Overvalued | |
PROFIT vs RISK RATING 1..100 | 75 | 62 | |
SMR RATING 1..100 | 92 | 80 | |
PRICE GROWTH RATING 1..100 | 62 | 65 | |
P/E GROWTH RATING 1..100 | 17 | 8 | |
SEASONALITY SCORE 1..100 | 50 | 75 |
Tickeron ratings are formulated such that a rating of 1 designates the most successful stocks in a given industry, while a rating of 100 points to the least successful stocks for that industry.
COHU's Valuation (10) in the Electronic Production Equipment industry is significantly better than the same rating for ONTO (78) in the null industry. This means that COHU’s stock grew significantly faster than ONTO’s over the last 12 months.
ONTO's Profit vs Risk Rating (62) in the null industry is in the same range as COHU (75) in the Electronic Production Equipment industry. This means that ONTO’s stock grew similarly to COHU’s over the last 12 months.
ONTO's SMR Rating (80) in the null industry is in the same range as COHU (92) in the Electronic Production Equipment industry. This means that ONTO’s stock grew similarly to COHU’s over the last 12 months.
COHU's Price Growth Rating (62) in the Electronic Production Equipment industry is in the same range as ONTO (65) in the null industry. This means that COHU’s stock grew similarly to ONTO’s over the last 12 months.
ONTO's P/E Growth Rating (8) in the null industry is in the same range as COHU (17) in the Electronic Production Equipment industry. This means that ONTO’s stock grew similarly to COHU’s over the last 12 months.
| COHU | ONTO | |
|---|---|---|
| RSI ODDS (%) | 2 days ago 78% | 2 days ago 73% |
| Stochastic ODDS (%) | 2 days ago 75% | 2 days ago 86% |
| Momentum ODDS (%) | 2 days ago 76% | 2 days ago 82% |
| MACD ODDS (%) | 2 days ago 83% | 2 days ago 88% |
| TrendWeek ODDS (%) | 2 days ago 70% | 2 days ago 74% |
| TrendMonth ODDS (%) | 2 days ago 70% | 2 days ago 72% |
| Advances ODDS (%) | 2 days ago 75% | 2 days ago 81% |
| Declines ODDS (%) | 7 days ago 70% | 7 days ago 76% |
| BollingerBands ODDS (%) | 2 days ago 85% | 2 days ago 90% |
| Aroon ODDS (%) | 2 days ago 73% | 2 days ago 71% |
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is overvalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
COHU’s FA Score shows that 2 FA rating(s) are green while ONTO’s FA Score has 1 green FA rating(s).
- COHU’s FA Score: 2 green, 3 red.
- ONTO’s FA Score: 1 green, 4 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
COHU’s TA Score shows that 4 TA indicator(s) are bullish while ONTO’s TA Score has 5 bullish TA indicator(s).
- COHU’s TA Score: 4 bullish, 6 bearish.
- ONTO’s TA Score: 5 bullish, 5 bearish.
Price Growth
COHU (@Electronic Production Equipment) experienced а -12.91% price change this week, while ONTO (@Electronic Production Equipment) price change was -2.41% for the same time period.
The average weekly price growth across all stocks in the @Electronic Production Equipment industry was +6.98%. For the same industry, the average monthly price growth was -17.32%, and the average quarterly price growth was -31.40%.
Reported Earning Dates
COHU is expected to report earnings on Feb 18, 2027.
ONTO is expected to report earnings on Feb 11, 2027.
Industries' Descriptions
@Electronic Production Equipment (+6.98% weekly)The electronic production equipment industry makes equipment used to produce semiconductors. Such equipment includes wafer fabrication, plasma etching and photo-resist processing equipment. The industry also makes chemical vapor deposition processing systems and photomasks, which are high-purity quartz plates that contain patterns to define integrated circuits layouts. Applied Materials, Inc., Lam Research Corporation, and KLA-Tencor Corporation are examples of electronic production equipment manufacturing companies.
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ONTO and
Correlation & Price change
A.I.dvisor indicates that over the last year, ONTO has been closely correlated with AMAT. These tickers have moved in lockstep 86% of the time. This A.I.-generated data suggests there is a high statistical probability that if ONTO jumps, then AMAT could also see price increases.
| Ticker / NAME | Correlation To ONTO | 1D Price Change % | ||
|---|---|---|---|---|
| ONTO | 100% | +1.79% | ||
| AMAT - ONTO | 86% Closely correlated | +0.53% | ||
| LRCX - ONTO | 85% Closely correlated | +0.49% | ||
| KLAC - ONTO | 83% Closely correlated | +1.06% | ||
| ENTG - ONTO | 82% Closely correlated | -1.06% | ||
| UCTT - ONTO | 81% Closely correlated | +1.79% | ||
More | ||||
| 1 Day | |||
|---|---|---|---|
| ETFs / NAME | Price $ | Chg $ | Chg % |
| PLGI | 24.90 | 0.28 | +1.13% |
| PL Growth and Income ETF (PLGI) | |||
| DGRW | 97.91 | -0.42 | -0.43% |
| WisdomTree US Quality Dividend Growth Fund (DGRW) | |||
| TCV | 32.83 | -0.15 | -0.45% |
| Towle Small-Cap Value ETF (TCV) | |||
| NIE | 23.54 | -0.22 | -0.93% |
| Virtus Equity & Convertible Income Fund | |||
| SMRF | 18.73 | -0.52 | -2.68% |
| ALPS Nautilus SMR, Nuclear & Technology ETF (SMRF) | |||