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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 Buy and ONTO is a Buy.
COHU | ONTO | ||
|---|---|---|---|
OUTLOOK RATING 1..100 | 42 | 29 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 52 Fair valued | 76 Overvalued | |
PROFIT vs RISK RATING 1..100 | 45 | 31 | |
SMR RATING 1..100 | 92 | 80 | |
PRICE GROWTH RATING 1..100 | 34 | 36 | |
P/E GROWTH RATING 1..100 | 5 | 4 | |
SEASONALITY SCORE 1..100 | 85 | 50 |
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 (52) in the Electronic Production Equipment industry is in the same range as ONTO (76) in the null industry. This means that COHU’s stock grew similarly to ONTO’s over the last 12 months.
ONTO's Profit vs Risk Rating (31) in the null industry is in the same range as COHU (45) 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 (34) in the Electronic Production Equipment industry is in the same range as ONTO (36) 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 (4) in the null industry is in the same range as COHU (5) 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 (%) | 1 day ago 85% | 1 day ago 68% |
| Stochastic ODDS (%) | 1 day ago 71% | 1 day ago 79% |
| Momentum ODDS (%) | 1 day ago 83% | 1 day ago 84% |
| MACD ODDS (%) | 1 day ago 80% | 1 day ago 90% |
| TrendWeek ODDS (%) | 1 day ago 76% | 1 day ago 83% |
| TrendMonth ODDS (%) | 1 day ago 78% | 1 day ago 83% |
| Advances ODDS (%) | 1 day ago 75% | 1 day ago 82% |
| Declines ODDS (%) | 3 days ago 70% | 8 days ago 74% |
| BollingerBands ODDS (%) | 1 day ago 73% | N/A |
| Aroon ODDS (%) | 1 day ago 76% | 1 day 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 1 FA rating(s) are green while ONTO’s FA Score has 2 green FA rating(s).
- COHU’s FA Score: 1 green, 4 red.
- ONTO’s FA Score: 2 green, 3 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 6 TA indicator(s) are bullish while ONTO’s TA Score has 5 bullish TA indicator(s).
- COHU’s TA Score: 6 bullish, 4 bearish.
- ONTO’s TA Score: 5 bullish, 4 bearish.
Price Growth
COHU (@Electronic Production Equipment) experienced а +10.42% price change this week, while ONTO (@Electronic Production Equipment) price change was +12.57% for the same time period.
The average weekly price growth across all stocks in the @Electronic Production Equipment industry was +6.65%. For the same industry, the average monthly price growth was +16.98%, and the average quarterly price growth was +28.86%.
Reported Earning Dates
COHU is expected to report earnings on Oct 29, 2026.
ONTO is expected to report earnings on Oct 29, 2026.
Industries' Descriptions
@Electronic Production Equipment (+6.65% 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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COHU and
Correlation & Price change
A.I.dvisor indicates that over the last year, COHU has been closely correlated with ONTO. These tickers have moved in lockstep 79% of the time. This A.I.-generated data suggests there is a high statistical probability that if COHU jumps, then ONTO could also see price increases.
| Ticker / NAME | Correlation To COHU | 1D Price Change % | ||
|---|---|---|---|---|
| COHU | 100% | +3.23% | ||
| ONTO - COHU | 79% Closely correlated | +2.29% | ||
| AMKR - COHU | 78% Closely correlated | +0.99% | ||
| UCTT - COHU | 78% Closely correlated | -2.99% | ||
| LRCX - COHU | 77% Closely correlated | +3.53% | ||
| ENTG - COHU | 76% Closely correlated | +2.87% | ||
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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 84% 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% | +2.29% | ||
| AMAT - ONTO | 84% Closely correlated | +3.50% | ||
| KLAC - ONTO | 81% Closely correlated | +2.77% | ||
| NVMI - ONTO | 81% Closely correlated | +0.36% | ||
| ENTG - ONTO | 80% Closely correlated | +2.87% | ||
| UCTT - ONTO | 79% Closely correlated | -2.99% | ||
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