Cohu (COHU) DIvidends Date & History

Key Takeaways

• Cohu, Inc. (COHU) currently pays no dividend, resulting in a 0% yield.
• The last quarterly dividend was $0.06 per share, paid on April 9, 2020, with an ex-dividend date of February 24, 2020.
• Payout ratio stands at 0%, supported by positive trailing twelve-month free cash flow (FCF, cash generated by operations after capital expenditures) of $48.08 million.
• Debt-to-equity ratio of 42.12% indicates moderate leverage, bolstering financial flexibility for potential future dividends.
• In the semiconductor test equipment sector, peers like Teradyne (TER) offer low yields around 0.12%, while others pay none.
• Strong backlog and FCF position COHU to possibly reinstate dividends amid industry growth.

Dividend Overview

Cohu, Inc. (COHU), a leader in semiconductor test, automation, inspection, and metrology equipment, does not currently offer a dividend. The company's trailing annual dividend yield is 0%, with no forward dividend declared. Prior to suspension, COHU paid a modest quarterly dividend of $0.06 per share, equating to $0.24 annually. This yielded approximately 0.75% at the time of the final payment in 2020. The dividend was not classified as high-yield but represented a steady, low payout consistent with growth-oriented semiconductor firms prioritizing reinvestment over shareholder distributions. No payments have occurred since, reflecting a strategic shift amid industry cycles and acquisitions.

Dividend History and Growth

Cohu maintained quarterly dividends through the late 2010s, with $0.06 per share paid consistently from 2018 to early 2020, totaling $0.24 annually those years. Earlier history shows variable payouts, including periods of suspension during market downturns. There is no ongoing dividend growth streak, as payments halted after the February 2020 ex-date. This hiatus aligns with Cohu's 2018 acquisition of Xcerra, which likely necessitated cash conservation for integration and R&D (research and development). Long-term strategy emphasizes reinvestment in high-performance computing and AI-driven test solutions over dividend expansion.

Dividend Sustainability and Payout Ratio

With no active dividend, sustainability is not currently applicable, and the payout ratio is 0%. Cohu's financial position remains robust, generating $48.08 million in trailing twelve-month levered FCF. Debt-to-equity at 42.12% is manageable for the sector, providing ample coverage for potential resumption. A $165.1 million backlog signals revenue visibility, while R&D spend of $92.2 million in 2025 underscores growth investments. Earnings coverage would be strong if reinstated at prior levels, given current profitability trends.

Dividend Compared to Industry Peers

In the semiconductor test equipment industry, COHU's 0% yield aligns with growth-focused peers like Axcelis Technologies (ACLS) and FormFactor (FORM), which pay no dividends to fund expansion. Teradyne (TER) offers a modest 0.12% yield with $0.52 annually. Kulicke & Soffa (KLIC) provides slightly higher income. Overall, yields are low sector-wide, as firms prioritize capex (capital expenditures) amid cyclical demand and AI chip testing booms, making COHU's profile typical rather than outlier.

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Is This Stock Attractive for Dividend Investors?

Cohu, Inc. (COHU) may not suit traditional income seekers due to its absent dividend and 0% yield. However, conservative growth investors or those tolerant of cyclicality could find appeal in its financial health—positive FCF, moderate debt, and a $165 million backlog position it for potential dividend reinstatement as cash flows stabilize post-industry upcycle. Dividend growth enthusiasts might monitor for policy shifts, given prior modest payouts and peer precedents like TER. Long-term holders prioritizing capital appreciation over yield in the semiconductor test space may view COHU favorably, but it lacks appeal for high-yield or reliable income strategies. Overall, suitability hinges on tolerance for zero near-term distributions amid reinvestment focus.

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