company

CognexCognex CGNX

Country国家 United States美国

Bottlenecks瓶颈 P01 Multimodal sensing & calibration多模态传感与标定 · P03 Fusion & state estimation融合与状态估计 · P18 Vertical workflow ROI垂直工作流 ROI

Market cap市值 Live, via TradingView.实时数据，来自 TradingView。

Edge-AI vision, inspection, barcode reading and robot guidance.

边缘 AI 视觉、检测、读码与机器人引导。

What it doesEdge-AI vision, inspection, barcode reading and robot guidance.

在干什么边缘 AI 视觉、检测、读码与机器人引导。

Name sheetCognex

Why it mattersAlgorithms, installed base, factory qualification and an application ecosystem add up to real switching costs: a rare moat sample in machine vision.

为何重要算法、装机量、工厂资格认证与应用生态共同形成真实的切换成本，是机器视觉领域少见的护城河样本。

Caveat

The conclusion (wait for a better price) may stand, but the stated reason no longer does. Q2 2026, reported 2026-08-12, was a record quarter: revenue $291m (+17%), adjusted EPS $0.45 (+80%), adjusted EBITDA margin 32.2% (up 1,150bp year over year), an eighth consecutive quarter of both revenue growth and margin expansion, OneVision at general availability with hundreds of customers, and data-centre revenue at a low-single-digit percentage of sales but growing more than 30%.

This is not a company sitting at the bottom of its cycle, so any decision to wait must now rest on valuation alone rather than on cycle position. Return +2.28%; revisit below $55.

风险提示

结论（等待更好的价格）可能仍然成立，但原先给出的理由已不成立。2026-08-12 公布的 2026 年 Q2 是创纪录季度：收入 2.91 亿美元（+17%），调整后 EPS 0.45 美元（+80%），调整后 EBITDA 利润率 32.2%（同比 +1,150bp），连续第八个季度同时实现收入增长与利润率扩张；OneVision 已全面可用并拥有数百家客户；数据中心收入占比虽为个位数低端，增速却超过 30%。

这不是一家处在周期底部的公司，因此继续等待的决定只能建立在估值之上，不能再建立在周期位置之上。回报 +2.28%；55 美元以下再作考虑。

ProductEdge-AI vision, inspection, barcode reading, and robot guidance

Value accrualAlgorithms, installed base, factory qualification, and application ecosystem create switching costs

Key riskQ2 2026 revenue $291m (+17%), adjusted EBITDA margin 32.2%; cyclical exposure to auto, logistics, and consumer-electronics capex.

Bottlenecks瓶颈 P01 Multimodal sensing & calibration多模态传感与标定 · P03 Fusion & state estimation融合与状态估计 · P18 Vertical workflow ROI垂直工作流 ROI

Class: public
Country: US
HQ: Natick, MA, United States
Layer: Sense / Industrial vision
Systems: work · senses
Caveat stance: watch
Ticker: CGNX
Exchange: Nasdaq
Purity: High / industrial machine vision
Valuation tier: 1
Last verified: 2026-08-12
Confidence note: High
Sources: S-PUB-002
Translated fields: what_it_does_en · why_it_matters_en · caveat_en
Chain position: upstream

COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −

Commercial evidence shows how far a company has moved from a product claim to repeatable customer value. We look for a defined customer task, paid deployment, operating results, the human help required, and economics that can support repeat use. Missing information stays unassessed; it does not count as evidence against the company.商业证据用于判断一家公司从产品宣称走到了可重复客户价值的哪一步。我们关注明确的客户任务、付费部署、运行结果、所需人工协助，以及能否支持重复采用的经济性。缺失信息保持未评估，不会被当作对公司的负面证据。 Each item below applies only to the cited document and period. It should be read with its evidence class, review date, and stated limits.以下每项内容仅适用于所引文件与期间，阅读时应同时考虑证据类别、核查日期与已说明的局限。

Customer and task
客户与任务: Not yet assessed in this structured record.本结构化记录尚未评估。
Deployment and payment
部署与付款: Not yet assessed in this structured record.本结构化记录尚未评估。
Task results and human assistance
任务结果与人工协助: Not yet assessed in this structured record.本结构化记录尚未评估。
Cost and repeat purchases
成本与复购: Not yet assessed in this structured record.本结构化记录尚未评估。
What the evidence cannot establish
证据的局限: Not yet assessed in this structured record.本结构化记录尚未评估。

How to evaluate commercial evidence如何评估商业证据