COHU · Cohu, Inc.

Cash Flow Quality

Cash Flow Quality

For the nine months ended September 27, 2025, Cohu reported operating cash flow of $8.8 million, a sharp decline from $27.4 million in the same period of 2024, representing a 68% year-over-year decrease. This significant drop suggests weaker cash generation from core operations, potentially driven by lower net income or adverse working capital changes. The provided excerpt does not include net income figures, so a direct CFO-to-net income comparison is not possible. Capital expenditures are not disclosed in the available text, preventing calculation of free cash flow or assessment of capex intensity. No share repurchases or dividends are mentioned, indicating no capital returns to shareholders during the period. The absence of investing and financing cash flow details limits a full evaluation of cash flow quality, but the operating cash flow decline is a notable negative signal. Further analysis would require the complete cash flow statement and income statement to identify specific drivers such as working capital swings or one-time items.