CGNX on Nasdaq

Cognex Corporation

Logo: Grmike, Public domain, via Wikimedia Commons5

American manufacturer of machine vision systems

Cognex Corporation is an American manufacturer of machine vision systems, software and sensors used in automated manufacturing to inspect and identify parts, detect defects, verify product assembly, and guide assembly robots. Cognex is headquartered in Natick, Massachusetts, USA and has offices in more than 20 countries.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1981Founded1

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  • TickerCGNX on Nasdaq1
  • IndustryIndustrial Instruments For Measurement, Display, and Control1
  • HeadquartersNatick1
  • Websitewww.cognex.com
  • Incorporated inMA6
  • Business addressOne Vision Dr, Natick, Ma 017606
  • Filer categoryLarge accelerated filer6
  • Legal formDomestic Benefit Corporation (including professional corporations)4
  • LEI549300JQTYZCLC43S2264
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O C T CORPORATION SYSTEM, 02110 Boston, United States4
  • Registered withCorporations Division (Secretary of the Commonwealth's Office), 0427137784
Cognex, Natick MA
Photo: John Phelan, CC BY-SA 4.0, via Wikimedia Commons8

Cognex Corporation is an American manufacturer of machine vision systems, software and sensors used in automated manufacturing to inspect and identify parts, detect defects, verify product assembly, and guide assembly robots. Cognex is headquartered in Natick, Massachusetts, USA and has offices in more than 20 countries.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

66.9%Gross margin9
16.3%Operating margin9
11.5%Net margin9
8.7%Revenue growth, 20259
7.7%Return on equity9
$236.8MFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Standard Product and Services brought in 86% of the revenue Cognex Corporation broke down this way in fiscal 2025.

  1. Standard Product and Services$880.0M986%up 11% from 2024
  2. Application of Customer Specific Solutions$114.3M911%down 4% from 2024
  3. License Fees and Transferred Inventory Revenue$13.0M91%
  4. License Fees Revenue$10.4M91%
Products and services by year
Products and services202320242025
Standard Product and Services$734.1M$795.3M$880.0M
Application of Customer Specific Solutions$103.4M$119.2M$114.3M
License Fees and Transferred Inventory Revenue$13.0M
License Fees Revenue$10.4M

Regions

Americas brought in 26% of the revenue Cognex Corporation broke down this way in fiscal 2025.

  1. Americas$407.3M926%up 16% from 2024
  2. United States$329.1M921%up 7% from 2024
  3. Other Geographic Area$255.1M916%up 13% from 2024
  4. Europe$251.6M916%up 15% from 2024
  5. Other Asia$177.0M911%down 3% from 2024
  6. Greater China$158.5M910%down 3% from 2024
Regions by year
Regions202320242025
Americas$330.4M$350.2M$407.3M
United States$288.3M$306.8M$329.1M
Other Geographic Area$164.4M$225.7M$255.1M
Europe$220.7M$217.9M$251.6M
Other Asia$122.4M$182.3M$177.0M
Greater China$164.1M$164.1M$158.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue32¢$329.0M
  • Research and development14¢$139.0M
  • Selling, general and admin36¢$363.9M
  • Income tax7¢$68.4M
  • Profit11¢$114.4M

Out of $994.4M in revenue.9

Where each dollar of operating cash went, fiscal 2025

  • Capital spending4¢$8.7M
  • Dividends paid22¢$54.6M
  • Share buybacks62¢$151.2M
  • Kept or used elsewhere13¢$30.9M

Out of $245.5M of cash from operations.9

Financial statements

Revenue101112139$994.4M in 2025+37% since 2019
0$500.0M$1.0B$1.5B2019: $725.6M$725.6M20192020: $811.0M$811.0M2020+12%2021: $1.0B$1.0B2021+28%2022: $1.0B$1.0B2022−3%2023: $837.5M$837.5M2023−17%2024: $914.5M$914.5M2024+9%2025: $994.4M$994.4M2025+9%
Gross profit101112139$665.4M in 2025+24% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $535.9M$535.9M20192020: $604.6M$604.6M2020+13%2021: $759.8M$759.8M2021+26%2022: $721.9M$721.9M2022−5%2023: $601.2M$601.2M2023−17%2024: $625.8M$625.8M2024+4%2025: $665.4M$665.4M2025+6%
Operating income101112139$162.6M in 2025+14% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $142.6M$142.6M20192020: $170.5M$170.5M2020+20%2021: $315.1M$315.1M2021+85%2022: $246.2M$246.2M2022−22%2023: $130.7M$130.7M2023−47%2024: $115.1M$115.1M2024−12%2025: $162.6M$162.6M2025+41%
Net income101112139$114.4M in 2025−44% since 2019
0$100.0M$200.0M$300.0M2019: $203.9M$203.9M20192020: $176.2M$176.2M2020−14%2021: $279.9M$279.9M2021+59%2022: $215.5M$215.5M2022−23%2023: $113.2M$113.2M2023−47%2024: $106.2M$106.2M2024−6%2025: $114.4M$114.4M2025+8%

Every line of the income statement as filed: the last 3 fiscal years, latest first.9

Period ending2025-12-312024-12-312023-12-31
Revenue$994.4M$914.5M$837.5M
Cost of revenue$329.0M$288.7M$236.3M
Gross margin$665.4M$625.8M$601.2M
Research, development, and engineering expenses$139.0M$139.8M$139.4M
Selling, general, and administrative expenses$363.9M$370.9M$339.1M
Loss (recovery) from fire$0$0-$8.0M
Operating income$162.6M$115.1M$130.7M
Foreign currency gain (loss)-$4.1M$1.5M-$10.0M
Investment income$16.9M$14.0M$14.1M
Other income (expense)$7.4M$922.0K$592.0K
Income before income tax expense$182.8M$131.5M$135.3M
Income tax expense on continuing operations$68.4M$25.3M$22.1M
Net income$114.4M$106.2M$113.2M
Net income (in dollars per share)$0.68$0.62$0.66
Net income (in dollars per share)$0.68$0.62$0.65
Basic (in shares)168.0M shares171.4M shares172.2M shares
Diluted (in shares)169.4M shares172.6M shares173.4M shares
Cash dividends per common share (in dollars per share)$0.33$0.30$0.29

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The story

Cognex Corporation was founded in 1981 by Robert J. Shillman, a lecturer in human visual perception at the Massachusetts Institute of Technology, and two MIT graduate students, Bill Silver and Marilyn Matz. Cognex stands for "Cognition Experts".

The company's first vision system, DataMan, was introduced in 1982. DataMan was an optical character recognition (OCR) system designed to read, verify, and assure the quality of letters, numbers, and symbols printed on products and components. The company's first customer was a typewriter manufacturer that purchased DataMan to read letters on typewriter keys and ensure that they were located in the correct position.

In 1989, Cognex went public on the NASDAQ exchange for $1.38 per share—within a year, the stock price had tripled.

In 1995, Cognex purchased Acumen, a U.S. based developer of wafer identification systems.

In 2004, the company won an intellectual property victory when a federal judge ruled in Cognex's favor in a patent lawsuit brought against the estate of the inventor Jerome H. Lemelson, who had filed dozens of submarine patents, some of which purported to cover machine vision processes. The machine vision-related patents were held invalid. The ruling was upheld by the Court of Appeals for the Federal Circuit.

Cognex sold off its in-vehicle product in 2007, citing concerns about profitability and intellectual property issues.[link removed]

In 2015 Cognex sold off its Surface Vision Division and the associated range of products SmartView (web inspection), Vision Gear (slit inspection), Smart Advisor (process surveillance, web monitoring) and VisionPro Surface to Ametek Inc. for approximately 160M US$. The sold division represented about 12% of Cognex in terms of revenue and number of employees.

In April 2017 Cognex acquired ViDi Systems, a Swiss-based provider of deep learning software for industrial machine vision applications. In October 2019 Cognex acquired Sualab, a Korean-based developer of vision software using deep learning for industrial applications.

Read the full text

During summer 2020 Cognex laid off 8% of its headcount (190 employees). In December 2020 Cognex announced payment of $2 dividend per share. In the press release explaining this special dividend the chairman, Robert J. Shillman, referred to one of the company's mottos, to explain the highest dividend paid out in the company's history. This motto being: “When Cognex wins, we all win”.

On February 11, 2021, Cognex announced the resignation of Robert Shillman from the company's board of directors and as an executive officer of Cognex, effective May 5, 2021.

From Wikipedia’s article on Cognex Corporation, shared under CC BY-SA 4.0.7

Leadership

Who has led Cognex Corporation, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (27)

Products and brands

Some of the products produced by Cognex are:

In-Sight - a vision system that combines a camera, software and processor into one compact unit. In April 2020, Cognex introduced the In-Sight D900 embedded vision system, which features deep learning software inside an In-Sight industrial-grade smart camera. The system is designed to solve complex in-line inspection applications including optical character recognition (OCR), assembly verification, and defect detection.

VisionPro vision software.

DataMan - a family of fixed mount and handheld ID readers used to identify and track items by reading 1D and 2D Data Matrix codes.

Read the full text

3D Sensors

From Wikipedia’s article on Cognex Corporation, shared under CC BY-SA 4.0.7

Timeline

  1. Aug 5, 2025New chief executive Matthew Moschner becomes CEO17
  2. Jan 31, 2006New chief executive Robert J. Shillman becomes CEO18
  3. 1981Founded Founded1

Filings

307 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 177 insider forms, 19 large holders, 53 other. The latest 20:

  1. Sep 22, 20268-K EDGAR
  2. Aug 12, 20264 PRIMARY DOCUMENT EDGAR
  3. Aug 11, 20264 PRIMARY DOCUMENT EDGAR
  4. Aug 11, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 11, 2026144 EDGAR
  6. Aug 6, 202610-Q EDGAR
  7. Aug 5, 20268-K EDGAR
  8. Jun 30, 2026144 EDGAR
  9. Jun 29, 2026144 EDGAR
  10. May 28, 20264 PRIMARY DOCUMENT EDGAR
  11. May 27, 2026144 EDGAR
  12. May 22, 2026SD EDGAR
  13. May 13, 2026144/A EDGAR
  14. May 12, 20264 PRIMARY DOCUMENT EDGAR
  15. May 12, 20264 PRIMARY DOCUMENT EDGAR
  16. May 12, 2026144 EDGAR
  17. May 11, 2026144 EDGAR
  18. May 11, 2026144 EDGAR
  19. May 8, 20264 PRIMARY DOCUMENT EDGAR
  20. May 8, 2026S-8 EDGAR

The 307 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

39 open-market trades by officers, directors and large owners since October 2021: 3 buys and 36 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 11, 2026Moschner MatthewCEO & PresidentSale24,962$64.01$1.6MForm 4
May 27, 2026Long Darren MarcVice PresidentSale20,252$66.34$1.3MForm 4
May 12, 2026MACDONALD LAURA ANNVP and PAOSale41,600$65.56$2.7MForm 4
May 11, 2026Fennell MarkChief Legal Officer &SecretarySale64,873$67.05$4.3MForm 4
May 11, 2026MACDONALD LAURA ANNVP and PAOSale98,122$66.80$6.6MForm 4
Mar 2, 2026PARROTTE DIANNE MDirectorSale44,000$54.00$2.4MForm 4
Feb 23, 2026Papadimitriou AngelosDirectorSale4,150$55.58$230.7KForm 4
Feb 23, 2026Gerst CarlEVP, Global Sales and ProductsSale10,532$55.93$589.1KForm 4
Feb 20, 2026Kuechen JoergHead of Corporate M&ASale61,900$56.03$3.5MForm 4
Feb 20, 2026Gerst CarlEVP, Global Sales and ProductsSale3,804$55.99$213.0KForm 4
Feb 13, 2026Willett RobertDirectorSale2,148$59.50$127.8KForm 4
Feb 12, 2026MACDONALD LAURA ANNVP and PAOSale14,881$57.16$850.5KForm 4
Feb 12, 2026Willett RobertDirectorSale177,052$58.39$10.3MForm 4
Oct 21, 2025Willett RobertDirectorSale6,704$49.51$331.9KForm 4
Sep 8, 2025DiPalma Sheila MarieEVP, Employee ServicesSale2,000$45.03$90.1KForm 4
Sep 5, 2025DiPalma Sheila MarieEVP, Employee ServicesSale2,002$45.00$90.1KForm 4
Sep 5, 2025MACDONALD LAURA ANNVP and PAOSale2,666$45.00$120.0KForm 4
Mar 11, 2025Kuechen JoergHead of Corporate M&ASale7,991$32.97$263.5KForm 4
Feb 25, 2025Gerst CarlEVP, Global Sales and ProductsSale4,566$33.05$150.9KForm 4
Feb 24, 2025Gerst CarlEVP, Global Sales and ProductsSale6,803$32.73$222.7KForm 4

All 39 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.15,991,755$1.2B0.0%−250,340
Vanguard Portfolio Management LLC10,099,866$731.4M0.0%−270,781
Invesco Ltd.8,206,627$594.3M0.0%+5,219,751
Vanguard Capital Management LLC7,509,391$543.8M0.0%+79,235
Pictet Asset Management Holding SA5,829,878$422.0M0.4%−843,153
Nordea Investment Management Ab5,820,165$407.4M0.3%−321,453
State Street Corp5,419,280$392.5M0.0%+157,780
Geode Capital Management, LLC4,918,798$356.3M0.0%+220,056
Disciplined Growth Investors Inc /mn4,139,715$299.8M5.1%−182,360
Arrowstreet Capital, Limited Partnership2,979,759$215.8M0.1%+946,668
Point72 Asset Management, L.P.2,532,073$183.4M0.3%+398,660
Dimensional Fund Advisors LP2,378,052$172.2M0.0%−30,583
Lazard Asset Management LLC2,297,887$166.4M0.3%+826,860
Jupiter Topco LLC2,228,089$161.4M0.1%New
Sumitomo Mitsui Trust Group, Inc.2,215,361$160.4M0.1%+805,210
Chevy Chase Trust Holdings, LLC2,046,839$148.2M0.4%+202,410
American Century Companies Inc2,039,619$147.7M0.1%+566,650
Morgan Stanley1,969,946$142.7M0.0%+575,752
Artisan Partners Limited Partnership1,931,590$139.9M0.2%+202,229
Norges Bank1,925,511$139.4M0.0%New
Bank of New York Mellon Corp1,786,081$129.3M0.0%−83,898
Fuller & Thaler Asset Management, Inc.1,747,614$126.6M0.3%+90,799
Quantinno Capital Management LP1,651,415$119.6M0.1%+273,685
Northern Trust Corp1,586,657$114.9M0.0%−40,980
Raymond James Financial Inc1,574,110$114.0M0.0%+158,236

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Oct 13, 2020Greg Gianforte, HousePartial sale$1,001 - $15,000+142.3%Report
Mar 11, 2020Sheldon WhitehouseDemocratic, SenateSale$15,001 - $50,000+144.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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