Cohu

Once a chip is manufactured it still has to be tested and sorted, and that back-end work is Cohu's territory. The company makes the test handlers, contactors, thermal subsystems and inspection tools that put finished semiconductors through their paces before they ship, plus the consumable interface parts that wear out and get reordered. That recurring consumables and services stream is the quiet strength of the model, giving Cohu revenue between the boom-and-bust waves of capital-equipment sales. Founded in 1947 and based in Poway, California, it built its current shape through acquisitions, including Xcerra in 2018, that broadened it from handling into test. Because its customers are chipmakers and their assembly partners, demand tracks semiconductor unit volumes and the health of end markets like automotive, mobile and industrial electronics.

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