Cognex Corporation (CGNX) Goldman Sachs Industrials and Materials Conference 2025 December 3, 2025 12:10 PM EST
Company Participants
Dennis Fehr – Senior VP of Finance & CFO
Conference Call Participants
Joseph Ritchie – Goldman Sachs Group, Inc., Research Division
Presentation
Joseph Ritchie
Goldman Sachs Group, Inc., Research Division
All right. I think we’re live. All right. Great. So welcome to the afternoon session. Really excited today to have Cognex’ Dennis Fehr here with us today, CFO of Cognex.
Dennis, I don’t know if you wanted to open up with any prepared comments or we can get right into it, however you want to do it.
Dennis Fehr
Senior VP of Finance & CFO
Maybe a few words. So thanks of all — first of all, for everyone being here, your interest in Cognex. Thanks for following us. Excited to be here. I think maybe for those of you who don’t know the Cognex story so well, Cognex, we think of ourselves as being the technology leader in machine vision.
It’s kind of a subsegment of factory automation, where we are working traditionally with the most sophisticated, most complex use cases and customers and have been driving more towards the direct sales approach over the last couple of years broadening our customer base. And in general, we differentiate through our software and more and more also through customer experience, and that allows us to drive attractive growth and bottom line margins.
Question-and-Answer Session
Joseph Ritchie
Goldman Sachs Group, Inc., Research Division
Yes. So Dennis, it’s a good overview. Look, Cognex has like — has had incredibly good fundamentals over a long period of time, almost 70% type gross margins. In the past, you’ve had EBITDA margins that have been north of 30%. It’s interesting. You’ve been the CFO now for about 20 months. What’s been interesting to me is, you’ve now introduced a new through-the-cycle
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