Electronic Test & Measurement
All research in Electronic Test & Measurement — 5 reports.
Chroma ATE is Taiwan's leading test and measurement equipment company, with core businesses in semiconductor testing, power electronics testing for EVs, energy storage and power supplies, and automated optical inspection equipment. Q1 2026 revenue grew 73% year over year and May revenue grew 133% year over year, but 2025 reported profit included a large one-off capital gain, leaving true owner earnings at roughly NT$4.3 billion after adjustment. Rating Avoid: a strong business is being priced as if years of high growth are already guaranteed, leaving almost no margin of safety.
Cohu is a global supplier of semiconductor test equipment, spanning handlers, test interface consumables, inspection and metrology equipment, and analytics software, with recurring revenue now at roughly 60%. The core thesis is that this is a cyclical equipment business with some aftermarket stickiness, not a high-certainty compounder with a wide moat, and the 2024 and 2025 operating losses show how hard the cycle still hits. Report rating Watch: the company is worth tracking, but the current price leaves too little margin of safety for a balanced, conservative long-term investor.
FormFactor is a leading global supplier of semiconductor wafer-test probe cards, serving top fabs such as Intel, Samsung, SK hynix, TSMC, and Micron, with technical and relationship barriers built through early customer engagement and global delivery capability. The company benefits from strong HBM/AI demand and posted record revenue in Q1 2026, but the current share price of about $124.25 implies roughly 62 times target non-GAAP EPS, far above a conservative intrinsic value range and leaving almost no margin of safety. Research rating Watch: a high-quality niche semiconductor test leader, but the price has moved far ahead of verifiable owner earnings.
Zebra has strong brand equity, channel reach, and an installed base in AIDC and frontline digitization. The core thesis is that roughly 13.9x TTM FCF and a conservative intrinsic value range of USD 200-240 make the business worth studying, but the current price of USD 243.63 sits near the upper end of that conservative range while the Elo acquisition added USD 776 million of goodwill and buybacks are partly debt-supported. Research rating Watch: a quality industrial technology company, but the margin of safety is not yet sufficient and the ideal buy range is USD 180-220.
Keysight Technologies is a high-end electronic test and measurement platform leader with fiscal 2025 revenue of $5.375 billion and a near net-cash balance sheet. The core thesis is that the business quality is strong, but the current $355 price implies about 45x P/FCF while my ideal buy range is $120-160. Report rating Watch: a high-quality compounder worth tracking, but current valuation leaves too little margin of safety.