COGNEX CORP (CGNX)

Cognex Corporation, founded in 1981, is a global technology leader in industrial machine vision that combines hardware and software to capture and analyze visual information so manufacturing and distribution companies can automate tasks such as locating, identifying, inspecting, and measuring discrete items like mobile phones, automotive components, and consumer goods. Its products include In-Sight 2D and 3D vision systems and sensors that use rule-based, deep learning, and edge learning AI; VisionPro vision software with the QuickBuild prototyping environment for use with third-party cameras and hardware; DataMan fixed-mount and handheld barcode readers and verifiers that read 1D, 2D, and direct part mark codes; and vision accessories such as cameras, lenses, lighting, controllers, frame grabbers, and I/O cards, including optical components added through the 2023 Moritex acquisition. In 2025 it launched the cloud-based OneVision AI platform and its first Solutions Experience (SLX) devices for logistics.

Its largest end markets are logistics (including e-commerce and parcel companies), packaging (fast-moving consumer goods and healthcare), consumer electronics, and automotive, which together made up about 85% of 2025 revenue, with additional customers in semiconductor, aerospace and defense, and other regulated manufacturing. Customers buy directly or through OEMs, machine builders, system integrators, and automation partners, and Cognex has organized its sales force around market creation and expansion, market penetration, and partner enablement as part of a salesforce transformation aimed at doubling its customer base within five years. Services, including maintenance and support, consulting, and training, account for less than 10% of revenue.

Most hardware is built by contract manufacturers in Indonesia and Malaysia, while optical components are made in-house in China and Vietnam, with finished goods shipped from distribution centers in the United States, Europe, and Asia. Sales to customers outside the United States were about 67% of 2025 revenue, including roughly 25% from Europe and 16% from Greater China. The company's strategy centers on leading in AI for industrial machine vision, delivering a best-in-class customer experience, expanding its customer base, and pursuing selective acquisitions, supported by research, development, and engineering spending of about $139 million in 2025.

It competes with other machine vision vendors, image processing and sensor manufacturers, system integrators, customers' internal engineering teams, and open-source AI tools, and employed 2,745 people globally at the end of 2025.