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Cognex (CGNX) stock trades at 52.3 times its earnings over the last twelve months. That multiple is more than twice the 23.0 times for the S&P 500. Buyers at that price are paying today for profit the machine vision company has not yet earned, while sales have grown for only two years after falling in the two years to July 2024. How fast would Cognex have to grow to back that price, and is it growing that fast?

Cognex Grew A Bit Faster Than Its Price Requires

For now, yes. Revenue grew 17.1% over the four quarters ended July 5, 2026. That pace is slightly faster than the rate Cognex would need to maintain for five years at this price. That…