Cognex Corporation (CGNX)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	601,241	721,905	759,827	604,599	535,871
Revenue	US$ in thousands	825,325	1,004,230	1,034,800	812,977	725,116
Gross profit margin		72.85%	71.89%	73.43%	74.37%	73.90%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $601,241K ÷ $825,325K
= 72.85%

Cognex Corp.'s gross profit margin has displayed some fluctuations over the past five years. The margin was at 73.85% in 2019, slightly decreased to 74.55% in 2020, and then experienced a more significant decline to 73.26% in 2021. However, there was a slight recovery in 2022 when the margin increased to 71.75%. In the most recent year, 2023, the gross profit margin improved further to 71.79%.

Overall, the company has maintained a relatively high gross profit margin, indicating effective cost management and pricing strategies. However, the fluctuations in the margin over the years may suggest changing market dynamics, competitive pressures, or variations in production costs. Further analysis in conjunction with other financial metrics would be necessary to provide a more comprehensive assessment of Cognex Corp.'s financial performance.