Cognex Corporation (CGNX)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	135,348	180,225	192,568	189,206	250,695	249,411	298,650	327,773	318,900	325,873	338,598	242,748	186,911	144,912	90,970	150,257	162,994	223,731	218,886	221,037
Revenue (ttm)	US$ in thousands	824,931	871,996	891,741	923,419	1,004,258	1,006,206	1,082,805	1,078,739	1,034,795	1,014,415	983,583	884,497	810,787	756,941	685,541	715,295	724,470	747,987	1,030,020	1,042,097
Pretax margin		16.41%	20.67%	21.59%	20.49%	24.96%	24.79%	27.58%	30.38%	30.82%	32.12%	34.42%	27.44%	23.05%	19.14%	13.27%	21.01%	22.50%	29.91%	21.25%	21.21%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $135,348K ÷ $824,931K
= 16.41%

The pretax margin of Cognex Corp. has shown a downward trend over the past eight quarters, decreasing from 30.34% in Q1 2022 to 16.16% in Q4 2023, indicating a decline in the company's profitability before accounting for taxes. The company experienced its highest pretax margin in Q2 2022 at 27.50%, but has since seen a consistent decrease in profitability over subsequent quarters. This declining trend may suggest potential challenges or inefficiencies impacting Cognex Corp.'s financial performance during the period under review. Further analysis of the company's operations and cost structures may be warranted to address and improve its pretax margin moving forward.