A Business at a Glance
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COHERENT CORP.
COHR
$43.7B
Mkt Cap
$282.39
-9.84%
COHERENT CORP. (COHR) has a current P/E ratio of 276.9, compared to its historical median P/E of 26.9. The stock is currently considered Expensive based on its historical valuation range.
COHERENT CORP. (COHR) has a 5-year average return on invested capital (ROIC) of 4.3%. This is below average and may indicate limited pricing power.
COHERENT CORP. (COHR) has a market capitalization of $60.0B. It is classified as a large-cap stock.
Yes, COHERENT CORP. (COHR) pays a dividend with a trailing twelve-month yield of 0.04%.
Based on historical P/E analysis, COHERENT CORP. (COHR) appears expensive. The current P/E of 276.9 is 929% above its historical median of 26.9. The estimated fair value CAGR (P/E method) is -5.9%.
COHERENT CORP. (COHR) operates in the Optical Instruments & Lenses industry, within the Technology sector.
COHERENT CORP. (COHR) reported annual revenue of $5.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Coherent is a vertically integrated manufacturer of lasers, transceivers, optical and optoelectronic devices, modules, and systems, as well as engineered materials, serving communications, industrial, instrumentation, and electronics markets. The company operates through two reporting segments: Datacenter and Communications, and Industrial, generating revenue from the development, manufacturing, and marketing of a broad portfolio of products including semiconductor lasers, passive optics, isolators, transceivers, transport equipment, high-power lasers for semiconductor capital equipment, and display manufacturing systems. Coherent's business model combines custom integrated software development with deep domain expertise in materials growth, specialty materials fabrication, and semiconductor laser technology, creating a vertically integrated supply chain that provides competitive differentiation and supply chain resiliency. The company serves hyperscale data center operators, telecommunications providers, semiconductor equipment manufacturers, and display manufacturers globally, with principal manufacturing and R&D operations in the United States, China, Finland, Germany, Malaysia, the Philippines, Singapore, South Korea, Sweden, Switzerland, the United Kingdom, and Vietnam, complemented by sales and marketing subsidiaries across multiple countries. Unit economics are characterized by strong gross margin expansion initiatives focused on cost reductions, yield improvements, and pricing optimization, with the company targeting gross margins exceeding 42% and demonstrating operating leverage through disciplined capital allocation and capacity expansion investments.
【AI datacenter-driven acceleration】 Management expects a period of sustained strong revenue growth driven by exceptional demand from hyperscale customers investing in AI data center capacity, with fiscal 2027 revenue growth expected to exceed fiscal 2026 growth rates. The company is rapidly expanding internal indium phosphide production capacity—the critical substrate for high-speed transceivers and co-packaged optics—with plans to double capacity by the end of calendar 2026 and more than double it again by the end of calendar 2027, positioning Coherent to capture accelerating demand for 800G and 1.6T transceivers across multiple customers. New growth vectors including optical circuit switch systems, co-packaged optics, and Multi-Rail communications platforms are expected to begin ramping in the second half of calendar 2026 and into 2027, with CPO representing over $15 billion of incremental addressable market opportunity and industrial applications in AI data center cooling and energy efficiency expected to contribute meaningfully from the second half of calendar 2027 onward. Management is focused on converting strong backlog visibility—with customer forecasts extending into calendar 2028—into revenue through aggressive capacity expansion and production ramp execution, while continuing to drive gross margin expansion and operating leverage.
| Metric | Target | Period |
|---|---|---|
| Revenue | $1.91 billion to $2.05 billion | Q4 FY2026 (quarter ending June 30, 2026) |
| Non-GAAP Gross Margin | 39% to 41% | Q4 FY2026 (quarter ending June 30, 2026) |
| Non-GAAP Operating Expenses | $360 million to $380 million | Q4 FY2026 (quarter ending June 30, 2026) |
| Non-GAAP EPS | $1.52 to $1.72 | Q4 FY2026 (quarter ending June 30, 2026) |
| Tax Rate | 18% to 20% | Q4 FY2026 (quarter ending June 30, 2026) |
Revenue (Q4 FY2026 (quarter ending June 30, 2026)): “We expect revenue to be between $1.91 billion and $2.05 billion.”
Non-GAAP Gross Margin (Q4 FY2026 (quarter ending June 30, 2026)): “We expect non-GAAP gross margin to be between 39% and 41%.”
Non-GAAP Operating Expenses (Q4 FY2026 (quarter ending June 30, 2026)): “We expect total operating expenses of between $360 million and $380 million on a non-GAAP basis.”
Non-GAAP EPS (Q4 FY2026 (quarter ending June 30, 2026)): “We expect EPS of between $1.52 and $1.72 on a non-GAAP basis.”
Tax Rate (Q4 FY2026 (quarter ending June 30, 2026)): “We expect the tax rate for the quarter to be between 18% and 20% on a non-GAAP basis.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.6B | 5.8B | 4.7B | 5.2B | 3.3B | 3.1B |
| Net Income | 401M | -81M | -280M | -404M | 167M | 260M |
| EPS | $1.97 | $-0.52 | $-1.84 | $-2.93 | $1.45 | $2.37 |
| Free Cash Flow | -538M | 193M | 199M | 198M | 99M | 428M |
| ROIC | 2.9% | 0.3% | 1.1% | -0.7% | 10.7% | 9.8% |
| Gross Margin | - | 35.2% | 30.9% | 31.4% | 38.2% | 37.9% |
| Debt/Equity | 0.30 | 0.65 | 0.79 | 0.86 | 0.64 | 0.40 |
| Dividends/Share | $0.11 | $0.07 | $0.00 | $0.20 | $0.30 | $0.18 |
| Operating Income | 60M | 48M | 96M | -37M | 414M | 402M |
| Operating Margin | 0.9% | 0.8% | 2.0% | -0.7% | 12.5% | 12.9% |
| ROE | 3.8% | -1.5% | -5.5% | -9.4% | 4.7% | 9.5% |
| Shares Outstanding | 212M | 155M | 152M | 138M | 115M | 110M |
| Metric | 2015 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 683M | 742M | 827M | 972M | 1.2B | 1.4B | 2.4B | 3.1B | 3.3B | 5.2B | 4.7B | 5.8B | 6.6B |
| Gross Margin | 33.2% | 36.6% | 37.8% | 40.0% | 39.9% | 38.3% | 33.2% | 37.9% | 38.2% | 31.4% | 30.9% | 35.2% | N/A |
| R&D | 43M | 51M | 60M | 97M | 117M | 139M | 339M | 330M | 377M | 500M | 479M | 582M | 662M |
| SG&A | 138M | 144M | 161M | 176M | 209M | 234M | 413M | 445M | 474M | 1.0B | 854M | 926M | 1.0B |
| EBIT | 46M | 77M | 92M | 116M | 137M | 149M | 39M | 402M | 414M | -37M | 96M | 48M | 60M |
| Op. Margin | 6.8% | 10.4% | 11.1% | 11.9% | 11.8% | 10.9% | 1.7% | 12.9% | 12.5% | -0.7% | 2.0% | 0.8% | 0.9% |
| Net Income | 38M | 66M | 65M | 95M | 88M | 108M | -67M | 260M | 167M | -404M | -280M | -81M | 401M |
| Net Margin | 5.6% | 8.9% | 7.9% | 9.8% | 7.6% | 7.9% | -2.8% | 8.4% | 5.0% | -7.8% | -5.9% | -1.4% | 6.1% |
| Non-Recurring | 0 | 900K | 0 | 0 | 0 | 0 | 1.5M | -2.5M | -617K | 156M | 43M | 300M | 111M |
| Returns on Capital | |||||||||||||
| ROIC | 6.0% | 8.8% | 8.8% | 10.6% | 9.1% | 9.6% | 1.5% | 9.8% | 10.7% | -0.7% | 1.1% | 0.3% | 2.9% |
| ROE | 5.9% | 9.4% | 8.7% | 11.3% | 9.1% | 10.0% | -4.2% | 9.5% | 4.7% | -9.4% | -5.5% | -1.5% | 3.8% |
| ROA | 4.0% | 6.2% | 5.8% | 7.1% | 5.4% | 5.8% | -1.9% | 4.4% | 2.3% | -3.7% | -2.0% | -0.5% | 2.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 95M | 129M | 123M | 119M | 161M | 178M | 297M | 574M | 413M | 634M | 546M | 634M | 140M |
| Free Cash Flow | 66M | 77M | 65M | -20M | 7.6M | 41M | 160M | 428M | 99M | 198M | 199M | 193M | -538M |
| Owner Earnings | 30M | -158M | 57M | 43M | 65M | 64M | 7.9M | 233M | 53M | -681.2B | -559.3B | -80M | -668M |
| CapEx | 29M | 52M | 58M | 139M | 153M | 137M | 137M | 146M | 314M | 436M | 347M | 441M | 679M |
| Maint. CapEx | 53M | 276M | 57M | 64M | 81M | 92M | 221M | 270M | 287M | 681.7B | 559.8B | 554M | 629M |
| Growth CapEx | 0 | 0 | 1.5M | 75M | 73M | 45M | 0 | 0 | 28M | 0 | 0 | 0 | 50M |
| D&A | 53M | 276M | 57M | 64M | 81M | 92M | 221M | 270M | 287M | 681.7B | 559.8B | 554M | 629M |
| CapEx/OCF | 30.6% | 40.4% | 47.3% | 116.8% | 95.3% | 76.8% | 46.0% | 25.5% | 76.0% | 68.8% | 63.6% | 69.6% | 483.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 35M | 28M | 0 | 11M | 23M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.3% | 0.5% | 0.5% | N/A | 0.1% | 0.0% |
| Share Buybacks | 20M | 13M | 6.3M | 0 | 50M | 1.6M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 2.2% | 1.1% | 0.6% | N/A | 1.8% | 0.1% | 0.0% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 12M | 11M | 9.7M | 12M | 15M | 22M | 68M | 71M | 73M | 149M | 126M | 160M | 180M |
| Debt Repayment | 55M | 69M | 66M | 25M | 10M | 5.6M | 64M | 0 | 10M | 127M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 67M | 2.3M | 17M | 70M | 192M | 262M | 1.8B | -217M | -282M | 3.5B | 3.2B | 2.8B | 776M |
| Cash & Equiv. | 175M | 174M | 218M | 272M | 247M | 205M | 493M | 1.6B | 2.6B | 821M | 926M | 909M | 2.4B |
| Long-Term Debt | 222M | 156M | 215M | 322M | 419M | 443M | 2.2B | 1.3B | 1.9B | 4.2B | 4.0B | 3.5B | 3.2B |
| Debt/Equity | 0.36 | 0.24 | 0.30 | 0.38 | 0.43 | 0.41 | 1.09 | 0.40 | 0.64 | 0.86 | 0.79 | 0.65 | 0.30 |
| Interest Coverage | 10.4 | 19.9 | 29.8 | 17.0 | 7.5 | 6.6 | 0.4 | 6.7 | 3.4 | -0.1 | 0.3 | 0.2 | 69.0 |
| Equity | 675M | 729M | 782M | 901M | 1.0B | 1.1B | 2.1B | 3.4B | 3.6B | 5.0B | 5.2B | 5.6B | 10.7B |
| Total Assets | 1.1B | 1.1B | 1.2B | 1.5B | 1.8B | 2.0B | 5.2B | 6.5B | 7.8B | 13.7B | 14.5B | 14.9B | 17.3B |
| Total Liabilities | 397M | 329M | 430M | 577M | 737M | 821M | 3.2B | 2.4B | 3.5B | 6.5B | 6.5B | 6.4B | 6.3B |
| Intangibles | 136M | 122M | 125M | 134M | 125M | 139M | 758M | 718M | 635M | 3.8B | 3.5B | 3.2B | 3.0B |
| Retained Earnings | 521M | 587M | 653M | 748M | 836M | 944M | 877M | 1.1B | 1.3B | 944M | 665M | 584M | 1.1B |
| Working Capital | 371M | 374M | 412M | 517M | 525M | 542M | 1.1B | 2.3B | 3.0B | 2.2B | 2.3B | 2.1B | 4.3B |
| Current Assets | 506M | 513M | 583M | 702M | 762M | 813M | 1.8B | 3.0B | 4.3B | 3.3B | 3.7B | 3.9B | 6.4B |
| Current Liabilities | 135M | 139M | 171M | 185M | 236M | 271M | 673M | 730M | 1.3B | 1.1B | 1.3B | 1.8B | 2.1B |
| Per Share Data | |||||||||||||
| EPS | 0.60 | 1.05 | 1.04 | 1.48 | 1.35 | 1.63 | -0.79 | 2.37 | 1.45 | -2.93 | -1.84 | -0.52 | 1.97 |
| Owner EPS | 0.47 | -2.52 | 0.90 | 0.67 | 1.00 | 0.97 | 0.09 | 2.12 | 0.46 | -4,944.44 | -3,682.10 | -0.52 | -3.15 |
| Book Value | 10.53 | 11.60 | 12.42 | 13.99 | 15.71 | 17.18 | 24.48 | 31.01 | 31.49 | 36.20 | 34.30 | 36.43 | 50.28 |
| Cash Flow/Share | 1.49 | 2.06 | 1.95 | 1.84 | 2.47 | 2.71 | 3.50 | 5.23 | 3.60 | 4.60 | 3.59 | 4.09 | 4.85 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 | 0.18 | 0.30 | 0.20 | 0.00 | 0.07 | 0.11 |
| Shares Out. | 64.1M | 62.8M | 63.0M | 64.4M | 65.2M | 66.0M | 84.8M | 109.8M | 114.9M | 137.8M | 151.9M | 154.9M | 212.3M |
| Valuation | |||||||||||||
| P/E Ratio | 24.0 | 18.3 | 17.4 | 23.3 | 32.3 | 22.4 | N/A | 30.5 | 36.8 | N/A | N/A | N/A | 143.1 |
| P/FCF | 13.9 | 15.7 | 17.6 | N/A | 374.7 | 58.3 | 25.6 | 18.5 | 61.8 | 33.1 | 55.3 | 70.1 | N/A |
| EV/EBIT | 230.1 | 171.1 | 10.3 | 203.1 | 19.9 | 16.5 | N/A | 20.7 | N/A | N/A | 298.1 | 327.4 | N/A |
| Price/Book | 1.4 | 1.7 | 1.5 | 2.5 | 2.8 | 2.1 | 2.0 | 2.3 | 1.7 | 1.3 | 2.1 | 2.4 | 5.6 |
| Price/Sales | 1.5 | 1.3 | 1.4 | 1.9 | 2.4 | 1.9 | 1.3 | 2.2 | 2.2 | 1.1 | 1.5 | 2.2 | 9.1 |
| FCF Yield | 7.2% | 6.4% | 5.7% | -0.9% | 0.3% | 1.7% | 3.9% | 5.4% | 1.6% | 3.0% | 1.8% | 1.4% | -0.9% |
| Market Cap | 923M | 1.2B | 1.1B | 2.2B | 2.8B | 2.4B | 4.1B | 7.9B | 6.1B | 6.5B | 11.0B | 13.5B | 60.0B |
| Avg. Price | 16.50 | 15.37 | 18.88 | 29.10 | 42.31 | 39.11 | 35.44 | 63.50 | 64.50 | 40.22 | 47.97 | 82.41 | 282.39 |
| Year-End Price | 14.41 | 19.23 | 18.13 | 34.55 | 43.55 | 36.56 | 48.32 | 72.23 | 53.29 | 47.51 | 72.46 | 87.23 | 282.39 |
COHERENT CORP. passes 1 of 9 quality checks, indicating weak fundamentals.
COHERENT CORP. trades at 276.9x trailing earnings, compared to its 15-year median P/E of 26.9x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 4.3% with a gross margin of 34.7%. At current prices, the estimated annualized return to fair value is +0.8%.
COHERENT CORP. (COHR) has a net profit margin of -1.4%. The company is currently unprofitable.
COHERENT CORP. (COHR) generated $193 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COHERENT CORP. (COHR) has a debt-to-equity ratio of 0.65. This indicates moderate leverage.
COHERENT CORP. (COHR) reported earnings per share (EPS) of $-0.52 in its most recent fiscal year.
COHERENT CORP. (COHR) has a return on equity (ROE) of -1.5%. A negative ROE may indicate losses or negative equity.
COHERENT CORP. (COHR) has a 5-year average gross margin of 34.7%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for COHERENT CORP. (COHR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COHERENT CORP. (COHR) has a book value per share of $36.43, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects a period of sustained strong revenue growth driven by exceptional demand from hyperscale customers investing in AI data center capacity, with fiscal 2027 revenue growth expected to exceed fiscal 2026 growth rates. The company is rapidly expanding internal indium phosphide production capacity—the critical substrate for high-speed transceivers and co-packaged optics—with plans to double capacity by the end of calendar 2026 and more than double it again by the end of calendar 2027, positioning Coherent to capture accelerating demand for 800G and 1.6T transceivers across multiple customers. New growth vectors including optical circuit switch systems, co-packaged optics, and Multi-Rail communications platforms are expected to begin ramping in the second half of calendar 2026 and into 2027, with CPO representing over $15 billion of incremental addressable market opportunity and industrial applications in AI data center cooling and energy efficiency expected to contribute meaningfully from the second half of calendar 2027 onward. Management is focused on converting strong backlog visibility—with customer forecasts extending into calendar 2028—into revenue through aggressive capacity expansion and production ramp execution, while continuing to drive gross margin expansion and operating leverage.
Based on recent SEC filings and earnings calls, COHERENT CORP. (COHR) has provided the following forward guidance: Revenue: $1.91 billion to $2.05 billion (Q4 FY2026 (quarter ending June 30, 2026)); Non-GAAP Gross Margin: 39% to 41% (Q4 FY2026 (quarter ending June 30, 2026)); Non-GAAP Operating Expenses: $360 million to $380 million (Q4 FY2026 (quarter ending June 30, 2026)); Non-GAAP EPS: $1.52 to $1.72 (Q4 FY2026 (quarter ending June 30, 2026)); Tax Rate: 18% to 20% (Q4 FY2026 (quarter ending June 30, 2026)).