Coherent Corp is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the communications, industrial, instrumentation, and electronics markets.
It is a $61.0B technology company. Revenue grew 22.5% over the last year, it keeps 11¢ of every dollar of sales as profit, and it carries $1.56B of net debt. It trades at 76.1× earnings.
- Website
- coherent.com
- Location
- Saxonburg, PA
- Employees
- 51 000
- Sector
- Technology
- Founded
- 1966
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong growth; Valuation, Profitability, Quality and Moat lag behind.
Valuation24
- P/E vs own history49th pct · 12/25
- FCF yield-1.7% · 0/25
- P/S8.6x · 12/25
- EV/EBITDA49.5x · 0/25
Growth100
- Revenue CAGR21.0% · 25/25
- Net income CAGR36.1% · 25/25
- EPS CAGR ~5Y29.8% · 25/25
- Fwd implied growth129.7% · 25/25
Profitability49
- ROIC6.3% · 5/25
- ROE8.4% · 12/25
- Net margin11.3% · 20/25
- Operating margin14.6% · 12/25
Health63
- Altman Zn/a · 0/25
- Current ratio2.43 · 25/25
- Interest coverage5.5x · 18/25
- Net cash / debtD/A 9% · 20/25
Quality15
- Piotroski F6/9 · 15/25
- Beneish M1.92 · 0/25
- FCF conversion-115% · 0/25
- Margin stabilityσ 72.0% · 0/25
Moat31
- ROIC >12% years0/9 yrs · 0/25
- Median gross margin36.3% · 13/25
- FCF-positive years8/10 yrs · 18/25
- Worst-year net marginworst -5.0% · 0/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2026FinancialBest year on record$805M net income
- 2022AcquisitionII-VI Incorporated acquired Coherent, Inc. and took the name Coherent Corp
- FY2022FinancialBecame debt-freecash now exceeds total debt
- FY2018FinancialRevenue crossed $1B$1.16B for the year
- FY2016FinancialFirst recorded profitable year$65.5M net income
- 2015AcquisitionCoherent purchased Raydiance, who made lasers used in automotive and medical manufacturing, for $9.3 million
- 2012AcquisitionCoherent purchased the German-based pulse laser company Lumera in 2012 for $52 million
- 2006AcquisitionCoherent acquired laser equipment manufacturer Excel Technology for $376 million
- 2003AcquisitionCoherent acquired Lambda Physik, which created ultraviolet lasers used in annealing in manufacturing…
- 1999AcquisitionCoherent then acquired a Palomar subsidiary focused on medical applications in April 1999 called Star Medical…
- 1981AcquisitionCoherent acquired the scientific division of Germany-based Lambda Physik, a manufacturer of excimer lasers
- 1970IPOThen, Coherent filed an initial public offering in 1970
- 1970ProductThe company made about $500,000 in sales its first year in operation
- 1966FoundedCoherent was founded in May 1966 by physicist James Hobart and five cofounders
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Revenue growing 22.5% year over year
- Interest covered 5.5× by operating earnings
Watch-outs
- Negative free cash flow (-$1.0B)
- Loss-making in 3 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+22.5% YoY
- Profitable — makes more than it spends$805M TTM
- Profit growing — earnings are higher than last year+9.8% YoY
- Generates cash — cash left after running and investing-$1.02B TTM
- Debt under control — could handle its obligationscurrent ratio 2.43
- Established company — not a micro-cap — lower blow-up risk$61.0B market cap
- Not printing shares — share count not ballooning — you keep your slice+20.7% shares over ~5y
- Proven track record — years of profitability behind it7/10 profitable years
- Financially stable — balance sheet not near distresshealth score 43/100
- Pays a dividend — returns cash to shareholdersyield 0.02%
- Valuation not extreme — price not wildly above earningsP/E 76.1
Peer comparisonCoherent Corp. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| COHR this company | $61.0B | 76.1 | +22.5% | 11.3% | Mixed |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: COHR vs NVDA · COHR vs AAPL · COHR vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2026. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/COHR
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Deeper analysis of COHR on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $311.42 · market cap $61.0B.