Coherent Corp. COHR

Information TechnologyElectronic Equipment & PartsUnited States of America

Last close 207.49 USD on Nov 3, 2026, +12.4% year to date

Quant rating

Quant rating C Rank 183 of 389 in Information Technology

Growth A 41 of 389
Valuation C 236 of 389
Quality C 194 of 389
Revisions B 127 of 389
Momentum C 233 of 389

Wall Street consensus Buy (1.96)Average target 394.35 USD +90.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 40.9B
Enterprise value: 42.4B
52-week range: 123.80 – 440.00
3-year range: 32.82 – 440.00
Dividend yield: –
Beta (5 years): 2.24
Shares outstanding: 197M
Next earnings: Nov 4, 2026

About the company

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. Its segments include datacenter & communications, and industrial. Its datacenter & communications segment offers optical transceivers, optical circuit switches, interconnect cables, optical instruments, optoelectronic devices, communication components, and wavelength management products. Its industrial segment offers lasers, machines & systems, components & accessories, optics, laser measurement instruments, ceramics & metal matrix, ion implantation, engineered materials, and wide-bandgap electronics. Its subsidiaries include Finisar Australia Pty Limited, Nufibre PTY LTD, Finisar Brasil Suporte De Vendas LTDA, Coherent Aerospace & Defense, Inc., and Coherent Asia, Inc.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	7,118	5,810	4,708	5,160	3,317	–
Revenue growth	22.5%	23.4%	−8.8%	55.6%	6.8%	18.0%
EPS (basic, normalized)	5.61	3.53	1.67	3.00	3.72	–
EPS growth	58.9%	111.4%	−44.3%	−19.4%	–	–
Gross margin	37.5%	35.4%	30.9%	31.4%	38.2%	34.7%
Net margin	10.8%	−1.4%	−5.9%	−7.8%	5.0%	0.1%
ROE	8.5%	0.6%	−2.1%	−4.5%	5.5%	1.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,987
Current ratio	2.43x
Long-term debt (mil)	3,214
Net debt (mil)	1,570
Total equity (mil)	10,903
Net debt / equity	0.14x
Net debt / EBITDA	0.92x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	7,118	+22.5%	6.0x	1,698	+25.5%	25.0x	5.61	+58.9%	37.0x
2027	10,629	+49.3%	4.0x	2,922	+72.0%	14.5x	9.41	+67.8%	22.0x
2028	14,482	+36.2%	2.9x	4,206	+43.9%	10.1x	14.03	+49.1%	14.8x
2029	19,176	+32.4%	2.2x	5,899	+40.2%	7.2x	19.72	+40.5%	10.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	10,629	+0.4%	+10.4%	+14.6%	9.41	+0.3%	+12.9%	+17.6%
2028	14,482	+0.8%	+9.9%	+21.7%	14.03	−0.5%	+10.8%	+21.6%
2029	19,176	+4.0%	+6.8%	−5.0%	19.72	+5.7%	−1.2%	+8.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,209	1,314	1,348	1,435	1,498	1,529	1,581	1,686	1,806	2,046
Sales mean (mil)	1,167	1,276	1,314	1,374	1,441	1,508	1,535	1,639	1,780	1,986
Surprise	+3.6%	+3.0%	+2.6%	+4.4%	+4.0%	+1.4%	+3.0%	+2.8%	+1.5%	+3.0%
EPS reported	0.53	0.61	0.74	0.95	0.91	1.00	1.16	1.29	1.41	1.74
EPS mean	0.42	0.60	0.61	0.69	0.86	0.91	1.04	1.21	1.40	1.61
Surprise	+25.6%	+2.5%	+20.5%	+37.0%	+6.3%	+9.4%	+11.4%	+6.8%	+0.9%	+7.8%

Peer comparison Electronic Equipment & Parts

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
COHR Coherent Corp.	40.9B	0.92x	10.8%	3.73x	22.0x	14.8x	14.5x	10.1x
CLS Celestica Inc.	32.8B	−2.96x	6.7%	5.27x	22.7x	11.8x	15.3x	7.6x
002222 Castech Inc	3.0B	–	24.1%	9.82x	–	–	–	–
FN Fabrinet	13.0B	−1.20x	10.2%	5.17x	19.0x	15.7x	15.7x	12.6x
AAOI Applied Optoelectronics, Inc.	5.4B	1,060.08x	−8.4%	3.24x	88.6x	13.9x	54.0x	10.4x
Mean		264.21x	8.7%	5.44x	38.1x	14.0x	24.9x	10.2x
Median		−0.14x	10.2%	5.17x	22.4x	14.3x	15.5x	10.3x

Technical analysis

1M−38.4%
3M−28.0%
1Y+57.2%
3Y+531.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Coherent Corp., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	7,118	5,810	4,708	5,160	3,317	3,106
Cost of revenue	4,449	3,753	3,252	3,542	2,051	1,890
Gross profit	2,669	2,057	1,456	1,618	1,265	1,216
Selling, general & administrative expenses	1,045	926	854	646	438	482
Research & development	723	579	479	500	377	330
Depreciation/amortization	–	–	–	209	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	6.7	264	29.1	318	36.0	27.0
Other operating expenses	−143	−65.6	−61.7	14.6	−15.8	−3.4
Operating income	1,038	353	156	−68.7	430	380
Net interest income (expense)	−190	−259	−303	−287	−148	−27.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	848	94.2	−148	−356	282	353
Provision for taxes	60.8	64.1	11.1	−96.1	47.0	55.0
Minority interest	18.1	19.3	2.6	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	805	49.4	−156	−259	235	298
Extraordinary items	–	–	–	–	–	–
Net income	805	49.4	−156	−259	235	298
EBIT, normalized	1,125	656	185	249	466	407
EBITDA, normalized	1,647	1,209	745	931	753	678
Basic EPS, normalized	5.61	3.53	1.67	3.00	3.72	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Coherent Corp., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,987	909	926	833	2,582	1,592
Receivables	1,343	964	849	902	700	659
Total inventory	2,581	1,438	1,286	1,272	903	696
Prepaid expenses	979	607	425	245	120	80.7
Other current assets	35.2	8.9	174	0	0	0
Total current assets	6,925	3,927	3,660	3,252	4,305	3,027
Property, plant & equipment	2,999	1,878	1,817	1,782	1,363	1,243
Goodwill	4,376	4,471	4,464	4,513	1,286	1,297
Intangibles	2,884	3,205	3,503	3,815	635	718
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1,115	1,430	1,044	350	255	227
Total assets	18,300	14,911	14,489	13,711	7,845	6,513
Liabilities
Accounts payable	1,905	847	632	405	435	294
Payable/accrued	–	–	–	–	–	–
Accrued expenses	708	570	483	417	374	350
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	7.9	191	76.5	77.5	406	64.5
Other current liabilities	232	187	153	179	52.3	20.3
Total current liabilities	2,854	1,795	1,344	1,079	1,267	730
Long-term debt	3,214	3,512	4,042	4,252	1,916	1,333
Minority interest	335	354	371	–	–	–
Other liabilities	993	1,123	1,157	1,152	279	318
Total liabilities	7,396	6,783	6,914	6,482	3,462	2,380
Shareholders' equity
Preferred stock	–	–	0	445	445	445
Common stock	9,791	5,056	4,858	3,781	2,065	2,028
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,354	584	665	944	1,348	1,137
Treasury stock	−445	−368	−315	−293	−239	−218
Other equity	204	2,855	2,367	2,351	765	740
Total equity	10,903	8,128	7,575	7,229	4,383	4,132
Total liabilities & shareholders' equity	18,300	14,911	14,489	13,711	7,845	6,513

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Coherent Corp., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	787	30.1	−159	−259	235	298
Depreciation, depletion & amortization	522	554	560	682	287	270
Deferred taxes	−199	−95.4	−112	−207	−8.2	−0.4
Non-cash items	71.6	354	152	294	91.6	110
Changes in working capital	−1,102	−208	104	125	−192	−103
Cash from operations	79.5	634	546	634	413	574
Investing activities
Capital expenditures	−1,110	−441	−347	−436	−314	−146
Other investing cash flows	−304	26.6	−3.9	−5,493	−5.8	−26.6
Cash from investing	−1,414	−414	−351	−5,929	−320	−173
Financing activities
Financing cash flow items	−85.5	−54.9	945	−224	−33.5	−80.7
Cash dividends paid	−11.4	−11.4	0	−27.6	−34.5	−20.3
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,574	−385	−187	3,805	931	777
Cash from financing	1,477	−452	758	3,554	863	676
Foreign exchange effects	−7.4	75.6	−1.2	−4.2	34.3	21.7
Net change in cash	135	−157	952	−1,745	990	1,099
Free cash flow	−1,031	193	199	198	99.0	428

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.