— Know what they know.
/
Not Investment Advice

COHR

NYSE · USD
Coherent, Inc.
Technology · Hardware, Equipment & Parts
CEO James Robert Anderson Employees 51,000 R&D / revenue 10.2%
Last price
$232.90−7.06%last session
Market cap
$45.9B
P/E (TTM)
53.5x
From 52w high
−47.1%
From 52w low
+106.2%
1-year return
+100.8%
RSI 14 · vs SMA200
33.4 · −20.9%
IS score
42.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

COHR   SPY   XLK (sector ETF) · weekly closes
100150200250300350Jan 26Apr 26Jul 26Oct 26COHR 201XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
40
Profitability
74
Growth
39
Value
62
Momentum
100
Risk (safety)
52
Quality
72
Balance sheet
40
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Negative free cash flow▲ Share count rising
Observations
Moat model: Narrow, Efficient ScalePiotroski 7 / 9Altman Z 7.7Beta 2.102 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
15 open-market sales, $10.6M
Form 144 notices (12m): 33, $7.6B proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+212
340 new holders, 121 closed
1,310 filers hold 88.1% · 503 added, 363 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+285
1,212 funds adding shares
927 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
36.2%
20-day avg 56.9%, 50-day avg 52.3%
Latest 20.7 pp under its 20-day average · a flow, not short interest

Key financials · FY2026

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$7.1B
Revenue growth YoY+22.5%
Gross margin37.5%
Operating income$901.5M
Operating margin12.7%
Net income$805.0M
Net margin11.3%
EPS (diluted)$4.12
Cash flow
Operating cash flow$79.5M
Capital expenditure$1.1B
Free cash flow−$1.0B
FCF conversion (FCF / OCF)-1,296.1%
Stock-based compensation$186.5M
FCF less SBC−$1.2B
Buybacks$0
Dividends$11.4M
Balance sheet & returns
Cash & short-term investments$2.0B
Total debt$3.2B
Net debt$1.2B
Shareholders' equity$11.2B
Goodwill & intangibles$7.3B
Debt / equity0.32
ROE (TTM)8.4%
ROIC (TTM)5.1%
Operating margin by fiscal year
12.5%FY20223.1%FY20232.6%FY20249.4%FY202512.0%FY2026
Revenue $3.3B (FY2022) to $7.1B (FY2026), a 21.0% CAGR.

Valuation

P/E (TTM)53.5x
EV / EBITDA30.9x
Price / sales6.44x
Price / FCFn/m
FCF yield-2.25%
Buyback yield0.00%
SBC / revenue2.6%
Price / book4.18x
Forward P/E FY202724.7x
Forward P/E FY202816.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $409.67 across 6 analysts last quarter is theirs, not ours.

COHR vs industry median

183 companies in Hardware, Equipment & Parts
Gross margin 37.5% 35.9% Operating margin 12.0% 4.0% Net margin 11.3% 1.9% ROIC 5.1% 7.1%
COHR (TTM)Industry median Asset turnover 0.39 vs industry 0.67 · financial leverage 1.68

Earnings delivery

Next report 2026-11-04 · consensus EPS $1.98
92%
beat rate, 11 of 12 quarters
+10.1%
median EPS surprise
10
longest beat streak
+33+57+24+2+21+38+6+9+12+7+0+7
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-06 to 2026-08-12. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
COHR Coherent, Inc. $45.9B53.5x8.4%11.3%+22.5% +100.8%
CLS Celestica Inc. $38.3B31.3x52.7%7.8%+47.5% +8.6%
GRMN Garmin Ltd. $54.9B29.2x21.9%26.8%+13.5% +15.9%
KEYS Keysight Technologies, Inc. $56.4B45.6x20.5%21.5%+25.5% +103.9%
FLEX Flex Ltd. $33.4B34.9x18.4%3.6%+12.2% +42.8%
JBL Jabil Inc. $29.2B28.2x66.7%3.7%+20.6% —
TDY Teledyne Technologies Incorp $28.7B29.8x9.2%15.1%+7.9% —
GLW Corning Inc $113.8B59.8x16.1%12.4%+19.4% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-31Officer/Director Change; Other Events
2026-08-12Earnings Release; Regulation FD; Exhibits
2026-05-06Earnings Release; Regulation FD; Exhibits
2026-04-28Officer/Director Change
2026-03-02Unregistered Sales of Equity Securities; Regulation FD Disclosure; Financial Statements and Exhibits
2026-02-04Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding196,931,000
Free float95.5%
Institutional ownership88.1%
Beta2.10
Dividend yield0.00%
Last dividend$1.00 on 2012-12-17
50 / 200-day average$301.87 / $294.28
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where COHR sits among 41 scored companies in Hardware, Equipment & Parts (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCOHRIndustry medianIndustry percentileSector median
P/E (TTM) 57.0x 36.2x
82nd		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 6.4x 3.4x
78th		 3.9x
Price / book 4.2x 3.7x
65th		 4.4x
Price / tangible book 21.9x 8.9x
84th		 8.8x
Price / free cash flow —
Price / operating cash flow 576.8x 24.7x
100th		 17.9x
Enterprise value $47.4B $7.9B
90th		 $5.5B
EV / sales 6.7x 3.7x
82nd		 4.1x
EV / EBITDA 30.4x 19.1x
83rd		 18.9x
EV / EBIT 45.7x 26.4x
83rd		 26.7x
EV / free cash flow —
Earnings yield 1.8% 2.4%
32nd		 2.0%
FCF yield -2.2% 3.0%
10th		 3.3%
Operating cash flow yield 0.2% 3.6%
8th		 4.4%
Graham number (per share) $69.50 $54.04
64th		 $28.08

Profitability (TTM)

MeasureCOHRIndustry medianIndustry percentileSector median
Gross margin 37.5% 39.0%
42nd		 55.7%
EBITDA margin 21.9% 15.0%
70th		 13.7%
Operating margin 12.0% 12.6%
45th		 8.2%
EBIT margin 14.6% 12.3%
62nd		 8.6%
Net margin 11.3% 8.1%
70th		 5.7%
NOPAT margin 11.1% 10.0%
52nd		 7.0%
FCF margin -14.5% 10.8%
8th		 15.0%
Operating cash flow margin 1.1% 13.4%
12th		 18.4%
R&D / revenue 10.2% 4.4%
82nd		 12.9%
SG&A / revenue 14.7% 17.1%
33rd		 25.6%
Stock comp / revenue 2.6% 1.3%
74th		 4.4%
Effective tax rate 7.2% 20.5%
3rd		 21.0%

Returns on capital

MeasureCOHRIndustry medianIndustry percentileSector median
ROE (on average equity) 8.5% 11.5%
35th		 9.4%
ROA 4.8% 5.5%
42nd		 4.1%
ROIC 6.3% 11.9%
22nd		 9.0%
ROCE 6.7% 9.9%
28th		 8.6%
Return on tangible assets 6.3% 8.0%
32nd		 5.9%
Cash ROIC (OCF / invested capital) 0.6% 14.6%
10th		 20.7%
Gross profitability (GP / assets) 14.6% 22.4%
22nd		 30.0%
ROIC, 3-yr average 1.6% 10.9%
11th		 7.4%
ROIC, 5-yr average 1.4% 10.1%
14th		 7.9%
ROE, 5-yr average 1.5% 9.8%
11th		 6.9%
Incremental ROIC 30.7% 12.5%
74th		 15.3%

Growth

MeasureCOHRIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 22.5% 15.9%
64th		 14.3%
Revenue growth (QoQ) 13.3% 8.9%
70th		 6.6%
Revenue CAGR, 3 yr 11.3% 4.2%
76th		 9.6%
Revenue CAGR, 5 yr 18.0% 6.7%
92nd		 11.5%
Gross profit CAGR, 3 yr 18.0% 5.8%
89th		 10.9%
Operating income CAGR, 3 yr 74.9% 10.3%
97th		 11.3%
Net income growth (TTM YoY) 1,530.7% 38.3%
100th		 21.6%
Net income CAGR, 3 yr —
EPS growth (TTM YoY) 1,154.1% 19.7%
100th		 22.3%
EPS CAGR, 3 yr —
EPS CAGR, 5 yr 9.2% 9.9%
45th		 12.0%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr -49.9% 10.1%
6th		 17.9%
Book value CAGR, 3 yr 1.3% 7.1%
22nd		 6.8%
Dividend CAGR, 3 yr -11.7% -0.6%
22nd		 3.1%
Sustainable growth rate 8.3% 12.6%
30th		 14.2%

Margin history & stability

MeasureCOHRIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 34.6% 36.4%
45th		 53.2%
Operating margin, 3-yr average 8.0% 11.2%
39th		 6.6%
Net margin, 3-yr average 2.9% 6.4%
29th		 5.2%
FCF margin, 3-yr average -2.3% 11.4%
8th		 12.7%
Revenue stability (0-1) 0.90 0.57
89th		 0.87
Earnings stability (0-1) 0.09 0.41
24th		 0.45
Margin stability (0-1) 0.90 0.94
24th		 0.95

Liquidity (latest quarter)

MeasureCOHRIndustry medianIndustry percentileSector median
Cash & short-term investments $2.0B $403.3M
88th		 $494.1M
Net cash (− = net debt) −$1.6B −$55.9M
22nd		 $49.8M
Working capital $4.1B $789.7M
90th		 $391.0M
Current ratio 2.43 2.29
55th		 1.92
Quick ratio 1.52 1.65
38th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.70 0.67
52nd		 0.95
Defensive interval (days) 669 days 789 days
40th		 521 days

Leverage & solvency (latest quarter)

MeasureCOHRIndustry medianIndustry percentileSector median
Total debt $3.5B $299.3M
88th		 $349.3M
Debt / equity 0.32 0.25
60th		 0.29
Net debt / equity 0.14 0.02
62nd		 −0.13
Debt / assets 19.3% 13.4%
65th		 16.9%
Debt / capital 24.5% 19.9%
60th		 22.3%
Debt / EBITDA 2.27 1.78
64th		 1.78
Net debt / EBITDA 0.99 0.18
64th		 −0.18
Interest coverage (EBIT / interest) 5.5x 7.1x
32nd		 5.8x
Cash interest coverage 0.4x 10.3x
9th		 12.8x
Debt payback (years of OCF) 44.5 yrs 1.8 yrs
97th		 1.6 yrs
Liabilities / assets 38.6% 40.2%
48th		 48.7%
IS credit model rating A — —
Implied credit spread (bps) 150 125
57th		 175

Efficiency

MeasureCOHRIndustry medianIndustry percentileSector median
Asset turnover 0.43 0.60
15th		 0.62
Fixed asset turnover 0.33 6.18
2nd		 9.25
Inventory turnover 2.2 3.4
10th		 3.8
Receivables turnover 6.2 5.9
60th		 6.2
Days sales outstanding 59 days 62 days
40th		 59 days
Days inventory outstanding 165 days 108 days
90th		 94 days
Days payables outstanding 113 days 60 days
95th		 46 days
Cash conversion cycle (days) 111 days 108 days
52nd		 50 days
Capex / revenue 15.6% 2.6%
97th		 2.3%
Capex / depreciation 2.13 0.77
90th		 0.56
Operating expense ratio 26.1% 25.2%
52nd		 44.3%

Cash flow & earnings quality

MeasureCOHRIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.10 1.38
0th		 1.61
FCF / net income −1.28 1.13
3rd		 1.33
FCF / operating cash flow -1,296.1% 80.2%
0th		 88.0%
Capex / operating cash flow 1,396.1% 19.8%
100th		 12.0%
Accruals ratio 4.4% -3.4%
92nd		 -6.3%
Sloan accruals ratio 8.5% 1.3%
75th		 -1.8%
Earnings quality score (0-1) 0.25 1.00
0th		 0.75

Dividends & buybacks

MeasureCOHRIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 1.4% 0.0%
53rd		 0.0%
Dividends / FCF —
Dividend growth (YoY) -23.1% -1.2%
22nd		 4.1%
Buyback yield 0.0% 0.2%
8th		 1.2%
Shareholder yield (dividends + buybacks) 0.0% 0.9%
18th		 1.7%
Share count change (YoY) 30.0% 0.2%
92nd		 0.1%
Buybacks, last 5 years $0 $171.0M
0th		 $215.3M

Scores & forensic checks

MeasureCOHRIndustry medianIndustry percentileSector median
IS score 43 61
10th		 56
IS profitability 40 44
45th		 40
IS growth 74 67
77th		 65
IS value 39 39
50th		 39
IS momentum 62 81
23rd		 78
IS risk (safety) 100 100
28th		 100
IS quality 52 71
15th		 67
IS balance sheet 72 72
48th		 72
IS earnings quality 40 70
8th		 61
IS cash flow 2 61
0th		 66
Piotroski F-score (0-9) 7 6
60th		 6
Altman Z-score 7.7 6.7
55th		 4.0
Beneish M-score −2.73 −2.50
23rd		 −2.58
Ohlson O-score −9.48 −8.21
28th		 −8.00
IS credit score 72 77
32nd		 69

Per share

MeasureCOHRIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.98 $2.41
60th		 $0.84
Book value per share $53.92 $25.00
80th		 $9.77
Tangible book per share $20.33 $10.81
72nd		 $3.22
Revenue per share $35.20 $31.39
52nd		 $13.00
FCF per share −$5.10 $2.86
0th		 $1.78
Operating cash flow per share $0.39 $4.66
12th		 $2.40
Cash per share $9.83 $7.59
60th		 $4.50

Size (TTM)

MeasureCOHRIndustry medianIndustry percentileSector median
Market cap $45.9B $6.5B
90th		 $4.7B
Revenue $7.1B $2.3B
82nd		 $1.2B
EBITDA $1.6B $300.6M
82nd		 $185.8M
Net income $805.0M $174.8M
80th		 $84.9M
Free cash flow −$1.0B $180.0M
0th		 $170.6M
Total assets $18.3B $3.6B
90th		 $2.4B
Shareholders' equity $10.9B $1.6B
92nd		 $1.1B
Employees 51,478 7,806
90th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-12Luther Sherri R
Chief Financial Officer
 Tax withholding 18,284$312.62$5.7M52,571
2026-10-01Place Jeffrey B.
Chief Supply Chain Officer
 Tax withholding 641$287.81$184,48620,458
2026-09-11Digirolomo Enrico
Director
 Open-market sale 5,315$305.99$1.6M11,923
2026-09-11Digirolomo Enrico
Director
 Gift 1,279——10,644
2026-09-09Beard Robert P
Chief Strategy & Legal Officer
 Open-market sale 500$309.32$154,66051,428
2026-09-02Neal-Graves Lisa
Director
 Open-market sale 2,200$268.42$590,52413,033
2026-09-01Eng Julie Sheridan
Chief Technology Officer
 Open-market sale 6,030$270.69$1.6M41,027
2026-08-31Digirolomo Enrico
Director
 Open-market sale 2,272$276.85$628,99817,238
2026-08-31Skaggs Stephen A
Director
 Open-market sale 2,272$276.88$629,06214,592
2026-08-31Eng Julie Sheridan
Chief Technology Officer
 Open-market sale 7,047$276.83$2.0M47,057
2026-08-28Place Jeffrey B.
Chief Supply Chain Officer
 Award / grant 3,358——21,099
2026-08-28Mocciaro Ilaria
Chief Accounting Officer
 Award / grant 1,612——23,879

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired971,755—
GiftDisposed11,279—
Open-market saleDisposed1535,636$10.6M
Option exerciseAcquired12,000$43,340
Option exerciseDisposed12,000$43,340
Tax withholdingDisposed978,426$27.1M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 33 notices · 39,089,424 shares · $7.6B
FiledFilerShares proposedEst. proceeds
2026-09-09Robert P Beard500$154,660
2026-09-02Lisa Neal-Graves2,200$590,524
2026-09-01Julie S Eng6,030$1.7M
2026-08-31Julie S Eng7,047$2.0M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 13 trades (7 purchases) · Senate 6 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-23Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-08-18Gilbert CisnerosHouseSale$1,001 - $15,0002026-09-11
2026-06-25Sheldon WhitehouseSenatePurchase$15,001 - $50,0002026-07-08
2026-02-04Markwayne MullinSenateSale$15,001 - $50,0002026-03-02
2025-12-18Markwayne MullinSenateSale$15,001 - $50,0002026-01-13
2025-12-18Markwayne MullinSenateSale$15,001 - $50,0002026-01-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.16,608,092$6.6B8.43%
VANGUARD CAPITAL MANAGEMENT LLC12,765,663$5.0B6.48%
FMR LLC11,012,710$4.3B5.59%
VANGUARD PORTFOLIO MANAGEMENT LLC10,015,964$4.0B5.09%
STATE STREET CORP8,591,135$3.4B4.36%
Invesco Ltd.7,431,643$2.9B3.77%
GEODE CAPITAL MANAGEMENT, LLC5,269,330$2.1B2.68%
Capital International Investors3,600,561$1.4B1.83%
MORGAN STANLEY3,203,537$1.3B1.63%
PRICE T ROWE ASSOCIATES INC /MD/3,081,354$1.2B1.56%
NORGES BANK2,467,602$973.4M1.25%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/2,322,386$920.6M1.18%
VOYA INVESTMENT MANAGEMENT LLC2,270,269$895.2M1.15%
FRANKLIN RESOURCES INC2,247,215$886.5M1.14%
GOLDMAN SACHS GROUP INC2,196,205$866.3M1.12%

Institutional ownership by quarter

2023-092026-0688.1%
% of shares held by 13F filers
2023-092026-061,310
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,31088.1%340503363121
2026-03-311,09889.5%31535234498
2025-12-3189884.2%27524628557
2025-09-3069873.5%14920924178
2025-06-3063974.0%14227215180
2025-03-3158272.8%102228177133
2024-12-3162672.8%15717121245
2024-09-3052672.6%10017617661
2024-06-3049170.0%8614718459
2024-03-3147067.7%11413016442
2023-12-3140367.0%7414413056
2023-09-3039364.7%6913412476

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-07-08SCHEDULE 13G/AAbigail P. Johnson5.6%11,006,110
2026-05-06SCHEDULE 13G/AAbigail P. Johnson12.1%22,611,966
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.0%9,483,002
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%13,968,914
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.08%$1.8B
VSMPX0.08%$1.8B
VTSAX0.08%$1.8B
VTI0.08%$1.8B
VOO0.09%$1.5B
VFIAX0.09%$1.5B

Share structure

Shares outstanding196,931,000
Float188,138,819
Free float95.5%

Income statement

Fiscal years, USD
FY2022FY2023FY2024FY2025FY2026
Revenue$3.3B$5.2B$4.7B$5.8B$7.1B
Cost of revenue$2.1B$3.4B$3.3B$3.8B$4.4B
Gross profit$1.3B$1.8B$1.5B$2.1B$2.7B
R&D$377.1M$499.6M$478.8M$581.9M$723.0M
SG&A$474.1M$0$0$0$1.0B
Operating income$414.3M$280.0M$123.2M$548.9M$901.5M
EBITDA$689.8M$961.7M$682.9M$1.1B$1.6B
Pretax income$281.8M−$355.6M−$147.6M$94.2M$847.7M
Income tax$47.0M−$96.1M$11.1M$64.1M$60.8M
Net income$234.8M−$259.5M−$156.2M$49.4M$805.0M
EPS, diluted$1.45$-2.93$-1.84$-0.52$4.12
Diluted shares116.5M137.6M151.6M154.8M195.4M

Balance sheet

FY2022FY2023FY2024FY2025FY2026
Cash & short-term investments$2.6B$821.3M$926.0M$909.2M$2.0B
Receivables$700.3M$901.5M$848.5M$1.0B$1.3B
Inventory$902.6M$1.3B$1.3B$1.4B$2.6B
Total current assets$4.3B$3.3B$3.7B$3.9B$6.9B
PP&E, net$1.4B$1.8B$1.8B$1.9B$21.3B
Goodwill & intangibles$1.9B$8.3B$8.0B$7.7B$7.3B
Total assets$7.8B$13.7B$14.5B$14.9B$18.3B
Accounts payable$434.9M$405.3M$631.5M$847.0M$1.9B
Total current liabilities$1.3B$1.1B$1.3B$1.8B$2.9B
Long-term debt$1.9B$4.2B$4.0B$3.5B$3.2B
Total liabilities$3.5B$6.5B$6.5B$6.4B$7.1B
Shareholders' equity$4.4B$7.2B$7.9B$8.5B$11.2B

Cash flow statement

Outflows are negative
FY2022FY2023FY2024FY2025FY2026
Net income$234.8M−$259.5M−$156.2M$30.1M$786.9M
Depreciation & amortization$286.8M$681.7M$559.8M$553.6M$521.9M
Stock-based compensation$73.2M$148.9M$126.0M$160.2M$186.5M
Change in working capital−$191.7M$124.6M$104.3M−$208.1M−$1.1B
Operating cash flow$413.3M$634.0M$545.7M$633.6M$79.5M
Capital expenditure−$314.3M−$436.1M−$346.8M−$440.8M−$1.1B
Free cash flow$99.0M$198.0M$198.9M$192.8M−$1.0B
Investing cash flow−$320.1M−$5.9B−$350.7M−$414.2M−$1.4B
Net debt issued / repaid$913.1M$2.4B−$228.9M−$434.9M−$478.3M
Buybacks−$21.2M−$54.2M−$22.3M−$54.0M$0
Dividends paid−$34.5M−$27.6M$0−$11.4M−$11.4M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2022FY2023FY2024FY2025FY2026
Gross margin38.2%31.5%30.9%35.4%37.5%
Operating margin12.5%3.1%2.6%9.4%12.0%
Net margin7.1%-5.0%-3.3%0.8%11.3%
FCF margin3.0%3.8%4.2%3.3%-14.5%
ROE5.5%-4.5%-2.1%0.6%8.5%
ROIC8.1%1.2%0.9%1.6%6.3%
ROA3.3%-2.4%-1.1%0.3%4.8%
Debt / equity0.560.620.570.480.32
Interest coverage3.4x0.6x0.4x1.5x5.5x
Current ratio3.403.012.722.192.43
Revenue growth+6.8%+55.6%−8.8%+23.4%+22.5%
EPS growth−21.6%−192.8%+45.0%+131.0%+1,154.1%
P/E at year end25.4xn/mn/m281.0x99.1x
EV / EBITDA at year end8.3x12.8x21.1x15.2x52.1x
FCF yield at year end1.66%2.79%1.80%1.39%-1.29%
Dividend payout14.7%——23.2%1.4%

Revenue by segment

FY2023FY2024FY2025FY2026
Datacenter & Communications———$5.3B
Industrial Segment———$1.8B
Industrial———$1.8B
Lasers Segment$1.5B$1.4B$1.4B—
Materials Segment$1.3B$1.0B$953.8M—

Revenue by region · FY2026

North America$4.6B · 65%
Europe$814.2M · 11%
CHINA$813.4M · 11%
Other Countries$466.6M · 7%
JAPAN$390.4M · 5%

Street estimates by fiscal year

Next report 2026-11-04 · consensus EPS $1.98 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$7.1B$7.1B – $7.1B$5.48$5.42 – $5.581142.5x
2027$10.6B$10.5B – $10.9B$9.44$8.19 – $10.331324.7x
2028$14.7B$12.9B – $16.0B$14.15$11.76 – $17.161116.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-12$1.62$1.74+7.4%$2.0B$2.0B+3.1%
2026-05-06$1.41$1.410.0%$1.8B$1.8B+1.3%
2026-02-04$1.21$1.29+6.6%$1.6B$1.7B+2.7%
2025-11-05$1.04$1.16+11.5%$1.6B$1.6B+1.7%
2025-08-13$0.92$1.00+8.7%$1.5B$1.5B−1.2%
2025-05-07$0.86$0.91+6.3%$1.5B$1.5B−0.2%
2025-02-05$0.69$0.95+37.7%$1.4B$1.4B+4.8%
2024-11-06$0.61$0.74+20.7%$1.3B$1.3B+2.6%
2024-08-15$0.60$0.61+1.7%$1.3B$1.3B+3.0%
2024-05-06$0.43$0.53+23.6%$1.3B$1.2B−5.3%
2024-02-05$0.23$0.36+56.5%$1.2B$1.1B−3.5%
2023-11-06$0.12$0.16+33.3%$1.1B$1.1B−1.8%
2023-08-15$0.38$0.41+7.9%$1.2B$1.2B+3.4%
2023-05-10$0.81$0.58−28.4%$1.1B$1.2B+8.0%
2023-02-08$0.93$0.95+2.2%$1.4B$1.4B−0.1%
2022-11-09$0.83$1.04+25.3%—$1.3B—
2022-08-24$0.95$0.98+3.2%—$887.0M—
2022-05-10$0.86$0.95+10.5%$730.3M$827.7M+13.3%
2022-02-09$0.87$0.92+5.7%$817.4M$806.8M−1.3%
2021-11-09$0.83$0.87+4.8%$808.6M$795.1M−1.7%
2021-08-10$0.76$0.88+15.8%$808.0M$808.0M0.0%
2021-05-06$0.88$0.91+3.4%$772.1M$783.2M+1.4%
2021-02-09$0.92$1.08+17.4%$639.6M$786.6M+23.0%
2020-11-05$0.55$0.84+52.7%$567.9M$728.1M+28.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.906-152.806-222.306-291.907-061.707-131.407-202.107-273.108-033.508-102.408-171.408-241.408-31
Week ofNotionalSharesTrades
2026-08-31$1.4B5,311,161149,941
2026-08-24$1.4B5,089,396157,845
2026-08-17$2.4B7,756,990230,280
2026-08-10$3.5B10,269,192286,872
2026-08-03$3.1B9,201,410237,810
2026-07-27$2.1B8,461,173195,282

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1536.2%
DateShort shareShort volumeTotal volume
2026-10-1536.2%1,796,4904,969,381
2026-10-1447.4%1,567,2413,307,109
2026-10-1344.1%1,351,0503,063,879
2026-10-1247.9%1,819,6773,797,640
2026-10-0955.7%2,260,9034,060,342
2026-10-0859.6%2,718,7784,561,035
2026-10-0767.3%1,935,6622,878,145
2026-10-0662.3%1,759,6952,825,613
2026-10-0566.1%1,399,3302,118,548
2026-10-0269.4%2,469,4213,557,273
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+5.0Jan+1.6Feb-1.1Mar+0.2Apr+1.7May+0.3Jun+3.4Jul+1.6Aug+0.5Sep+0.8Oct+5.2Nov+4.6Dec
MonthAvg returnUp yearsYears
Jan+5.0%60%20
Feb+1.6%50%20
Mar−1.1%48%21
Apr+0.2%35%20
May+1.7%60%20
Jun+0.3%40%20
Jul+3.4%55%20
Aug+1.6%50%20
Sep+0.5%40%20
Oct+0.8%55%20
Nov+5.2%80%20
Dec+4.6%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1433.4
MFI47.1
ADX15.3
Stochastic %K / %D5.7 / 11.2
Williams %R-98.8
CCI-199
TSI / signal-10.0 / 0.2
Chaikin money flow-0.09
ATR$22.60
Bollinger width37.1%
Volume vs 20-day avg1.12x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$299.20 (−22.2%)
SMA 50$299.85 (−22.3%)
SMA 200$294.51 (−20.9%)
EMA 21$291.11 (−20.0%)
EMA 50$299.25 (−22.2%)
EMA 200$280.11 (−16.9%)
Bollinger upper$354.73 (−34.3%)
Bollinger lower$243.67 (−4.4%)
Parabolic SAR$325.55 (−28.5%)
Open the live chart, 110+ indicators

About Coherent, Inc.

Coherent, Inc. specializes in advanced laser technologies, offering a comprehensive suite of products that includes lasers, laser-based solutions, and complete systems. These are deployed across a spectrum of uses, from commercial and industrial operations to critical scientific research. The company's operations are distinctly segmented into two primary areas: laser sources for Original Equipment Manufacturers (OEMs) and industrial lasers alongside integrated systems. Coherent handles the entire lifecycle of its offerings, from conceptual design and manufacturing to global marketing and ongoing service. Their product portfolio spans lasers, specialized laser tools, high-precision optical components, associated accessories, and sophisticated laser measurement and control devices. These sophisticated tools are integral to fields such as microelectronics fabrication, advanced materials processing, integration into original equipment manufacturer (OEM) components and instrumentation, scientific studies, and various governmental programs. Distribution in the U.S. is primarily managed by an in-house sales team, while international markets are reached through a combination of direct sales personnel and independent representatives. Established in 1966, Coherent, Inc. maintains its headquarters in Santa Clara, California. Notably, since July 1, 2022, the company has operated as a wholly-owned subsidiary of II-VI Incorporated.

https://www.coherent.com

Key executives

NameTitlePayBorn
James Robert AndersonChief Executive Officer, President & Employee Director$4.6M1972
Rob BeardChief Strategy & Legal Affairs Officer and Corporate Secretary$1.8M1978
Sherri R. LutherChief Financial Officer & Treasurer$1.7M1966
Giovanni BarbarossaSpecial Advisor to the Chief Executive Officer$1.6M1960
Jeffrey PlaceChief Supply Chain Officer$1.6M1974
Julie SheridanExecutive VP of Optical Components & CTO$1.5M1967
Christopher DormanExecutive Vice President of Industrial——
Grace G. LeeChief People Officer—1968

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Sherri Luther Chief Financial Officer and Treasurer2025$435,096$28.7M$874,563$30.5M
Rob Beard Chief Legal and Global Affairs Officer and Secretary2025$444,231$13.2M$923,538$14.6M
Julie Eng Chief Technology Officer2025$497,831$4.2M$701,805$5.4M
Giovanni Barbarossa Chief Strategy Officer2025$655,515$3.4M$917,223$5.0M
Richard Martucci Former Interim Chief Financial Officer and Treasurer2025$340,108$4.0M$282,778$4.8M
James R. Anderson Chief Executive Officer and President2025$1.1M$0$2.7M$3.7M

Employees

27k202326k202430k202551k2026

Dividends

Ex-dateAmountPaid
2012-12-17$12012-12-27

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage52
Intangibles61
Switching costs48
Network effect65
Efficient scale70
Our component scores (0-100) and overall 57.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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