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Saturday 7 November 2026
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Coherent Corp.
COHR Technology Scientific & Technical Instruments
Coherent Corp.’s revenue for fiscal 2026 (year ended June 2026) was $7.1 billion, up 22.5% from fiscal 2025.
- Revenue
- +49.9%
- EPS
- +56.8%
- Free cash flow
- −1,695.5%
- Total debt
- +20.9%
Quarter to September 2026, against a year earlier
192.81
23.05
+13.58%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to June
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Sep ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 972 | 1,159 | 1,362 | 2,380 | 3,106 | 3,317 | 5,160 | 4,708 | 5,810 | 7,118 | 7,907 | +24.8% | 11,163 | 15,504 | 20,820 | +43.0% | |
| Gross margin, % | 39.95 | 39.89 | 38.26 | 33.24 | 37.91 | 38.16 | 31.36 | 30.93 | 35.17 | 37.50 | 38.16 | (2.5) pt | ||||||
| EBT | 119 | 122 | 129 | (64) | 353 | 282 | (356) | (148) | 94 | 848 | 990 | +24.4% | ||||||
| EBT margin, % | 12.22 | 10.54 | 9.45 | (2.69) | 11.35 | 8.50 | (6.89) | (3.14) | 1.62 | 11.91 | 12.52 | (0.3) pt | ||||||
| Net income | 95 | 88 | 108 | (67) | 298 | 235 | (259) | (159) | 30 | 787 | 943 | +26.4% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 15.53 | 18.54 | 21.43 | 28.06 | 29.82 | 31.23 | 37.51 | 31.04 | 37.54 | 40.15 | 40.30 | +11.1% | |||||
| Earnings | 1.52 | 1.41 | 1.69 | (0.79) | 2.50 | 1.57 | (2.93) | (1.84) | (0.52) | 4.34 | 5.05 | +12.4% | ||||||
| Cash flow | 1.90 | 2.58 | 2.81 | 3.50 | 5.51 | 3.89 | 4.61 | 3.60 | 4.09 | 0.45 | (0.30) | (14.8%) | ||||||
| Capex | (2.21) | (2.45) | (2.16) | (1.61) | (1.74) | (2.96) | (43.06) | (2.29) | (2.85) | (6.26) | (9.09) | +12.2% | ||||||
| Free cash flow | (0.32) | 0.12 | 0.65 | 1.89 | 3.78 | 0.93 | (38.46) | 1.31 | 1.25 | (5.81) | (9.39) | +38.1% | ||||||
| Book value | 14.39 | 16.39 | 17.82 | 24.48 | 32.70 | 34.06 | 36.25 | 36.81 | 38.76 | 63.40 | 59.43 | +17.9% | ||||||
| Shares, m | 63 | 62 | 64 | 85 | 104 | 106 | 138 | 152 | 155 | 177 | 183 | +12.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 22.57 | 30.04 | 22.14 | 0.00 | 29.04 | 32.45 | 0.00 | 0.00 | 0.00 | 90.68 | 38.25 | 22.7 | |||||
| P/S | 2.21 | 2.28 | 1.75 | 1.68 | 2.43 | 1.63 | 1.36 | 2.34 | 2.38 | 9.82 | 4.80 | 2.8 | ||||||
| P/B | 2.38 | 2.58 | 2.10 | 1.93 | 2.55 | 1.71 | 1.54 | 1.98 | 2.30 | 6.22 | 3.25 | 2.5 | ||||||
| EV/Sales | 2.28 | 2.45 | 1.94 | 2.42 | 2.36 | 1.55 | 2.03 | 2.98 | 2.85 | 9.99 | 5.08 | 3.1 | ||||||
| EV/FCF | (111.38) | 374.71 | 63.86 | 35.96 | 17.16 | 51.80 | 52.99 | 70.54 | 85.98 | (69.50) | (21.78) | 57.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 119 | 161 | 178 | 297 | 574 | 413 | 634 | 546 | 634 | 80 | (59) | (4.3%) | |||||
| Capex | (139) | (153) | (137) | (137) | (181) | (314) | (5,925) | (347) | (441) | (1,110) | (1,784) | +26.0% | ||||||
| Free cash flow | (20) | 8 | 41 | 160 | 394 | 99 | (5,291) | 199 | 193 | (1,031) | (1,843) | +55.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 517 | 525 | 542 | 1,116 | 2,298 | 3,038 | 2,173 | 2,316 | 2,132 | 4,072 | 4,468 | +25.8% | |||||
| Net debt | 70 | 192 | 262 | 1,762 | (217) | (282) | 3,476 | 3,000 | 2,769 | 1,200 | 2,203 | +37.1% | ||||||
| Shareholders’ equity | 901 | 1,024 | 1,133 | 2,077 | 3,406 | 3,616 | 4,988 | 5,582 | 5,998 | 11,238 | 11,662 | +32.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 7.09 | 5.43 | 5.79 | (1.86) | 4.43 | 2.32 | (3.75) | (1.98) | (0.55) | 4.64 | 5.50 | (2.5) pt | |||||
| ROIC | 7.44 | 7.03 | 6.66 | 0.64 | 7.88 | 7.77 | (0.27) | 0.70 | 2.67 | 4.21 | 4.79 | (3.2) pt | ||||||
| ROE | 11.32 | 9.14 | 9.97 | (4.18) | 10.34 | 5.43 | (10.47) | (5.52) | (1.39) | 8.93 | 10.78 | (2.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 10,349 | 11,443 | 12,487 | 22,969 | 22,961 | 23,658 | 26,622 | 26,157 | 30,216 | 51,000 | — | +19.4% | |||||
| Revenue/emp, $m | 0.09 | 0.10 | 0.11 | 0.10 | 0.14 | 0.14 | 0.19 | 0.18 | 0.19 | 0.14 | — | +4.5% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jun 2026 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Datacenter & Communications | 5,275 | 74.10% |
|---|---|---|
| Industrial | 1,844 | 25.90% |
| Gross margin | 37.50% | |
| Operating margin | 11.77% | |
| Pre-tax margin | 11.91% |
Coherent Corp. vs peers in Scientific & Technical Instruments (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GRMN Garmin Ltd. | $55.2B | 27.2× | 26.5× | +12.15% (above 0%: growing) | +34.40% (above 0%: growing) | −31.01% (below 0%: shrinking) | 63.33% | 30.80% | Compare |
| KEYS Keysight Technologies Inc. | $44.4B | 36.9× | 31.2× | +36.54% (above 0%: growing) | +109.91% (above 0%: growing) | +40.21% (above 0%: growing) | 65.87% | 24.97% | Compare |
| COHR Coherent Corp. | $33.4B | 38.3× | 21.8× | +49.89% (above 0%: growing) | +56.84% (above 0%: growing) | −1,695.49% (below 0%: shrinking) | 39.14% | 15.94% | |
| TDY Teledyne Technologies Incorporated | $27.2B | 28.2× | 28.3× | +9.44% (above 0%: growing) | +25.16% (above 0%: growing) | +1.78% (above 0%: growing) | 43.88% | 20.61% | Compare |
| FTV Fortive Corporation | $19.5B | 30.7× | 30.5× | +7.83% (above 0%: growing) | +237.76% (above 0%: growing) | +108.91% (above 0%: growing) | 64.16% | 21.30% | Compare |
| TRMB Trimble Inc. | $12.5B | — (loss-making) | — (loss-making) | +7.28% (above 0%: growing) | −45.89% (below 0%: shrinking) | +21.61% (above 0%: growing) | 68.17% | 14.69% | Compare |
| MKSI MKS Inc. | $12.0B | 21.5× | 20.4× | +43.02% (above 0%: growing) | +216.91% (above 0%: growing) | +100.00% (above 0%: growing) | 47.70% | 23.07% | Compare |
| CGNX Cognex Corporation | $8.0B | 32.8× | 28.9× | +13.18% (above 0%: growing) | +358.18% (above 0%: growing) | +20.62% (above 0%: growing) | 70.76% | 32.17% | Compare |
| ESE ESCO Technologies Inc. | $7.0B | 19.0× | 39.6× | +14.40% (above 0%: growing) | +24.75% (above 0%: growing) | −22.12% (below 0%: shrinking) | 41.74% | 14.80% | Compare |
| Median of peers | $16.0B | 28.2× | 28.9× | +12.66% | +72.15% | +21.12% | 63.75% | 22.19% |
From the latest earnings call
- On the Q4 FY2026 call, CEO Jim Anderson said customer orders extended into calendar 2028 and long-term agreements ran through the end of the decade.
- Anderson said indium phosphide production was the principal constraint on transceiver growth, while Coherent had assembly and test capacity available.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
86.69%
Held by the ten largest
46.71%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 24.74m | 12.63% | +1.27m |
| BlackRock | 16.61m | 8.48% | +1.66m |
| Fidelity (FMR) | 11.01m | 5.62% | −11.65m |
| State Street | 8.59m | 4.39% | +843.22k |
| NVIDIA CORP | 7.79m | 3.98% | 0.00 |
| Invesco | 7.43m | 3.79% | +720.31k |
| Geode Capital Management | 5.27m | 2.69% | +31.15k |
| Capital Group | 3.68m | 1.88% | +3.68m |
| Morgan Stanley | 3.28m | 1.68% | +526.57k |
| T. Rowe Price | 3.08m | 1.57% | +1.54m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 9 October 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 28.35m | 713.54m | 543.42 |
| 2025 | 3.72m | 34.48m | 122.90 |
| 2024 | 101.50m | 108.40m | 99.82 |
Ownership
Directors and executive officers, together
less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Coherent Corp. (COHR) Latest News
6 Nov
5 Nov
4 Nov
2 Nov
29 Oct
28 Oct
COHR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Coherent develops and manufactures lasers, optical devices and engineered materials. Its products help move information through optical networks and perform industrial tasks such as cutting, inspection and precision manufacturing. Founded in 1971, Coherent is headquartered in Saxonburg, Pennsylvania, and is led by chief executive Jim Anderson.
For data centers and communications networks, the company sells optical transceivers, which transmit and receive data using light, as well as lasers, components, switches and subsystems. Customers use these products in AI data centers, connections between data centers and telecommunications networks. Coherent also makes many of the components that go into its transceivers, including lasers, detectors and optical parts.