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Coherent Corp. (COHR) vs Fortive Corporation (FTV)

Coherent Corp. and Fortive Corporation are both Scientific & Technical Instruments companies. Coherent Corp. is the larger, with a market value of $33.4B against $19.5B — 1.7× the size. Fortive Corporation trades at the lower P/E: 30.7× against 38.3×. Coherent Corp. grew revenue faster over the last twelve months: 30.8% against 6.98%. Fortive Corporation has the higher net margin (14.8% vs 12.2%) and the higher return on invested capital (5.93% vs 4.79%). Across the 21 metrics below, Fortive Corporation leads on 11 and Coherent Corp. on 10.

Valuation

Metric COHR FTV Scientific & Technical Instruments median
P/E 38.25 30.73 28.21
P/S 4.80 4.46 4.46
P/B 3.25 3.29 3.10
Price to free cash flow n/m 18.06 24.15
EV/EBITDA 24.78 18.00 18.28
EV/Sales 5.08 5.38 4.64
Earnings yield 2.61% 3.25% 0.68%
Free cash flow yield (4.86%) 5.54% 1.98%

Profitability

Metric COHR FTV Scientific & Technical Instruments median
Gross margin 38.16% 63.47% 47.24%
Operating margin 13.44% 19.63% 8.96%
Net margin 12.16% 14.83% 1.92%
Free cash flow margin (23.31%) 24.69% 10.59%
Return on equity 10.78% 10.46% 2.66%
Return on assets 5.50% 5.57% 1.12%
Return on invested capital 4.79% 5.93% 4.79%

Growth

Metric COHR FTV Scientific & Technical Instruments median
Revenue growth (TTM) 30.84% 6.98% 9.26%
EPS growth (last fiscal year) 892.31% (26.69%) 13.24%
Revenue growth, 5-year CAGR 18.04% (2.14%) 7.89%
Net income growth, 5-year CAGR 24.22% (17.81%) 0.00%

Health

Metric COHR FTV Scientific & Technical Instruments median
Debt to equity 0.34 0.59 0.00
Current ratio 2.29 1.23 2.30
Net debt to EBITDA 0.87 2.44 0.45

Dividend

Metric COHR FTV Scientific & Technical Instruments median
Dividend yield — 0.38% 0.62%
Payout ratio — 0.12 0.22

Size

Metric COHR FTV Scientific & Technical Instruments median
Market cap 33.43b 19.47b 549.07m

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