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Coherent Corp. (COHR) vs Garmin Ltd. (GRMN)

Coherent Corp. and Garmin Ltd. are both Scientific & Technical Instruments companies. Garmin Ltd. is the larger, with a market value of $55.0B against $49.4B — 1.1× the size. Garmin Ltd. trades at the lower P/E: 29.3× against 53.5×. Coherent Corp. grew revenue faster over the last twelve months: 22.5% against 13.5%. Garmin Ltd. has the higher net margin (24.5% vs 10.8%) and the higher return on invested capital (20.8% vs 4.21%). Across the 21 metrics below, Garmin Ltd. leads on 14 and Coherent Corp. on 7.

Valuation

Metric COHR GRMN Scientific & Technical Instruments median
P/E 53.54 29.26 33.25
P/S 5.80 7.17 4.50
P/B 3.67 6.09 2.90
Price to free cash flow n/m 34.47 24.81
EV/EBITDA 30.84 22.65 17.92
EV/Sales 5.97 6.82 4.71
Earnings yield 1.87% 3.42% 0.60%
Free cash flow yield (2.48%) 2.90% 1.27%

Profitability

Metric COHR GRMN Scientific & Technical Instruments median
Gross margin 37.50% 60.08% 45.75%
Operating margin 11.77% 27.61% 7.34%
Net margin 10.82% 24.47% 1.56%
Free cash flow margin (14.38%) 20.85% 5.84%
Return on equity 8.93% 21.89% 2.87%
Return on assets 4.64% 17.26% 0.99%
Return on invested capital 4.21% 20.81% 3.88%

Growth

Metric COHR GRMN Scientific & Technical Instruments median
Revenue growth (TTM) 22.51% 13.51% 11.15%
EPS growth (last fiscal year) 892.31% 17.67% 11.47%
Revenue growth, 5-year CAGR 18.04% 11.59% 7.89%
Net income growth, 5-year CAGR 24.22% 10.89% 0.00%

Health

Metric COHR GRMN Scientific & Technical Instruments median
Debt to equity 0.29 0.00 0.00
Current ratio 2.43 3.03 2.24
Net debt to EBITDA 0.87 (1.33) 0.44

Dividend

Metric COHR GRMN Scientific & Technical Instruments median
Dividend yield — 2.10% 0.58%
Payout ratio — 0.62 0.36

Size

Metric COHR GRMN Scientific & Technical Instruments median
Market cap 49.35b 55.01b 444.25m

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