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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 $55.2B against $33.4B — 1.7× the size. Garmin Ltd. trades at the lower P/E: 27.2× against 38.3×. Coherent Corp. grew revenue faster over the last twelve months: 30.8% against 13.6%. Garmin Ltd. has the higher net margin (25.6% vs 12.2%) and the higher return on invested capital (19.7% vs 4.79%). 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 38.25 27.24 28.21
P/S 4.80 6.97 4.46
P/B 3.25 5.76 3.10
Price to free cash flow n/m 37.55 24.15
EV/EBITDA 24.78 21.33 18.28
EV/Sales 5.08 6.68 4.64
Earnings yield 2.61% 3.67% 0.68%
Free cash flow yield (4.86%) 2.66% 1.98%

Profitability

Metric COHR GRMN Scientific & Technical Instruments median
Gross margin 38.16% 61.12% 47.24%
Operating margin 13.44% 28.82% 8.96%
Net margin 12.16% 25.58% 1.92%
Free cash flow margin (23.31%) 18.61% 10.59%
Return on equity 10.78% 22.38% 2.66%
Return on assets 5.50% 17.92% 1.12%
Return on invested capital 4.79% 19.70% 4.79%

Growth

Metric COHR GRMN Scientific & Technical Instruments median
Revenue growth (TTM) 30.84% 13.59% 9.26%
EPS growth (last fiscal year) 892.31% 17.67% 13.24%
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 0.34 0.00 0.00
Current ratio 2.29 3.05 2.30
Net debt to EBITDA 0.87 (1.33) 0.45

Dividend

Metric COHR GRMN Scientific & Technical Instruments median
Dividend yield — 1.37% 0.62%
Payout ratio — 0.37 0.22

Size

Metric COHR GRMN Scientific & Technical Instruments median
Market cap 33.43b 55.19b 549.07m

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