Coherent Corp. (COHR) financials

NYSE · Technology · Hardware, Equipment & Parts · 51,478 employees · CEO James Robert Anderson

Price: $210.32 -11.34%
Market cap: $41.4B
Enterprise value: $43.8B
Last report: Q4 '26 filed 2026-08-14
Next report: 2026-11-04 EPS est. $1.98

Revenue (TTM)$7.12B+22.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)12.0%+2.5 pp vs a year agoOperating income $851M

Net income (TTM)$805M+1,530.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$1.03B-634.6% vs a year agoCapex $1.11B

Diluted EPS (TTM)$4.11+861.1% vs a year agoSum of the last 4 quarters

Net cash-$1.55B+48.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $41.4B
Revenue: $7.12B
Revenue growth: +49%
Profit margin: 11.3%
P/E: 48.3×
P/S: 5.8×
EV / EBITDA: 28.1×
Free cash flow: -$1.03B
Net income: $805M
Revenue estimate: $10.6B
Earnings: 2026-11-04
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-12): revenue beat by 3.1%, EPS beat by 7.4%Revenue $2.05B vs $1.98B expected (+3.1%); EPS $1.74 vs $1.62 (+7.4%).
Revenue growth accelerating: 33.7% year on yearQ4 '26 revenue $2.05B, against an average of 17.9% over the four quarters before.
Operating margin 12.0% (TTM), +2.5 pp on a year agoOperating income grew 55.0% while revenue grew 22.5%.
Capex 15.6% of revenue (a year ago 7.6%)$1.11B invested in the last 4 quarters (+151.8% on a year earlier). Free cash flow -$1.03B = -128.0% of net income.
Diluted share count up 30.0% in a year202M diluted shares in Q4 '26, 156M a year earlier.
Net debt $1.55BCash + short-term investments $1.99B, debt incl. leases $3.54B; a year ago net debt $2.98B.

Last quarter: Q4 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q4 '26	Year ago	Change
Revenue	$2.05B	$1.53B	+33.7%
Gross margin	38.5%	36.6%	+1.9 pp
Operating income	$254M	$159M	+59.6%
Operating margin	12.4%	10.4%	+2.0 pp
Net income	$241M	-$95.6M	+351.5%
Diluted EPS	$1.19	-$0.83	+243.4%
Operating cash flow	$69.5M	$130M	-46.7%
Capex	$563M	$131M	+328.5%
Free cash flow	-$493M	-$1.07M	-46,185.1%
R&D	$216M	$156M	+39.0%
Stock-based compensation	$50.4M	$160M	-68.5%

Reported vs consensus

2026-08-12

	Actual	Consensus	vs consensus
Revenue	$2.05B	$1.98B	+3.1%
EPS (as estimated)	$1.74	$1.62	+7.4%

From the report of 2026-08-12 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '26	y/y	Share	TTM	TTM y/y
Industrial Segment	$1.4B	–	100.0%	–	–
Datacenter & Communications	–	–	–	–	–
Lasers Segment	–	–	–	–	–
Materials Segment	–	–	–	–	–
Industrial	–	–	–	–	–

Revenue by region

share of total

Segment	Q4 '26	y/y	Share	TTM	TTM y/y
North America	$3.47B	–	65.3%	–	–
CHINA	$607M	–	11.4%	–	–
Europe	$599M	–	11.3%	–	–
Other Countries	$330M	–	6.2%	–	–
United States	–	–	–	–	–
JAPAN	$306M	–	5.8%	–	–
GERMANY	–	–	–	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q4 '25

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Networking Segment	$945M	+39.0%	–	–	–	-12.0%	–
Lasers Segment	$348M	-2.0%	–	–	–	-85.2%	–
Materials Segment	$236M	-15.4%	–	–	–	-43.6%	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $79.5M
Capex: -$1.11B
Buybacks: $0
Dividends: -$11.4M
Acquisitions: $437M
Net debt issued: -$478M
Stock-based compensation: $186M
Free cash flow: -$1.03B
Returned to shareholders / FCF: -1.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	48.3×	61.1× 2 of 5 years	31.3× – 90.9×
EV / EBITDA	28.1×	21.4×	7.4× – 46.4×
EV / Sales	6.2×	3.9×	1.5× – 10.2×
Price / FCF	-40.2×	53.8× 4 of 5 years	35.4× – 71.6×
Price / Book	3.8×	2.3×	1.0× – 6.4×
FCF yield	-2.5%	1.3%	-1.5% – 2.8%
Return on invested capital	5.1%	2.8%	0.9% – 5.4%
Return on equity	8.4%	1.5%	-3.6% – 7.4%

Analysts

Consensus target $374.22 (+77.9%)
range $230.00 – $448.00 · rating Buy

Strong buy1

Buy24

Hold6

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$10.6B	+49.3%	$9.45	+129.4%	22.3×	14
FY2028	$14.6B	+37.9%	$14.07	+48.9%	14.9×	12
FY2029	$19.7B	+34.5%	$19.64	+39.6%	10.7×	4
FY2030	$28.4B	+44.4%	$25.21	+28.3%	8.3×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 303 figures Coherent, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	$1.72M	–	–
	–	–	–	0.0%	–	–
	–	–	–	$16.8M	–	–
	–	–	–	2.0%	–	–
	–	–	–	$14.9M	–	–
	–	–	–	$3.27M	–	–
Accounts Payable, Current	$1.91B	$847M	+125.0%	$1.91B	$847M	+125.0%
Accounts Receivable, after Allowance for Credit Loss, Current	$1.34B	$964M	+39.3%	$1.34B	$964M	+39.3%
Accounts Receivable, Allowance for Credit Loss, Current	$13.2M	$12.2M	+8.2%	$13.2M	$12.2M	+8.2%
Accrued Income Taxes, Current	$173M	$124M	+40.0%	$173M	$124M	+40.0%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.78B	$1.62B	+10.4%	$1.78B	$1.62B	+10.4%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$204M	$372M	-45.1%	$204M	$372M	-45.1%
Amortization of Debt Issuance Costs	$2.42M	$4.11M	-41.1%	$17.6M	$19.8M	-11.2%
Amortization of Debt Issuance Costs and Discounts	–	–	–	$19.8M2025-06-30	$17.7M	+12.0%
Amortization of Intangible Assets	$69.6M	$72.3M	-3.7%	$280M	$303M	-7.6%
Amortization of Other Deferred Charges	$69.9M	$72M	-3.0%	$280M	$303M	-7.4%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	4.63M	-100.0%	0	33.7M	-100.0%
Assets	$18.3B	$14.9B	+22.7%	$18.3B	$14.9B	+22.7%
Assets, Current	$6.93B	$3.93B	+76.3%	$6.93B	$3.93B	+76.3%
Business Combination, Acquisition Related Costs	–	–	–	$38.7M2023-06-30	–	–
Business Combination, Integration Related Costs	$18M	$17M	+5.9%	$80M	$38M	+110.5%
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred	–	–	–	-$158M2023-06-30	–	–
Capital Expenditures Incurred but Not yet Paid	$170M	-$10.6M	+1,701.5%	$372M	$67.1M	+453.7%
Cash and Cash Equivalents, at Carrying Value	$1.16B	$909M	+27.8%	$1.16B	$909M	+27.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.77B	$1.63B	+8.3%	$1.77B	$1.63B	+8.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$457M	$6.88M	-6,745.1%	$135M	-$157M	+186.4%
Common Stock, No Par Value	$0.002025-12-31	$0.00	–	$0.002025-06-30	$0.00	–
Common Stock, Shares Authorized	300M	300M	0.0%	300M	300M	0.0%
Common Stock, Shares, Issued	213M	172M	+23.7%	213M	172M	+23.7%
Common Stock, Value, Issued	$9.79B	$5.06B	+93.6%	$9.79B	$5.06B	+93.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$203M	$288M	-29.4%	$637M	$419M	+52.1%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$199M	$287M	-30.5%	$618M	$401M	+54.2%
Contract with Customer, Liability	$63M	$72M	-12.5%	$63M	$72M	-12.5%
Contract with Customer, Liability, Current	$48.1M	$63M	-23.6%	$48.1M	$63M	-23.6%
Contract with Customer, Liability, Noncurrent	$15M	$9M	+66.7%	$15M	$9M	+66.7%
Contract with Customer, Liability, Revenue Recognized	-$1M	$3M	-133.3%	$51M	$55M	-7.3%
Conversion of Stock, Amount Converted	$0	$0	–	$2.51B	$0	–
Cost of Goods and Services Sold	$1.26B	$983M	+28.0%	$4.45B	$3.77B	+18.1%
Costs and Expenses	$1.77B	$1.59B	+10.9%	$6.27B	$5.72B	+9.7%
Current Federal Tax Expense (Benefit)	–	–	–	$3.37M	$3.01M	+11.8%
Current Foreign Tax Expense (Benefit)	–	–	–	$251M	$155M	+62.3%
Current Income Tax Expense (Benefit)	–	–	–	$260M	$160M	+62.7%
Current State and Local Tax Expense (Benefit)	–	–	–	$4.9M	$1.73M	+182.9%
Debt, Weighted Average Interest Rate	–	–	–	6.0%2025-06-30	7.0%	-14.3%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$55M	-$50.5M	-8.9%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$142M	-$37.8M	-276.4%
Deferred Income Tax Assets, Net	$69.4M	$53.4M	+30.0%	$69.4M	$53.4M	+30.0%
Deferred Income Tax Expense (Benefit)	–	–	–	-$199M	-$95.4M	-108.2%
Deferred Income Tax Liabilities, Net	$541M	$712M	-24.0%	$541M	$712M	-24.0%
Deferred Income Taxes and Tax Credits	-$60.7M	-$7.33M	-727.7%	-$199M	-$95.4M	-108.2%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$1.63M	-$7.22M	+77.4%
Deferred Tax Assets, Deferred Income	$12.2M	$15.4M	-20.7%	$12.2M	$15.4M	-20.7%
Deferred Tax Assets, in Process Research and Development	$216M	$169M	+27.6%	$216M	$169M	+27.6%
Deferred Tax Assets, Inventory	$74.4M	$74.9M	-0.6%	$74.4M	$74.9M	-0.6%
Deferred Tax Assets, Net of Valuation Allowance	$475M	$470M	+1.1%	$475M	$470M	+1.1%
Deferred Tax Assets, Operating Loss Carryforwards	$215M	$257M	-16.4%	$215M	$257M	-16.4%
Deferred Tax Assets, Other	$9.23M	$9.56M	-3.5%	$9.23M	$9.56M	-3.5%
Deferred Tax Assets, Property, Plant and Equipment	$6.32M	$0	–	$6.32M	$0	–
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits	$36.2M	$36.3M	-0.4%	$36.2M	$36.3M	-0.4%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$18.9M	$15.9M	+19.0%	$18.9M	$15.9M	+19.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-Q 2025-09-30, 10-K 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-Q 2024-09-30, 10-K 2024-06-30

Data as of 2026-11-02