Coherent, Inc.

COHR · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Valuation
Market cap	$77,174	$12,584	$11,047	$7,105	$6,606	$6,546	$3,244	$2,379	$2,716	$2,146	$1,151	$1,162	$900	$1,049	$1,047	$1,593	$894	$660	$1,037	$800	$534	$535	$437	$339	$200	$238	$310	$60	$92	$138	$109	$72	$9	$6	$7	$7	$9	$20	$16	$13	$11
Enterprise value	$79,060	$15,922	$14,796	$10,773	$6,461	$6,480	$5,125	$2,641	$2,908	$2,240	$1,168	$1,164	$967	$977	$927	$1,463	$790	$568	$968	$782	$538	$558	$431	$347	$225	$266	$310	$61	$96	$129	$101	$70	$8	$5	$6	$7	$9	$18	$14	$11	$12
P/E (TTM) at period end	100.24×	–	–	–	39.66×	25.15×	–	22.12×	30.86×	22.53×	17.58×	17.61×	23.41×	20.63×	17.37×	19.26×	23.17×	17.94×	16.13×	21.07×	49.46×	23.00×	26.45×	29.18×	27.54×	25.03×	42.46×	10.97×	13.56×	19.48×	24.69×	28.83×	8.33×	56.25×	10.27×	17.97×	9.38×	11.72×	12.50×	18.06×	54.17×
P/S (TTM) at period end	10.84×	2.17×	2.35×	1.38×	1.99×	2.11×	1.36×	1.75×	2.34×	2.21×	1.39×	1.57×	1.32×	1.90×	2.03×	3.17×	2.59×	2.26×	3.28×	3.04×	2.30×	2.76×	2.90×	2.64×	1.76×	1.93×	4.19×	0.97×	1.50×	2.62×	2.87×	2.59×	0.49×	0.33×	0.43×	0.48×	0.62×	1.43×	1.31×	1.29×	1.25×
P/B at period end	7.08×	2.23×	2.12×	1.42×	1.83×	1.92×	1.56×	2.10×	2.65×	2.38×	1.47×	1.59×	1.33×	1.65×	1.79×	3.06×	2.18×	2.05×	3.57×	3.64×	3.13×	3.33×	3.31×	3.04×	2.05×	2.66×	4.89×	1.10×	1.84×	3.25×	3.16×	4.24×	0.65×	0.43×	0.54×	0.57×	0.77×	1.79×	1.73×	2.53×	2.36×
EV / EBITDA (TTM)	68.42×	27.07×	40.24×	46.75×	10.40×	10.98×	26.13×	11.77×	14.33×	13.46×	8.64×	9.87×	10.96×	9.25×	8.30×	11.47×	10.90×	9.18×	12.54×	12.02×	9.90×	12.36×	12.93×	13.09×	11.16×	9.88×	20.20×	4.75×	7.08×	10.22×	12.27×	13.19×	2.88×	2.26×	1.93×	3.14×	3.09×	5.46×	–	–	–
EV / Sales (TTM)	11.11×	2.74×	3.14×	2.09×	1.95×	2.09×	2.15×	1.94×	2.51×	2.30×	1.41×	1.57×	1.42×	1.77×	1.79×	2.91×	2.29×	1.94×	3.06×	2.97×	2.31×	2.88×	2.86×	2.71×	1.98×	2.16×	4.18×	0.98×	1.57×	2.44×	2.65×	2.51×	0.42×	0.26×	0.34×	0.44×	0.61×	1.30×	1.09×	1.17×	1.33×
Returns
Return on equity	7.1%	(1.4%)	(5.4%)	(8.1%)	4.6%	7.6%	(3.2%)	9.5%	8.6%	10.6%	8.4%	9.0%	5.7%	8.0%	10.3%	15.9%	9.4%	11.4%	22.2%	17.3%	6.3%	14.5%	12.5%	10.4%	7.4%	10.6%	11.5%	10.0%	13.6%	16.7%	12.8%	14.7%	7.7%	0.8%	5.2%	3.2%	8.3%	15.3%	13.8%	14.0%	4.3%
Return on invested capital	6.2%	1.2%	1.1%	(0.3%)	9.9%	10.2%	1.0%	8.9%	8.1%	9.3%	8.3%	8.8%	5.3%	9.6%	14.0%	21.3%	12.7%	16.9%	19.9%	18.2%	11.2%	12.9%	13.4%	10.4%	7.1%	10.1%	12.3%	10.1%	12.7%	20.3%	15.8%	16.4%	4.5%	0.8%	7.7%	4.0%	7.9%	16.4%	18.4%	18.4%	2.5%
Dividend yield	0.0%	0.1%	–	0.4%	0.5%	0.3%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.43×	2.19×	2.72×	3.01×	3.40×	4.15×	2.66×	3.00×	3.22×	3.80×	3.40×	3.69×	3.74×	4.88×	4.90×	4.35×	3.94×	7.19×	4.86×	3.50×	2.83×	2.95×	2.27×	2.46×	2.78×	2.56×	3.03×	2.54×	1.97×	3.18×	3.09×	2.71×	3.68×	3.14×	4.10×	4.33×	3.84×	2.75×	3.94×	2.18×	3.56×
Debt / equity	0.30×	0.65×	0.79×	0.86×	0.64×	0.40×	1.09×	0.41×	0.43×	0.38×	0.30×	0.24×	0.36×	0.18×	0.02×	0.04×	0.01×	0.01×	0.01×	0.07×	0.18×	0.28×	0.12×	0.21×	0.35×	0.41×	0.09×	0.12×	0.16×	0.03×	0.04×	0.09×	0.02×	0.06×	0.11×	0.17×	0.19×	0.07×	0.06×	0.18×	0.24×
Effective tax rate	7.2%	68.1%	(7.5%)	27.0%	16.7%	15.6%	(4.9%)	16.5%	28.0%	19.8%	27.2%	16.6%	16.0%	24.2%	20.1%	18.4%	24.5%	16.0%	27.5%	23.9%	49.4%	26.8%	29.0%	27.6%	23.6%	34.8%	25.1%	32.0%	29.2%	29.0%	26.7%	26.5%	35.3%	50.0%	30.0%	20.0%	44.4%	37.0%	35.0%	41.7%	33.3%
Share count
Diluted shares outstanding	195	155	152	138	117	115	85	66	65	65	63	63	64	64	64	64	62	60	61	61	60	60	59	61	57	56	53	50	53	53	50	42	37	40	40	40	40	42	40	31	27

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986
Revenue and gross profit
Revenue	$7,118	$7,118	$5,810	$4,708	$5,160	$3,317	$3,106	$2,380	$1,362	$1,159	$972	$827	$742	$683	$551	$516	$503	$345	$292	$316	$263	$233	$194	$151	$128	$114	$123	$74	$62	$61	$53	$38	$28	$19	$17	$17	$15	$15	$14	$12	$10	$9
Cost of revenue	($4,449)	($4,449)	($3,767)	($3,252)	($3,542)	($2,051)	($1,928)	($1,589)	($841)	($697)	($584)	($514)	($470)	($457)	($348)	($315)	($296)	($210)	($169)	($186)	($144)	($139)	($106)	($80)	($69)	($70)	($72)	($42)	($37)	($30)	($24)	($18)	($14)	($10)	($10)	($9)	($8)	($7)	($6)	($6)	($5)	($6)
Gross profit	$2,669	$2,669	$2,043	$1,456	$1,618	$1,265	$1,177	$791	$521	$462	$388	$313	$272	$227	$204	$201	$207	$135	$124	$130	$119	$94	$88	$71	$59	$44	$51	$33	$25	$31	$28	$20	$14	$9	$8	$8	$7	$8	$8	$6	$4	$3
Operating expenses
Research and development	($723)	($723)	($582)	($479)	($500)	($377)	($330)	($339)	($139)	($117)	($97)	($61)	($51)	($43)	($23)	($21)	($16)	($12)	($10)	($8)	($16)	($7)	($13)	($12)	($13)	($11)	($8)	($4)	($3)	($3)	($3)	($2)	($1)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,045)	($1,045)	($926)	($854)	($1,037)	($474)	($445)	($413)	($234)	($209)	($176)	($161)	($144)	($138)	($109)	($98)	($92)	($71)	($58)	($61)	($55)	($48)	($43)	($35)	($29)	($21)	($25)	($18)	($14)	($14)	($13)	($10)	($7)	($6)	($6)	($5)	($5)	($5)	($5)	($4)	($3)	($3)
Total operating expenses	($1,755)	($1,755)	($1,706)	($1,360)	($1,655)	($851)	($775)	($752)	($373)	($325)	($273)	($222)	($195)	($180)	($132)	($120)	($105)	($83)	($77)	($69)	($71)	($55)	($56)	($47)	($42)	($33)	($33)	($22)	($17)	($22)	($19)	($14)	($11)	($8)	($7)	($7)	($6)	($6)	($6)	($4)	($3)	($3)
Total costs and expenses	($6,204)	($6,204)	($5,473)	($4,612)	($5,197)	($2,902)	($2,704)	($2,341)	($1,214)	($1,022)	($856)	($736)	($665)	($637)	($480)	($435)	($401)	($294)	($246)	($255)	($215)	($194)	($162)	($127)	($111)	($102)	($105)	($64)	($54)	($52)	($43)	($32)	($24)	($18)	($17)	($15)	($14)	($13)	($12)	($10)	($9)	($8)
Operating income	$914	$914	$337	$96	($37)	$414	$402	$39	$149	$137	$116	$91	$77	$46	$71	$82	$102	$51	$46	$62	$48	$39	$32	$24	$17	$11	$18	$10	$8	$10	$9	$6	$3	$1	$0	$1	$1	$2	$2	$2	$1	$0
Earnings
EBITDA	$1,155	$1,155	$588	$368	$230	$621	$590	$196	$224	$203	$166	$135	$118	$88	$106	$112	$128	$72	$62	$77	$65	$54	$45	$33	$27	$20	$27	$15	$13	$14	$13	$8	$5	$3	$2	$3	$2	$3	$3	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($190)	($190)	($243)	($288)	($287)	($121)	($60)	($89)	($22)	($18)	($7)	($3)	($4)	($4)	($1)	($0)	($0)	($0)	($0)	–	–	($2)	($0)	($0)	($1)	($2)	($5)	($0)	($0)	($0)	–	–	–	–	–	($0)	($0)	–	–	–	–	–
Pre-tax income	$848	$848	$94	($148)	($356)	$282	$353	($64)	$129	$122	$119	$90	$79	$46	$77	$88	$102	$51	$46	$91	$50	$21	$32	$23	$16	$10	$15	$10	$8	$10	$10	$6	$3	$2	$0	$1	$0	$2	$3	$2	$1	$0
Income tax expense	($61)	($61)	($64)	($11)	$96	($47)	($55)	($3)	($21)	($34)	($24)	($24)	($13)	($7)	($19)	($18)	($19)	($13)	($7)	($25)	($12)	($11)	($9)	($7)	($4)	($2)	($5)	($2)	($3)	($3)	($3)	($2)	($1)	($1)	($0)	($0)	($0)	($1)	($1)	($1)	($0)	($0)
Net income	$805	$805	$49	($156)	($259)	$235	$298	($67)	$108	$88	$95	$65	$66	$38	$51	$60	$83	$39	$37	$64	$38	$11	$23	$17	$12	$7	$9	$7	$5	$7	$7	$4	$2	$1	$0	$1	$0	$1	$2	$1	$1	$0
Per share
Diluted EPS (GAAP)	$4.12	$4.12	($0.52)	($1.84)	($2.93)	$1.45	$2.37	($0.79)	$1.63	$1.35	$1.48	$1.04	$1.05	$0.60	$0.80	$0.94	$1.30	$0.63	$0.61	$1.06	$0.63	$0.18	$0.39	$0.28	$0.19	$0.13	$0.17	$0.14	$0.0525	$0.13	$0.14	$0.0875	$0.06	$0.03	$0.0025	$0.0175	$0.01	$0.025	$0.04	$0.0325	$0.0225	$0.0075
Basic EPS (GAAP)	$4.34	$4.34	($0.52)	($1.84)	($2.93)	$1.57	$2.50	($0.79)	$1.69	$1.41	$1.52	$1.07	$1.08	$0.62	$0.81	$0.96	$1.33	$0.64	$0.62	$1.08	$0.65	$0.19	$0.40	$0.29	$0.20	$0.13	$0.18	$0.14	$0.0538	$0.13	$0.14	$0.0875	$0.06	$0.03	$0.0025	$0.0175	$0.01	$0.025	$0.04	$0.0325	$0.0225	$0.0075
Basic shares outstanding	177	177	155	152	138	106	104	85	64	62	63	61	61	62	62	63	62	60	59	59	59	58	58	57	60	56	54	51	50	52	53	50	42	37	40	40	40	40	42	40	31	27
Margins
Gross margin	37.5%	37.5%	35.2%	30.9%	31.4%	38.2%	37.9%	33.2%	38.3%	39.9%	40.0%	37.8%	36.6%	33.2%	36.9%	39.0%	41.1%	39.0%	42.3%	41.2%	45.4%	40.2%	45.6%	47.0%	45.9%	38.7%	41.5%	43.9%	41.0%	50.9%	53.7%	52.2%	50.4%	49.2%	44.2%	47.6%	47.3%	53.0%	56.8%	49.2%	44.9%	32.2%
Operating margin	12.8%	12.8%	5.8%	2.0%	(0.7%)	12.5%	12.9%	1.7%	10.9%	11.8%	11.9%	11.0%	10.4%	6.8%	13.0%	15.8%	20.3%	14.9%	15.9%	19.5%	18.4%	16.6%	16.7%	15.7%	13.4%	10.0%	14.8%	13.9%	13.3%	15.8%	17.8%	15.0%	11.9%	4.8%	1.2%	7.8%	4.0%	11.3%	17.3%	15.3%	12.2%	2.3%
Net margin	11.3%	11.3%	0.8%	(3.3%)	(5.0%)	7.1%	9.6%	(2.8%)	7.9%	7.6%	9.8%	7.9%	8.9%	5.6%	9.2%	11.7%	16.4%	11.2%	12.6%	20.3%	14.4%	4.6%	12.0%	11.0%	9.1%	6.4%	7.7%	9.9%	8.8%	11.1%	13.5%	11.6%	9.0%	5.9%	0.6%	4.2%	2.7%	6.6%	12.2%	10.5%	7.1%	2.3%

Analyst consensus

Buy31 analysts

Bearish · 0 · Hold · 6 · Bullish · 25

Earnings history

	EPS	Estimate
Q1 2025	$0.74	$0.61	Beat
Q2 2025	$0.95	$0.69	Beat
Q3 2025	$0.91	$0.86	Beat
Q4 2025	$1.00	$0.92	Beat
Q1 2026	$1.16	$1.04	Beat
Q2 2026	$1.29	$1.21	Beat
Q3 2026	$1.41	$1.40	Beat
Q4 2026	$1.74	$1.62	Beat

Peers

Company overview

IPO dateOct 2, 1987

CEOJames Robert Anderson

Employees51,478

SectorTechnology

IndustryHardware, Equipment & Parts

CountryUS

ExchangeNew York Stock Exchange

Websitewww.coherent.com

Coherent, Inc. specializes in advanced laser technologies, offering a comprehensive suite of products that includes lasers, laser-based solutions, and complete systems. These are deployed across a spectrum of uses, from commercial and industrial operations to critical scientific research. The company's operations are distinctly segmented into two primary areas: laser sources for Original Equipment Manufacturers (OEMs) and industrial lasers alongside integrated systems. Coherent handles the entire lifecycle of its offerings, from conceptual design and manufacturing to global marketing and ongoing service. Their product portfolio spans lasers, specialized laser tools, high-precision optical components, associated accessories, and sophisticated laser measurement and control devices. These sophisticated tools are integral to fields such as microelectronics fabrication, advanced materials processing, integration into original equipment manufacturer (OEM) components and instrumentation, scientific studies, and various governmental programs. Distribution in the U.S. is primarily managed by an in-house sales team, while international markets are reached through a combination of direct sales personnel and independent representatives. Established in 1966, Coherent, Inc. maintains its headquarters in Santa Clara, California. Notably, since July 1, 2022, the company has operated as a wholly-owned subsidiary of II-VI Incorporated.

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