Coherent Corp.COHR
NYSE•Technology•Scientific & Technical Instruments
Coherent Corp. develops, manufactures, and markets engineered materials, optoelectronic components and devices, and laser systems for the use in the industrial, communications, electronics, and instrumentation markets worldwide. It operates through three segments: Networking, Materials, and Lasers. The Networking segment offers transceivers, systems, subsystems, modules, components, optics, and semiconductor devices for datacenter and communications applications. The Materials segment provides engineered materials, laser optics, thermoelectric components, and advanced ceramic and metal-matrix composite materials and products; and vertical-cavity surface-emitting laser, edge-emitting laser, pump lasers, high-power lasers for materials processing, and integrated circuit. The Laser segment offers excimer lasers, solid-state lasers, CO2 lasers, and laser systems for various industrial applications, including semiconductor capital equipment, display manufacturing, precision manufacturing, and scientific research; and laser systems and subsystems. It markets its products and services through direct sales force, representatives, and distributors. The company was formerly known as II-VI Incorporated and changed its name to Coherent Corp. in September 2022. Coherent Corp. was incorporated in 1971 and is headquartered in Saxonburg, Pennsylvania.
Coherent Corp. (COHR) reported trailing twelve months revenue of $6.60B as of March 2026, a 18.0% increase year-over-year. Quarterly revenue reached $1.81B, reflecting continued top-line momentum.
Coherent Corp. generated $468.85M in TTM net income, with quarterly EBITDA of $184.35M. The operating margin expanded from 0.7% to 10.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (10.2%) and net margin (10.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 1.0% a year ago, signaling stronger bottom-line efficiency.
COHR trades at a P/E of 89.1x (a premium multiple) and a P/S of 6.3x. The price-to-book ratio of 3.9x reflects a moderate premium to book value.
The company reported negative free cash flow of $-383.48M, indicating cash consumption over the period. The balance sheet shows $17.29B in total assets with $3.18B in long-term debt against $10.68B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 5.7%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~40.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 25.4% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation