COHR
COHERENT CORP.
Next earnings Aug 11, 2026 (after close) · consensus $1.65 EPS, $2.02B rev
Last earnings +2.7% on 2026-05-06
$333.36
▼ -14.79%$333.36▲ +282.16%
over 1Y
L $86.55H $426.89
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-14.8%
1W-18.1%
1M-21.9%
3M+29.1%
YTD+71.5%
1Y+282.2%
Hold
Conviction
Horizon
Long (>12mo)
Street · 29 analysts
Buy
Genuine AI-transceiver winner with a real margin turnaround underway — but 10x sales already prices most of the recovery in.
Revenue (FY2025) $5.81B · FY2025
Coherent is a credible beneficiary of the AI datacenter buildout. Management explicitly attributes FY2025's +23.4% revenue growth to $5.81B on rising hyperscale/cloud AI datacenter demand for its datacenter transceivers, plus a ramp in new ZR/ZR+ products and traditional telecom transport. That is a durable, identifiable secular driver, and the top line has reaccelerated after the FY2023→FY2024 dip ($5.16B → $4.71B → $5.81B). Profitability is turning: net income swung from -$259M (FY2023) and -$156M (FY2024) to +$49.4M (FY2025), operating cash flow grew 16% to $634M, and R&D rose 21.5% to $582M, signaling continued investment in the franchise rather than retrenchment.
The problem is quality and price. Net margin is just 0.8% and ROE 0.9% — this is a barely-profitable business being valued at 10.4x sales and a negative diluted EPS of -$0.52 (the loss persists at the per-share line because of the 6% Series A Mandatory Convertible Preferred dividend the 10-K describes). The MD&A is dense with restructuring drag: $107M of FY2025 charges under the new 2025 Plan, $85M of held-for-sale impairments in Q4, $53M from the 2023 Plan, and $17M of synergy/site-consolidation costs. Some of this is non-recurring and should fade as the 2025 Plan completes by end of FY2026 — a real margin tailwind — but it underscores that today's thin margins are not yet clean run-rate economics.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 11:24 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $3.11B | $3.32B | $5.16B | $4.71B | $5.81B |
| Gross profit | — | — | — | — | — |
| Operating income | $402M | $414M | -$37.1M | $96.1M | — |
| Net income | $298M | $235M | -$259M | -$156M | $49.4M |
| Diluted EPS | $2.37 | $1.45 | -$2.93 | -$1.84 | -$0.52 |
| Net margin | 9.6% | 7.1% | -5.0% | -3.3% | 0.8% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$68.0B
EV / EBITDA104.7
EV / Sales11.7
EV / FCF352.7
P / FCF338.3
PEG (trailing)—
Earnings yield0.1%
FCF yield0.3%
Quality & risk
ROIC (est.)0.8%
Free cash flow$193M
Total debt$3.69B
Net cash-$2.78B
Altman Z-Score6.72 safe
Piotroski F-Score6/8
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+1.6%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Earnings results2026-05-06
Q3 FY26: growth led by AI datacenter transceivers and ZR/ZR+ products
- 10-Q Quarterly report2026-05-06
Q3 FY26: growth led by AI datacenter transceivers and ZR/ZR+ products
- 8-K Officer / director change2026-04-28
Announced executive/board leadership change (Item 5.02)
- 8-K Unregistered share sales2026-03-02
Disclosed unregistered equity issuance; possible shareholder dilution
- 8-K Earnings results2026-02-04
Q2 FY26: continued Communications/AI datacenter strength
- 10-Q Quarterly report2026-02-04
Q2 FY26: continued Communications/AI datacenter strength
- 8-K Other event2025-12-16
Disclosed other material corporate event with exhibits (Item 8.01)
- 8-K Other event2025-11-21
Disclosed other material corporate event (Item 8.01)
- 10-Q Quarterly report2025-11-05
Q1 FY26: AI datacenter demand underpins Communications segment
Recent filings
all on EDGAR ↗3Period ending 2026-05-262026-06-05open ↗4Period ending 2026-06-032026-06-05open ↗SDFiling2026-05-29open ↗4Period ending 2026-05-112026-05-13open ↗4Period ending 2026-05-122026-05-13open ↗144Filing2026-05-12open ↗144Filing2026-05-11open ↗8-KPeriod ending 2026-05-062026-05-06open ↗10-QPeriod ending 2026-03-312026-05-06open ↗SCHEDULE 13G/AFiling2026-05-06open ↗SCHEDULE 13GFiling2026-04-29open ↗SCHEDULE 13GFiling2026-04-29open ↗
Frequently asked
- Is COHERENT CORP. (COHR) a buy?
- COHR currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Genuine AI-transceiver winner with a real margin turnaround underway — but 10x sales already prices most of the recovery in.
- What is COHERENT CORP.'s quality score?
- COHR scores 61.379347538892794/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000820318, latest 10-Q filed 2026-05-06) · EODHD · Proprietary analysis · as of 6/21/2026, 3:24:54 PM.
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