Zacks Investment Research·1 day ago
Unpacking Gavin Baker's "Memory Crunch" ThesisProminent AI investor Gavin Baker believes that the current hardware cycle is fundamentally different from past tech bubbles.
Coherent, Inc.(COHR)Earnings, Financials & Key Ratios
COHR•NASDAQ
$314.13
Price updated Jul 7, 2026
SectorTechnologyIndustryTech Hardware & EquipmentSub-IndustryPhotonics, Lasers and Optical Components
AboutCoherent, Inc. provides lasers, laser-based technologies, and laser-based system solutions for a range of commercial, industrial, and scientific research applications. It operates in two segments, Original Equipment Manufacturers (OEM) Laser Sources and Industrial Lasers & Systems. The company designs, manufactures, markets, and services lasers, laser tools, precision optics, and related accessories; and laser measurement and control products. Its products are used for applications in microelectronics, materials processing, OEM components and instrumentation, and scientific research and government programs. The company markets its products through a direct sales force in the United States, as well as through direct sales personnel and independent representatives internationally. Coherent, Inc. was founded in 1966 and is headquartered in Santa Clara, California. As of July 1, 2022, Coherent, Inc. operates as a subsidiary of II-VI Incorporated.Show more
- Revenue$5.81B+23.4%
- EBITDA$1.1B+61.4%
- Net Income$49M+131.6%
- EPS (Diluted)-0.52+71.7%
- Gross Margin35.41%+14.5%
- EBITDA Margin18.98%+30.8%
- Operating Margin9.45%+261.1%
- Net Margin0.85%+125.6%
- ROE0.6%+129.2%
COHR Price & Volume
Coherent, Inc. (COHR) stock price & volume — 10-year historical chart
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AI Infrastructure Scaling Drives Explosive Revenue Growth
Investment Thesis • Updated 2026Q3
VerdictNeutral
Growth:Accelerating
Profitability:Moderate
Financial:Healthy
Cash Flow:Mixed
Primary Risk:High cyclical revenue exposure
Key Thesis Takeaways
- Coherent is currently capturing massive demand within the high-speed optical transceiver market, evidenced by a 1204.5% revenue growth surge in 2026Q3.
- While the company has successfully deleveraged its balance sheet to a 0.31 debt-to-equity ratio, investors should remain cautious regarding structural margin constraints, as operating margins have struggled to scale beyond 10% for most of the observed period.
- The long-term thesis hinges on the company's ability to convert its $4.4 trillion in goodwill into sustained operational profitability despite the high capital intensity of its manufacturing operations.
Verdict Logic
while the 1204.5% revenue growth indicates strong market capture, the high $135.9 million stock-based compensation expense and erratic OCF/NI ratios suggest that underlying earnings quality remains obscured for institutional investors.
COHR Growth Metrics
Coherent, Inc. (COHR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years22.85%
5 Years19.54%
3 Years20.55%
TTM32257.9%
Profit CAGR
10 Years-2.86%
5 Years-
3 Years-40.53%
TTM198447.49%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM528855.36%
Return on Capital
10 Years6.49%
5 Years4.51%
3 Years2.68%
Last Year4.18%
COHR Recent Earnings
Coherent, Inc. (COHR) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 11/12 qtrs (92%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
May 6, 2026Metric
Actual
Est
EPS
$1.41+0.0%
$1.41
Rev
$1.8B+1.3%
$1.8B
Q1 2026
Feb 4, 2026Metric
Actual
Est
EPS
$1.29+6.6%
$1.21
Rev
$1.7B+2.7%
$1.6B
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$1.16+11.5%
$1.04
Rev
$1.6B+1.8%
$1.6B
Q3 2025
Aug 13, 2025Metric
Actual
Est
EPS
$1.00+8.7%
$0.92
Rev
$1.5B-1.2%
$1.5B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 6, 2026 | $1.41vs $1.41+0.0% | $1.8Bvs $1.8B+1.3% |
| Q1 2026 | Feb 4, 2026 | $1.29vs $1.21+6.6% | $1.7Bvs $1.6B+2.7% |
| Q4 2025 | Nov 5, 2025 | $1.16vs $1.04+11.5% | $1.6Bvs $1.6B+1.8% |
| Q3 2025 | Aug 13, 2025 | $1.00vs $0.92+8.7% | $1.5Bvs $1.5B-1.2% |
Based on last 12 quarters of dataView full earnings history →
Latest COHR News
Recent stock market news and headlines for Coherent, Inc. (COHR)
The Motley Fool·2 days ago
Nvidia CEO Jensen Huang Highlighted a New AI Bottleneck. 3 AI Stocks That Could Benefit.One of the new congestion points in AI is the speed at which data can be transferred. Nvidia has been aggressively investing in companies that could offer a solution.
24/7 Wall Street·5 days ago
Applied Optoelectronics Plunges 17%, Coherent and Lumentum Sink 10% as Photonics Stocks ResetShares of high-flying photonics names are sliding at midday Thursday. Applied Optoelectronics (NASDAQ:AAOI) stock is down 17% to $114.93, the biggest decliner in the group and easily the sharpest single-session drop of the three.
Zacks Investment Research·5 days ago
Are Business Services Stocks Lagging COHERENT CORP (COHR) This Year?Here is how Coherent (COHR) and Enpro (NPO) have performed compared to their sector so far this year.
Zacks Investment Research·5 days ago
Why Investors Need to Take Advantage of These 2 Business Services Stocks NowFinding stocks expected to beat quarterly earnings estimates becomes an easier task with our Zacks Earnings ESP.
Peers Comparison
Key metrics vs top competitors for Coherent, Inc. (COHR)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $314.13 | $49.81B | -604.10 | 23.42% | 0.85% | 0.6% | 0.02% | |
| $698.91 | $49.9B | 1888.95 | 21.03% | 17.68% | 30.68% | — | |
| $40.22 | $9.31B | 268.13 | 8.39% | -4.03% | -6.92% | — | |
| $96.60 | $4.1B | 132.33 | 2.73% | 2.78% | 1.37% | — | |
| $349.57 | $23.53B | 79.99 | 9.62% | 8.03% | 12.24% | — | |
| $114.41 | $9.03B | -178.77 | 82.75% | -8.55% | -6.14% | — |
Compare COHR vs Peers
Coherent, Inc. (COHR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
COHR SEC Filings & Documents
Coherent, Inc. (COHR) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 6, 2026·SEC
Material company update
Apr 28, 2026·SEC
Material company update
Mar 2, 2026·SEC
10-K Annual Reports
210-Q Quarterly Reports
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COHR Frequently Asked Questions
Coherent, Inc. (COHR) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Coherent, Inc.'s revenue?
Coherent, Inc. (COHR) reported $1.81T in revenue for fiscal year 2025. This represents a 4776781% increase from $37.9M in 1996.
How fast is Coherent, Inc. growing?
Coherent, Inc. (COHR) grew revenue by 23.4% over the past year. This is strong growth.
Is COHR profitable?
Yes, Coherent, Inc. (COHR) is profitable, generating $191.68B in net income for fiscal year 2025 (0.8% net margin).
Dividend & Returns
Does COHR pay dividends?
Coherent, Inc. (COHR) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.
What is COHR's return on equity?
Coherent, Inc. (COHR) has a return on equity (ROE) of 0.6%. This is below average, suggesting room for improvement.
What is Coherent, Inc.'s free cash flow?
Coherent, Inc. (COHR) had negative free cash flow of $537.17B in fiscal year 2025, likely due to heavy capital investments.