Latest Ratios: P/E Ratio -604.1x · EV/EBITDA 47.9x · ROE 0.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $49.8B | $13.8B | $11.0B | $7.0B | $5.9B | $8.4B | $4.0B | $2.4B | $2.8B | $2.2B | $1.2B |
| Enterprise Value | $52.8B | $16.8B | $14.4B | $10.7B | $5.8B | $8.3B | $5.9B | $2.7B | $3.0B | $2.3B | $1.2B |
| P/E Ratio → | -604.10 | — | — | — | 35.14 | 30.63 | — | 22.43 | 32.19 | 23.18 | 18.04 |
| P/S Ratio | 8.57 | 2.38 | 2.33 | 1.36 | 1.79 | 2.69 | 1.68 | 1.77 | 2.44 | 2.28 | 1.43 |
| P/B Ratio | 5.73 | 1.63 | 1.38 | 0.97 | 1.35 | 2.02 | 1.93 | 2.12 | 2.76 | 2.46 | 1.51 |
| P/FCF | 258.42 | 71.64 | 55.22 | 35.43 | 59.96 | 19.51 | 24.97 | 58.18 | 373.55 | — | 18.21 |
| P/OCF | 78.62 | 21.80 | 20.13 | 11.06 | 14.36 | 14.54 | 13.47 | 13.48 | 17.58 | 18.65 | 9.60 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.89 | 3.05 | 2.07 | 1.75 | 2.67 | 2.47 | 1.96 | 2.61 | 2.37 | 1.45 |
| EV / EBITDA | 47.89 | 15.23 | 21.03 | 11.11 | 8.26 | 12.32 | 16.91 | 11.07 | 13.89 | 12.87 | 8.06 |
| EV / EBIT | 96.18 | 30.43 | 116.60 | 38.15 | 14.37 | 20.60 | 46.29 | 17.64 | 21.50 | 18.36 | 12.87 |
| EV / FCF | — | 87.12 | 72.20 | 53.96 | 58.51 | 19.36 | 36.70 | 64.52 | 398.89 | — | 18.47 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.4% | 35.4% | 30.9% | 34.6% | 38.2% | 37.9% | 36.9% | 38.3% | 39.9% | 40.0% | 37.8% |
| Operating Margin | 9.4% | 9.4% | 2.6% | 5.4% | 12.5% | 12.9% | 5.3% | 10.9% | 11.8% | 11.9% | 11.1% |
| Net Profit Margin | 0.8% | 0.8% | -3.3% | -5.0% | 7.1% | 9.6% | -2.8% | 7.9% | 7.6% | 9.8% | 7.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.6% | 0.6% | -2.1% | -4.5% | 5.5% | 9.6% | -4.2% | 10.0% | 9.1% | 11.3% | 8.7% |
| ROA | 0.3% | 0.3% | -1.1% | -2.4% | 3.3% | 5.1% | -1.9% | 5.8% | 5.4% | 7.1% | 5.8% |
| ROIC | 3.6% | 3.6% | 0.8% | 2.8% | 7.5% | 7.5% | 3.6% | 8.5% | 9.3% | 9.7% | 9.0% |
| ROCE | 4.2% | 4.2% | 1.0% | 2.9% | 6.7% | 7.8% | 4.1% | 9.3% | 9.7% | 9.9% | 9.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.46 | 0.46 | 0.54 | 0.62 | 0.56 | 0.37 | 1.14 | 0.41 | 0.43 | 0.41 | 0.30 |
| Debt / EBITDA | 3.53 | 3.53 | 6.30 | 4.67 | 3.48 | 2.27 | 6.82 | 1.94 | 2.02 | 2.04 | 1.58 |
| Net Debt / Equity | — | 0.35 | 0.42 | 0.51 | -0.03 | -0.02 | 0.91 | 0.23 | 0.19 | 0.10 | 0.02 |
| Net Debt / EBITDA | 2.71 | 2.71 | 4.95 | 3.81 | -0.21 | -0.10 | 5.41 | 1.09 | 0.88 | 0.52 | 0.11 |
| Debt / FCF | — | 15.48 | 16.98 | 18.53 | -1.46 | -0.15 | 11.73 | 6.34 | 25.34 | — | 0.26 |
| Interest Coverage | 2.27 | 2.27 | 0.43 | 0.98 | 3.32 | 6.71 | 1.42 | 6.75 | 7.66 | 18.45 | 30.20 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.19 | 2.19 | 2.72 | 3.01 | 3.40 | 4.15 | 2.66 | 3.00 | 3.22 | 3.80 | 3.40 |
| Quick Ratio | 1.39 | 1.39 | 1.77 | 1.84 | 2.69 | 3.20 | 1.74 | 1.91 | 2.17 | 2.70 | 2.38 |
| Cash Ratio | 0.51 | 0.51 | 0.69 | 0.76 | 2.04 | 2.18 | 0.73 | 0.76 | 1.04 | 1.47 | 1.28 |
| Asset Turnover | — | 0.39 | 0.32 | 0.38 | 0.42 | 0.48 | 0.45 | 0.70 | 0.66 | 0.66 | 0.68 |
| Inventory Turnover | 2.61 | 2.61 | 2.53 | 2.65 | 2.27 | 2.77 | 2.42 | 2.84 | 2.81 | 2.87 | 2.94 |
| Days Sales Outstanding | — | 64.07 | 65.79 | 63.77 | 77.07 | 77.44 | 91.73 | 72.23 | 67.73 | 72.61 | 72.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.1% | — | 0.4% | 0.6% | 0.2% | — | — | — | — | — |
| Payout Ratio | 23.2% | 23.2% | — | — | 14.7% | 6.8% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 2.8% | 3.3% | — | 4.5% | 3.1% | 4.3% | 5.5% |
| FCF Yield | 0.4% | 1.4% | 1.8% | 2.8% | 1.7% | 5.1% | 4.0% | 1.7% | 0.3% | — | 5.5% |
| Buyback Yield | 0.1% | 0.4% | 0.2% | 0.8% | 0.4% | 0.0% | 0.0% | 0.1% | 1.8% | 0.2% | 0.5% |
| Total Shareholder Yield | 0.1% | 0.5% | 0.2% | 1.2% | 0.9% | 0.2% | 0.0% | 0.1% | 1.8% | 0.2% | 0.5% |
| Shares Outstanding | — | $155M | $152M | $138M | $117M | $115M | $85M | $66M | $65M | $65M | $63M |
High cyclical revenue exposure
Based on current market data, Coherent trades at a forward P/E of 69.78, which suggests that investors are pricing in aggressive earnings growth tied to AI infrastructure, despite the company's historical volatility and the significant earnings compression observed in recent quarterly filings.
The valuation multiples appear to decouple the company from its legacy industrial laser peers, positioning it closer to high-growth networking infrastructure providers. This premium warrants caution, as it implies a high degree of confidence in the company's ability to sustain margin expansion while navigating the cyclicality of its semiconductor and networking segments.
As reported in financial statements, Coherent's ROIC has remained stagnant near 1.1% over the last several quarters, indicating that the company is struggling to generate meaningful returns on its massive invested capital base following the integration of large-scale acquisitions.
The low return on capital suggests that the heavy investment in manufacturing capacity and crystal growth infrastructure has yet to yield the expected efficiency gains. Investors should monitor whether the company can improve its asset turnover, which currently sits at a low 0.21, to drive better capital productivity.
According to recent SEC filings, Coherent's cash conversion cycle has shown significant volatility, peaking at 163 days in 2024Q2 before moderating, which highlights the operational challenges of managing inventory across complex, vertically integrated photonics and semiconductor manufacturing supply chains.
The high days of inventory outstanding, which reached 151 days in 2026Q2, suggests that the company may be carrying significant stock to mitigate supply chain risks or prepare for rapid product transitions. This inventory dependence creates a structural risk of obsolescence charges if demand for specific transceiver generations shifts faster than anticipated.
Based on quarterly data, Coherent has successfully reduced its debt-to-equity ratio to 0.31 as of 2026Q3, demonstrating a disciplined approach to balance sheet management despite the ongoing capital requirements needed to support its aggressive expansion into high-speed optical networking and power electronics.
While the reduction in leverage is a positive signal, the company's interest coverage remains sensitive to operating income fluctuations, which are inherently volatile. The current debt load appears manageable, but the company's reliance on external financing for future growth remains a key factor for institutional risk assessment.
The P/E ratio is frequently misapplied to Coherent, as reported in financial statements, because it fails to account for the significant non-cash amortization of intangible assets and stock-based compensation that distort the company's true underlying earnings power for institutional investors.
Analysts should prioritize EV/EBITDA or adjusted free cash flow metrics to better understand the company's operational performance. Relying on GAAP P/E ratios obscures the cash-generating potential of the core business and may lead to an inaccurate assessment of the company's valuation relative to its peers.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying COHR stock.
Coherent, Inc.'s current P/E ratio is -604.1x. The historical average is 24.9x.
Coherent, Inc.'s current EV/EBITDA is 47.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
Coherent, Inc.'s return on equity (ROE) is 0.6%. The historical average is 10.1%.
Based on historical data, Coherent, Inc. is trading at a P/E of -604.1x. Compare with industry peers and growth rates for a complete picture.
Coherent, Inc.'s current dividend yield is 0.02% with a payout ratio of 23.2%.
Coherent, Inc. has 35.4% gross margin and 9.4% operating margin.
Coherent, Inc.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.