Coherent (COHR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Coherent

NYSE•Technology•Scientific & Technical Instruments

$281.86+17.45(0.07%)Market closed

Market Cap

$52.47B

P/E

65.2x

P/S

7.4x

P/B

4.8x

Coherent Corp. develops, manufactures, and markets lasers, transceivers, other optical and optoelectronic devices, modules, and systems worldwide. Its products include critical components consisting of detectors, passive optics, thermal solutions, and PICS; silicon photonics and other advanced optical technologies; and coherent transmission components, transport products, optical amplifiers, passive optical components, optical line systems, and multi-rail platform. The company's Datacenter and Communications segment offers transceivers, co-packaged optics, and optical circuit switches, as well as other systems, such as subsystems, modules, and semiconductor devices for datacenter and communications applications; and VCSELS, EELS, pump lasers, and other components, optics, and ICs for datacenter and communication applications. Its Industrial segment offers excimer lasers, solid-state lasers, and CO2 lasers; laser systems for various industrial applications, including semiconductor capital equipment, display manufacturing, precision manufacturing, and scientific research; and laser systems and subsystems comprising high-power lasers for materials processing. This segment also provides engineered materials, laser optics, thermoelectric components, and advanced ceramic and metal-matrix composite materials and products. It markets its products and services through a 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.

How this company scores

GoodMetricSide Score: 62/100

Strongest: Growth (22/25); weakest: Cash & Earnings Quality (3/25).

Profitability19/25

Growth22/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality3/25

Strengths

Growing revenueRising earningsLow leverageProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 65.2x5y range 21.7x – 548.7x

Currently near its 13-quarter median.

P/S · 7.4x5y range 1.0x – 7.4x

Currently above its 20-quarter median.

P/B · 4.8x5y range 0.9x – 4.8x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $52.47B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $7.12B
Q. Revenue: $2.05B
TTM EBITDA: $1.37B
TTM Op. Income: $847.73M
Q. Op. Income: $278.51M
TTM Net Income: $805.00M
Q. Net Income: $240.53M
EPS: $4.34
Shares Out.: $177.27M

$7.12B in TTM revenue grew 22.5% YoY, reaching $2.05B last quarter. TTM EBITDA of $1.37B and TTM operating income of $847.73M show growth is flowing through to the bottom line. TTM net income of $805.00M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 38.5%
EBITDA Margin: 39.1%
Op. Margin: 13.6%
Net Margin: 11.8%

Op. margin of 13.6% is up 17.8% YoY — cost efficiency is improving. Net margin at 11.8% and gross margin of 38.5% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 65.2x
P/S Ratio: 7.4x
P/B Ratio: 4.8x

At 65.2x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 7.4x and P/B of 4.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 7 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $18.30B
Cash: $1.16B
Long-Term Debt: $3.21B
Book Value: $10.90B
D/E Ratio: 0.3
Debt/EBITDA: 4.0

With $18.30B in assets and $3.21B in long-term debt, D/E is 0.3and book value is $10.90B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 6 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $69.46M
TTM Free Cash Flow: $-1.02B
FCF Margin: -14.4%
FCF / Net Income: -1.3

TTM FCF of $-1.02B on $69.46M in operating cash flow. The FCF / Net Income ratio of -1.3x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 5 consecutive quarters — a weakening trend.