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Makes lasers and optical components used in data-center networking, industrial manufacturing and semiconductor equipment.
Makes lasers and optical components used in data-center networking, industrial manufacturing and semiconductor equipment.
Makes its own optical materials and lasers and sells them as parts or built into transceivers, with datacom the main profit growth and industrial lasers more cyclical. It was formerly II-VI and took the Coherent name after buying laser maker Coherent Inc. in 2022. It has been selling non-core units.
In one line: A laser/optics peer of IPG Photonics and Lumentum.
Moat: narrow (process know-how, IP / patents, scale). Vertically integrated laser and optical-materials manufacturing gives a cost/quality edge in a fragmented photonics market.
Headquarters: Saxonburg, Pennsylvania, US · Founded: 1966 · Employees: 51,478
Size Coherent (COHR) is a United States Information Technology company (Semiconductors) with a market value of $38.0B, the 307th largest of 3,117 United States companies the cockpit tracks. Shares closed at $192.81 on 6 Nov 2026.
Performance Over six months the shares fell 42.5%, against -15.5% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 22.5% over the last twelve months (peer median +24.4%); the operating margin is 13.8% (peer median 20.6%).
Valuation It trades at 16.6× forward earnings against a peer median of 28.1× (9th cheapest of 19).
Capital Return on invested capital runs 9.2 points below its cost of capital (15.1% WACC).
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $7.12B | $7.12B | $5.81B | $4.71B | $5.16B |
| Revenue growth | — | +23% | +23% | -9% | — |
| Gross profit | $2.73B | $2.75B | $2.10B | $1.55B | $1.41B |
| EBITDA | $1.50B | $1.50B | $1.13B | $778M | $889M |
| Net income | $805M | $805M | $49.4M | -$156M | -$259M |
| Free cash flow | -$1.02B | -$1.02B | $193M | $199M | $198M |
| Capital expenditure | $1.11B | $1.11B | $441M | $347M | $436M |
| Total debt | $3.55B | $3.55B | $3.91B | $4.33B | $4.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| Lumentum LITE | $48.9B | -40% | +103% | 23% | 18.8× | 41.7% |
| Applied Optoelectronics AAOI | $4.26B | -66% | +62% | -11% | 23.5× | n/a |
| IPG Photonics IPGP | $2.78B | -38% | +15% | 5% | 32.8× | 24.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | COHR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.2% | -22.2% | 5th lowest of 21 |
| 6-month return | -42.5% | -15.5% | 2nd lowest of 20 |
| Distance from 52-week high | -56.2% | -51.4% | 7th lowest of 21 |
| Revenue growth (TTM) | +22.5% | +24.4% | 10th lowest of 20 |
| Operating margin | 13.8% | 20.6% | 6th lowest of 18 |
| Forward P/E | 16.6× | 28.1× | 9th cheapest of 19 |
| ROIC minus cost of capital | -9.2 pp | +0.3 pp | 3rd lowest of 18 |
| EV / EBITDA | 26.5× | 13.7× | 4th most expensive of 11 |
| Net debt / EBITDA | 1.0× | -0.5× | 3rd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Coherent COHR | United States | $38.0B | -42% | +23% | 14% | 16.6× | n/a | n/a |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |
| SamsungElecMech 009150.KS | South Korea | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% | +7.9% |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| Montage Technology 688008.SS | China | $25.5B | -13% | +33% | 42% | 43.7× | 39.7% | +24.5% |
| Giga Device Semiconductor 603986.SS | China | $25.3B | -23% | +166% | 50% | 10.9× | 16.5% | +15.4% |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 50.1× | n/a | n/a |
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | n/a | n/a | n/a |
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% | +27.0% |
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% | +2.7% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% | +5.9% |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| NXP Semiconductors NXPI | United States | $62.6B | -15% | +15% | 30% | 14.1× | 16.3% | +7.3% |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |