COHERENT CORP. COHR
Coherent Corp. ("Coherent," the "Company," "we," "us," or "our"), is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the data center, communications and industrial markets. Our headquarters are located at 375 Saxonburg Boulevard, Saxonburg, Pennsylvania 16056, USA. Our telephone number is +1-724-352-4455. Reference to "Coherent," the "Company," "we," "us," or "our" in this Annual Report on Form 10-K, unless the context requires otherwise, refers to Coherent Corp. and its wholly owned subsidiaries.
The following defined terms are used in this Annual Report on Form 10-K: artificial intelligence (AI); bismuth telluride (Bi2Te3); carbon dioxide (CO2); continuous wave (CW); co-packaged optics (CPO); datacenter interconnect (DCI); deep ultraviolet (DUV); digital signal processor (DSP); edge-emitting laser (EEL); electron-absorption modulated laser (EML); environmental, social, and governance (ESG); fifth-generation (5G) wireless; fourth-generation (4G) wireless; gallium arsenide (GaAs); gallium antimonide (GaSb), gallium nitride (GaN); gigabit per second (G); high-definition multimedia interface (HDMI); high-electron-mobility transistor (HEMT); indium phosphide (InP); infrared (IR); integrated circuit (IC); intellectual property (IP); kilowatt (kW); light-emitting diode (LED); machine learning (ML); millimeter (mm); nanometer (nm); near-infrared (NIR); optical circuit switches (OCS); optically pumped semiconductor laser (OPSL); organic light-emitting diode (OLED); original equipment manufacturer (OEM); photonic integrated circuits (PICs); polymerase chain reaction (PCR); printed circuit board (PCB); radio frequency (RF); research and development (R&D); silicon carbide (SiC); terabit per second (T); three-dimensional (3D); ultraviolet (UV); vertical-cavity surface-emitting laser (VCSEL); virtual reality (VR); watt (W); wavelength selective switching (WSS); zinc selenide (ZnSe); and zinc sulfide (ZnS).
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.12B | $5.81B | $4.71B | $5.16B | $3.32B | $3.11B | $2.38B | $1.36B | $1.16B | $972.0M |
| Cost of revenue | $4.45B | $3.77B | $3.25B | $3.54B | $2.05B | $1.93B | $1.59B | $841.1M | $696.6M | $583.7M |
| Gross profit | $2.67B | $2.04B | $1.46B | $1.62B | $1.27B | $1.18B | $791.2M | $521.3M | $462.2M | $388.4M |
| R&D | $723.0M | $581.9M | $478.8M | $499.6M | $377.1M | $330.1M | $339.1M | $139.2M | $116.9M | $96.8M |
| SG&A | $1.04B | $926.5M | $854.0M | $1.04B | $474.1M | $445.2M | $412.6M | $233.5M | $208.6M | $176.0M |
| Total operating expenses | $6.27B | $5.72B | $4.86B | $5.52B | $3.03B | $2.75B | $2.44B | $1.23B | $1.04B | $853.3M |
| Operating income | — | — | $96.1M | -$37.1M | $414.3M | $402.1M | $39.5M | $148.7M | $136.8M | $115.6M |
| Interest expense | — | — | — | $286.9M | $121.3M | $59.9M | $89.4M | $22.4M | $18.4M | $6.8M |
| Pre-tax income | $847.7M | $94.2M | -$147.6M | -$355.6M | $281.8M | $352.6M | -$63.9M | $128.8M | $122.2M | $118.8M |
| Income tax | $60.8M | $64.1M | $11.1M | $96.1M | $47.0M | $55.0M | $3.1M | $21.3M | $34.2M | $23.5M |
| Net income | $805.0M | $49.4M | -$156.2M | -$259.5M | $234.8M | $297.6M | -$67.0M | $107.5M | $88.0M | $95.3M |
| EPS, basic | 4.34 | -0.52 | -1.84 | -2.93 | 1.57 | 2.50 | -0.79 | 1.69 | 1.41 | 1.52 |
| EPS, diluted | 4.12 | -0.52 | -1.84 | -2.93 | 1.45 | 2.37 | -0.79 | 1.63 | 1.35 | 1.48 |
| Shares, diluted (wtd. avg.) | $195.4M | $154.8M | $151.6M | $137.6M | $116.5M | $115.0M | $84.8M | $65.8M | $65.1M | $64.5M |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.16B | $909.2M | $1.79B | $837.6M | $2.58B | $1.59B | $493.0M | $204.9M | $247.0M | $271.9M |
| Short-term investments | $825.0M | $0 | — | — | — | — | — | — | — | — |
| Receivables | $1.34B | $964.1M | $848.5M | $901.5M | $700.3M | $659.0M | $598.1M | $269.6M | $215.0M | $193.4M |
| Inventory | $2.58B | $1.44B | $1.29B | $1.27B | $902.6M | $695.8M | $619.8M | $296.3M | $248.3M | $203.7M |
| Total current assets | $6.93B | $3.93B | $3.66B | $3.25B | $4.31B | $3.03B | $1.79B | $812.9M | $761.8M | $702.3M |
| Property, plant and equipment | $3.00B | $1.88B | — | — | — | — | — | $582.8M | $524.9M | $367.7M |
| Goodwill | $4.38B | $4.47B | $4.46B | $4.51B | $1.29B | $1.30B | $1.24B | $319.8M | $270.7M | $250.3M |
| Other intangibles | $2.88B | $3.20B | $3.50B | $3.81B | $635.4M | $718.5M | $758.4M | $139.3M | $125.1M | $134.0M |
| Total assets | $18.30B | $14.91B | $14.49B | $13.71B | $7.84B | $6.51B | $5.23B | $1.95B | $1.76B | $1.48B |
| Accounts payable | $1.91B | $847.0M | $631.5M | $405.3M | $434.9M | $294.5M | $268.8M | $104.5M | $89.8M | $65.5M |
| Short-term debt | $7.9M | $188.3M | $73.8M | $74.8M | $403.2M | $62.0M | $69.2M | $23.8M | $20.0M | $20.0M |
| Total current liabilities | $2.85B | $1.79B | $1.34B | $1.08B | $1.27B | $729.6M | $672.9M | $270.6M | $236.5M | $185.0M |
| Long-term debt | $3.21B | $3.50B | $4.03B | $4.23B | $1.90B | $1.31B | $2.19B | $443.2M | $419.0M | $322.0M |
| Total liabilities | $7.06B | $6.43B | $6.54B | $6.48B | $3.46B | $2.38B | $3.16B | $820.6M | $737.4M | $576.7M |
| Retained earnings | $1.35B | $584.4M | $664.9M | $944.4M | $1.35B | $1.14B | $876.6M | $943.6M | $836.1M | $748.1M |
| Total equity | $10.90B | $5.64B | $5.58B | $4.99B | $3.62B | $3.41B | $2.08B | $1.13B | $1.02B | $900.6M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $79.5M | $633.6M | $545.7M | $634.0M | $413.3M | $574.4M | $297.3M | $178.5M | $161.0M | $118.6M |
| Depreciation and amortisation | $241.6M | $250.8M | $271.6M | $267.6M | $207.1M | $187.8M | $156.7M | $75.7M | $66.2M | $50.9M |
| Stock-based compensation | $186.5M | $160.2M | $126.0M | $148.9M | $73.2M | $71.0M | $68.5M | $21.9M | $15.3M | $11.8M |
| Capital expenditure | $1.10B | $440.8M | $346.8M | $436.1M | $314.3M | $146.3M | $136.9M | $137.1M | $153.4M | $138.5M |
| Investing cash flow | -$1.41B | -$414.2M | -$350.7M | -$5.93B | -$320.1M | -$173.0M | -$1.18B | -$224.0M | -$284.9M | -$177.2M |
| Financing cash flow | $1.48B | -$451.7M | $758.3M | $3.55B | $863.0M | $675.7M | $1.17B | $4.9M | $97.0M | $111.6M |
| Buybacks | — | — | — | — | $0 | $0 | $1.6M | $1.6M | $49.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000820318-26-000020.
Others in SIC 3827
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|---|---|---|---|---|
| KLAC | KLA CORP | $242.50B | 50.7x | 11.7% |
| OPTX | SYNTEC OPTICS HOLDINGS, INC. | $304.9M | — | -1.3% |
| OPXS | Optex Systems Holdings Inc | $71.6M | 13.9x | 21.6% |
| MSAI | MultiSensor AI Holdings, Inc. | $10.7M | — | -25.0% |
| CAMT | CAMTEK LTD | — | — | 15.6% |
| NVMI | NOVA LTD. | — | — | 31.0% |