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COHERENT CORP. (COHR) USD

Supplies photonics, lasers, and optical-communications components and materials.

At a glance: strengths & risks
✓Revenue growing (+23%)✓Profit growing (×16)✓Margins improving (11%→22%)✓Low leverage (1.0x EBITDA)✓Cheaper than own history (EV/EBITDA 30.0 vs avg 43.7)

Sector: United States — large cap (SEC filings)

US_COHR

Price chart

210.32 USDDay -11.34%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
210.32 USD · -11.34%
Market cap
41.2 bn USD

Growth

Δ revenue y/y
33.7%
Δ EBITDA y/y
354.6%

Multiples

P/E (LTM)
51.1x
3y avg: 224.8x
P/B (FY)
3.8x
P/E (ann.)
42.8x
EV/EBITDA (LTM)
30.0x
3y avg: 43.7x
EV/EBITDA (ann.)
32.9x

Cash return

Dividend yield
—
FCF yield (LTM)
-2.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+28.2%
↓ details

Liquidity

Daily turnover (US listing)
2.5 bln USD

Shares: yahoo_fundamentals_timeseries/COHR

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK2045.5
y/y 33.7%
332.3
y/y 624.0%
140.6
y/y 4.3%
472.9
y/y 562.2%
240.5
y/y 351.6%
69.5-555.718299.9
y/y 22.7%
10903.5
y/y 93.2%
7.5%1551.4Link
2026-03-31Q1 2026 (3M)OK1805.6
y/y 20.5%
184.3
y/y 1764.0%
132.9
y/y -9.3%
317.2
y/y 102.8%
191.4
y/y 1118.3%
-93.8-289.717286.7
y/y 19.7%
10677.0
y/y 99.5%
8.0%1007.4Link
2025-12-31Q4 2025 (3M)OK1685.6
y/y 17.5%
168.0
y/y 30.8%
126.0
y/y -6.3%
294.0
y/y 11.8%
146.7
y/y 41.9%
57.9-153.615087.7
y/y 6.3%
8539.3
y/y 65.2%
8.2%2682.8Link
2025-09-30Q3 2025 (3M)OK1581.4
y/y 17.3%
216.9
y/y 1023.6%
122.4
y/y -11.1%
339.3
y/y 116.1%
226.3
y/y 774.4%
46.0-103.914698.8
y/y -0.0%
5830.2
y/y 6.0%
15.8%2653.1Link
2025-06-30Q2 2025 (3M)OK1529.4
y/y 16.4%
-63.4
y/y -200.3%
134.8
y/y -6.1%
71.4
y/y -65.5%
-95.6
y/y -97.4%
130.3-131.314910.9
y/y 2.9%
5644.5
y/y 8.3%
0.9%2984.5Link
2025-03-31Q1 2025 (3M)OK1497.9
y/y 23.9%
9.9
y/y -55.7%
146.6
y/y 4.9%
156.5
y/y -3.4%
15.7
y/y —
163.0-111.814444.8
y/y -0.5%
5352.6
y/y 0.3%
1.2%3054.3Link
2024-12-31Q4 2024 (3M)OK1434.7
y/y 26.8%
128.4
y/y 302.7%
134.5
y/y -2.6%
262.9
y/y 54.7%
103.4
y/y —
187.4-105.714197.3
y/y -3.2%
5168.2
y/y -5.5%
7.8%3146.4Link
2024-09-30Q3 2024 (3M)OK1348.1
y/y 28.0%
19.3
y/y —
137.7
y/y -0.4%
157.0
y/y 34.2%
25.9
y/y —
153.0-92.014699.3
y/y 8.7%
5501.1
y/y 13.8%
1.9%3187.5Link
2024-06-30Q2 2024 (3M)OK1314.4
y/y —
63.2
y/y —
143.6
y/y —
206.9
y/y —
-48.4
y/y —
162.3-99.914488.6
y/y 5.7%
5210.1
y/y 4.5%
-3.0%3377.1Link
2024-03-31Q1 2024 (3M)OK1208.8
y/y -2.5%
22.3
y/y -66.9%
139.7
y/y -13.2%
162.0
y/y -29.0%
-13.2
y/y -617.9%
117.4-93.214520.4
y/y 2.9%
5335.5
y/y 1.8%
-1.0%3436.2Link
2023-12-31Q4 2023 (3M)OK1131.4
y/y —
31.9
y/y —
138.0
y/y —
169.9
y/y —
-27.0
y/y —
67.2-91.514662.9
y/y —
5470.9
y/y —
-2.1%3536.2Link
2023-09-30Q3 2023 (3M)OK1053.1
y/y —
-21.3
y/y —
138.4
y/y —
117.1
y/y —
-67.5
y/y —
198.8-62.213521.3
y/y —
4832.0
y/y —
-5.5%3532.6Link
2023-06-30FY 2023 (12M)OK—
y/y —
—
y/y —
—
y/y —
—
y/y —
—
y/y —
——13711.1
y/y —
4987.6
y/y —
-5.1%3667.5Link
2023-03-31Q1 2023 (3M)OK1240.2
y/y —
67.4
y/y —
160.9
y/y —
228.3
y/y —
2.5
y/y —
152.4-97.114117.6
y/y —
5239.4
y/y —
—3728.8Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)69
Long-term debt (incl. LT leases)3 214
− Cash & equivalents1 987
Net debt1 297

Net debt / LTM EBITDA: 0.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 500-1 000-50005001 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 H2

Net debt / cash ($ mln)

01 0002 0003 0004 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 1.76x of reported net profit; after capex, 0.42x. Loss years (2023, 2024) are left out of the ratio.
year20222023202420252026
cash flow / profit1.76x——12.84x0.10x
accruals, % of assets-2.3%-6.5%-4.8%-3.9%4.0%
Last twelve months (to 2026-06-30): 0.10x of profit came back as operating cash flow.
net debt / EBITDA 1.0x · capex 1.0x of depreciation · share count +9.9% a year
● Diluted share count grew 9.9% a year.
● Over the last twelve months operating cash flow covered 10% of profit, against 2x across the annual window.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -5.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (325 − 241) × 3.93
329
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (41 171 + 1 551) ÷ 1 275
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 924 + 11 + 0 − 2 030
936
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 24.8% × 41 171
−10 209
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (329 × 21.0 + 936 − 10 209) ÷ 41 171
-5.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • base 2025-06-30 normalized for growth: margin 4.7% << typical 15.7% -> base EBITDA 71->241 (vs normal-margin base, not the trough)
  • equity issuance measured by share-count dilution at market, not the cash line
  • share-count dilution 24.8%/yr (valued at market: -10209)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +23% vs +23% the year before — a -0.9 pp move. 3-year CAGR +11%.
revenue growth by year: 2024 -9% · 2025 +23% · 2026 +23%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 5.7x · 3-year 75th pct 10.6x

EV/EBITDA3-year 75th pct

Peer comparison

Group: technology (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MICRON TECHNOLOGY INCUS1011.39.0x
ORACLE CORPUS395.115.6x
Dell Technologies Inc.US276.517.4x
INTERNATIONAL BUSINESS MACHINES CORPUS244.619.1x
MICROSOFT CORPUS3889.819.4x
NVIDIA CORPUS4973.624.8x
INTEL CORPUS328.425.2x
TEXAS INSTRUMENTS INCUS274.726.2x
CISCO SYSTEMS, INC.US412.426.6x
Broadcom Inc.US1582.529.0x
Apple Inc.US5091.329.8x
Arista Networks, Inc.US215.445.9x
Group median25.0x
Group average24.0x
This companyUS41.230.0x

Group median 25.0x; this company 30.0x — a 20% premium.

Group average 24.0x; against the average this company is at a 25% premium.

At the adjusted group median the market cap would be -18% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-31; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of COHERENT CORP. (COHR) — from primary filings.

Frequently asked questions

What is COHERENT CORP. (COHR)'s P/E ratio?
COHERENT CORP. (COHR) trades at a P/E of 51.1x (price to trailing 12-month earnings).
What is COHERENT CORP. (COHR)'s EV/EBITDA?
COHERENT CORP. (COHR) trades at 30.0x EV/EBITDA.
What is COHERENT CORP. (COHR)'s P/B ratio?
COHERENT CORP. (COHR) trades at a P/B of 3.8x.
What is COHERENT CORP. (COHR)'s return on equity (ROE)?
COHERENT CORP. (COHR)'s ROE is 8.8%.
What is COHERENT CORP. (COHR)'s market capitalization?
COHERENT CORP. (COHR)'s market cap is 41.2 bn USD.

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