NYSE: COHR
Coherent
Technology · Optical Instruments & Lenses
52-week range
Stock price
Market cap
At each fiscal year end: closing price × shares outstanding.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.$77.2B
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| Period | Market cap |
|---|---|
| FY2017, ended Jun 30, 2017 | $2.17B |
| FY2018, ended Jun 30, 2018 | $2.76B |
| FY2019, ended Jun 30, 2019 | $2.33B |
| FY2020, ended Jun 30, 2020 | $4.90B |
| FY2021, ended Jun 30, 2021 | $7.67B |
| FY2022, ended Jun 30, 2022 | $6.67B |
| FY2023, ended Jun 30, 2023 | $7.67B |
| FY2024, ended Jun 30, 2024 | $11.1B |
| FY2025, ended Jun 30, 2025 | $13.9B |
| FY2026, ended Jun 30, 2026 | $77.2B |
Revenue
By fiscal year.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.$7.12B
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| Period | Revenue |
|---|---|
| FY2017, ended Jun 30, 2017 | $972M |
| FY2018, ended Jun 30, 2018 | $1.16B |
| FY2019, ended Jun 30, 2019 | $1.36B |
| FY2020, ended Jun 30, 2020 | $2.38B |
| FY2021, ended Jun 30, 2021 | $3.11B |
| FY2022, ended Jun 30, 2022 | $3.32B |
| FY2023, ended Jun 30, 2023 | $5.16B |
| FY2024, ended Jun 30, 2024 | $4.71B |
| FY2025, ended Jun 30, 2025 | $5.81B |
| FY2026, ended Jun 30, 2026 | $7.12B |
Net income and free cash flow
By fiscal year. Free cash flow is operating cash flow minus capex.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2017, ended Jun 30, 2017 | $95.3M | −$19.9M |
| FY2018, ended Jun 30, 2018 | $88.0M | $7.58M |
| FY2019, ended Jun 30, 2019 | $108M | $41.4M |
| FY2020, ended Jun 30, 2020 | −$67.0M | $160M |
| FY2021, ended Jun 30, 2021 | $298M | $428M |
| FY2022, ended Jun 30, 2022 | $235M | $99.0M |
| FY2023, ended Jun 30, 2023 | −$259M | $198M |
| FY2024, ended Jun 30, 2024 | −$156M | $199M |
| FY2025, ended Jun 30, 2025 | $49.4M | $193M |
| FY2026, ended Jun 30, 2026 | $805M | −$1.02B |
Cash and cash equivalents
At each fiscal year end.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.$1.16B
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| Period | Cash and cash equivalents |
|---|---|
| FY2017, ended Jun 30, 2017 | $272M |
| FY2018, ended Jun 30, 2018 | $247M |
| FY2019, ended Jun 30, 2019 | $205M |
| FY2020, ended Jun 30, 2020 | $493M |
| FY2021, ended Jun 30, 2021 | $1.59B |
| FY2022, ended Jun 30, 2022 | $2.58B |
| FY2023, ended Jun 30, 2023 | $821M |
| FY2024, ended Jun 30, 2024 | $926M |
| FY2025, ended Jun 30, 2025 | $909M |
| FY2026, ended Jun 30, 2026 | $1.16B |
Total debt
At each fiscal year end. Short- and long-term borrowings, excluding leases.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.$3.22B
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| Period | Total debt |
|---|---|
| FY2017, ended Jun 30, 2017 | $342M |
| FY2018, ended Jun 30, 2018 | $439M |
| FY2019, ended Jun 30, 2019 | $467M |
| FY2020, ended Jun 30, 2020 | $2.26B |
| FY2021, ended Jun 30, 2021 | $1.38B |
| FY2022, ended Jun 30, 2022 | $2.30B |
| FY2023, ended Jun 30, 2023 | $4.31B |
| FY2024, ended Jun 30, 2024 | $4.10B |
| FY2025, ended Jun 30, 2025 | $3.69B |
| FY2026, ended Jun 30, 2026 | $3.22B |
Shares outstanding
At each fiscal year end, adjusted for splits. Up 209% since 2017.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.196M
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| Period | Shares outstanding |
|---|---|
| FY2017, ended Jun 30, 2017 | 63.3M |
| FY2018, ended Jun 30, 2018 | 63.6M |
| FY2019, ended Jun 30, 2019 | 63.6M |
| FY2020, ended Jun 30, 2020 | 104M |
| FY2021, ended Jun 30, 2021 | 106M |
| FY2022, ended Jun 30, 2022 | 131M |
| FY2023, ended Jun 30, 2023 | 150M |
| FY2024, ended Jun 30, 2024 | 153M |
| FY2025, ended Jun 30, 2025 | 156M |
| FY2026, ended Jun 30, 2026 | 196M |
Buybacks and new shares
By fiscal year, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for FY2026, ended Jun 30, 2026. Hover or tap a column for another year.Net: $4.69B more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2017, ended Jun 30, 2017 | — | $11.8M | — | — |
| FY2018, ended Jun 30, 2018 | $49.9M | $15.3M | — | — |
| FY2019, ended Jun 30, 2019 | $1.62M | $21.9M | $0 | — |
| FY2020, ended Jun 30, 2020 | $1.63M | $68.5M | $0 | $988M |
| FY2021, ended Jun 30, 2021 | $0 | $71.0M | $460M | — |
| FY2022, ended Jun 30, 2022 | $0 | $73.2M | $0 | — |
| FY2023, ended Jun 30, 2023 | — | $149M | $0 | $1.21B |
| FY2024, ended Jun 30, 2024 | — | $126M | $0 | $0 |
| FY2025, ended Jun 30, 2025 | — | $160M | $0 | — |
| FY2026, ended Jun 30, 2026 | — | $186M | $2.00B | $2.51B |
Revenue (TTM)
$7.12B
+22.5% YoY
Net income (TTM)
$805M
+1,531% YoY
Cash
$1.16B
+27.8% YoY
Total debt
$3.22B
−12.6% YoY
Valuation
At current price- Market Cap
- $41.2B
- P/E
- 51.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 5.8×
- Price / Book
- 3.8×
- EV / EBITDA
- 31.6×
Growth
Trailing 12 months- Revenue (TTM)
- $7.12B
- Revenue Growth YoY
- 22.5%
- Revenue CAGR 3Y
- 11.3%
- Revenue CAGR 5Y
- 18.0%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- 1,531%
Profitability
Trailing 12 months- Gross Margin
- 37.5%
- Operating Margin
- 11.9%
- Net Margin
- 11.3%
- FCF Margin
- −14.4%
- Return on Equity
- 9.7%
Earnings
Trailing 12 months- Net Income
- $805M
- EPS (diluted)
- $4.12
- EBITDA
- $1.37B
- Operating Income
- $848M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.16B
- Total Debt
- $3.22B
- Net Debt
- $2.06B
- Total Assets
- $18.3B
- Total Liabilities
- $7.06B
- Shareholders' Equity
- $10.9B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $79.5M
- Capital Expenditure
- $1.10B
- Free Cash Flow
- −$1.02B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 2.10
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 22.5% year over year, at $7.12B.
Strength
Operating margin widened 10.3 pts in a year, to 11.9%.
Note
Net debt of $2.06B is 1.5× EBITDA.
Watch
Free cash flow was negative (−$1.02B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Jun 30, 2026 · filed Aug 14, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K68Mildly positive
10-K for the fiscal year ended Jun 30, 2025
Filed Aug 15, 2025 · Read the filing on EDGAR
- Revenue rose 23% to $5,810 million, driven by a 51% jump in communications sales for AI datacenters. The company swung to a $49 million profit from a $156 million loss.
- Networking segment profit rose 82%. Lasers and Materials profits also grew, even though Materials sales fell 6% on weak silicon carbide and automotive demand.
- A new 2025 restructuring plan cost $107 million, and the company took an $85 million write-down on businesses it plans to sell.
- In January 2025 the US Commerce Department asked about past sales to Huawei. The company has stopped shipping to Huawei and cannot yet estimate possible penalties.
Business momentum
Strong improvement
“Revenues for the year ended June 30, 2025 increased 23% to $5,810 million, compared to $4,708 million for the prior fiscal year.”
Outlook
Neutral
“nor do we expect them to have a material impact on our business, financial condition, operational results and/or cash flows in fiscal 2026.”
Financial stress
Low
“During the fiscal year ended June 30, 2025, the Company made payments of $433 million for the Term Facilities, including voluntary prepayments of $400 million.”
Tone against the previous report
More positive
Red flags
- Medium
Investigation
“In January 2025, we received an inquiry from BIS concerning past product sales to Huawei; we are cooperating with BIS's inquiry and conducting an internal review of those sales”
- Minor
Large write-down
“we recorded non-cash impairment charges of $85 million to Impairment of assets held-for-sale in our Consolidated Statements of Earnings (Loss) in the fourth quarter of fiscal 2025”
Positives
AI datacenter demand drove strong Networking growth
“Segment profit for the year ended June 30, 2025 for Networking increased 82% to $644 million, compared to segment profit of $354 million last fiscal year.”
Gross margin widened
“Gross margin for the year ended June 30, 2025 was $2,043 million, or 35%, of total revenues, compared to $1,456 million, or 31% of total revenues”
Debt reduced and interest costs fell
“Total debt obligations 3,687 4,100”
Concerns
Materials sales fell on weak silicon carbide and automotive demand
“Materials decreased $63 million year-over-year, primarily due to softness in the Silicon Carbide business.”
High tax rate and restructuring charges reduced profit
“Our effective income tax rate for fiscal 2025 was 68%, compared to an effective tax rate of (8)% last fiscal year.”
Two customers each supply more than 10% of revenue
“two customers each contributing more than 10% of total revenues in fiscal 2025”
New risks since the previous report
US export-control inquiry into past Huawei sales
“we may be required to incur significant penalties and/or costs or expense as a result of the inquiry”
More efficient AI models could cut demand for datacenter products
“Emerging AI technologies, such as those demonstrated by DeepSeek, may allow for complex AI operations to be executed with significantly less computing power than is currently required.”
China's limits on exports of rare earth minerals
“In 2024, China imposed export restrictions on certain rare earth minerals such as yttrium and germanium, which disrupted and may continue to disrupt global supply chains, driving up costs.”
Currency hedging stopped, adding foreign exchange losses
“after weighing the costs and benefits of hedging foreign exchange risks on our global balance sheets, we paused our balance sheet hedging program indefinitely.”
New 2025 restructuring plan
“In fiscal 2025, these activities resulted in $107 million of charges primarily for the write-off of property and equipment and ROU assets, employee and contract termination costs.”
Biggest risks named
- $3.7 billion of mostly floating-rate debt with loan covenants
- Dependence on a few large customers and on AI datacenter spending
- US–China trade restrictions, tariffs and limits on rare earth supplies
- Possible penalties from the US inquiry into Huawei sales
- Restructuring and sales of businesses may fall short of plan
Artificial intelligence in this business: Core to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −4.5 | |
| New risks | −2 | |
| Score | 68 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Aug 14, 2026 | Pro | |||
| 10-K | Aug 15, 2025 | 68 | Strong improvement | 1 medium1 minor | |
| 10-K | Aug 16, 2024 | 54 | Mixed | 1 minor | |
| 10-K | Aug 18, 2023 | 35 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Aug 29, 2022 | 53 | Mixed | None | |
| 10-K | Aug 20, 2021 | 72 | Strong improvement | None | |
| 10-K | Aug 26, 2020 | 39 | Sharp deterioration | None | |
| 10-K | Aug 16, 2019 | 72 | Strong improvement | None | |
| 10-K | Aug 28, 2018 | 55 | Mixed | None | |
| 10-K | Aug 21, 2017 | 73 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-K for FY2026 (period ended Jun 30, 2026), filed Aug 14, 2026. View filings on SEC EDGAR