Information Technology · Electronic Components · US stock · price as of 16 Oct 2026
Key indicators
Price
$232.90
52-week range
$112.32 – $440.00
Market cap
$45.5B
P/E (trailing)
57.4×
EV / EBITDA
55.1×
Free-cash-flow yield
−2.2%
Dividend yield
0.0%
Revenue (last 12 months)
$7.1B
Revenue growth (3y a year)
11.3%
Operating margin
11.9%
Return on invested capital
6.1%
Net debt / EBITDA
1.8×
Fair value
Blended fair value$55.33 range $52 – $58
Versus priceData under review+0% to fair value
Peer multiples
$60.83
Fundamentals-adjusted multiple
$59.30
10-year DCF (market-scaled)
$45.87
Earnings power value (floor, not blended)
$12.11
Model uncertainty
High
X-Ray Score
30/ 100 · Medium confidence · ahead of 5% of sector peers
Valuation12
Growth59
Profitability16
Financial health50
Dividends7
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Coherent makes lasers, optical components and engineered materials. Its products include optical transceivers and components that carry data in communications networks and data centres, industrial lasers used in cutting, welding and electronics manufacturing, and advanced materials such as silicon carbide substrates. Customers are communications equipment makers, cloud operators, semiconductor and electronics manufacturers and industrial companies. The business is organised into networking, materials and lasers groups.
Supplying optical products, lasers and materials to manufacturers and network companies produced revenue of $7.1 billion over the last twelve months. Sales have grown at 11.3% a year across the last three years. The operating margin is 11.9%, the business earns 6% on the capital invested in it, and net debt is 1.8 times EBITDA. A dividend is listed, though its yield is 0.0%.
StocksXray gives Coherent Corp. an X-Ray Score of 30 out of 100 (medium confidence), ahead of 5% of the S&P 500 stocks in its sector. Its strongest lens is growth (59) and its weakest is dividends (7).
Our fair value blend is $55.33 (range $52.43 to $58.28). At $232.90 the stock trades 321% above that blend, so the label is "Data under review" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Coherent Corp. (COHR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$50.95
$50.98
$72.46
$89.21
$394.47
$232.90
Market cap
$5.9B
$7.0B
$11.0B
$13.8B
$77.1B
$45.5B
P/E
35.1×
–
–
–
95.7×
57.4×
EV / revenue
1.7×
2.0×
3.1×
2.9×
11.0×
6.6×
EV / EBITDA
8.1×
16.3×
22.2×
26.1×
57.4×
55.5×
Price / free cash flow
60.0×
35.4×
55.2×
71.6×
–
–
Free-cash-flow yield
1.7%
2.8%
1.8%
1.4%
−1.3%
−2.2%
Price / book
1.6×
1.4×
2.1×
2.4×
7.1×
4.2×
Dividend yield
–
–
–
–
–
0.03%
Fundamentals checklist ● 2 Good · ● 4 Average · ● 8 Bad · each check graded against the sector
Cash quality
Earnings backed by cash3.9%Bad
Free-cash-flow yield−2.2%Bad
Risk models
Altman Z score3.6×Average
Piotroski F-Score6 of 9Average
Growth
Revenue growth (3y)11.3%Average
Growth consistency90%Average
Balance sheet
Current ratio2.4×Good
Net debt / EBITDA1.8×Bad
Interest coverno interest costGood
Valuation
Fair value vs price0.2×Bad
EBIT / EV yield1.8%Bad
Profitability
Return on invested capital6.1%Bad
Operating margin11.9%Bad
Gross profitability14.6%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Coherent Corp. (COHR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
3,317
5,160
4,708
5,810
7,118
7,118
Gross profit
1,265
1,618
1,456
2,043
2,669
2,669
Operating income
414
-37
96
94
848
848
Net income
235
-259
-159
30
787
787
Diluted EPS ($)
1.45
-2.93
-1.84
-0.52
4.12
4.06
Free cash flow
99
198
199
193
-1,023
-1,023
Gross margin
38.2%
31.4%
30.9%
35.2%
37.5%
37.5%
Operating margin
12.5%
−0.7%
2.0%
1.6%
11.9%
11.9%
Net margin
7.1%
−5.0%
−3.4%
0.5%
11.1%
11.1%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
7,845
13,711
14,489
14,911
18,300
18,300
Cash
2,582
821
926
909
1,162
1,162
Total debt
2,300
4,310
4,100
3,687
3,222
3,222
Equity
3,616
4,988
5,210
5,645
10,903
10,903
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.