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COHR

Coherent, Inc.

COHR

Coherent, Inc. • NASDAQ
$164.28 ▲ 6.67% (+10.28)
Market Cap $25.53 B
52w High $168.57
52w Low $45.58
Dividend Yield 0%
P/E 231.37
Volume 4.78M
Outstanding Shares 155.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $1.581B ▲ $406.961M ▲ $226.349M ▲ 14.313% ▲ $0 ▲ $339.315M ▲
Q4-2025 $1.529B ▲ $401.171M ▲ $-95.619M ▼ -6.252% ▼ $-0.83 ▼ $296.801M ▲
Q3-2025 $1.498B ▲ $382.17M ▲ $15.711M ▼ 1.049% ▼ $-0.11 ▼ $292.09M ▲
Q2-2025 $1.435B ▲ $364.464M ▲ $103.385M ▲ 7.206% ▲ $0.46 ▲ $279.348M ▲
Q1-2025 $1.348B $360.57M $25.887M 1.92% $-0.04 $237.306M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $852.778M ▼ $14.699B ▼ $6.011B ▼ $8.336B ▲
Q4-2025 $909.2M ▲ $14.911B ▲ $6.43B ▲ $8.128B ▲
Q3-2025 $890.258M ▼ $14.445B ▲ $6.276B ▲ $7.814B ▲
Q2-2025 $917.815M ▼ $14.197B ▼ $6.232B ▼ $7.597B ▲
Q1-2025 $1.02B $14.699B $8.827B $5.501B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $225.196M ▲ $45.955M ▼ $296.798M ▲ $-421.486M ▼ $-80.013M ▼ $-57.991M ▼
Q4-2025 $29.929M ▲ $130.284M ▼ $-130.691M ▼ $-65.238M ▲ $6.883M ▲ $-1.066M ▼
Q3-2025 $1.765M ▼ $162.957M ▼ $-111.731M ▼ $-120.015M ▲ $-42.612M ▲ $51.138M ▼
Q2-2025 $101.542M ▲ $187.379M ▲ $-106.059M ▼ $-140.81M ▼ $-113.816M ▼ $81.696M ▲
Q1-2025 $24.861M $152.98M $-65.734M $-125.663M $-7.228M $60.996M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q4-2025
Lasers Segment
Lasers Segment
 $360.00M ▲$350.00M ▼$380.00M ▲$710.00M ▲
Materials Segment
Materials Segment
 $280.00M ▲$240.00M ▼$240.00M ▲$470.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the last five years, especially after the merger, with a clear step‑up in scale more recently. Profitability at the operating level has improved from very slim margins to more solid, though still not outstanding, levels. Net income swung from healthy profits before the merger to losses during the integration period, and only recently moved back to a modest profit, indicating that restructuring, integration costs, and interest burden are still weighing on bottom‑line results. Overall, the business is growing and margins are healing, but earnings quality and consistency are still in a rebuilding phase.

Balance Sheet

Balance Sheet The balance sheet is much larger than it was a few years ago, reflecting the merger and the broader scope of the company. Shareholder equity has been trending up, suggesting that the company is gradually building book value. Debt levels are high compared with the pre‑merger period, and only starting to edge down, which means leverage is an important risk factor to monitor. Cash on hand is reasonable but not especially heavy relative to total assets, so the company has some financial flexibility, but not an excessive liquidity cushion.

Cash Flow

Cash Flow Operating cash flow has been steady to gradually improving, even during years when accounting profits were under pressure, which is a positive sign for the underlying business. The company is investing heavily in its footprint and technology, as seen in consistently sizable capital spending. Free cash flow remains positive but relatively modest compared with revenue, indicating that a good portion of cash generated is being reinvested rather than piling up on the balance sheet. This pattern fits a company in an intensive growth and integration phase rather than a mature, cash‑harvesting profile.

Competitive Edge

Competitive Edge Coherent holds a strong position in photonics, lasers, and related materials, with one of the broadest product portfolios in its space. Vertical integration—from advanced materials to finished systems—provides cost, quality, and supply‑chain advantages that many rivals cannot easily match. Its brand is well established globally, and the combination of legacy Coherent and II‑VI gives it scale and reach across industrial, communications, electronics, and instrumentation markets. However, the company still faces capable competitors in each niche, so execution and innovation remain critical to preserving this edge.

Innovation and R&D

Innovation and R&D The company’s history is rooted in laser innovation, and it continues to push the frontier in fiber lasers, ultrafast lasers, optical communications, and advanced materials. Its integrated materials‑plus‑systems model allows it to co‑design components and end products, which can lead to better performance and cost structures. Coherent is tightly aligned with major growth themes such as AI data centers, high‑speed optical networking, precision manufacturing, and advanced electronics, all of which rely heavily on photonics. Ongoing R&D, particularly in high‑speed transceivers, optical switching, and next‑generation industrial lasers, is central to its strategy and a key driver of future upside—but also requires sustained spending and disciplined prioritization.

Summary

Coherent today is a much larger, more complex company than it was before the II‑VI merger, with stronger revenue scale but still‑evolving profitability. The income statement shows improving margins and a return to modest profitability after a period of merger‑related strain, while the balance sheet reflects higher leverage that investors should watch closely. Cash flow generation is solid and supports meaningful reinvestment, though free cash flow is not yet abundant. Strategically, Coherent benefits from a broad portfolio, vertical integration, and exposure to powerful trends like AI, cloud, and advanced manufacturing, underpinned by substantial R&D. The central questions going forward are how effectively it can translate these advantages into higher, more stable margins and how quickly it can deleverage while continuing to invest in innovation.

NEWS

November 14, 2025 · 4:05 PM UTC

Coherent Introduces Axon FP – A Breakthrough Fiber-Delivered Femtosecond Laser for Multiphoton Microscopy

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November 10, 2025 · 4:05 PM UTC

Coherent Unveils EDGE CUT20 OEM Cutting Solution for Intelligent Metal Cutting at Photonix Japan 2025

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November 5, 2025 · 4:06 PM UTC

Coherent Corp. Reports First Quarter Fiscal 2026 Results

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October 31, 2025 · 9:00 AM UTC

Coherent Announces Agreement to Sell Materials Processing Tools Product Division to Bystronic

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October 28, 2025 · 4:05 PM UTC

Coherent Introduces Next-Generation Polarization-Maintaining Optical Fiber

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