Coherent, Inc. (COHR) 10-Year Financial Performance & Capital Metrics

COHR • • Industrial / General

TechnologyTech Hardware & EquipmentOptical & Photonics SystemsLaser & Optical Components

AboutCoherent, Inc. provides lasers, laser-based technologies, and laser-based system solutions for a range of commercial, industrial, and scientific research applications. It operates in two segments, Original Equipment Manufacturers (OEM) Laser Sources and Industrial Lasers & Systems. The company designs, manufactures, markets, and services lasers, laser tools, precision optics, and related accessories; and laser measurement and control products. Its products are used for applications in microelectronics, materials processing, OEM components and instrumentation, and scientific research and government programs. The company markets its products through a direct sales force in the United States, as well as through direct sales personnel and independent representatives internationally. Coherent, Inc. was founded in 1966 and is headquartered in Santa Clara, California. As of July 1, 2022, Coherent, Inc. operates as a subsidiary of II-VI Incorporated.Show more

Revenue $5.81B +23.4%
EBITDA $1.1B +61.4%
Net Income $49M +131.6%
EPS (Diluted) -0.52 +71.7%
Gross Margin 35.41% +14.5%
EBITDA Margin 18.98% +30.8%
Operating Margin 9.45% +261.1%
Net Margin 0.85% +125.6%
ROE 0.6% +129.2%
ROIC 3.61% +334.5%
Debt/Equity 0.46 -15.2%
Interest Coverage 2.26 +428.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Momentum leader: RS Rating 93 (top 7%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 19.5%

✗Weaknesses

✗Thin 5Y average net margin of 1.8%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y22.85%

5Y19.54%

3Y20.55%

TTM20.8%

Profit (Net Income) CAGR

10Y-2.86%

5Y-

3Y-40.53%

TTM498.24%

EPS CAGR

10Y-

5Y-

3Y-

TTM29.58%

ROCE

10Y Avg6.49%

5Y Avg4.51%

3Y Avg2.68%

Latest4.18%

Peer Comparison

Laser & Optical Components

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NOVTNovanta Inc.	4.76B	133.18	75.24	7.67%	5.5%	6.59%	2.97%	0.63
SELXSemilux International Ltd. Ordinary Shares	34.43M	0.92	-0.15	-67.94%	-165.22%	-31.41%		0.52
COHRCoherent, Inc.	30.8B	195.96	-376.85	23.42%	4.13%	2.88%	0.63%	0.46

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	827.22M	972.05M	1.16B	1.36B	2.38B	3.11B	3.32B	5.16B	4.71B	5.81B
Revenue Growth %	0.11%	0.18%	0.19%	0.18%	0.75%	0.3%	0.07%	0.56%	-0.09%	0.23%
Cost of Goods Sold+	514.4M	583.68M	696.59M	841.15M	1.5B	1.93B	2.05B	3.38B	3.25B	3.75B
COGS % of Revenue	0.62%	0.6%	0.6%	0.62%	0.63%	0.62%	0.62%	0.65%	0.69%	0.65%
Gross Profit+	312.81M	388.36M	462.2M	521.35M	878.88M	1.18B	1.27B	1.78B	1.46B	2.06B
Gross Margin %	0.38%	0.4%	0.4%	0.38%	0.37%	0.38%	0.38%	0.35%	0.31%	0.35%
Gross Profit Growth %	0.15%	0.24%	0.19%	0.13%	0.69%	0.34%	0.07%	0.41%	-0.18%	0.41%
Operating Expenses+	221M	272.81M	325.44M	372.68M	751.7M	775.34M	851.2M	1.5B	1.33B	1.51B
OpEx % of Revenue	0.27%	0.28%	0.28%	0.27%	0.32%	0.25%	0.26%	0.29%	0.28%	0.26%
Selling, General & Admin	160.65M	176M	208.56M	233.52M	0	0	474.1M	0	0	0
SG&A % of Revenue	0.19%	0.18%	0.18%	0.17%	-	-	0.14%	-	-	-
Research & Development	60.35M	96.81M	116.88M	139.16M	339.07M	330.11M	377.11M	499.6M	478.79M	581.92M
R&D % of Revenue	0.07%	0.1%	0.1%	0.1%	0.14%	0.11%	0.11%	0.1%	0.1%	0.1%
Other Operating Expenses	0	0	0	0	412.63M	445.24M	0	1B	854M	926.45M
Operating Income+	91.81M	115.56M	136.76M	148.67M	127.18M	402.12M	414.29M	279.98M	123.17M	548.95M
Operating Margin %	0.11%	0.12%	0.12%	0.11%	0.05%	0.13%	0.12%	0.05%	0.03%	0.09%
Operating Income Growth %	0.2%	0.26%	0.18%	0.09%	-0.14%	2.16%	0.03%	-0.32%	-0.56%	3.46%
EBITDA+	148.48M	179.19M	217.53M	241.03M	348.06M	672.19M	701.07M	961.67M	682.94M	1.1B
EBITDA Margin %	0.18%	0.18%	0.19%	0.18%	0.15%	0.22%	0.21%	0.19%	0.15%	0.19%
EBITDA Growth %	0.14%	0.21%	0.21%	0.11%	0.44%	0.93%	0.04%	0.37%	-0.29%	0.61%
D&A (Non-Cash Add-back)	56.66M	63.64M	80.77M	92.36M	220.88M	270.07M	286.78M	681.69M	559.76M	553.6M
EBIT	93.04M	125.6M	140.55M	151.23M	127.18M	402.12M	403.06M	279.98M	123.17M	551.95M
Net Interest Income+	-3.08M	-6.81M	-18.35M	-22.42M	-89.41M	-59.9M	-121.25M	-286.87M	-288.48M	-243.3M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	3.08M	6.81M	18.35M	22.42M	89.41M	59.9M	121.25M	286.87M	288.48M	243.3M
Other Income/Expense	-1.86M	3.23M	-14.57M	-19.86M	-191.11M	-49.53M	-132.49M	-635.54M	-270.82M	-454.77M
Pretax Income+	89.95M	118.79M	122.19M	128.81M	-63.93M	352.59M	281.81M	-355.56M	-147.65M	94.18M
Pretax Margin %	0.11%	0.12%	0.11%	0.09%	-0.03%	0.11%	0.08%	-0.07%	-0.03%	0.02%
Income Tax+	24.47M	23.51M	34.19M	21.3M	3.1M	55.04M	47.05M	-96.1M	11.12M	64.12M
Effective Tax Rate %	0.73%	0.8%	0.72%	0.83%	1.05%	0.84%	0.83%	0.73%	1.06%	0.52%
Net Income+	65.49M	95.27M	88M	107.52M	-67.03M	297.55M	234.76M	-259.46M	-156.15M	49.36M
Net Margin %	0.08%	0.1%	0.08%	0.08%	-0.03%	0.1%	0.07%	-0.05%	-0.03%	0.01%
Net Income Growth %	-0.01%	0.45%	-0.08%	0.22%	-1.62%	5.44%	-0.21%	-2.11%	0.4%	1.32%
Net Income (Continuing)	65.49M	95.27M	88M	107.52M	-67.03M	297.55M	234.76M	-259.46M	-158.76M	30.06M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	371.39M	353.51M
EPS (Diluted)+	1.04	1.48	1.35	1.63	-0.79	2.37	1.45	-2.93	-1.84	-0.52
EPS Growth %	-0.01%	0.42%	-0.09%	0.21%	-1.48%	4%	-0.39%	-3.02%	0.37%	0.72%
EPS (Basic)	1.07	1.52	1.41	1.69	-0.79	2.50	1.57	-2.93	-1.84	-0.52
Diluted Shares Outstanding	62.91M	64.51M	65.13M	65.8M	84.83M	115.03M	116.51M	137.58M	151.6M	154.8M
Basic Shares Outstanding	61.37M	62.58M	62.5M	63.58M	84.83M	109.86M	106.19M	137.58M	151.6M	154.8M
Dividend Payout Ratio	-	-	-	-	-	0.07%	0.15%	-	-	0.23%

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	582.96M	702.3M	761.84M	812.91M	1.79B	3.03B	4.31B	3.25B	3.66B	3.93B
Cash & Short-Term Investments	218.44M	271.89M	247.04M	204.87M	493.05M	1.59B	2.58B	821.31M	926.03M	909.2M
Cash Only	218.44M	271.89M	247.04M	204.87M	493.05M	1.59B	2.58B	821.31M	926.03M	909.2M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	164.82M	193.38M	215.03M	269.64M	598.12M	658.96M	700.33M	901.53M	848.54M	1.02B
Days Sales Outstanding	72.72	72.61	67.73	72.23	91.73	77.44	77.07	63.77	65.79	64.07
Inventory	175.13M	203.69M	248.27M	296.28M	619.81M	695.83M	902.56M	1.27B	1.29B	1.44B
Days Inventory Outstanding	124.27	127.38	130.09	128.57	150.7	131.7	160.61	137.57	144.4	139.83
Other Current Assets	6.54M	6.92M	7.97M	11.78M	65.71M	13.1M	19.59M	90.29M	200.92M	560.49M
Total Non-Current Assets+	629.02M	775M	999.82M	1.14B	3.45B	3.49B	3.54B	10.46B	10.83B	10.98B
Property, Plant & Equipment	242.86M	367.73M	524.89M	582.79M	1.21B	1.24B	1.36B	1.78B	1.82B	1.88B
Fixed Asset Turnover	3.41x	2.64x	2.21x	2.34x	1.96x	2.50x	2.43x	2.90x	2.59x	3.09x
Goodwill	233.75M	250.34M	270.68M	319.78M	1.24B	1.3B	1.29B	4.51B	4.46B	4.47B
Intangible Assets	124.59M	133.96M	125.07M	139.32M	758.37M	718.46M	635.4M	3.81B	3.5B	3.2B
Long-Term Investments	11.35M	11.73M	69.22M	76.21M	73.77M	0	0	0	0	0
Other Non-Current Assets	8.61M	8.22M	7.93M	14.24M	136.89M	193.66M	223.58M	311.97M	1B	1.38B
Total Assets+	1.21B	1.48B	1.76B	1.95B	5.23B	6.51B	7.84B	13.71B	14.49B	14.91B
Asset Turnover	0.68x	0.66x	0.66x	0.70x	0.45x	0.48x	0.42x	0.38x	0.32x	0.39x
Asset Growth %	0.15%	0.22%	0.19%	0.11%	1.68%	0.24%	0.2%	0.75%	0.06%	0.03%
Total Current Liabilities+	171.24M	184.95M	236.47M	270.56M	672.89M	729.59M	1.27B	1.08B	1.34B	1.79B
Accounts Payable	53.8M	65.54M	89.77M	104.46M	268.77M	294.49M	434.92M	405.31M	631.55M	846.98M
Days Payables Outstanding	38.17	40.98	47.04	45.33	65.35	55.74	77.39	43.82	70.89	82.38
Short-Term Debt	20M	20M	20M	23.83M	69.25M	62.05M	403.21M	74.84M	73.77M	188.31M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	62.92M	62.72M	71M	76.33M	185.18M	203.36M	189.85M	223.13M	256.65M	348.8M
Current Ratio	3.40x	3.80x	3.22x	3.00x	2.66x	4.15x	3.40x	3.01x	2.72x	2.19x
Quick Ratio	2.38x	2.70x	2.17x	1.91x	1.74x	3.20x	2.69x	1.84x	1.77x	1.39x
Cash Conversion Cycle	158.82	159.01	150.78	155.47	177.08	153.4	160.29	157.51	139.3	121.51
Total Non-Current Liabilities+	258.4M	391.78M	500.88M	550M	2.49B	1.65B	2.19B	5.4B	5.2B	4.63B
Long-Term Debt	215.31M	322.02M	419.01M	443.16M	2.19B	1.31B	1.9B	4.23B	4.03B	3.5B
Capital Lease Obligations	0	23.41M	0	0	94.7M	125.54M	110.21M	140.75M	162.35M	165.16M
Deferred Tax Liabilities	11.1M	15.35M	27.24M	23.91M	45.55M	73.96M	77.26M	780.31M	784.37M	711.72M
Other Non-Current Liabilities	31.99M	31M	54.63M	82.92M	158.67M	138.12M	109.92M	247.4M	225.41M	259.32M
Total Liabilities	429.64M	576.73M	737.35M	820.56M	3.16B	2.38B	3.46B	6.48B	6.54B	6.43B
Total Debt+	235.31M	365.44M	439.01M	467M	2.37B	1.53B	2.44B	4.49B	4.3B	3.89B
Net Debt	16.86M	93.55M	191.97M	262.13M	1.88B	-65.85M	-144.16M	3.67B	3.38B	2.98B
Debt / Equity	0.30x	0.41x	0.43x	0.41x	1.14x	0.37x	0.56x	0.62x	0.54x	0.46x
Debt / EBITDA	1.58x	2.04x	2.02x	1.94x	6.82x	2.27x	3.48x	4.67x	6.30x	3.53x
Net Debt / EBITDA	0.11x	0.52x	0.88x	1.09x	5.41x	-0.10x	-0.21x	3.81x	4.95x	2.71x
Interest Coverage	29.80x	16.97x	7.45x	6.63x	1.42x	6.71x	3.42x	0.98x	0.43x	2.26x
Total Equity+	782.34M	900.56M	1.02B	1.13B	2.08B	4.13B	4.38B	7.23B	7.95B	8.48B
Equity Growth %	0.07%	0.15%	0.14%	0.11%	0.83%	0.99%	0.06%	0.65%	0.1%	0.07%
Book Value per Share	12.44	13.96	15.73	17.22	24.48	35.92	37.62	52.54	52.42	54.79
Total Shareholders' Equity	782.34M	900.56M	1.02B	1.13B	2.08B	4.13B	4.38B	7.23B	7.57B	8.13B
Common Stock	243.81M	269.64M	351.76M	382.42M	1.49B	2.03B	2.06B	3.78B	4.86B	5.06B
Retained Earnings	652.79M	748.06M	836.06M	943.58M	876.55M	1.14B	1.35B	944.42M	664.94M	584.37M
Treasury Stock	-100.25M	-103.36M	-159.73M	-168.57M	-199.31M	-218.47M	-239.35M	-293.12M	-315.12M	-368.06M
Accumulated OCI	-14.02M	-13.78M	-3.78M	-24.22M	-87.38M	14.27M	-2.17M	109.73M	2.64M	372.04M
Minority Interest	0	0	0	0	0	0	0	0	371.39M	353.51M

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	122.97M	118.62M	161.01M	178.47M	297.29M	574.35M	413.33M	634.02M	545.73M	633.6M
Operating CF Margin %	0.15%	0.12%	0.14%	0.13%	0.12%	0.18%	0.12%	0.12%	0.12%	0.11%
Operating CF Growth %	-0.05%	-0.04%	0.36%	0.11%	0.67%	0.93%	-0.28%	0.53%	-0.14%	0.16%
Net Income	65.49M	95.27M	88M	107.52M	-67.03M	297.55M	234.76M	-259.46M	-156.15M	30.06M
Depreciation & Amortization	56.66M	63.64M	80.77M	92.36M	220.88M	270.07M	286.78M	681.69M	559.76M	553.6M
Stock-Based Compensation	9.68M	11.76M	15.31M	21.95M	68.48M	70.95M	73.21M	148.87M	126.05M	160.24M
Deferred Taxes	977K	-1.18M	945K	-10.46M	-42.45M	-371K	-8.15M	-206.82M	-112.1M	-95.43M
Other Non-Cash Items	-80K	-2.02M	7.31M	12.49M	41.3M	39.31M	18.4M	145.12M	23.83M	193.27M
Working Capital Changes	-9.75M	-48.85M	-31.33M	-45.38M	76.12M	-103.17M	-191.67M	124.63M	104.34M	-208.13M
Change in Receivables	-20.77M	-26.25M	-21.04M	-50.76M	-91.98M	-51.7M	-55.19M	68.31M	60.58M	-170.44M
Change in Inventory	-8.65M	-24.99M	-38.73M	-36.39M	112.57M	-44.65M	-230.88M	174.14M	-23.2M	-202.73M
Change in Payables	5.71M	6.7M	17.44M	16M	45.03M	2.27M	97.05M	-83.33M	205.04M	217.36M
Cash from Investing+	-135.17M	-177.24M	-284.95M	-223.98M	-1.18B	-172.96M	-320.08M	-5.93B	-350.71M	-414.21M
Capital Expenditures	-58.17M	-138.52M	-153.44M	-137.12M	-136.88M	-146.34M	-314.33M	-436.06M	-346.82M	-440.84M
CapEx % of Revenue	0.07%	0.14%	0.13%	0.1%	0.06%	0.05%	0.09%	0.08%	0.07%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	161K	1.29M	0	-3.79M	-5.8M	7.77M	-5.75M	-4.01M	-3.9M	26.62M
Cash from Financing+	61.45M	111.57M	96.97M	4.88M	1.17B	675.73M	862.95M	3.55B	758.27M	-451.73M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	-20.32M	-34.51M	-27.6M	0	-11.44M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	8.24M	11.71M	-6.16M	-8.51M	-81.08M	-48.3M	5.65M	1.25B	1.01B	48.62M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	64.8M	-19.9M	7.58M	41.35M	160.41M	428.02M	99M	197.97M	198.91M	192.76M
FCF Margin %	0.08%	-0.02%	0.01%	0.03%	0.07%	0.14%	0.03%	0.04%	0.04%	0.03%
FCF Growth %	-0.16%	-1.31%	1.38%	4.46%	2.88%	1.67%	-0.77%	1%	0%	-0.03%
FCF per Share	1.03	-0.31	0.12	0.63	1.89	3.72	0.85	1.44	1.31	1.25
FCF Conversion (FCF/Net Income)	1.88x	1.24x	1.83x	1.66x	-4.44x	1.93x	1.76x	-2.44x	-3.49x	12.84x
Interest Paid	0	0	6.55M	8.68M	62.19M	37.27M	57.31M	282.83M	312.88M	256.7M
Taxes Paid	0	0	0	0	39.52M	60.39M	50M	89.57M	97.3M	166.85M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	8.67%	11.32%	9.14%	9.97%	-4.18%	9.58%	5.51%	-4.47%	-2.06%	0.6%
Return on Invested Capital (ROIC)	9%	9.67%	9.28%	8.54%	3.56%	7.52%	7.48%	2.77%	0.83%	3.61%
Gross Margin	37.82%	39.95%	39.89%	38.26%	36.93%	37.91%	38.16%	34.58%	30.93%	35.41%
Net Margin	7.92%	9.8%	7.59%	7.89%	-2.82%	9.58%	7.08%	-5.03%	-3.32%	0.85%
Debt / Equity	0.30x	0.41x	0.43x	0.41x	1.14x	0.37x	0.56x	0.62x	0.54x	0.46x
Interest Coverage	29.80x	16.97x	7.45x	6.63x	1.42x	6.71x	3.42x	0.98x	0.43x	2.26x
FCF Conversion	1.88x	1.24x	1.83x	1.66x	-4.44x	1.93x	1.76x	-2.44x	-3.49x	12.84x
Revenue Growth	11.49%	17.51%	19.21%	17.58%	74.68%	30.5%	6.78%	55.58%	-8.77%	23.42%

Revenue by Segment

	2023	2024	2025
Lasers	1.47B	1.4B	1.43B
Lasers Growth	-	-5.04%	2.84%
Materials	1.35B	1.02B	953.84M
Materials Growth	-	-24.68%	-6.17%

Revenue by Geography

	2023	2024	2025
North America	-	2.62B	3.56B
North America Growth	-	-	35.93%
Europe	979.91M	714.28M	698.8M
Europe Growth	-	-27.11%	-2.17%
CHINA	577.18M	621.92M	680.11M
CHINA Growth	-	7.75%	9.36%
Rest Of World	-	408.06M	475.75M
Rest Of World Growth	-	-	16.59%
JAPAN	392.48M	340.86M	390.61M
JAPAN Growth	-	-13.15%	14.59%
UNITED STATES	2.75B	-	-
UNITED STATES Growth	-	-	-
World	464.64M	-	-
World Growth	-	-	-

Frequently Asked Questions

Growth & Financials

Coherent, Inc. (COHR) reported $6.04B in revenue for fiscal year 2025. This represents a 1070% increase from $516.4M in 2012.

Coherent, Inc. (COHR) grew revenue by 23.4% over the past year. This is strong growth.

Yes, Coherent, Inc. (COHR) is profitable, generating $249.8M in net income for fiscal year 2025 (0.8% net margin).

Dividend & Returns

Coherent, Inc. (COHR) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

Coherent, Inc. (COHR) has a return on equity (ROE) of 0.6%. This is below average, suggesting room for improvement.

Coherent, Inc. (COHR) generated $73.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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