Revenue growth has accelerated to 1204.5% in 2026Q3, yet operating margins remain constrained near 10% due to persistent production costs and high fixed-cost overhead.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 1.81T | 5.81B | 4.71B | 5.16B | 3.32B | 3.11B | 2.38B | 1.36B | 1.16B | 972.05M | 827.22M | 741.96M | 683.26M | 551.08M | 516.4M | 502.8M | 345.09M | 292.22M | 316.19M | 263.19M | 232.53M | 194.04M | 150.85M | 128.21M | 113.69M | 123.33M | 74.09M | 62.01M | 61.3M | 52.7M | 37.9M |
| Revenue Growth % | 32257.9% | 23.42% | -8.77% | 55.58% | 6.78% | 30.5% | 74.68% | 17.58% | 19.21% | 17.51% | 11.49% | 8.59% | 23.99% | 6.71% | 2.71% | 45.7% | 18.09% | -7.58% | 20.14% | 13.19% | 19.83% | 28.63% | 17.66% | 12.77% | -7.82% | 66.46% | 19.48% | 1.16% | 16.32% | 39.05% | 36.33% |
| Cost of Goods Sold | 3.03B | 3.75B | 3.25B | 3.38B | 2.05B | 1.93B | 1.5B | 841.15M | 696.59M | 583.68M | 514.4M | 470.36M | 456.55M | 347.56M | 315.06M | 295.9M | 210.49M | 168.62M | 185.99M | 143.75M | 138.99M | 105.64M | 79.96M | 69.41M | 69.73M | 72.18M | 41.55M | 36.59M | 30.1M | 24.4M | 18.1M |
| COGS % of Revenue | - | 64.59% | 69.07% | 65.42% | 61.84% | 62.09% | 63.07% | 61.74% | 60.11% | 60.05% | 62.18% | 63.39% | 66.82% | 63.07% | 61.01% | 58.85% | 61% | 57.7% | 58.82% | 54.62% | 59.77% | 54.44% | 53.01% | 54.14% | 61.34% | 58.52% | 56.08% | 59% | 49.1% | 46.3% | 47.76% |
| Gross Profit | 1.76B | 2.06B | 1.46B | 1.78B | 1.27B | 1.18B | 878.88M | 521.35M | 462.2M | 388.36M | 312.81M | 271.6M | 226.72M | 203.52M | 201.35M | 206.9M | 134.6M | 123.61M | 130.21M | 119.44M | 93.54M | 88.4M | 70.89M | 58.8M | 43.96M | 51.15M | 32.54M | 25.42M | 31.2M | 28.3M | 19.8M |
| Gross Margin % | 0.1% | 35.41% | 30.93% | 34.58% | 38.16% | 37.91% | 36.93% | 38.26% | 39.89% | 39.95% | 37.82% | 36.61% | 33.18% | 36.93% | 38.99% | 41.15% | 39% | 42.3% | 41.18% | 45.38% | 40.23% | 45.56% | 46.99% | 45.86% | 38.66% | 41.48% | 43.92% | 41% | 50.9% | 53.7% | 52.24% |
| Gross Profit Growth % | - | 41.3% | -18.4% | 40.99% | 7.48% | 33.97% | 68.58% | 12.8% | 19.01% | 24.15% | 15.17% | 19.8% | 11.4% | 1.08% | -2.68% | 53.72% | 8.89% | -5.07% | 9.01% | 27.69% | 5.81% | 24.71% | 20.55% | 33.77% | -14.07% | 57.19% | 28% | -18.51% | 10.25% | 42.93% | 41.43% |
| Operating Expenses | 454.86B | 1.51B | 1.33B | 1.5B | 851.2M | 775.34M | 751.7M | 372.68M | 325.44M | 272.81M | 221M | 194.8M | 180.23M | 132.03M | 119.83M | 108.12M | 82.92M | 77.11M | 68.54M | 71.13M | 54.98M | 55.94M | 47.2M | 41.61M | 32.59M | 32.88M | 22.21M | 17.18M | 21.5M | 18.9M | 14.1M |
| OpEx % of Revenue | - | 25.96% | 28.31% | 29.15% | 25.66% | 24.96% | 31.58% | 27.35% | 28.08% | 28.07% | 26.72% | 26.25% | 26.38% | 23.96% | 23.2% | 21.5% | 24.03% | 26.39% | 21.68% | 27.03% | 23.64% | 28.83% | 31.29% | 32.45% | 28.67% | 26.66% | 29.98% | 27.71% | 35.07% | 35.86% | 37.2% |
| Selling, General & Admin | 267.9B | 0 | 0 | 0 | 474.1M | 0 | 0 | 233.52M | 208.56M | 176M | 160.65M | 143.54M | 137.71M | 109.34M | 98.42M | 92.05M | 71.11M | 59.42M | 60.81M | 55.06M | 48.08M | 43.31M | 35.1M | 28.51M | 21.25M | 24.77M | 18.17M | 13.83M | 14.3M | 12.7M | 9.9M |
| SG&A % of Revenue | - | - | - | - | 14.29% | - | - | 17.14% | 18% | 18.11% | 19.42% | 19.35% | 20.15% | 19.84% | 19.06% | 18.31% | 20.61% | 20.33% | 19.23% | 20.92% | 20.68% | 22.32% | 23.27% | 22.24% | 18.69% | 20.08% | 24.52% | 22.3% | 23.33% | 24.1% | 26.12% |
| Research & Development | 186.46B | 581.92M | 478.79M | 499.6M | 377.11M | 330.11M | 339.07M | 139.16M | 116.88M | 96.81M | 60.35M | 51.26M | 42.52M | 22.69M | 21.41M | 16.08M | 11.81M | 17.69M | 7.73M | 16.07M | 6.89M | 12.63M | 12.1M | 13.1M | 11.35M | 8.12M | 4.04M | 3.36M | 3.3M | 3M | 1.7M |
| R&D % of Revenue | - | 10.02% | 10.17% | 9.68% | 11.37% | 10.63% | 14.25% | 10.21% | 10.09% | 9.96% | 7.3% | 6.91% | 6.22% | 4.12% | 4.15% | 3.2% | 3.42% | 6.05% | 2.45% | 6.1% | 2.96% | 6.51% | 8.02% | 10.21% | 9.98% | 6.58% | 5.45% | 5.41% | 5.38% | 5.69% | 4.49% |
| Other Operating Expenses | 2M | 926.45M | 854M | 1B | 0 | 445.24M | 412.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.9M | 3.2M | 2.5M |
| Operating Income | 530.22M | 548.95M | 123.17M | 279.98M | 414.29M | 402.12M | 127.18M | 148.67M | 136.76M | 115.56M | 91.81M | 76.8M | 46.49M | 71.49M | 81.52M | 98.78M | 51.68M | 46.5M | 61.66M | 48.31M | 38.56M | 32.46M | 23.68M | 17.2M | 11.37M | 18.27M | 10.33M | 8.24M | 9.7M | 9.4M | 5.7M |
| Operating Margin % | 0.03% | 9.45% | 2.62% | 5.43% | 12.49% | 12.95% | 5.34% | 10.91% | 11.8% | 11.89% | 11.1% | 10.35% | 6.8% | 12.97% | 15.79% | 19.64% | 14.98% | 15.91% | 19.5% | 18.36% | 16.58% | 16.73% | 15.7% | 13.41% | 10% | 14.81% | 13.94% | 13.29% | 15.82% | 17.84% | 15.04% |
| Operating Income Growth % | - | 345.66% | -56.01% | -32.42% | 3.03% | 216.18% | -14.45% | 8.7% | 18.35% | 25.86% | 19.55% | 65.21% | -34.98% | -12.3% | -17.47% | 91.12% | 11.15% | -24.6% | 27.63% | 25.29% | 18.78% | 37.08% | 37.72% | 51.31% | -37.79% | 76.83% | 25.39% | -15.06% | 3.19% | 64.91% | 72.73% |
| EBITDA | 913.49M | 1.1B | 682.94M | 961.67M | 701.07M | 672.19M | 348.06M | 241.03M | 217.53M | 179.19M | 148.48M | 129.88M | 99.58M | 112.28M | 116.05M | 127.22M | 72.72M | 61.85M | 77.19M | 65.06M | 54.34M | 45.17M | 33.32M | 26.52M | 20.16M | 26.97M | 15.33M | 12.84M | 13.6M | 12.6M | 8.2M |
| EBITDA Margin % | 0.05% | 18.98% | 14.51% | 18.64% | 21.14% | 21.64% | 14.62% | 17.69% | 18.77% | 18.43% | 17.95% | 17.51% | 14.57% | 20.38% | 22.47% | 25.3% | 21.07% | 21.17% | 24.41% | 24.72% | 23.37% | 23.28% | 22.09% | 20.69% | 17.73% | 21.87% | 20.69% | 20.7% | 22.19% | 23.91% | 21.64% |
| EBITDA Growth % | -11.29% | 61.44% | -28.98% | 37.17% | 4.3% | 93.12% | 44.4% | 10.8% | 21.4% | 20.69% | 14.32% | 30.42% | -11.31% | -3.24% | -8.78% | 74.95% | 17.57% | -19.87% | 18.64% | 19.71% | 20.31% | 35.58% | 25.61% | 31.58% | -25.27% | 75.93% | 19.41% | -5.6% | 7.94% | 53.66% | 54.72% |
| D&A (Non-Cash Add-back) | 383.27M | 553.6M | 559.76M | 681.69M | 286.78M | 270.07M | 220.88M | 92.36M | 80.77M | 63.64M | 56.66M | 53.08M | 53.1M | 40.79M | 34.52M | 28.45M | 21.04M | 15.35M | 15.52M | 16.75M | 15.78M | 12.71M | 9.63M | 9.33M | 8.79M | 8.7M | 5M | 4.6M | 3.9M | 3.2M | 2.5M |
| EBIT | 577.49M | 551.95M | 123.17M | 279.98M | 403.06M | 402.12M | 127.18M | 151.23M | 140.55M | 125.6M | 93.04M | 82.97M | 50.12M | 78.65M | 88.69M | 101.86M | 51.4M | 46.5M | 61.66M | 48.31M | 38.56M | 32.46M | 23.68M | 17.2M | 11.37M | 18.27M | 10.33M | 8.24M | 9.7M | 9.4M | 5.7M |
| Net Interest Income | -44.85B | -243.3M | -288.48M | -286.87M | -121.25M | -59.9M | -89.41M | -22.42M | -18.35M | -6.81M | -3.08M | -3.86M | -4.48M | -1.16M | -212K | -103K | -87K | -178K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 44.85B | 243.3M | 288.48M | 286.87M | 121.25M | 59.9M | 89.41M | 22.42M | 18.35M | 6.81M | 3.08M | 3.86M | 4.48M | 1.16M | 212K | 103K | 87K | 178K | 0 | 0 | 32.66M | 423K | 416K | 1.44M | 2.27M | 5.09M | 481K | 200K | 300K | 0 | 0 |
| Other Income/Expense | -208.75M | -454.77M | -270.82M | -635.54M | -132.49M | -49.53M | -191.11M | -19.86M | -14.57M | 3.23M | -1.86M | 2.31M | -845K | 6M | 6.96M | 2.99M | -364K | -178K | 28.97M | 1.59M | -17.23M | -684K | -414K | -1.15M | -1.85M | -3.71M | -575K | -201K | -100K | 600K | 300K |
| Pretax Income | 184.67B | 94.18M | -147.65M | -355.56M | 281.81M | 352.59M | -63.93M | 128.81M | 122.19M | 118.79M | 89.95M | 79.11M | 45.64M | 77.49M | 88.48M | 101.76M | 51.32M | 46.32M | 90.63M | 49.91M | 21.34M | 31.78M | 23.27M | 16.05M | 9.51M | 14.56M | 9.76M | 8.04M | 9.6M | 10M | 6M |
| Pretax Margin % | 10.2% | 1.62% | -3.14% | -6.89% | 8.5% | 11.35% | -2.69% | 9.45% | 10.54% | 12.22% | 10.87% | 10.66% | 6.68% | 14.06% | 17.13% | 20.24% | 14.87% | 15.85% | 28.66% | 18.96% | 9.18% | 16.38% | 15.43% | 12.52% | 8.37% | 11.8% | 13.17% | 12.96% | 15.66% | 18.98% | 15.83% |
| Income Tax | 2.72B | 64.12M | 11.12M | -96.1M | 47.05M | 55.04M | 3.1M | 21.3M | 34.19M | 23.51M | 24.47M | 13.14M | 7.33M | 18.77M | 17.76M | 18.74M | 12.58M | 7.41M | 24.94M | 11.94M | 10.54M | 8.53M | 6.75M | 4.43M | 2.25M | 5.07M | 2.44M | 2.58M | 2.8M | 2.9M | 1.6M |
| Effective Tax Rate % | 1.48% | 68.09% | -7.53% | 27.03% | 16.7% | 15.61% | -4.85% | 16.53% | 27.98% | 19.79% | 27.2% | 16.61% | 16.05% | 24.22% | 20.07% | 18.42% | 24.52% | 15.99% | 27.51% | 23.93% | 49.41% | 26.83% | 29% | 27.6% | 23.62% | 34.8% | 25.06% | 32.04% | 29.17% | 29% | 26.67% |
| Net Income | 191.68B | 49.36M | -156.15M | -259.46M | 234.76M | 297.55M | -67.03M | 107.52M | 88M | 95.27M | 65.49M | 65.97M | 38.45M | 50.81M | 60.31M | 82.68M | 38.58M | 36.78M | 64.27M | 37.97M | 10.79M | 23.25M | 16.52M | 11.62M | 7.26M | 9.49M | 7.31M | 5.46M | 6.8M | 7.1M | 4.4M |
| Net Margin % | 10.59% | 0.85% | -3.32% | -5.03% | 7.08% | 9.58% | -2.82% | 7.89% | 7.59% | 9.8% | 7.92% | 8.89% | 5.63% | 9.22% | 11.68% | 16.44% | 11.18% | 12.59% | 20.33% | 14.42% | 4.64% | 11.98% | 10.95% | 9.06% | 6.39% | 7.7% | 9.87% | 8.81% | 11.09% | 13.47% | 11.61% |
| Net Income Growth % | 198447.49% | 131.61% | 39.82% | -210.52% | -21.1% | 543.92% | -162.34% | 22.18% | -7.63% | 45.49% | -0.74% | 71.59% | -24.33% | -15.74% | -27.06% | 114.33% | 4.88% | -42.77% | 69.28% | 251.73% | -53.58% | 40.75% | 42.19% | 59.97% | -23.46% | 29.82% | 33.83% | -19.66% | -4.23% | 61.36% | 76% |
| Net Income (Continuing) | 191.67B | 30.06M | -158.76M | -259.46M | 234.76M | 297.55M | -67.03M | 107.52M | 88M | 95.27M | 65.49M | 65.97M | 38.32M | 58.72M | 70.72M | 83.02M | 38.73M | 38.91M | 65.69M | 37.97M | 10.79M | 23.25M | 16.52M | 11.62M | 7.26M | 9.49M | 7.31M | 5.46M | 6.8M | 7.1M | 4.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 338.7B | 353.51M | 371.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.43M | 727K | 507K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1232.67 | -0.52 | -1.84 | -2.93 | 1.45 | 2.37 | -0.79 | 1.63 | 1.35 | 1.48 | 1.04 | 1.05 | 0.60 | 0.80 | 0.94 | 1.30 | 0.63 | 0.61 | 1.06 | 0.63 | 0.18 | 0.39 | 0.28 | 0.19 | 0.13 | 0.17 | 0.14 | 0.05 | 0.13 | 0.14 | 0.09 |
| EPS Growth % | 528855.36% | 71.74% | 37.2% | -302.07% | -38.82% | 400% | -148.47% | 20.74% | -8.78% | 42.31% | -0.95% | 75% | -25% | -14.89% | -27.69% | 106.35% | 3.28% | -42.45% | 68.25% | 250% | -53.85% | 39.29% | 47.37% | 46.15% | -23.53% | 21.43% | 166.67% | -59.62% | -7.14% | 60% | 45.83% |
| EPS (Basic) | - | -0.52 | -1.84 | -2.93 | 1.57 | 2.50 | -0.79 | 1.69 | 1.41 | 1.52 | 1.07 | 1.08 | 0.62 | 0.81 | 0.96 | 1.33 | 0.64 | 0.62 | 1.08 | 0.65 | 0.19 | 0.40 | 0.29 | 0.20 | 0.13 | 0.18 | 0.14 | 0.05 | 0.13 | 0.14 | 0.09 |
| Diluted Shares Outstanding | 155.5M | 154.8M | 151.6M | 137.58M | 116.51M | 115.03M | 84.83M | 65.8M | 65.13M | 64.51M | 62.91M | 62.59M | 63.69M | 63.88M | 64.39M | 63.61M | 61.5M | 60.16M | 60.97M | 60.58M | 59.97M | 59.63M | 58.87M | 61.16M | 56.97M | 55.83M | 53.17M | 50.37M | 53.33M | 52.59M | 50.29M |
| Basic Shares Outstanding | 155.5M | 154.8M | 151.6M | 137.58M | 106.19M | 109.86M | 84.83M | 63.58M | 62.5M | 62.58M | 61.37M | 61.22M | 62.25M | 62.41M | 62.82M | 62.21M | 60.3M | 59.33M | 59.38M | 58.85M | 58.35M | 58.14M | 56.97M | 59.59M | 55.88M | 54.23M | 51.31M | 50.37M | 51.81M | 52.59M | 50.29M |
| Dividend Payout Ratio | - | 23.17% | - | - | 14.7% | 6.83% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High cyclical revenue exposure
According to the most recent quarterly financial data, Coherent's revenue growth has surged to 1204.5%, a dramatic departure from previous periods, suggesting that the company is successfully capturing significant demand within the high-speed optical transceiver market as AI-driven infrastructure spending continues to scale across global datacenters.
The massive revenue spike in 2026Q3 appears to be an outlier or a result of a significant accounting shift, warranting caution regarding the sustainability of this growth rate. Investors should monitor whether this trajectory reflects genuine organic volume expansion or temporary project-based revenue recognition that may not repeat in subsequent quarters.
As reported in financial statements, Coherent has maintained gross margins in the 30% to 37% range over the last ten quarters, indicating that despite its vertical integration strategy, the company faces persistent pricing pressure and high production costs inherent in its specialized photonics and semiconductor manufacturing operations.
The inability to consistently push gross margins above the 40% threshold suggests that the company's high-value proprietary components are being offset by lower-margin assembly work. This structural limitation implies that margin expansion will likely remain tethered to factory utilization rates rather than pure pricing power.
Based on Coherent's reported figures, operating margins have struggled to scale proportionally with revenue, hovering near 10% for most of the observed period, which suggests that the company's high fixed-cost base and ongoing integration expenses continue to act as a drag on overall operational efficiency.
The lack of significant operating leverage indicates that the company is not yet realizing the full benefits of its post-merger scale. Analysts should investigate whether the current SG&A and R&D spend levels are necessary for competitive positioning or if they represent inefficiencies that management must address to improve profitability.
Data from recent filings reveals significant fluctuations in net income, ranging from deep losses to substantial profits, which appears to be driven by non-operating items and potentially high stock-based compensation expenses that complicate the assessment of the company's true underlying earnings power for institutional investors.
The volatility in net income, particularly the negative figures observed in 2024 and 2025, suggests that the company's bottom line is highly sensitive to acquisition-related amortization and other non-cash charges. Investors should focus on adjusted metrics to determine if the core business is generating sustainable cash flow.
While recent growth figures are impressive, a critical analysis of the income statement suggests that the company's reliance on cyclical semiconductor and networking markets poses a significant risk, as historical data shows that rapid demand shifts can lead to sudden inventory write-downs and margin compression.
Short-term growth in the 800G and 1.6T transceiver segments may mask the underlying cyclicality of the broader industrial laser business. If the current AI infrastructure buildout slows, the company's high fixed-cost structure could lead to a rapid deterioration in profitability, making the current valuation appear potentially vulnerable.
Quick answers to the most common questions about buying COHR stock.
For fiscal year 2025, Coherent, Inc. (COHR) reported total revenue of $5.81B. This represents a 15230.1% increase compared to $37.9M in 1996.
Coherent, Inc. (COHR) is profitable, generating $49.4M in net income for the fiscal year ending 2025 with a net profit margin of 0.8%.
Coherent, Inc. (COHR) reported an operating income of $548.9M, resulting in an operating profit margin of 9.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Coherent, Inc. (COHR) generated $2.06B in gross profit for the year, representing a gross profit margin of 35.4%. This demonstrates the company's core pricing power and production efficiency.