Coherent, Inc.
- Open
- 280.25
- Day high
- 281.90
- Day low
- 275.14
- Prev close
- 279.20
- Volume
- 5.0M
- Mkt cap
- $54.4B
- P/E (TTM)
- 63.9
- EPS (TTM)
- $4.35
- P/B
- 5.0
- P/S
- 7.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.3M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Coherent, Inc. (COHR) is a Technology company listed on NYSE. The stock is up 214% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 4 published research articles covering COHR.
Coherent, Inc. (COHR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
COHR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | $1.62 | $1.74 | +7.4% | $2.0B | +3.1% |
| May 6, 2026 | $1.41 | $1.41 | +0.0% | $1.8B | +1.3% |
| Feb 4, 2026 | $1.21 | $1.29 | +6.6% | $1.7B | +2.7% |
| Nov 5, 2025 | $1.04 | $1.16 | +11.5% | $1.6B | +1.7% |
| Aug 13, 2025 | $0.93 | $1.00 | +7.5% | $1.5B | -1.2% |
| May 7, 2025 | $0.86 | $0.91 | +5.8% | $1.5B | -0.2% |
| Feb 5, 2025 | $0.69 | $0.95 | +37.7% | $1.4B | +4.8% |
| Aug 15, 2024 | $0.60 | $0.61 | +1.7% | $1.3B | +3.0% |
| Aug 15, 2023 | $0.38 | $0.41 | +7.9% | $1.2B | +3.4% |
| Feb 8, 2023 | $0.93 | $0.95 | +2.2% | $1.4B | -0.1% |
| Nov 9, 2022 | $0.83 | $1.04 | +25.3% | $1.3B | — |
| Aug 24, 2022 | $0.95 | $0.98 | +3.2% | $887M | — |
COHR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | Luther Sherri Rofficer: Chief Financial Officer | Sell | 3,000 | $324.00 |
| Jul 24, 2026 | Luther Sherri Rofficer: Chief Financial Officer | Sell | 1,000 | $306.68 |
| Jul 6, 2026 | Place Jeffrey B.officer: Chief Supply Chain Officer | Tax | 2,181 | $394.47 |
| Jun 5, 2026 | ANDERSON JAMES ROBERTdirector, officer: CEO | Tax | 25,836 | $426.89 |
| May 13, 2026 | Luther Sherri Rofficer: Chief Financial Officer | Sell | 2,000 | $372.96 |
| May 13, 2026 | Xia Howard H.director | Option | 2,000 | $21.67 |
| May 13, 2026 | Xia Howard H.director | Sell | 500 | $344.00 |
| Apr 24, 2026 | Luther Sherri Rofficer: Chief Financial Officer | Sell | 2,000 | $351.00 |
| Mar 12, 2026 | Eng Julie Sheridanofficer: Chief Technology Officer | Sell | 1,454 | $258.18 |
| Mar 11, 2026 | SKAGGS STEPHEN Adirector | Sell | 3,523 | $243.13 |
| Mar 9, 2026 | Digirolomo Enricodirector | Option | 2,906 | $36.56 |
| Mar 9, 2026 | Digirolomo Enricodirector | Sell | 3,911 | $241.50 |
| Mar 9, 2026 | Digirolomo Enricodirector | Option | 1,005 | $49.90 |
| Mar 4, 2026 | Eng Julie Sheridanofficer: Chief Technology Officer | Sell | 2,792 | $291.42 |
| Feb 17, 2026 | Luther Sherri Rofficer: Chief Financial Officer | Sell | 4,000 | $217.74 |
Source: COHR SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full COHR insider & 13F page →COHR research & analysis
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The AI infrastructure capex super-cycle is channeling $200B+ in hyperscaler spending into data centers, power, networking, and cooling. Arista Networks and Vertiv lead the ranking with the strongest order book visibility, while Amphenol offers the best growth-to-valuation ratio and Dell provides deep value at 12.8x forward earnings.
ANETVRTAPHWhere does the $200B+ AI infrastructure spend concentrate: chips, networking, power, or cooling?
The $200B+ AI infrastructure buildout concentrates most heavily in compute (NVIDIA), with networking (Arista), power/cooling (Vertiv), servers (Dell), and optical interconnects (Coherent) capturing progressively smaller but fast-growing shares. NVIDIA and Arista offer the highest-conviction exposure, Dell the best value, and Vertiv and Coherent the most explosive but riskiest upside.
NVDAANETVRTWhich picks-and-shovels names have the highest AI revenue concentration heading into 2027?
Astera Labs leads the group with near-100% AI revenue concentration, followed by Arista Networks at ~30% and rising. Vertiv, Coherent, and Modine offer varying degrees of AI exposure at more moderate valuations, with Modine's pending divestiture set to sharpen its data center focus heading into 2027.
ALABANETVRT
Coherent, Inc. company profile
Overview
Coherent, Inc. (NASDAQ:COHR) is a leading provider of lasers, laser-based technologies, and optical components that was founded in 1966. Originally established as a pure-play laser company, Coherent underwent a transformative acquisition by II-VI Incorporated in July 2022, creating a combined entity that retained the Coherent name. The company operates from its headquarters in Santa Clara, California, and has evolved into a diversified photonics and materials technology company serving critical applications across artificial intelligence data centers, telecommunications, industrial manufacturing, and advanced materials processing.
Business
Coherent operates as a comprehensive photonics technology company across three primary business segments that collectively generated approximately $1.5 billion in quarterly revenue as of Q3 2025. The company's business is built around the fundamental science of controlling and manipulating light through various technologies. The Networking segment represents the largest and fastest-growing portion of the business, accounting for approximately 40-45% of total revenue. This segment produces optical transceivers and related components that enable high-speed data transmission in data centers and telecommunications networks. Optical transceivers are essentially devices that convert electrical signals into optical (light) signals for transmission over fiber optic cables, then convert them back to electrical signals at the receiving end. These components are critical for AI data centers, cloud computing infrastructure, and internet backbone networks. The segment has experienced explosive growth, with revenue increasing 45% year-over-year in Q3 2025, driven primarily by demand for 800-gigabit transceivers used in AI training clusters and 1.6-terabit next-generation products. The Laser segment comprises roughly 25-30% of revenue and manufactures industrial lasers and laser-based systems for materials processing applications. These products are used in manufacturing processes such as cutting, welding, drilling, and marking across industries including automotive, aerospace, electronics, and general manufacturing. The segment also produces lasers for scientific research, medical applications, and semiconductor manufacturing equipment. The Materials segment accounts for approximately 25-30% of revenue and focuses on advanced materials and substrates, including silicon carbide wafers used in power electronics and wireless communication applications. Silicon carbide is a specialized semiconductor material that can handle higher voltages, temperatures, and frequencies than traditional silicon, making it essential for electric vehicle power systems, renewable energy infrastructure, and 5G wireless equipment. The segment also produces optical materials and precision optics used in various high-performance applications.
Revenue model
Coherent generates revenue primarily through direct product sales to original equipment manufacturers (OEMs), system integrators, and end-users across its three business segments. The company operates on a traditional manufacturing business model where it designs, produces, and sells physical products rather than offering subscription-based services. In the Networking segment, revenue comes from selling optical transceivers and components to hyperscale data center operators like Google, Microsoft, and Amazon, as well as to telecommunications equipment manufacturers such as Cisco and Nokia. These customers integrate Coherent's products into their networking infrastructure and equipment. The segment benefits from the ongoing digital transformation and artificial intelligence boom, which drives demand for higher-bandwidth data transmission capabilities. Pricing in this segment is influenced by technology complexity, with newer, higher-speed products commanding premium prices. The Laser segment generates revenue by selling laser systems and components to industrial manufacturers and research institutions. Customers include automotive manufacturers, electronics companies, and scientific research facilities that use the lasers for precision manufacturing processes. Revenue in this segment is closely tied to global industrial production levels and capital equipment spending cycles. The Materials segment earns revenue from selling specialized substrates and materials, particularly silicon carbide wafers, to semiconductor device manufacturers and power electronics companies. This segment benefits from the electric vehicle transition and renewable energy adoption, as these applications require the superior performance characteristics of silicon carbide over traditional silicon. Several factors influence the company's profitability margins. Positive factors include the company's vertical integration capabilities, which allow it to control costs and quality across the supply chain, and its technology leadership in high-performance applications that command premium pricing. The company's global manufacturing footprint across 60+ facilities in 14 countries provides supply chain resilience and cost optimization opportunities. However, margin pressure comes from intense competition in commodity laser markets, cyclical industrial demand patterns, and the significant research and development investments required to maintain technology leadership in rapidly evolving fields like AI networking and advanced materials.
Competitive moat
Coherent possesses a moderate but meaningful competitive moat built primarily on technological expertise, vertical integration, and customer relationships, though this moat faces ongoing challenges from rapid technological change and intense competition. The company's strongest moat lies in its deep technical expertise accumulated over nearly six decades in photonics and laser technology. This knowledge base enables Coherent to develop complex, high-performance products that are difficult for competitors to replicate quickly. The company's vertical integration strategy, spanning from raw materials to finished products, provides both cost advantages and supply chain control that many competitors cannot match. For example, in optical transceivers, Coherent manufactures its own semiconductor chips, optical components, and final assemblies, allowing for better quality control and faster innovation cycles. Customer relationships represent another moat element, particularly in the Networking segment where Coherent works closely with major hyperscale data center operators on next-generation technologies. These relationships involve multi-year design cycles and significant customer qualification processes that create switching costs. The company's global manufacturing footprint also provides supply chain resilience that customers value, especially in an era of geopolitical tensions and supply chain disruptions. However, Coherent's moat faces significant challenges. The photonics industry experiences rapid technological evolution, requiring continuous heavy investment in research and development to maintain competitive positions. The company competes against well-funded rivals including Lumentum, Finisar (now part of II-VI/Coherent), and emerging Asian competitors who can offer lower-cost alternatives. In industrial lasers, competition from companies like IPG Photonics and Trumpf is intense, with some competitors achieving better cost structures. The Materials segment faces competition from established players like Cree/Wolfspeed in silicon carbide, where scale advantages and manufacturing efficiency are crucial for profitability. The company's moat is further weakened by the cyclical nature of many of its end markets, particularly industrial applications, which makes revenue and profitability somewhat unpredictable. Additionally, some of Coherent's technologies risk commoditization over time as manufacturing processes mature and competitors catch up, potentially eroding pricing power.
Risks & safety
Coherent presents a moderate margin of safety profile with solid financial fundamentals but some areas of concern regarding profitability and debt levels. **Liquidity and Solvency:** - Strong current ratio of 2.47x provides adequate short-term liquidity coverage - Cash and short-term investments of $890 million offer substantial financial flexibility - Free cash flow of $51 million in Q3 2025, though significantly lower than previous quarters - Debt-to-equity ratio of 0.50x is manageable but elevated compared to historical levels - No immediate solvency concerns given strong balance sheet position **Profitability Metrics:** - Razor-thin net income margin of 0.1% in Q3 2025 indicates profitability challenges - EBITDA margin of approximately 10% provides some operational cushion - Return on equity of just 0.2% reflects poor capital efficiency - Company targeting gross margins above 40% long-term, currently below this level **Valuation Considerations:** - EV/EBITDA ratio of 22.5x appears elevated for current profitability levels - Price-to-book ratio of 1.29x seems reasonable given asset base - Graham number of $10.71 suggests potential overvaluation at current price levels - Trading at significant premium to conservative valuation metrics **Other Factors:** - Large total addressable market provides growth runway - Exposure to high-growth AI and data center markets offers upside potential - Cyclical industrial exposure creates earnings volatility risk
Recent development
Over the past several years, Coherent has undergone significant strategic transformation, highlighted by the landmark acquisition by II-VI Incorporated in July 2022 that created the current combined entity. This merger brought together complementary photonics technologies and expanded the company's total addressable market to approximately $65 billion. The most significant recent development has been Coherent's aggressive pivot toward artificial intelligence and data center applications. The company has experienced explosive growth in its Networking segment, with datacom revenue growing 79% year-over-year in Q2 2025, driven primarily by demand for 800-gigabit optical transceivers used in AI training clusters. Management has positioned the company at the forefront of next-generation networking technologies, successfully developing and beginning to commercialize 1.6-terabit transceivers with first revenue expected in calendar 2025, while also working on 3.2-terabit products for future deployment. Under new CEO Jim Anderson, who joined in 2024, the company initiated a comprehensive strategic portfolio review that categorized all business lines into "Growth Engines," "Profit Engines," "Long-Term Bets," and "Non-Strategic" assets. This review led to several significant decisions, including the discontinuation of silicon carbide devices and modules to focus resources on higher-margin substrate and epitaxial wafer production, and the exploration of strategic alternatives for the advanced lithium-ion battery recycling technology platform. The company has also undertaken substantial operational improvements, including a major restructuring program targeting $100-125 million in annual savings by fiscal 2025, the sale of underutilized facilities like the Newton Aycliffe plant and the planned divestiture of the Champaign, Illinois facility. Coherent has prioritized debt reduction, paying down $118 million in debt during fiscal 2024 and reducing its net debt leverage ratio to 2.4x. Technologically, the company has made significant investments in expanding its indium phosphide manufacturing capacity, tripling production year-over-year to support growing demand for high-speed optical components. The company is preparing to launch a 6-inch indium phosphide platform in the coming quarter, which should provide additional scale advantages. Additionally, Coherent received its first customer order for its Optical Circuit Switch platform, a differentiated technology using digital liquid crystal that provides latency and power efficiency advantages for data center applications.
COHR company profile · for informational purposes only — not investment advice.
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