Detailed financial statements for Coherent, Inc. (COHR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Coherent, Inc. specializes in advanced laser technologies, offering a comprehensive suite of products that includes lasers, laser-based solutions, and complete systems. These are deployed across a spectrum of uses, from commercial and industrial operations to critical scientific research. The company's operations are distinctly segmented into two primary areas: laser sources for Original Equipment Manufacturers (OEMs) and industrial lasers alongside integrated systems.
Analysis Summary
Coherent, Inc. reported revenue of $7.12B in the most recent fiscal year, growing at a 5-year CAGR of 18.0%. Net income reached $805.0M, with a 22.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 37.5%, operating margin 12.0%, net margin 11.3%.
At the current price of $333.64, COHR trades at a P/E of 82.00 and an ROE of 8.37%. Market capitalisation stands at $65.3B, placing it among large-cap names.
Balance sheet quality for COHR: current ratio of 2.4, net debt of $1.55B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$1.03B represents -128% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $972.0M | $1.16B | $1.36B | $2.38B | $3.11B | $3.32B | $5.16B | $4.71B | $5.81B | $7.12B |
| Cost of Revenue | $583.7M | $696.6M | $841.1M | $1.50B | $1.93B | $2.05B | $3.38B | $3.25B | $3.75B | $4.45B |
| Gross Profit | $388.4M | $462.2M | $521.3M | $878.9M | $1.18B | $1.27B | $1.78B | $1.46B | $2.06B | $2.67B |
| Research & Development | $96.8M | $116.9M | $139.2M | $339.1M | $330.1M | $377.1M | $499.6M | $478.8M | $581.9M | $723.0M |
| Selling, General & Admin | $176.0M | $208.6M | $233.5M | 0 | $445.2M | $474.1M | 0 | 0 | 0 | $1.04B |
| Operating Expenses | $272.8M | $325.4M | $372.7M | $751.7M | $775.3M | $851.2M | $1.50B | $1.33B | $1.51B | $1.77B |
| Operating Income | $115.6M | $136.8M | $148.7M | $127.2M | $402.1M | $414.3M | $280.0M | $123.2M | $548.9M | $901.5M |
| EBITDA | $189.2M | $221.3M | $243.6M | $348.1M | $682.6M | $689.8M | $613.0M | $700.6M | $1.11B | $1.56B |
| Interest Expense | $6.8M | $18.4M | $22.4M | $89.4M | $59.9M | $121.3M | $286.9M | $288.5M | $243.3M | $190.3M |
| Pre-tax Income | $118.8M | $122.2M | $128.8M | -$63.9M | $352.6M | $281.8M | -$355.6M | -$147.6M | $94.2M | $847.7M |
| Income Tax | $23.5M | $34.2M | $21.3M | $3.1M | $55.0M | $47.0M | -$96.1M | $11.1M | $64.1M | $60.8M |
| Net Income | $95.3M | $88.0M | $107.5M | -$67.0M | $297.6M | $234.8M | -$259.5M | -$156.2M | $49.4M | $805.0M |
| EPS | $1.52 | $1.41 | $1.69 | $-0.79 | $2.50 | $1.57 | $-2.93 | $-1.84 | $-0.52 | $4.34 |
| EPS (Diluted) | $1.48 | $1.35 | $1.63 | $-0.79 | $2.37 | $1.45 | $-2.93 | $-1.84 | $-0.52 | $4.12 |
| Shares Outstanding (Diluted) | $64.5M | $65.1M | $65.8M | $84.8M | $115.0M | $116.5M | $137.6M | $151.6M | $154.8M | $195.4M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.58B | $1.69B | $1.81B | $2.05B |
| Gross Profit | $579.2M | $622.8M | $679.9M | $787.0M |
| Operating Income | $172.2M | $198.6M | $226.3M | $253.8M |
| EBITDA | $398.0M | $339.9M | $361.8M | $459.2M |
| Net Income | $226.3M | $146.7M | $191.4M | $240.5M |
| EPS | $1.24 | $0.87 | $1.01 | $1.23 |
| EPS (Diluted) | $1.19 | $0.76 | $0.97 | $1.19 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $271.9M | $247.0M | $204.9M | $493.0M | $1.59B | $2.58B | $821.3M | $926.0M | $909.2M | $1.16B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $825.0M |
| Receivables | $193.4M | $215.0M | $269.6M | $598.1M | $659.0M | $700.3M | $901.5M | $848.5M | $1.02B | $1.34B |
| Inventory | $203.7M | $248.3M | $296.3M | $619.8M | $695.8M | $902.6M | $1.27B | $1.29B | $1.44B | $2.58B |
| Total Current Assets | $702.3M | $761.8M | $812.9M | $1.79B | $3.03B | $4.31B | $3.25B | $3.66B | $3.93B | $6.93B |
| Property, Plant & Equipment | $367.7M | $524.9M | $582.8M | $1.21B | $1.24B | $1.36B | $1.78B | $1.82B | $1.88B | $21.29B |
| Goodwill | $250.3M | $270.7M | $319.8M | $1.24B | $1.30B | $1.29B | $4.51B | $4.46B | $4.47B | $4.38B |
| Intangible Assets | $134.0M | $125.1M | $139.3M | $758.4M | $718.5M | $635.4M | $3.81B | $3.50B | $3.20B | $2.88B |
| Total Assets | $1.48B | $1.76B | $1.95B | $5.23B | $6.51B | $7.84B | $13.71B | $14.49B | $14.91B | $18.30B |
| Accounts Payable | $65.5M | $89.8M | $104.5M | $268.8M | $294.5M | $434.9M | $405.3M | $631.5M | $847.0M | $1.91B |
| Short-term Debt | $20.0M | $20.0M | $23.8M | $69.2M | $62.0M | $403.2M | $74.8M | $73.8M | $188.3M | $7.9M |
| Total Current Liabilities | $185.0M | $236.5M | $270.6M | $672.9M | $729.6M | $1.27B | $1.08B | $1.34B | $1.79B | $2.85B |
| Long-term Debt | $322.0M | $419.0M | $443.2M | $2.19B | $1.31B | $1.90B | $4.23B | $4.03B | $3.50B | $3.21B |
| Total Liabilities | $576.7M | $737.4M | $820.6M | $3.16B | $2.38B | $3.46B | $6.48B | $6.54B | $6.43B | $7.06B |
| Retained Earnings | $748.1M | $836.1M | $943.6M | $876.6M | $1.14B | $1.35B | $944.4M | $664.9M | $584.4M | $1.35B |
| Total Equity | $900.6M | $1.02B | $1.13B | $2.08B | $4.13B | $4.38B | $7.23B | $7.57B | $8.13B | $10.90B |
| Total Debt | $365.4M | $439.0M | $467.0M | $2.37B | $1.53B | $2.44B | $4.49B | $4.30B | $3.89B | $3.54B |
| Net Debt | $93.5M | $192.0M | $262.1M | $1.88B | -$65.9M | -$144.2M | $3.67B | $3.38B | $2.98B | $1.55B |
| Working Capital | $517.3M | $525.4M | $542.3M | $1.12B | $2.30B | $3.04B | $2.17B | $2.32B | $2.13B | $4.07B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $852.8M | $863.7M | $1.59B | $1.16B |
| Total Assets | $14.70B | $15.09B | $17.29B | $18.30B |
| Total Liabilities | $6.01B | $6.20B | $6.27B | $7.06B |
| Total Equity | $8.34B | $8.54B | $10.68B | $10.90B |
| Total Debt | $3.51B | $3.55B | $3.43B | $3.54B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $95.3M | $88.0M | $107.5M | -$67.0M | $297.6M | $234.8M | -$259.5M | -$156.2M | $30.1M | $786.9M |
| Depreciation & Amortization | $63.6M | $80.8M | $92.4M | $220.9M | $270.1M | $286.8M | $681.7M | $559.8M | $553.6M | $521.9M |
| Stock-based Compensation | $11.8M | $15.3M | $21.9M | $68.5M | $71.0M | $73.2M | $148.9M | $126.0M | $160.2M | $186.5M |
| Change in Working Capital | -$48.8M | -$31.3M | -$45.4M | $76.1M | -$103.2M | -$191.7M | $124.6M | $104.3M | -$208.1M | -$1.10B |
| Operating Cash Flow | $118.6M | $161.0M | $178.5M | $297.3M | $574.4M | $413.3M | $634.0M | $545.7M | $633.6M | $79.5M |
| Capital Expenditure | -$138.5M | -$153.4M | -$137.1M | -$136.9M | -$146.3M | -$314.3M | -$436.1M | -$346.8M | -$440.8M | -$1.11B |
| Acquisitions | -$40.0M | -$131.5M | -$83.1M | -$1.04B | -$34.4M | 0 | -$5.49B | 0 | 0 | $437.0M |
| Stock Repurchased | -$4.1M | -$49.9M | -$1.6M | -$1.6M | 0 | -$21.2M | -$54.2M | -$22.3M | -$54.0M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -$20.3M | -$34.5M | -$27.6M | 0 | -$11.4M | -$11.4M |
| Free Cash Flow | -$19.9M | $7.6M | $41.4M | $160.4M | $428.0M | $99.0M | $198.0M | $198.9M | $192.8M | -$1.03B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $46.0M | $57.9M | -$93.8M | $69.5M |
| Capital Expenditure | -$103.9M | -$153.6M | -$289.7M | -$562.9M |
| Free Cash Flow | -$58.0M | -$95.7M | -$383.5M | -$493.4M |
| Dividends Paid | -$11.4M | -$11.4M | 0 | $11.4M |
| Stock-based Compensation | $44.1M | $42.8M | $49.1M | $50.4M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +19.2% | +17.6% | +74.7% | +30.5% | +6.8% | +55.6% | -8.8% | +23.4% | +22.5% | |
| Net Income Growth (YoY) | -7.6% | +22.2% | -162.3% | +543.9% | -21.1% | -210.5% | +39.8% | +131.6% | +1,530.7% | |
| EPS Growth (YoY) | -7.2% | +19.9% | -146.7% | +416.5% | -37.2% | -286.6% | +37.2% | +71.7% | +934.6% | |
| Shares Change (YoY) | +1.0% | +1.0% | +28.9% | +35.6% | +1.3% | +18.1% | +10.2% | +2.1% | +26.2% | |
| FCF Growth (YoY) | +138.1% | +445.8% | +287.9% | +166.8% | -76.9% | +100.0% | +0.5% | -3.1% | -634.6% | |
| Gross Margin | 40.0% | 39.9% | 38.3% | 36.9% | 37.9% | 38.2% | 34.6% | 30.9% | 35.4% | 37.5% |
| Operating Margin | 11.9% | 11.8% | 10.9% | 5.3% | 12.9% | 12.5% | 5.4% | 2.6% | 9.4% | 12.7% |
| EBITDA Margin | 19.5% | 19.1% | 17.9% | 14.6% | 22.0% | 20.8% | 11.9% | 14.9% | 19.0% | 21.9% |
| Net Margin | 9.8% | 7.6% | 7.9% | -2.8% | 9.6% | 7.1% | -5.0% | -3.3% | 0.8% | 11.3% |
| FCF Margin | -2.0% | 0.7% | 3.0% | 6.7% | 13.8% | 3.0% | 3.8% | 4.2% | 3.3% | -14.5% |
| Effective Tax Rate | 19.8% | 28.0% | 16.5% | -4.9% | 15.6% | 16.7% | 27.0% | -7.5% | 68.1% | 7.2% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.31 | $0.12 | $0.63 | $1.89 | $3.72 | $0.85 | $1.44 | $1.31 | $1.25 | $-5.27 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.18 | $0.30 | $0.20 | $0.00 | $0.07 | $0.06 |
| Shares Outstanding (Basic) | $62.6M | $62.5M | $63.6M | $84.8M | $109.9M | $106.2M | $137.6M | $151.6M | $154.8M | $177.3M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 8.37% |
| Return on Invested Capital | 5.09% |
| Return on Assets | 4.40% |
| Gross Margin | 37.50% |
| Operating Margin | 11.96% |
| Net Margin | 11.31% |
Financial Health
| Debt / Equity | 0.32 |
| Current Ratio | 2.43 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 6.86 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 22.57 | 30.82 | 22.14 | -59.77 | 29.04 | 31.29 | -17.40 | -39.53 | -171.56 | 90.89 |
| P/B | 2.38 | 2.65 | 2.10 | 1.93 | 1.93 | 1.19 | 0.97 | 1.46 | 1.70 | 6.41 |
| P/S | 2.21 | 2.34 | 1.75 | 1.68 | 2.57 | 1.57 | 1.36 | 2.34 | 2.38 | 9.82 |
| Gross Margin | 40.0% | 39.9% | 38.3% | 36.9% | 37.9% | 38.2% | 34.6% | 30.9% | 35.4% | 37.5% |
| Operating Margin | 11.9% | 11.8% | 10.9% | 5.3% | 12.9% | 12.5% | 5.4% | 2.6% | 9.4% | 12.7% |
| Net Margin | 9.8% | 7.6% | 7.9% | -2.8% | 9.6% | 7.1% | -5.0% | -3.3% | 0.8% | 11.3% |
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