# Coherent Corp. (COHR) — Stock CV

Coherent Corp. is a $61.0B technology company. Revenue grew 22.5% over the last year, it keeps 11¢ of every dollar of sales as profit, and it carries $1.56B of net debt. It trades at 76.1× earnings.

> Coherent Corp is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the communications, industrial, instrumentation, and electronics markets.

## Identity

- **Ticker**: COHR
- **Sector**: Technology
- **Industry**: Optical Instruments & Lenses
- **Headquarters**: SAXONBURG, PA
- **Employees**: 51 000
- **Website**: https://www.coherent.com
- **Market cap**: $61.0B
- **Last price**: $311.42
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $7.12B
- **Net income**: $805M
- **Free cash flow**: -$1.02B
- **Net debt**: $1.56B
- **P/E**: 76.1
- **Revenue growth (YoY)**: 22.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 24 |
| Growth | 100 |
| Profitability | 49 |
| Health | 63 |
| Quality | 15 |
| Moat | 31 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +22.5% YoY
- [x] Profitable — $805M TTM
- [x] Profit growing — +9.8% YoY
- [ ] Generates cash — -$1.02B TTM
- [x] Debt under control — current ratio 2.43
- [x] Established company — $61.0B market cap
- [ ] Not printing shares — +20.7% shares over ~5y
- [x] Proven track record — 7/10 profitable years
- [ ] Financially stable — health score 43/100
- [x] Pays a dividend — yield 0.02%
- [ ] Valuation not extreme — P/E 76.1

## Experience (career milestones)

- **FY2026** — Best year on record: $805M net income
- **2022** — II-VI Incorporated acquired Coherent, Inc. and took the name Coherent Corp
- **FY2022** — Became debt-free: cash now exceeds total debt
- **FY2018** — Revenue crossed $1B: $1.16B for the year
- **FY2016** — First recorded profitable year: $65.5M net income
- **2015** — Coherent purchased Raydiance, who made lasers used in automotive and medical manufacturing, for $9.3 million
- **2012** — Coherent purchased the German-based pulse laser company Lumera in 2012 for $52 million
- **2006** — Coherent acquired laser equipment manufacturer Excel Technology for $376 million
- **2003** — Coherent acquired Lambda Physik, which created ultraviolet lasers used in annealing in manufacturing…
- **1999** — Coherent then acquired a Palomar subsidiary focused on medical applications in April 1999 called Star Medical…
- **1981** — Coherent acquired the scientific division of Germany-based Lambda Physik, a manufacturer of excimer lasers
- **1970** — Then, Coherent filed an initial public offering in 1970
- **1970** — The company made about $500,000 in sales its first year in operation
- **1966** — Coherent was founded in May 1966 by physicist James Hobart and five cofounders

## Strengths

- Revenue growing 22.5% year over year
- Interest covered 5.5× by operating earnings

## Watch-outs

- Negative free cash flow (-$1.0B)
- Loss-making in 3 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $3.32B | $235M | $99.0M |
| FY2023 | $5.16B | -$259M | $198M |
| FY2024 | $4.71B | -$156M | $199M |
| FY2025 | $5.81B | $49.4M | $193M |
| FY2026 | $7.12B | $805M | -$1.02B |

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Source: https://stockcv.com/COHR — derived from company filings; may be delayed or incomplete. Information, not investment advice.