COHR
Coherent Corp. · Information Technology · Electronic Components
$288.02
52w 108.19 – 440.00
20y monthly, adjusted
Mkt cap
$56.4B
P/E
70.1
P/FCF
—
FCF yield
-1.8%
ROE
7.4%
Shldr yield
0.0%
div 0.0% + bb 0.0%
Historical multiple lens
At its own median P/OCF of 14.6× across 18 years, COHR would trade near $6/share (25th–75th percentile: $4–$8); it trades at 709.4× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+11.3%
Rev 5y
+18.0%
Rev 10y
+24.0%
EPS 5y
+11.7%
EPS 10y
+14.8%
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2009–2026, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q4'26 * | $2.0B | +33.7% | $240.5M | — | 1.20 | $69.5M |
| Q3'26 | $1.8B | +20.5% | $191.4M | +1118.3% | 0.97 | −$93.8M |
| Q2'26 | $1.7B | +17.5% | $146.7M | +41.9% | 0.76 | $57.9M |
| Q1'26 | $1.6B | +17.3% | $226.3M | +774.4% | 1.19 | $46.0M |
| Q4'25 * | $1.5B | +16.4% | −$95.6M | — | -0.81 | $130.3M |
| Q3'25 | $1.5B | +23.9% | $15.7M | — | -0.11 | $163.0M |
| Q2'25 | $1.4B | +26.8% | $103.4M | — | 0.44 | $187.4M |
| Q1'25 | $1.3B | +28.0% | $25.9M | — | -0.04 | $153.0M |
| Q4'24 * | $1.3B | +9.1% | −$48.4M | — | -0.52 | $162.3M |
| Q3'24 | $1.2B | −2.5% | −$13.2M | −617.9% | -0.29 | $117.4M |
| Q2'24 | $1.1B | −17.4% | −$27.0M | — | -0.38 | $67.2M |
| Q1'24 | $1.1B | −21.7% | −$67.5M | — | -0.65 | $198.8M |
| Q4'23 * | $1.2B | +35.9% | −$178.2M | −508.5% | -1.55 | $181.5M |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +11.3% | +18.0% | +24.0% | +19.3% |
| Operating cash flow | −49.9% | −32.7% | −4.3% | +0.5% |
| Free cash flow | +24.9% | +3.7% | +9.6% | +8.3% |
| EPS (diluted) | +29.8% | +11.7% | +14.8% | +8.0% |
| Equity | +29.8% | +26.2% | +30.1% | +22.5% |
| LT debt | −8.8% | +19.6% | +31.0% | +43.0% |
| Diluted shares | +12.4% | +11.2% | +12.0% | +7.8% |
| Stock price | +113.5% | +36.6% | +26.3% | +19.9% |
$100, 3 years ago
$973vs $192 in SPY
113.5% vs 24.4%/yr
$100, 5 years ago
$476vs $181 in SPY
36.6% vs 12.6%/yr
$100, 10 years ago
$1,036vs $428 in SPY
26.3% vs 15.6%/yr
$100, 15 years ago
$1,515vs $803 in SPY
19.9% vs 14.9%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$64.34
$43.3B created / $673.5M retained
Last 10 years
$41.93
$50.1B created / $1.2B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
0.6%
OCF ÷ (equity + debt)
OCF / EV yield
0.1%
MC vs 10× OCF
70.94
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
—
Owner earnings
−$1.2B
OCF − capex − SBC
OE yield
-2.1%
Share count 5y
+7.0%
per year; negative = buybacks
Growth engine (5y): reinvested 426.2% of operating cash flow at an incremental return of -5.0% — an organically fundable growth rate of about -21.5% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
7 of 19 checks pass · 37%. Checks with structurally missing inputs are excluded.
Growth & Consistency
4/6
- pass
Revenue growth
18.0% · 5y CAGR ≥ 5%
- pass
EPS growth
11.7% · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
8 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
8 of 10 · positive in ≥ 8 of last 10 years
- fail
Profitable every year
7 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
-32.7% vs 18.0% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
1/5
- pass
Net margin
11.3% · ≥ 8%
- na
Operating margin
— · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- fail
Return on equity
7.4% · ≥ 12%
- fail
Cash ROIC
0.6% · ≥ 12%
- fail
FCF margin
-14.4% · ≥ 5%
- fail
Earnings back their cash
OCF $79.5M vs NI $805.0M · OCF ≥ net income (latest FY)
Balance Sheet
2/3
- na
Debt payable from cash flow
— · LT debt ≤ 3× FCF
- fail
Cash cushion
36% · cash ≥ 50% of LT debt
- pass
Leverage
0.29 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$10.9B · equity > 0 and grew over ~5y
- na
Interest burden
— · interest ≤ 15% of operating income
Capital Allocation
0/2
- fail
Share count flat or shrinking
7.0% · ≤ +0.5%/yr over ~5y
- na
Stock comp restrained
— · SBC ≤ 15% of FCF
- na
Distributions funded by FCF
— · dividends + buybacks ≤ 100% of FCF
- fail
Repurchases are a habit
3 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
0/3
- fail
FCF yield
-1.8% · ≥ 3%
- fail
Earnings multiple
70.1 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- fail
Shareholder yield
0.0% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Negative free cash flow
Operating cash flow did not cover capital expenditures in the latest fiscal year.
Shareholder dilution
Diluted share count has grown by more than 2% per year over ~5 years.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 7,118 | — | — | 805 | 4.12 | 80 | 1,103 | -1,023 | — | — | 186 | 1,162 | 3,214 | 10,903 | 195 |
| 2025 | 5,810 | — | — | 49 | -0.52 | 634 | 441 | 193 | — | — | 160 | 909 | 3,499 | 5,645 | 155 |
| 2024 | 4,708 | — | 96 | -156 | -1.84 | 546 | 347 | 199 | — | — | 126 | 926 | 4,026 | 5,210 | 152 |
| 2023 | 5,160 | — | -37 | -259 | -2.93 | 634 | 436 | 198 | — | — | 149 | 821 | 4,235 | 4,988 | 138 |
| 2022 | 3,317 | — | 414 | 235 | 1.45 | 413 | 314 | 99 | — | 0 | 73 | 2,582 | 1,897 | 3,616 | 117 |
| 2021 | 3,106 | — | 402 | 298 | 2.37 | 574 | 146 | 428 | — | 0 | 71 | 1,592 | 1,313 | 3,406 | 115 |
| 2020 | 2,380 | — | 39 | -67 | -0.79 | 297 | 137 | 160 | — | 2 | 68 | 493 | 2,186 | 2,077 | 85 |
| 2019 | 1,362 | — | 149 | 108 | 1.63 | 178 | 137 | 41 | — | 2 | 22 | 205 | 443 | 1,133 | 66 |
| 2018 | 1,159 | — | 137 | 88 | 1.35 | 161 | 153 | 8 | — | 50 | 15 | 247 | 419 | 1,024 | 65 |
| 2017 | 972 | — | 116 | 95 | 1.48 | 119 | 139 | -20 | — | — | 12 | 272 | 322 | 901 | 65 |
| 2016 | 827 | — | 92 | 65 | 1.04 | 123 | 58 | 65 | — | 6 | 10 | 218 | 215 | 782 | 63 |
| 2015 | 742 | — | 77 | 66 | 1.05 | 129 | 52 | 77 | — | 13 | 11 | 174 | 156 | 729 | 63 |
| 2014 | 683 | — | 46 | 38 | 0.60 | 95 | 29 | 66 | — | 20 | 12 | 175 | 222 | 675 | 64 |
| 2013 | 551 | — | 71 | 51 | 0.80 | 108 | 25 | 82 | — | 20 | 12 | 185 | 114 | 636 | 64 |
| 2012 | 516 | — | 82 | 60 | 0.94 | 88 | 43 | 45 | — | 5 | 12 | 135 | 13 | 586 | 64 |
| 2011 | 503 | — | — | 83 | 1.30 | 73 | 41 | 33 | — | — | 10 | 149 | 15 | 521 | 64 |
| 2010 | 345 | — | — | 39 | 0.63 | 72 | 14 | 59 | — | — | -9 | 108 | 3 | 410 | 62 |
| 2009 | 292 | — | — | 37 | 0.00 | 49 | 16 | 33 | — | 13 | 5 | 96 | — | 323 | 62 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.