COHR·Semiconductors & Semiconductor Equipment — Photonics / Optical Components & Transceivers

Coherent Corp

ConvictionModerate

Vertically-integrated hardware: designs and manufactures lasers, optical components, transceivers, and engineered materials; sells primarily B2B to hyperscalers, networking OEMs, and industrial/instrumentation customers. Owns the upstream compound-semiconductor (InP/GaAs) crystal growth and wafer fab, differentiating from module assemblers.

Revenuefact

$1.81BFACT, Q3 FY26 ended Mar 31 2026); $5.81B FY25

Rev growth

+21% YoY GAAP+27% pro forma (FACT, Q3 FY26

Gross margin

37.7% GAAP / 39.6% non-GAAPFACT, Q3 FY26

Op margin

~20.3% non-GAAPFACT, Q3 FY26); GAAP materially lower on amortization/restructuring (EST

Capex intensity

~16% of revenueFACT, Q3 FY26: $290M capex / $1.81B rev), rising sequentially in Q4

Market cap

~$77BFACT, ~$410/sh, Jun 25 2026

Price · 1-year trend

real · weekly

$317+248% 1yUSD

52-week range

$87 – $427

52w lowas of 2026-07-08 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityModerate

AI Compute Value-Chain

Full context

position · longWeak

AI Compute Value-Chain

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2025-08-15. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’20

$3.1B

FY’22

$3.3B

FY’23

$5.2B+56%

FY’24

$4.7B-9%

FY’25

$5.8B+23%

Margins & balance sheet — FY’25

Net margin0.8%

Net debt$1.6B

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Coherent Corp

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence