What is Coherent's operating income?

Coherent's total operating income in 2026 was $723.60 million, based on the following breakdown: Total Gross Profit: $2.67 billion Total Operating Expenses: $1.95 billion

Coherent (COHR) Financials

$327.07 -0.16 (-0.05%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$327.15 +0.08 (+0.02%)

As of 08/14/2026 08:00 PM Eastern

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Annual Income Statements for Coherent

This table shows Coherent's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Total Costs & Expenses	-	-	-	-	-	-	-	-	4,855	5,716	6,270
Net Income / (Loss) Attributable to Common Shareholders	65	95	88	108	-67	260	167	-404	-280	-81	770
Consolidated Net Income / (Loss)	65	95	88	108	-67	298	235	-259	-159	30	787
Net Income / (Loss) Continuing Operations	65	95	88	108	-67	298	235	-259	-159	30	787
Total Pre-Tax Income	90	119	122	129	-64	353	282	-356	-148	94	848
Total Operating Income	93	126	141	151	25	412	282	-356	-148	94	724
Total Gross Profit	313	388	462	521	791	1,177	1,265	1,618	1,456	2,043	2,669
Total Revenue	827	972	1,159	1,362	2,380	3,106	3,317	5,160	4,708	5,810	7,118
Operating Revenue	-	972	1,159	1,362	2,380	3,106	3,317	5,160	4,708	5,810	7,118
Total Cost of Revenue	514	584	697	841	1,589	1,928	2,051	3,542	3,252	3,767	4,449
Operating Cost of Revenue	514	584	697	841	1,589	1,928	2,051	3,542	3,252	3,767	4,449
Total Operating Expenses	220	263	322	370	766	765	984	1,974	1,604	1,949	1,945
Selling, General & Admin Expense	161	176	209	234	413	445	474	1,037	854	926	1,045
Research & Development Expense	60	97	117	139	339	330	377	500	479	582	723
Other Operating Expenses / (Income)	-1.22	-10	-3.78	-2.56	14	-10	132	318	244	196	50
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	85	64
Restructuring Charge	-	-	-	-	-	0.00	0.00	119	27	160	63
Total Other Income / (Expense), net	-3.08	-6.81	-18	-22	-89	-60	0.00	0.00	0.00	0.00	124
Other Income / (Expense), net	-	-	-	-	-	-	-	-	0.00	0.00	124
Income Tax Expense	24	24	34	21	3.10	55	47	-96	11	64	61
Preferred Stock Dividends Declared	-	-	-	0.00	0.00	37	68	144	123	130	35
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	-	0.00	0.00	-2.61	-19	-18
Basic Earnings per Share	$1.07	$1.52	$1.41	$1.69	($0.79)	$2.50	$1.57	($2.93)	($1.84)	($0.52)	$4.34
Weighted Average Basic Shares Outstanding	61.37M	62.58M	62.50M	63.61M	105.72M	-	130.87M	150.40M	153.30M	155.81M	195.83M
Diluted Earnings per Share	$1.04	$1.48	$1.35	$1.63	($0.79)	$2.37	$1.45	($2.93)	($1.84)	($0.52)	$4.12
Weighted Average Diluted Shares Outstanding	61.37M	62.58M	62.50M	63.61M	105.72M	-	130.87M	150.40M	153.30M	155.81M	195.83M
Weighted Average Basic & Diluted Shares Outstanding	61.37M	62.58M	62.50M	63.61M	105.72M	-	130.87M	150.40M	153.30M	155.81M	195.83M

This table shows Coherent's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Total Costs & Expenses	-	-	-	-	-	-	-	-	-	-	1,767
Net Income / (Loss) Attributable to Common Shareholders	-58	-44	-80	-5.95	71	-17	-129	193	145	191	241
Consolidated Net Income / (Loss)	-28	-16	-47	25	102	1.77	-98	225	144	182	236
Net Income / (Loss) Continuing Operations	-28	-16	-47	25	102	1.77	-98	225	144	182	236
Total Pre-Tax Income	-37	-32	9.91	19	128	9.89	-63	217	168	184	279
Total Operating Income	-37	-32	-211	19	128	9.89	-63	102	168	175	279
Total Gross Profit	351	366	432	460	509	528	546	579	623	680	787
Total Revenue	1,131	1,209	1,314	1,348	1,435	1,498	1,529	1,581	1,686	1,806	2,046
Operating Revenue	1,131	1,209	1,314	1,348	1,435	1,498	1,529	1,581	1,686	1,806	2,046
Total Cost of Revenue	781	842	882	888	925	970	983	1,002	1,063	1,126	1,258
Operating Cost of Revenue	781	842	882	888	925	970	983	1,002	1,063	1,126	1,258
Total Operating Expenses	388	398	643	441	381	518	610	478	455	505	509
Selling, General & Admin Expense	209	205	228	229	221	231	245	252	258	268	266
Research & Development Expense	111	127	127	132	144	151	156	155	166	186	216
Other Operating Expenses / (Income)	69	54	274	56	8.46	62	69	42	16	16	-25
Impairment Charge	-	-	-	0.00	0.00	0.00	-	9.10	11	0.00	44
Restructuring Charge	-1.57	12	14	24	8.02	74	54	19	3.61	34	6.10
Income Tax Expense	-8.93	-16	57	-5.56	27	8.13	35	-8.31	24	2.67	42
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.48	-2.54	-	-1.03	-1.84	-14	-2.49	-1.15	-2.90	-9.73	-4.33
Basic Earnings per Share	($0.38)	($0.29)	($0.52)	($0.04)	$0.46	($0.11)	($0.83)	$1.24	$0.87	$1.01	$1.22
Weighted Average Basic Shares Outstanding	151.81M	152.46M	153.30M	154.66M	154.97M	155.44M	155.81M	157.15M	187.48M	195.64M	195.83M
Diluted Earnings per Share	($0.38)	($0.29)	($0.52)	($0.04)	$0.44	($0.11)	($0.81)	$1.19	$0.76	$0.97	$1.20
Weighted Average Diluted Shares Outstanding	151.81M	152.46M	153.30M	154.66M	154.97M	155.44M	155.81M	157.15M	187.48M	195.64M	195.83M
Weighted Average Basic & Diluted Shares Outstanding	151.81M	152.46M	153.30M	154.66M	154.97M	155.44M	155.81M	157.15M	187.48M	195.64M	195.83M

This table details how cash moves in and out of Coherent's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Net Change in Cash & Equivalents	45	53	-25	-42	288	1,099	990	-1,745	952	-157	135
Net Cash From Operating Activities	123	119	161	178	297	574	413	634	546	634	80
Net Cash From Continuing Operating Activities	122	119	161	178	297	574	413	634	546	634	80
Net Income / (Loss) Continuing Operations	65	95	88	108	-67	298	235	-259	-159	30	787
Consolidated Net Income / (Loss)	65	95	88	108	-67	298	235	-259	-159	30	787
Depreciation Expense	44	51	66	76	157	188	207	268	272	251	242
Amortization Expense	12	13	25	29	86	103	98	434	306	323	298
Non-Cash Adjustments To Reconcile Net Income	9.60	12	13	22	88	92	99	255	62	337	45
Changes in Operating Assets and Liabilities, net	-9.75	-52	-30	-56	34	-106	-226	-63	65	-307	-1,292
Net Cash From Investing Activities	-135	-177	-285	-224	-1,179	-173	-320	-5,929	-351	-414	-1,414
Net Cash From Continuing Investing Activities	-135	-177	-285	-224	-1,179	-173	-320	-5,929	-351	-414	-1,414
Purchase of Property, Plant & Equipment	-58	-139	-153	-137	-137	-146	-314	-436	-347	-441	-1,103
Acquisitions	-122	-40	-81	-83	-1,037	-34	0.00	-5,489	0.00	0.00	-7.17
Purchase of Investments	-	-	-	-	-	-	-	-	0.00	0.00	-1,025
Divestitures	45	-	-	-	-	-	-	0.00	0.00	27	526
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	0.00	0.00	200
Other Investing Activities, net	0.16	1.29	-51	-3.79	-5.80	7.77	-5.75	-4.01	-3.90	-0.38	-5.02
Net Cash From Financing Activities	61	112	97	4.88	1,174	676	863	3,554	758	-452	1,477
Net Cash From Continuing Financing Activities	61	112	97	4.88	1,174	676	863	3,554	758	-452	1,477
Repayment of Debt	-65	-26	-302	-145	-941	-928	-89	-1,461	-249	-490	-2,408
Repurchase of Common Equity	-6.28	0.00	-50	-1.62	-1.63	-59	0.00	-42	-32	0.00	0.00
Payment of Dividends	-	-	-	0.00	0.00	-20	-35	-28	0.00	-11	-11
Issuance of Debt	125	129	445	150	2,131	0.00	990	3,715	19	54	1,921
Issuance of Common Equity	-	-	-	0.00	0.00	460	18	24	1,042	50	2,052
Other Financing Activities, net	7.65	8.96	3.91	1.61	-15	13	-21	-54	-22	-54	-77
Other Net Changes in Cash	-	0.50	2.12	-1.54	-3.45	22	34	-4.22	-1.17	76	-7.38
Cash Interest Paid	-	-	6.56	-	62	37	57	283	313	257	189
Cash Income Taxes Paid	-	-	-	-	40	60	50	90	97	167	208

This table details how cash moves in and out of Coherent's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	876	-28	-2.77	-7.23	-114	-43	6.88	-80	-24	697	-457
Net Cash From Operating Activities	67	117	162	153	187	163	130	46	58	-94	69
Net Cash From Continuing Operating Activities	67	117	162	153	187	163	130	46	58	-94	69
Net Income / (Loss) Continuing Operations	-28	-16	-47	25	102	1.77	-98	225	144	182	236
Consolidated Net Income / (Loss)	-28	-16	-47	25	102	1.77	-98	225	144	182	236
Depreciation Expense	67	67	72	66	63	59	63	53	56	62	71
Amortization Expense	77	77	76	77	77	92	76	79	73	73	72
Non-Cash Adjustments To Reconcile Net Income	10	18	1.58	65	19	82	171	-77	34	51	36
Changes in Operating Assets and Liabilities, net	-58	-29	60	-80	-73	-73	-81	-234	-249	-463	-346
Net Cash From Investing Activities	-91	-93	-102	-66	-106	-112	-131	297	-139	-1,049	-523
Net Cash From Continuing Investing Activities	-91	-93	-102	-66	-106	-112	-131	297	-139	-1,049	-523
Purchase of Property, Plant & Equipment	-91	-93	-100	-92	-106	-112	-131	-104	-154	-290	-556
Purchase of Investments	-	-	-	-	-	-	-	-	-	-	-200
Divestitures	-	-	-	27	-	-	-	401	17	69	40
Other Investing Activities, net	-	-0.14	-1.78	-0.75	-0.38	0.09	0.66	-0.02	-1.50	-3.50	0.00
Net Cash From Financing Activities	877	-39	-62	-126	-141	-120	-65	-421	43	1,854	1.16
Net Cash From Continuing Financing Activities	877	-39	-62	-126	-141	-120	-65	-421	43	1,854	1.16
Repayment of Debt	-89	-77	-64	-118	-133	-170	-69	-1,736	-183	-476	-13
Issuance of Debt	-	19	-	0.00	-	-	18	1,342	225	315	39
Issuance of Common Equity	1,001	20	6.20	24	4.83	18	2.11	21	8.81	2,022	0.58
Other Financing Activities, net	-3.69	-1.26	-3.49	-32	-13	-3.90	-5.05	-37	-7.17	-6.96	-26
Other Net Changes in Cash	-	-13	-1.77	31	-	-	-	-1.28	13	-14	-5.41
Cash Interest Paid	92	65	88	63	79	45	69	41	62	32	54
Cash Income Taxes Paid	23	16	43	34	32	41	59	49	51	67	40

This table presents Coherent's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Total Assets	1,212	1,477	1,762	1,954	5,235	6,513	7,845	13,711	14,489	14,911	18,300
Total Current Assets	583	702	762	813	1,789	3,027	4,305	3,252	3,660	3,927	6,925
Cash & Equivalents	218	272	247	205	493	1,592	2,582	821	926	909	1,162
Restricted Cash	-	-	-	-	-	-	-	12	174	8.90	35
Short-Term Investments	-	-	-	-	-	-	-	-	-	0.00	825
Accounts Receivable	165	193	215	270	598	659	700	902	849	964	1,343
Inventories, net	175	204	248	296	620	696	903	1,272	1,286	1,438	2,581
Prepaid Expenses	18	27	44	30	66	68	100	217	398	552	900
Current Deferred & Refundable Income Taxes	6.54	6.73	7.85	12	12	13	20	28	27	56	79
Plant, Property, & Equipment, net	243	368	525	583	1,215	1,243	1,363	1,782	1,817	1,878	2,999
Total Noncurrent Assets	386	407	475	558	2,231	2,242	2,176	8,677	9,011	9,106	8,375
Goodwill	234	250	271	320	1,239	1,297	1,286	4,513	4,464	4,471	4,376
Intangible Assets	125	134	125	139	758	718	635	3,815	3,503	3,205	2,884
Noncurrent Deferred & Refundable Income Taxes	7.85	3.02	2.05	8.52	23	33	32	38	41	53	69
Other Noncurrent Operating Assets	8.61	8.22	7.93	14	211	194	224	312	1,003	1,377	1,046
Total Liabilities & Shareholders' Equity	1,212	1,477	1,762	1,954	5,235	6,513	7,845	13,711	14,489	14,911	18,300
Total Liabilities	430	577	737	821	3,158	2,380	3,462	6,482	6,542	6,430	7,062
Total Current Liabilities	171	185	236	271	673	730	1,267	1,079	1,344	1,795	2,854
Short-Term Debt	20	20	20	24	69	62	403	75	74	188	7.92
Accounts Payable	54	66	90	104	269	294	435	405	632	847	1,905
Accrued Expenses	26	29	43	50	119	146	200	310	295	336	348
Current Deferred & Payable Income Tax Liabilities	13	12	17	20	33	20	29	74	91	124	173
Current Employee Benefit Liabilities	59	58	66	72	158	181	172	176	212	259	358
Other Current Liabilities	-	-	-	0.00	25	25	28	38	41	42	61
Total Noncurrent Liabilities	258	392	501	550	2,485	1,651	2,195	5,403	5,199	4,635	4,208
Long-Term Debt	215	322	419	443	2,186	1,313	1,897	4,235	4,026	3,499	3,214
Noncurrent Deferred & Payable Income Tax Liabilities	11	15	27	24	46	74	77	780	784	712	541
Other Noncurrent Operating Liabilities	32	54	55	83	253	264	220	388	388	424	453
Redeemable Noncontrolling Interest	-	-	-	-	0.00	726	767	2,241	2,365	2,483	0.00
Total Equity & Noncontrolling Interests	782	901	1,024	1,133	2,077	3,406	3,616	4,988	5,582	5,998	11,238
Total Preferred & Common Equity	782	901	1,024	1,133	2,077	3,406	3,616	4,988	5,210	5,645	10,903
Total Common Equity	782	901	1,024	1,133	2,077	2,961	3,171	4,542	5,210	5,645	10,903
Common Stock	244	270	352	382	1,487	2,028	2,065	3,781	4,858	5,056	9,791
Retained Earnings	653	748	836	944	877	1,137	1,348	944	665	584	1,354
Treasury Stock	-100	-103	-160	-169	-199	-218	-239	-293	-315	-368	-445
Accumulated Other Comprehensive Income / (Loss)	-14	-14	-3.78	-24	-87	14	-2.17	110	2.64	372	204
Noncontrolling Interest	-	-	-	-	-	-	-	0.00	371	354	335

This table presents Coherent's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	12/31/2022	3/31/2023	9/30/2023	12/31/2023	3/31/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	12/31/2025	3/31/2026
Total Assets	14,109	14,118	13,521	14,663	14,520	14,699	14,197	14,445	14,699	15,088	17,287
Total Current Assets	3,416	3,407	3,244	3,422	3,550	3,630	3,497	3,700	4,042	4,393	6,445
Cash & Equivalents	913	901	941	856	899	1,020	918	890	853	864	1,593
Restricted Cash	-	-	-	177	184	51	12	19	23	35	42
Short-Term Investments	-	-	-	-	-	-	-	-	-	-	825
Accounts Receivable	957	924	796	856	956	820	892	1,010	1,027	1,055	1,188
Inventories, net	1,367	1,394	1,281	1,292	1,292	1,386	1,345	1,392	1,633	1,848	2,127
Prepaid Expenses	154	161	206	217	202	328	307	364	462	548	625
Current Deferred & Refundable Income Taxes	25	26	20	24	19	25	24	25	45	44	45
Plant, Property, & Equipment, net	1,876	1,911	1,775	1,849	1,851	1,875	1,890	1,936	1,944	2,117	2,420
Total Noncurrent Assets	8,817	8,800	8,502	9,392	9,119	9,194	8,810	8,809	8,713	8,577	8,421
Goodwill	4,427	4,505	4,460	4,566	4,493	4,596	4,391	4,458	4,475	4,463	4,402
Intangible Assets	4,029	3,954	3,696	3,705	3,586	3,515	3,314	3,283	3,133	3,064	2,958
Noncurrent Deferred & Refundable Income Taxes	31	34	39	48	39	54	54	53	54	69	72
Other Noncurrent Operating Assets	331	307	307	1,074	1,000	1,030	1,052	1,016	1,051	981	989
Total Liabilities & Shareholders' Equity	14,109	14,118	13,521	14,663	14,520	14,699	14,197	14,445	14,699	15,088	17,287
Total Liabilities	6,748	6,667	6,418	6,517	6,481	6,431	6,232	6,276	6,011	6,199	6,271
Total Current Liabilities	1,133	1,107	1,083	1,188	1,311	1,358	1,309	1,497	1,736	1,951	2,113
Short-Term Debt	75	75	75	75	75	70	27	4.67	48	106	9.01
Accounts Payable	429	429	449	504	594	690	690	777	954	1,119	1,343
Accrued Expenses	306	311	281	272	309	258	239	313	318	312	333
Current Deferred & Payable Income Tax Liabilities	75	74	58	112	116	102	99	117	164	128	99
Current Employee Benefit Liabilities	208	178	183	187	177	197	214	242	210	243	277
Other Current Liabilities	39	40	37	38	38	42	41	43	41	43	52
Total Noncurrent Liabilities	5,615	5,559	5,335	5,329	5,171	5,073	4,923	4,779	4,275	4,248	4,158
Long-Term Debt	4,423	4,350	4,219	4,137	4,083	3,919	3,833	3,727	3,259	3,245	3,185
Noncurrent Deferred & Payable Income Tax Liabilities	826	847	743	814	748	751	713	674	630	643	606
Other Noncurrent Operating Liabilities	366	362	373	378	340	403	377	378	387	360	367
Redeemable Noncontrolling Interest	2,182	2,212	2,272	2,302	2,333	2,397	2,429	2,462	2,505	0.00	0.00
Total Equity & Noncontrolling Interests	5,179	5,239	4,832	5,844	5,706	5,872	5,536	5,707	6,182	8,888	11,016
Total Preferred & Common Equity	5,179	5,239	4,832	5,471	5,335	5,501	5,168	5,353	5,830	8,539	10,677
Total Common Equity	4,733	4,794	4,832	5,471	5,335	5,501	5,168	5,716	6,236	8,952	11,097
Common Stock	3,704	3,755	4,287	4,786	4,835	4,914	4,957	5,014	5,119	7,674	9,741
Retained Earnings	1,193	1,159	847	789	745	659	730	713	777	922	1,114
Treasury Stock	-290	-291	-307	-311	-312	-345	-359	-363	-406	-413	-420
Accumulated Other Comprehensive Income / (Loss)	126	170	5.05	206	67	273	-160	-11	340	355	242
Noncontrolling Interest	-	-	-	373	370	371	368	355	352	349	339

This table displays calculated financial ratios and metrics derived from Coherent's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	195,639,321.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	195,639,321.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.94
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.49%	17.51%	19.21%	17.58%	74.68%	30.50%	6.78%	55.58%	-8.77%	23.42%	22.51%
EBITDA Growth	10.03%	26.41%	22.27%	10.71%	4.83%	161.92%	-16.48%	-41.10%	24.22%	55.33%	107.80%
EBIT Growth	12.13%	35.00%	11.90%	7.60%	-83.15%	1,518.81%	-31.68%	-226.17%	58.47%	163.79%	800.11%
NOPAT Growth	-2.12%	48.73%	0.48%	24.71%	-85.87%	1,851.60%	-32.56%	-206.02%	58.47%	129.08%	2,134.62%
Net Income Growth	-0.74%	45.49%	-7.63%	22.18%	-162.34%	543.92%	-21.10%	-210.52%	38.81%	118.93%	2,517.97%
EPS Growth	-0.95%	42.31%	-8.78%	20.74%	-148.47%	400.00%	-38.82%	-302.07%	37.20%	71.74%	892.31%
Operating Cash Flow Growth	-4.94%	-3.54%	35.74%	10.84%	66.57%	93.19%	-28.04%	53.39%	-13.93%	16.10%	-87.45%
Free Cash Flow Firm Growth	-100.78%	-11,124.96%	-23.43%	47.25%	-5,526.88%	113.50%	-85.92%	-14,079.13%	94.97%	20.55%	-88.78%
Invested Capital Growth	9.50%	21.72%	19.61%	15.00%	196.83%	0.00%	4.74%	161.02%	2.25%	2.77%	10.56%
Revenue Q/Q Growth	5.72%	3.43%	4.26%	3.15%	19.21%	2.03%	2.44%	6.57%	2.38%	3.84%	7.82%
EBITDA Q/Q Growth	4.96%	6.06%	7.88%	-1.52%	41.12%	5.48%	-17.73%	-45.41%	64.79%	-10.99%	51.26%
EBIT Q/Q Growth	6.93%	5.70%	2.28%	0.72%	6,225.24%	11.06%	-31.75%	-672.67%	60.97%	-43.77%	122.11%
NOPAT Q/Q Growth	-3.89%	24.69%	-3.99%	1.12%	6,225.24%	5.52%	-32.19%	-672.67%	60.97%	-62.96%	96.68%
Net Income Q/Q Growth	-4.00%	23.78%	-5.86%	0.81%	25.74%	11.64%	-14.14%	-590.27%	45.25%	-62.96%	73.87%
EPS Q/Q Growth	-3.70%	22.31%	-4.93%	-99.57%	99.79%	-0.84%	-20.33%	-154.78%	35.89%	-126.09%	95.26%
Operating Cash Flow Q/Q Growth	-1.54%	-1.24%	4.43%	10.54%	61.07%	-7.90%	2.43%	7.50%	-3.40%	-4.81%	-43.34%
Free Cash Flow Firm Q/Q Growth	98.38%	-362.52%	44.57%	-7.97%	-2.56%	25.66%	-65.27%	-0.27%	14.96%	-233.50%	-23.88%
Invested Capital Q/Q Growth	-6.33%	7.14%	-0.88%	-0.41%	2.01%	0.62%	0.12%	-2.46%	-1.52%	2.36%	5.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.82%	39.95%	39.89%	38.26%	33.24%	37.91%	38.16%	31.36%	30.93%	35.17%	37.50%
EBITDA Margin	18.10%	19.47%	19.97%	18.80%	11.28%	22.64%	17.71%	6.70%	9.13%	11.49%	19.49%
Operating Margin	11.25%	12.92%	12.13%	11.10%	1.07%	13.28%	8.50%	-6.89%	-3.14%	1.62%	10.17%
EBIT Margin	11.25%	12.92%	12.13%	11.10%	1.07%	13.28%	8.50%	-6.89%	-3.14%	1.62%	11.91%
Profit (Net Income) Margin	7.92%	9.80%	7.59%	7.89%	-2.82%	9.58%	7.08%	-5.03%	-3.37%	0.52%	11.05%
Tax Burden Percent	72.80%	80.21%	72.02%	83.47%	104.85%	84.39%	83.30%	72.97%	107.53%	31.91%	92.82%
Interest Burden Percent	96.69%	94.58%	86.94%	85.18%	-250.89%	85.48%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	27.20%	19.79%	27.98%	16.53%	0.00%	15.61%	16.70%	0.00%	0.00%	68.09%	7.18%
Return on Invested Capital (ROIC)	8.99%	11.53%	9.61%	10.24%	0.68%	8.89%	5.86%	-3.36%	-0.95%	0.27%	5.67%
ROIC Less NNEP Spread (ROIC-NNEP)	118.85%	-5.56%	-4.98%	-1.89%	551.15%	32.21%	5.86%	-4.02%	-2.67%	0.27%	11.48%
Return on Net Nonoperating Assets (RNNOA)	-0.32%	-0.21%	-0.47%	-0.27%	-3.23%	-1.69%	-0.34%	-1.11%	-1.14%	0.10%	2.31%
Return on Equity (ROE)	8.67%	11.32%	9.14%	9.97%	-2.55%	7.20%	5.51%	-4.47%	-2.09%	0.37%	7.98%
Cash Return on Invested Capital (CROIC)	-0.08%	-8.06%	-8.25%	-3.72%	-98.52%	8.89%	1.22%	-92.57%	-3.18%	-2.47%	-4.36%
Operating Return on Assets (OROA)	8.20%	9.34%	8.68%	8.14%	0.60%	6.33%	3.93%	-3.30%	-1.05%	0.64%	5.11%
Return on Assets (ROA)	5.77%	7.09%	5.43%	5.79%	-1.58%	4.57%	3.27%	-2.41%	-1.13%	0.20%	4.74%
Return on Common Equity (ROCE)	8.67%	11.32%	9.14%	9.97%	-1.98%	5.16%	3.97%	-2.97%	-1.34%	0.24%	6.70%
Return on Equity Simple (ROE_SIMPLE)	8.37%	10.58%	8.59%	9.49%	-1.97%	8.74%	6.49%	-5.20%	-3.05%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	68	101	101	126	18	348	235	-249	-103	30	672
NOPAT Margin	8.19%	10.36%	8.73%	9.26%	0.75%	11.21%	7.08%	-4.82%	-2.20%	0.52%	9.44%
Net Nonoperating Expense Percent (NNEP)	-109.87%	17.09%	14.59%	12.12%	-550.47%	-23.32%	0.00%	0.66%	1.71%	0.00%	-5.81%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	0.31%	4.64%
Cost of Revenue to Revenue	62.18%	60.05%	60.11%	61.74%	66.76%	62.09%	61.84%	68.64%	69.07%	64.83%	62.50%
SG&A Expenses to Revenue	19.42%	18.11%	18.00%	17.14%	17.34%	14.34%	14.29%	20.09%	18.14%	15.95%	14.67%
R&D to Revenue	7.30%	9.96%	10.09%	10.21%	14.25%	10.63%	11.37%	9.68%	10.17%	10.02%	10.16%
Operating Expenses to Revenue	26.57%	27.03%	27.76%	27.16%	32.17%	24.63%	29.66%	38.25%	34.06%	33.55%	27.33%
Earnings before Interest and Taxes (EBIT)	93	126	141	151	25	412	282	-356	-148	94	848
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	150	189	231	256	269	703	587	346	430	668	1,387
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.48	2.40	2.65	2.05	1.46	2.57	1.71	1.56	2.12	2.46	7.08
Price to Tangible Book Value (P/TBV)	2.73	4.19	4.32	3.45	4.56	8.05	4.34	0.00	0.00	0.00	21.18
Price to Revenue (P/Rev)	1.40	2.23	2.35	1.70	1.81	2.45	1.64	1.38	2.35	2.39	10.84
Price to Earnings (P/E)	17.67	22.73	30.88	21.60	0.00	29.25	32.57	0.00	0.00	0.00	100.24
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.66%	4.40%	3.24%	4.63%	0.00%	3.42%	3.07%	0.00%	0.00%	0.00%	1.00%
Enterprise Value to Invested Capital (EV/IC)	1.48	2.32	2.48	1.90	1.34	2.19	1.55	1.24	1.53	1.73	6.33
Enterprise Value to Revenue (EV/Rev)	1.41	2.29	2.45	1.84	2.21	2.76	1.92	2.57	3.57	3.35	11.06
Enterprise Value to EBITDA (EV/EBITDA)	7.77	11.75	12.28	9.79	19.60	12.18	10.82	38.35	39.05	29.17	56.74
Enterprise Value to EBIT (EV/EBIT)	12.50	17.71	20.21	16.59	206.57	20.77	22.55	0.00	0.00	206.76	92.85
Enterprise Value to NOPAT (EV/NOPAT)	17.17	22.07	28.06	19.87	295.10	24.61	27.07	0.00	0.00	647.85	117.19
Enterprise Value to Operating Cash Flow (EV/OCF)	9.46	18.75	17.64	14.05	17.71	14.92	15.37	20.93	30.75	30.73	989.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	24.61	129.62	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.38	0.43	0.41	0.33	0.33	0.52	0.60	0.52	0.43	0.29
Long-Term Debt to Equity	0.28	0.36	0.41	0.39	0.32	0.32	0.43	0.59	0.51	0.41	0.29
Financial Leverage	0.00	0.04	0.09	0.14	-0.01	-0.05	-0.06	0.28	0.43	0.35	0.20
Leverage Ratio	1.50	1.60	1.68	1.72	1.61	1.58	1.69	1.86	1.86	1.79	1.68
Compound Leverage Factor	1.45	1.51	1.46	1.47	-4.03	1.35	1.69	1.86	1.86	1.79	1.68
Debt to Total Capital	23.12%	27.53%	30.00%	29.18%	24.97%	24.97%	34.42%	37.35%	34.04%	30.30%	22.28%
Short-Term Debt to Total Capital	1.97%	1.61%	1.37%	1.49%	1.13%	1.13%	6.03%	0.65%	0.61%	1.55%	0.05%
Long-Term Debt to Total Capital	21.16%	25.92%	28.63%	27.69%	23.84%	23.84%	28.39%	36.70%	33.42%	28.75%	22.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	8.09%	8.09%	6.66%	3.86%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	13.19%	13.19%	11.47%	19.43%	22.71%	23.31%	2.31%
Common Equity to Total Capital	76.88%	72.48%	70.00%	70.82%	53.76%	53.76%	47.45%	39.37%	43.25%	46.39%	75.40%
Debt to EBITDA	1.57	1.81	1.90	1.82	5.12	1.96	3.92	12.46	9.54	5.52	2.32
Net Debt to EBITDA	0.04	0.31	0.53	0.73	-0.81	-0.31	-0.48	10.05	6.98	4.15	0.87
Long-Term Debt to EBITDA	1.44	1.70	1.81	1.73	4.89	1.87	3.23	12.24	9.37	5.24	2.32
Debt to NOPAT	3.47	3.40	4.34	3.70	77.10	3.95	9.80	-17.32	-39.67	122.66	4.80
Net Debt to NOPAT	0.08	0.58	1.21	1.47	-12.15	-0.62	-1.20	-13.97	-29.03	92.12	1.79
Long-Term Debt to NOPAT	3.18	3.20	4.14	3.51	73.62	3.77	8.08	-17.02	-38.96	116.40	4.79
Altman Z-Score	3.71	4.32	4.15	3.66	2.13	3.27	2.19	1.24	1.56	1.93	7.47
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	22.25%	28.35%	27.99%	33.58%	35.74%	33.92%	16.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.40	3.80	3.22	3.00	4.15	4.15	3.40	3.01	2.72	2.19	2.43
Quick Ratio	2.24	2.52	1.95	1.75	3.09	3.09	2.59	1.60	1.32	1.04	1.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-0.63	-70	-87	-46	-2,579	348	49	-6,853	-344	-274	-516
Operating Cash Flow to CapEx	211.40%	85.63%	104.94%	130.16%	217.20%	392.49%	131.50%	145.40%	157.35%	143.73%	7.21%
Free Cash Flow to Firm to Interest Expense	-0.20	-10.34	-4.73	-2.04	-28.84	5.81	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	39.91	17.42	8.77	7.96	3.33	9.59	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	21.03	-2.92	0.41	1.84	1.79	7.15	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.72	0.72	0.73	0.56	0.48	0.46	0.48	0.33	0.40	0.43
Accounts Receivable Turnover	5.41	5.43	5.67	5.62	5.13	4.71	4.88	6.44	5.38	6.41	6.17
Inventory Turnover	3.03	3.08	3.08	3.09	3.20	2.77	2.57	3.26	2.54	2.77	2.21
Fixed Asset Turnover	3.70	3.18	2.60	2.46	2.61	2.50	2.55	3.28	2.62	3.15	2.92
Accounts Payable Turnover	10.38	9.78	8.97	8.66	7.97	6.55	5.62	8.43	6.27	5.10	3.23
Days Sales Outstanding (DSO)	67.42	67.25	64.32	64.92	71.20	77.44	74.80	56.65	67.84	56.93	59.16
Days Inventory Outstanding (DIO)	120.46	118.45	118.41	118.15	113.95	131.70	142.22	112.07	143.61	131.98	164.84
Days Payable Outstanding (DPO)	35.15	37.31	40.69	42.14	45.82	55.74	64.90	43.29	58.19	71.63	112.90
Cash Conversion Cycle (CCC)	152.73	148.39	142.04	140.93	139.33	153.40	152.11	125.43	153.26	117.28	111.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	788	959	1,147	1,319	3,916	3,916	4,101	10,705	10,946	11,250	12,438
Invested Capital Turnover	1.10	1.11	1.10	1.10	0.91	0.79	0.83	0.70	0.43	0.52	0.60
Increase / (Decrease) in Invested Capital	68	171	188	172	2,596	0.00	186	6,604	241	304	1,188
Enterprise Value (EV)	1,163	2,224	2,840	2,508	5,264	8,568	6,354	13,269	16,784	19,472	78,709
Market Capitalization	1,157	2,165	2,718	2,322	4,309	7,614	5,424	7,105	11,047	13,867	77,174
Book Value per Share	$12.68	$14.27	$16.38	$17.84	$32.45	$28.23	$29.79	$32.59	$34.17	$36.31	$55.73
Tangible Book Value per Share	$6.87	$8.18	$10.05	$10.61	$10.36	$9.02	$11.74	($27.16)	($18.09)	($13.07)	$18.62
Total Capital	1,018	1,243	1,463	1,600	5,507	5,507	6,684	11,539	12,046	12,168	14,460
Total Debt	235	342	439	467	1,375	1,375	2,300	4,310	4,100	3,687	3,222
Total Long-Term Debt	215	322	419	443	1,313	1,313	1,897	4,235	4,026	3,499	3,214
Net Debt	5.51	58	123	186	-217	-217	-282	3,476	3,000	2,769	1,200
Capital Expenditures (CapEx)	58	139	153	137	137	146	314	436	347	441	1,103
Debt-free, Cash-free Net Working Capital (DFCFNWC)	213	265	298	361	768	768	859	1,415	1,290	1,403	2,057
Debt-free Net Working Capital (DFNWC)	432	537	545	566	2,360	2,360	3,441	2,248	2,390	2,321	4,079
Net Working Capital (NWC)	412	517	525	542	2,298	2,298	3,038	2,173	2,316	2,132	4,072
Net Nonoperating Expense (NNE)	2.24	5.46	13	19	85	51	0.00	11	55	0.00	-115
Net Nonoperating Obligations (NNO)	5.51	58	123	186	-217	-217	-282	3,476	3,000	2,769	1,200
Total Depreciation and Amortization (D&A)	57	64	91	105	243	291	306	702	577	573	539
Debt-free, Cash-free Net Working Capital to Revenue	25.78%	27.31%	25.75%	26.52%	32.27%	24.73%	25.90%	27.42%	27.40%	24.14%	28.90%
Debt-free Net Working Capital to Revenue	52.19%	55.28%	47.06%	41.55%	99.15%	75.98%	103.76%	43.57%	50.77%	39.94%	57.31%
Net Working Capital to Revenue	49.77%	53.22%	45.34%	39.81%	96.54%	73.98%	91.61%	42.12%	49.20%	36.70%	57.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.57	($2.93)	($1.84)	($0.52)	$4.34
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	130.87M	150.40M	153.30M	155.81M	195.83M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.45	($2.93)	($1.84)	($0.52)	$4.12
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	130.87M	150.40M	153.30M	155.81M	195.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	130.87M	150.40M	153.30M	155.81M	195.83M
Normalized Net Operating Profit after Tax (NOPAT)	68	101	101	126	18	348	235	-166	-84	237	790
Normalized NOPAT Margin	8.19%	10.36%	8.73%	9.26%	0.75%	11.21%	7.08%	-3.21%	-1.79%	4.09%	11.10%
Pre Tax Income Margin	10.87%	12.22%	10.54%	9.45%	-2.69%	11.35%	8.50%	-6.89%	-3.14%	1.62%	11.91%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	30.20	18.45	7.66	6.75	0.29	6.89	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	21.98	14.79	5.52	5.63	0.20	5.81	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	11.32	-1.90	-0.70	0.63	-1.25	4.44	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	3.10	-5.55	-2.85	-0.49	-1.33	3.37	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	6.83%	14.70%	-10.64%	0.00%	38.05%	1.45%
Augmented Payout Ratio	9.60%	0.00%	56.67%	1.50%	-2.42%	26.52%	14.70%	-26.83%	-20.05%	38.05%	1.45%

This table displays calculated financial ratios and metrics derived from Coherent's official financial filings.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	187,481,852.00	195,639,321.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	187,481,852.00	195,639,321.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.02	1.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-17.43%	-2.53%	9.07%	28.02%	26.80%	23.91%	16.36%	17.30%	17.49%	20.55%	33.74%
EBITDA Growth	-40.62%	-21.83%	72.92%	203.07%	153.00%	43.94%	-52.19%	114.79%	10.69%	98.00%	458.13%
EBIT Growth	-922.13%	-41.93%	52.25%	121.86%	443.26%	131.05%	-740.05%	1,023.59%	30.83%	1,763.97%	539.18%
NOPAT Growth	-922.13%	-41.93%	423.76%	140.22%	487.79%	107.92%	5.60%	324.64%	41.63%	9,694.92%	632.09%
Net Income Growth	36.82%	-717.83%	73.62%	136.81%	456.60%	111.22%	-108.64%	805.82%	41.63%	10,193.09%	340.75%
EPS Growth	34.48%	-20.83%	66.45%	93.85%	215.79%	62.07%	-55.77%	3,075.00%	72.73%	981.82%	248.15%
Operating Cash Flow Growth	-69.54%	-22.96%	-10.58%	-23.05%	178.97%	38.77%	-19.74%	-69.96%	-69.10%	-157.56%	-46.69%
Free Cash Flow Firm Growth	94.21%	98.37%	110.98%	-291.06%	231.02%	177.28%	-20.83%	124.40%	-156.86%	-566.33%	-173.51%
Invested Capital Growth	3.46%	1.28%	2.25%	6.98%	-3.79%	-1.11%	2.77%	-0.59%	4.09%	6.90%	10.56%
Revenue Q/Q Growth	7.44%	6.84%	8.73%	2.57%	6.42%	4.41%	2.11%	3.40%	6.59%	7.12%	13.29%
EBITDA Q/Q Growth	97.37%	2.53%	-133.90%	359.07%	64.77%	-39.62%	-53.30%	362.26%	-15.09%	8.01%	31.65%
EBIT Q/Q Growth	57.64%	9.74%	-615.33%	109.16%	565.20%	-92.30%	-741.21%	442.01%	-22.55%	9.74%	51.08%
NOPAT Q/Q Growth	57.64%	9.74%	3,394.07%	-97.51%	308.44%	-98.26%	-2,615.08%	337.82%	36.23%	20.21%	36.63%
Net Income Q/Q Growth	57.84%	44.76%	-198.95%	152.87%	308.44%	-98.26%	-5,658.70%	329.53%	-36.14%	26.33%	30.01%
EPS Q/Q Growth	41.54%	23.68%	-79.31%	92.31%	1,200.00%	-125.00%	-636.36%	246.91%	-36.13%	27.63%	23.71%
Operating Cash Flow Q/Q Growth	-66.21%	74.83%	38.23%	-5.76%	22.49%	-13.03%	-20.05%	-64.73%	25.99%	-262.00%	174.05%
Free Cash Flow Firm Q/Q Growth	-209.76%	68.37%	780.74%	-192.82%	175.27%	-76.33%	-377.18%	149.42%	-275.39%	-94.11%	-62.57%
Invested Capital Q/Q Growth	8.30%	-1.85%	-1.52%	2.19%	-2.60%	0.88%	2.36%	-1.16%	1.99%	3.60%	5.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.99%	30.32%	32.86%	34.13%	35.50%	35.23%	35.71%	36.63%	36.95%	37.66%	38.48%
EBITDA Margin	9.36%	15.31%	-4.77%	12.06%	18.67%	10.80%	4.94%	22.08%	17.59%	17.73%	20.61%
Operating Margin	-3.31%	3.38%	-16.04%	1.43%	8.95%	0.66%	-4.15%	6.43%	9.97%	9.72%	13.62%
EBIT Margin	-3.31%	3.38%	-16.04%	1.43%	8.95%	0.66%	-4.15%	13.72%	9.97%	10.21%	13.62%
Profit (Net Income) Margin	-2.52%	-1.30%	-3.58%	1.84%	7.08%	0.12%	-6.41%	14.24%	8.53%	10.06%	11.55%
Tax Burden Percent	76.12%	49.39%	-474.62%	128.79%	79.08%	17.85%	154.71%	103.83%	85.61%	98.55%	84.81%
Interest Burden Percent	100.00%	-77.87%	-4.70%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	574.62%	-28.79%	20.92%	82.15%	0.00%	-3.83%	14.39%	1.45%	15.19%
Return on Invested Capital (ROIC)	-0.96%	0.99%	33.10%	0.85%	3.38%	0.06%	-1.52%	3.62%	4.83%	5.56%	6.94%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.03%	-0.36%	0.75%	0.85%	3.38%	0.06%	-3.38%	8.09%	4.83%	6.05%	6.94%
Return on Net Nonoperating Assets (RNNOA)	-0.45%	-0.15%	0.32%	0.35%	1.28%	0.02%	-1.19%	2.55%	1.54%	1.12%	1.40%
Return on Equity (ROE)	-1.41%	0.83%	33.42%	1.20%	4.66%	0.08%	-2.71%	6.17%	6.37%	6.68%	8.34%
Cash Return on Invested Capital (CROIC)	-6.52%	-3.67%	-3.18%	-7.00%	4.43%	1.85%	-2.47%	1.85%	-2.41%	-3.67%	-4.36%
Operating Return on Assets (OROA)	-1.06%	1.09%	-5.35%	0.51%	3.29%	0.26%	-1.64%	5.64%	4.28%	4.25%	5.84%
Return on Assets (ROA)	-0.81%	-0.42%	-1.19%	0.65%	2.60%	0.05%	-2.54%	5.85%	3.67%	4.19%	4.95%
Return on Common Equity (ROCE)	-0.93%	0.55%	21.48%	0.81%	3.08%	0.06%	-1.79%	4.27%	5.34%	5.86%	7.00%
Return on Equity Simple (ROE_SIMPLE)	-4.97%	-5.43%	0.00%	-1.21%	1.23%	1.52%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-26	29	1,000	25	102	1.77	-44	106	144	173	236
NOPAT Margin	-2.31%	2.37%	76.11%	1.84%	7.08%	0.12%	-2.90%	6.68%	8.53%	9.57%	11.55%
Net Nonoperating Expense Percent (NNEP)	0.07%	1.34%	32.34%	0.00%	0.00%	0.00%	1.86%	-4.47%	0.00%	-0.49%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	-0.26%	-	-	-	1.08%	0.02%	-0.46%	1.11%	1.17%	1.22%	1.63%
Cost of Revenue to Revenue	69.01%	69.68%	67.14%	65.87%	64.50%	64.77%	64.29%	63.37%	63.05%	62.34%	61.52%
SG&A Expenses to Revenue	18.49%	16.97%	17.34%	16.98%	15.38%	15.45%	16.05%	15.94%	15.33%	14.82%	13.02%
R&D to Revenue	9.83%	10.55%	9.64%	9.76%	10.03%	10.06%	10.18%	9.79%	9.83%	10.30%	10.58%
Operating Expenses to Revenue	34.30%	26.93%	48.90%	32.70%	26.55%	34.57%	39.86%	30.20%	26.98%	27.94%	24.86%
Earnings before Interest and Taxes (EBIT)	-37	41	-211	19	128	9.89	-63	217	168	184	279
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	106	185	-63	163	268	162	76	349	296	320	422
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.21	1.72	2.12	2.48	2.83	1.76	2.46	2.69	3.24	4.02	7.08
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.35	11.95	21.18
Price to Revenue (P/Rev)	1.42	2.00	2.35	2.72	2.76	1.80	2.39	2.78	4.61	6.76	10.84
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	141.93	150.90	111.48	100.24
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.70%	0.66%	0.90%	1.00%
Enterprise Value to Invested Capital (EV/IC)	1.10	1.35	1.53	1.73	1.87	1.43	1.73	1.99	2.80	3.89	6.33
Enterprise Value to Revenue (EV/Rev)	2.69	3.26	3.57	3.86	3.84	2.81	3.35	3.65	5.05	6.93	11.06
Enterprise Value to EBITDA (EV/EBITDA)	75.64	57.45	39.05	35.86	29.09	20.94	29.17	29.87	41.44	49.87	56.74
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	162.04	93.74	206.76	125.02	147.16	119.82	92.85
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	320.18	193.51	647.85	158.33	178.84	133.92	117.19
Enterprise Value to Operating Cash Flow (EV/OCF)	20.75	26.52	30.75	38.64	32.86	23.59	30.73	41.92	80.10	325.87	989.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	41.37	76.62	0.00	107.23	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.52	0.52	0.52	0.48	0.48	0.46	0.43	0.38	0.38	0.29	0.29
Long-Term Debt to Equity	0.51	0.51	0.51	0.47	0.48	0.46	0.41	0.38	0.37	0.29	0.29
Financial Leverage	0.44	0.43	0.43	0.41	0.38	0.36	0.35	0.32	0.32	0.19	0.20
Leverage Ratio	1.86	1.85	1.86	1.84	1.79	1.79	1.79	1.73	1.74	1.65	1.68
Compound Leverage Factor	1.86	-1.44	-0.09	1.84	1.79	1.79	1.79	1.73	1.74	1.65	1.68
Debt to Total Capital	34.08%	34.09%	34.04%	32.54%	32.64%	31.36%	30.30%	27.58%	27.38%	22.48%	22.28%
Short-Term Debt to Total Capital	0.60%	0.62%	0.61%	0.57%	0.23%	0.04%	1.55%	0.40%	0.87%	0.06%	0.05%
Long-Term Debt to Total Capital	33.48%	33.47%	33.42%	31.97%	32.41%	31.32%	28.75%	27.17%	26.51%	22.41%	22.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	21.65%	22.17%	22.71%	22.58%	23.65%	23.66%	23.31%	23.82%	2.85%	2.38%	2.31%
Common Equity to Total Capital	44.27%	43.74%	43.25%	44.88%	43.71%	48.03%	46.39%	51.99%	73.14%	78.09%	75.40%
Debt to EBITDA	25.59	15.94	9.54	7.40	5.51	4.98	5.52	4.48	4.37	3.48	2.32
Net Debt to EBITDA	19.31	11.79	6.98	5.42	4.18	3.76	4.15	3.29	3.20	0.80	0.87
Long-Term Debt to EBITDA	25.14	15.65	9.37	7.28	5.47	4.97	5.24	4.41	4.23	3.47	2.32
Debt to NOPAT	-12.11	-15.70	-39.67	-142.29	60.64	45.99	122.66	23.73	18.85	9.35	4.80
Net Debt to NOPAT	-9.14	-11.62	-29.03	-104.08	46.04	34.78	92.12	17.45	13.79	2.15	1.79
Long-Term Debt to NOPAT	-11.90	-15.42	-38.96	-139.79	60.22	45.93	116.40	23.38	18.25	9.33	4.79
Altman Z-Score	1.17	1.43	1.55	1.86	2.07	1.60	1.90	2.40	3.54	5.08	7.37
Noncontrolling Interest Sharing Ratio	34.20%	34.61%	35.74%	32.78%	33.97%	31.82%	33.92%	30.78%	16.22%	12.37%	16.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.88	2.71	2.72	2.67	2.67	2.47	2.19	2.33	2.25	3.05	2.43
Quick Ratio	1.44	1.41	1.32	1.35	1.38	1.27	1.04	1.08	0.98	1.71	1.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-405	-112	759	-705	531	126	-348	172	-302	-586	-952
Operating Cash Flow to CapEx	73.43%	125.94%	162.48%	166.31%	177.30%	145.73%	99.19%	44.21%	37.70%	-32.38%	12.50%
Free Cash Flow to Firm to Interest Expense	0.00	-1.53	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	1.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.32	0.33	0.35	0.37	0.39	0.40	0.41	0.43	0.42	0.43
Accounts Receivable Turnover	5.11	4.89	5.38	6.19	6.07	5.69	6.41	6.54	6.47	6.01	6.17
Inventory Turnover	2.41	2.41	2.54	2.54	2.68	2.73	2.77	2.57	2.52	2.37	2.21
Fixed Asset Turnover	2.49	2.44	2.62	2.74	2.84	2.95	3.15	3.16	3.14	3.03	2.92
Accounts Payable Turnover	6.88	6.32	6.27	5.96	5.93	5.35	5.10	4.72	4.44	3.94	3.23
Days Sales Outstanding (DSO)	71.46	74.61	67.84	58.93	60.12	64.12	56.93	55.77	56.43	60.76	59.16
Days Inventory Outstanding (DIO)	151.24	151.71	143.61	143.42	135.98	133.58	131.98	141.95	144.99	153.83	164.84
Days Payable Outstanding (DPO)	53.07	57.75	58.19	61.24	61.59	68.24	71.63	77.29	82.13	92.72	112.90
Cash Conversion Cycle (CCC)	169.63	168.57	153.26	141.11	134.51	129.45	117.28	120.44	119.29	121.87	111.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,324	11,115	10,946	11,186	10,895	10,991	11,250	11,120	11,341	11,750	12,438
Invested Capital Turnover	0.42	0.42	0.43	0.46	0.48	0.51	0.52	0.54	0.57	0.58	0.60
Increase / (Decrease) in Invested Capital	379	140	241	730	-429	-124	304	-66	445	758	1,188
Enterprise Value (EV)	12,448	14,983	16,784	19,315	20,379	15,702	19,472	22,073	31,808	45,733	78,709
Market Capitalization	6,594	9,203	11,047	13,630	14,651	10,064	13,867	16,783	29,006	44,660	77,174
Book Value per Share	$36.12	$35.14	$34.17	$35.88	$33.42	$36.88	$36.31	$40.02	$56.96	$59.19	$55.73
Tangible Book Value per Share	($18.48)	($18.08)	($18.09)	($17.02)	($16.40)	($13.07)	($13.07)	($8.81)	$9.07	$19.93	$18.62
Total Capital	12,358	12,197	12,046	12,257	11,825	11,901	12,168	11,995	12,240	14,209	14,460
Total Debt	4,212	4,158	4,100	3,989	3,860	3,732	3,687	3,308	3,352	3,194	3,222
Total Long-Term Debt	4,137	4,083	4,026	3,919	3,833	3,727	3,499	3,259	3,245	3,185	3,214
Net Debt	3,178	3,076	3,000	2,918	2,930	2,822	2,769	2,432	2,453	734	1,200
Capital Expenditures (CapEx)	91	93	100	92	106	112	131	104	154	290	556
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,275	1,233	1,290	1,271	1,286	1,298	1,403	1,479	1,650	1,881	2,057
Debt-free Net Working Capital (DFNWC)	2,308	2,315	2,390	2,342	2,215	2,208	2,321	2,354	2,549	4,341	4,079
Net Working Capital (NWC)	2,234	2,240	2,316	2,272	2,188	2,203	2,132	2,306	2,442	4,332	4,072
Net Nonoperating Expense (NNE)	2.29	44	1,047	0.00	0.00	0.00	54	-120	0.00	-8.79	0.00
Net Nonoperating Obligations (NNO)	3,178	3,076	3,000	2,918	2,930	2,822	2,769	2,432	2,453	734	1,200
Total Depreciation and Amortization (D&A)	143	144	148	143	139	152	139	132	128	136	143
Debt-free, Cash-free Net Working Capital to Revenue	27.54%	26.81%	27.40%	25.41%	24.23%	23.20%	24.14%	24.47%	26.21%	28.49%	28.90%
Debt-free Net Working Capital to Revenue	49.86%	50.35%	50.77%	46.82%	41.75%	39.45%	39.94%	38.96%	40.49%	65.75%	57.31%
Net Working Capital to Revenue	48.25%	48.70%	49.20%	45.42%	41.24%	39.37%	36.70%	38.16%	38.80%	65.61%	57.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.38)	($0.29)	($0.52)	($0.04)	$0.46	($0.11)	($0.83)	$1.24	$0.87	$1.01	$1.22
Adjusted Weighted Average Basic Shares Outstanding	151.81M	152.46M	153.30M	154.66M	154.97M	155.44M	155.81M	157.15M	187.48M	195.64M	195.83M
Adjusted Diluted Earnings per Share	($0.38)	($0.29)	($0.52)	($0.04)	$0.44	($0.11)	($0.81)	$1.19	$0.76	$0.97	$1.20
Adjusted Weighted Average Diluted Shares Outstanding	151.81M	152.46M	153.30M	154.66M	154.97M	155.44M	155.81M	157.15M	187.48M	195.64M	195.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	151.81M	152.46M	153.30M	154.66M	154.97M	155.44M	155.81M	157.15M	187.48M	195.64M	195.83M
Normalized Net Operating Profit after Tax (NOPAT)	-27	37	-138	31	108	59	-6.64	91	156	207	279
Normalized NOPAT Margin	-2.41%	3.04%	-10.48%	2.27%	7.52%	3.91%	-0.43%	5.76%	9.27%	11.45%	13.64%
Pre Tax Income Margin	-3.31%	-2.63%	0.75%	1.43%	8.95%	0.66%	-4.15%	13.72%	9.97%	10.21%	13.62%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-0.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-0.89	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-2.38%	0.00%	0.00%	0.00%	0.00%	38.05%	9.93%	8.39%	5.05%	1.45%
Augmented Payout Ratio	-11.72%	-13.36%	-20.05%	0.00%	0.00%	0.00%	38.05%	9.93%	8.39%	5.05%	1.45%

Financials Breakdown Chart

Key Financial Trends

Coherent’s financial results show a substantial recovery and acceleration in its core business. Revenue increased from $887.0 million in Q4 2022 to $2.05 billion in Q4 2026, while gross profit rose from $326.0 million to $787.1 million. The latest quarter also produced $278.5 million of operating income and $236.2 million of consolidated net income, reversing the operating and net losses reported during several quarters in 2023 through 2025.

Strong revenue growth: Q4 2026 revenue increased 13.3% from $1.81 billion in Q3 and was approximately 130% above Q4 2022 levels.
Improving profitability: Gross margin reached approximately 38.5% in Q4 2026, compared with about 36.8% in Q4 2022. Operating margin improved to roughly 13.6% from negative margins in Q4 2023, Q4 2024 and Q4 2025.
Positive earnings momentum: Diluted EPS rose from $0.76 in Q2 2026 to $0.97 in Q3 and $1.20 in Q4. Common-shareholder earnings reached $240.5 million in the latest quarter.
Better operating leverage: Q4 revenue grew faster than SG&A expense, which was slightly lower than in Q3, while operating income increased nearly 59% sequentially.
Solid liquidity position: At March 31, 2026, Coherent had $1.59 billion of cash, $825 million of short-term investments and $42 million of restricted cash. Current assets of $6.45 billion were more than three times current liabilities of $2.11 billion.
Expansion of productive capacity: Net property, plant and equipment increased from $1.78 billion in Q1 2024 to $2.42 billion by Q3 2026, indicating significant investment in manufacturing capacity and infrastructure.
Operating cash flow remains positive but volatile: Coherent generated $69.5 million of operating cash flow in Q4 2026, compared with negative $94.0 million in Q3 and positive $130.3 million in Q4 2025. The quarter benefited from earnings but was heavily affected by working-capital investment.
Research spending is rising: R&D expense reached $216.4 million in Q4 2026, up from $154.9 million in Q4 2024. This may support future growth, but it also limits near-term operating leverage.
Heavy capital requirements: Q4 2026 capital expenditures totaled $555.7 million, while the company also purchased $200 million of investments. As a result, cash and equivalents declined by $457.4 million during the quarter despite positive earnings.
Balance-sheet and dilution risks remain: Long-term debt stood at $3.18 billion at March 31, 2026, while goodwill and intangible assets totaled approximately $7.36 billion. Weighted-average shares increased from 151.5 million in Q1 2024 to 195.8 million in Q4 2026, which can dilute per-share gains and reflects the company’s reliance on equity financing.

One of the largest near-term concerns is working capital. Coherent reported a $346.1 million operating-capital cash outflow in Q4 2026, following outflows of $462.7 million in Q3 and $248.5 million in Q2. Inventory increased to $2.12 billion by March 31, 2026, up sharply from $1.29 billion in early 2024. Investors should monitor whether this inventory supports higher future sales or becomes a source of write-down risk.

Overall, the statements point to a company with considerably stronger demand, margins and earnings than it had several years ago. However, the recovery is capital-intensive, cash conversion has been inconsistent, and the increase in debt, intangible assets and share count means investors should evaluate the quality and sustainability of the earnings improvement rather than focusing solely on the latest EPS result.

08/16/26 07:48 PM ETAI Generated. May Contain Errors.

Coherent Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Coherent's fiscal year ends in June. Their fiscal year 2026 ended on June 30, 2026.

Coherent's net income appears to be on an upward trend, with a most recent value of $786.88 million in 2026, rising from $65.49 million in 2016. The previous period was $30.06 million in 2025. See where experts think Coherent is headed by visiting Coherent's forecast page.

Coherent's total operating income in 2026 was $723.60 million, based on the following breakdown:

Total Gross Profit: $2.67 billion
Total Operating Expenses: $1.95 billion

Over the last 10 years, Coherent's total revenue changed from $827.22 million in 2016 to $7.12 billion in 2026, a change of 760.5%.

Coherent's total liabilities were at $7.06 billion at the end of 2026, a 9.8% increase from 2025, and a 1,543.6% increase since 2016.

In the past 10 years, Coherent's cash and equivalents has ranged from $204.87 million in 2019 to $2.58 billion in 2022, and is currently $1.16 billion as of their latest financial filing in 2026.

Over the last 10 years, Coherent's book value per share changed from 12.68 in 2016 to 55.73 in 2026, a change of 339.5%.

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Financial statements for NYSE:COHR last updated on 8/14/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Coherent (COHR) Financials

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Coherent (COHR) Financials

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