COHR
Coherent Corp.

Coherent Corp.COHR

Technology · Scientific & Technical Instruments
310.39USD
-3.46%
Sep 23, 2026
COHR overview ready
Vertically Integrated Supplier of Optical Components Enabling AI Data Center Networks
Vertically integrated supplier of optical materials, lasers, components, transceivers, and transport-related photonic products used in high-speed datacenter and communications networks.
Direct narrative exposure
Exposed to the AI Compute Infrastructure Buildout narrative through AI Fabric Networking and Optical Interconnect — component supplier.
An early price trend
Longer-term context reads extended trend, with a near-term setup of daily advance.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Fundamentals under pressure
Free cash flow yield is weak.
Primary risk
Exposure to capital expenditure cycles in data center and telecom sectors.
Market Sep 22Filing Jun 30Price action Sep 22Research Aug 30

Conviction Level

NarrativeHeat9.5ThemeHeat9.1PriceAction8.0Valuation1.7CompanyPosition9.3
Price
Loading price history…

Price Action

An early price trend
Longer-term context reads extended trend, with a near-term setup of daily advance.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location. The advance off that reset has already consumed part of the entry advantage while the weekly trend remains extended, which tempers the assessment.

Key Financials

Market Cap
$60.8B
Avg Volume (60D)
6.9M
60 sessions
Revenue Growth YoY
+22.5%
FY2026 vs FY2025
Gross Margin
+37.5%
Operating Margin
+1.4%
Trailing twelve months
Free Cash Flow Yield
-1.7%
Distance from 200DMA
+9.1%
Next Earnings
2026-11-04
P/E
75.5x
EV / Sales
8.7x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

All three valuation perspectives agree this company is expensive.
Coherent Corp. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. It trades at 8.7x revenue, which requires sustained delivery to be justified.

Company Research

Thesis
Vertically integrated supplier of optical materials, lasers, components, transceivers, and transport-related photonic products used in high-speed datacenter and communications networks. The exposure is direct: this demand is served by the company's own core products. Speed, and performance requirements of optical links.
Opportunity
Moderate opportunity
AI-cluster scale-out and scale-across architectures require rapidly increasing bandwidth, lower-power optical links, and higher-speed interconnect components across intra-data-center and data-center-interconnect networks.
Key risk
Exposure to capital expenditure cycles in data center and telecom sectors.

Narrative & Theme

AI Compute Infrastructure Buildout
Part of AI Fabric Networking and Optical Interconnect, with strong fit.
Speed, and performance requirements of optical links.
Narrative HeatHot9.5 / 10
Theme HeatHot9.1 / 10

Business & Markets

Technology · Scientific & Technical Instruments
What they do

Coherent Corp. develops, manufactures, and sells lasers, optical components, and systems globally, serving technology and communications markets with advanced photonic products.

How it earns

The company generates revenue primarily through transactional sales of hardware products and optical modules.

Products & services
Lasers
Optical transceivers
Silicon photonics components
Optical amplifiers
Customers & end markets
Data center operators
Telecommunications companies
Scientific and technical instrument manufacturers
Market position

Coherent is a leading supplier of lasers and optical components critical to transceiver production in its markets.

Demand drivers
Medium cyclicality

Demand is linked to capital spending cycles in data centers and telecom infrastructure, which can be variable.

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