Value Investor
Start free

Coherent

COHR on NYSE. Coherent sells optical networking equipment and lasers to datacenter and industrial customers. Market value $65.3bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to June 2026.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-1.5%low

For every $100 of what the whole company costs, it produced $-1.54 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
annual report to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to June 2026
0.9%five-year median

Each dollar kept in the business earns 1 cents a year. Above 10 is good.

Quality score: 59 of 100. Price score: 23 of 100. Our list needs 70 on quality and 60 on price.

$338.36 a share, 213% above its 1-year low

Over the past year the price has ranged from $108.19 to $440.00.

Dividend: 0.0% a year

Paid every year for 2 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.2
0.2
0.2
-1.0
20222023202420252026
Revenue
$3.3bn$5.2bn$4.7bn$5.8bn$7.1bn
Operating margin
12.5%-0.7%2.0%n/an/a
Debt to equity
0.640.870.790.660.30
Shares outstanding
0.14bn0.15bn0.16bn0.20bn0.20bn

Health checks

  • Free cash flow positive4 of 5 years
  • Accounting looks honest (Beneish)Watch
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.30× equity
  • Revenue growth, five yearsStrong, 18.0% a year
  • Buying back its own sharesNo, 41% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2 billion last quarter, up 34% on a year ago.
  • Profit: $241 million, after a loss of $96 million a year ago.
  • Over the past 12 months it spent $1 billion more cash than it brought in. A year earlier it had $193 million spare.
  • Debt is $2.1 billion more than cash, down from $2.8 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.3bn
December 2024$1.4bn
March 2025$1.5bn
June 2025$1.5bn
September 2025$1.6bn
December 2025$1.7bn
March 2026$1.8bn
June 2026$2.0bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$26m
December 2024$103m
March 2025$16m
June 2025-$96m
September 2025$226m
December 2025$147m
March 2026$191m
June 2026$241m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
4 November 2026
Last annual report (10-K)
14 August 2026
Next quarterly (estimated, 10-Q)
5 August 2026

Who owns it

7 long-term investors we follow own it, down from 9 last quarter. 1,307 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • 7.4%
    Since 31 March 2026
  • BlackRock, Inc.
    Passive investor
    6.6%−1.9 pts
    Since 31 March 2026
  • FMR LLC
    Passive investor
    at least 5.6%−6.5 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • 5.0%
    Since 31 March 2026
  • Dodge & Cox
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • Invesco Ltd.
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • BCPE Watson (DE) BML, LP
    Passive investor
    Sold down below 5%
    Since 9 February 2026
    What they said

    Item 4 of the Initial Statement is hereby amended and supplemented to add the following: Sale of Common Stock On February 9, 2026, the Reporting Person sold 9,437,238 shares of Common Stock in a block trade pursuant to Rule 144 of the Securities Act of 1933 at a price of $235.58…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 12 sold $42m, $29m of it under preset trading plans.

  • Digirolomo Enrico
    Director
    Sold
    Date
    11 September 2026
    Shares
    5,315
    Price
    $305.99
    Value
    $2m
  • Beard Robert P
    Chief Strategy & Legal Officer
    Sold
    Date
    9 September 2026
    Shares
    500
    Price
    $309.32
    Value
    $154,660
  • Neal-Graves Lisa
    Director
    Sold
    Date
    2 September 2026
    Shares
    2,200
    Price
    $268.42
    Value
    $590,524
  • Eng Julie Sheridan
    Chief Technology Officer
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    6,030
    Price
    $270.69
    Value
    $2m
  • Digirolomo Enrico
    Director
    Sold
    under a preset trading plan
    Date
    31 August 2026
    Shares
    2,272
    Price
    $276.85
    Value
    $628,998
  • SKAGGS STEPHEN A
    Director
    Sold
    under a preset trading plan
    Date
    31 August 2026
    Shares
    2,272
    Price
    $276.88
    Value
    $629,062
  • Eng Julie Sheridan
    Chief Technology Officer
    Sold
    under a preset trading plan
    Date
    31 August 2026
    Shares
    7,047
    Price
    $276.83
    Value
    $2m
  • Luther Sherri R
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    18 August 2026
    Shares
    3,000
    Price
    $324.00
    Value
    $972,000
  • Luther Sherri R
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    22 July 2026
    Shares
    1,000
    Price
    $306.68
    Value
    $306,680
  • Luther Sherri R
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    12 May 2026
    Shares
    2,000
    Price
    $372.96
    Value
    $745,920

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 14 Aug 2026, plus 1 later 8-K.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.