Coherent Corp.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jun 2026, Datacenter & Communications was 74% and Industrial was 26% of revenue; Industrial fell from 44% in the fiscal year to Jun 2024.

In the fiscal year to Jun 2026, North America was 65% and Europe was 11% of revenue; North America rose from 56% in the fiscal year to Jun 2024; China was 11%, from 13% in the fiscal year to Jun 2024.

Quarters: Coherent Corp.'s SEC filings, named by the month they end. Fiscal years: Coherent Corp.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $11.3 ends up as net income. Net margin rose from −5.0% to 11.3% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Coherent Corp.'s annual reports to the SEC.

Customers and suppliers

In its latest annual report Coherent sells to NVIDIA; three customers it does not name account for 20% and 12% and 12% of its revenue; it names no suppliers.

Suppliers

AXT AXTI

 

COHRCoherent

Customers

Unnamed customer 20%

Unnamed customer 12%

Unnamed customer 12%

NVIDIA NVDA

Their customers

CoreWeave CRWVfrom NVIDIA

Dell Technologies DELLfrom NVIDIA

DigitalOcean Holdings DOCNfrom NVIDIA

Show 3

Coherent's 10-K for the year to Jun 2026 gives two customers' shares of its revenue: Major Customer One (20%) and Major Customer Two (12%).

From Coherent Corp.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

NVIDIA NVDAinvested in Coherent · Equity investment supporting research and manufacturing capacity$2 billion investment on March 2, 2026

DENSO 6902.Tinvested in Coherent · Holds equity in Silicon Carbide subsidiaryApproximately 12.5% of Silicon Carbide Class A Common Units

MMELCOinvested in Coherent · Holds equity in Silicon Carbide subsidiaryApproximately 12.5% of Silicon Carbide Class A Common Units

Changes since the previous annual report (10-K filed Aug 15, 2025)

NVIDIA NVDANamed for the first time, as a customer and a partnerMulti-billion-dollar purchase commitment under March 2, 2026 agreement

BBCPENo longer named (was a partner)

Largest unnamed customerCustomer, share of revenue12% → 20%

Only the companies Coherent names in its 10-K filed Aug 14, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 48.1x, above the peer median of 29.7x, so it needs earnings to keep growing to hold up.

Priced 62% above the peer median of 29.7x.

At 48.1× trailing earnings COHR is inside the middle of its five-year range; the five-year median is 70.1×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $369, 59% above the current price; 85% of 26 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 22 analysts (85%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $148.00 to $368.50 (+149%), while COHR went from $139.97 to $232.08 (+66%). In the past three months targets were raised once and cut 8 times. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved −8.7% (Dec 2025, beat); −4.9% (Mar 2026, beat); −0.4% (Jun 2026, beat); −18.2% (Sep 2026, beat).

For the quarter ending Dec 2026 (Coherent reports on Feb 3, 2027), analysts expect adjusted earnings of $2.40 a share, 86% more than the $1.29 of a year earlier, and revenue of $2.6B, up 57% on a year earlier. For the fiscal year ending Jun 2027, they expect adjusted earnings of $10.41 a share, and revenue of $11.2B, up 57% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $1.7B exceeds operating cash flow of −$100M, leaving free cash flow of −$1.8B. The gap has to be covered with cash on hand or borrowing.

Coherent had 202M diluted shares in the quarter ended Sep 2026, 5.9% more than a year earlier, and 12.6% more each year on average since Mar 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.4, no pressure to repay short-term debt; debt-to-equity 0.3, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 12 funds whose copy leaves COHR out (on the exchange, not in the app yet): Nvidia, Whale Rock Capital Management, UNICOM Systems, Mirae Asset Global Investments, Norges Bank, Swiss National Bank and 6 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 17 held COHR at the end of their latest quarter (for most, Q2 2026). Over that quarter 8 added shares, 6 cut, 1 bought new, 2 sold all and 2 held the same. The largest of them is Nvidia, 7.79M shares worth $3.1B at Jun 30, 2026.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of COHR at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $21.9M of COHR on the open market in the 12 months to Nov 11, 2026; none bought. 49% of the sales were made under 10b5-1 plans, set up in advance. The largest was Julie Sheridan Eng (Chief Technology Officer), who sold $4.8M in 4 sales.

From the Form 4s filed with the SEC about Coherent Corp. (52 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 42 other transactions (grants, option exercises, shares withheld for tax and gifts).