Coherent
Coherent Corp. (“Coherent,” the “Company,” “we,” “us,” or “our”), is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the data center, communications and industrial markets.
10-K, Aug 14, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0000820318-26-000020 · filed Aug 14, 2026
Business
How does Coherent make money?
Networking is 45.4% of revenue.
Source and method
Revenue by segments, FY2023.
annual report FY2023 · 0000820318-23-000016 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($5.2B).
- Networking: $2.3B · 45.4%
- Lasers: $1.5B · 28.5%
- Materials: $1.3B · 26.2%
What is left of every $100?
Of every $100 in revenue, $11 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $7.1B
- Gross profit: $2.7B
- Operating income: not reported (not reported for this fiscal year, nothing estimated)
- Net income: $805M
- Free cash flow: −$1.0B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“Our telephone number is +1-724-352-4455.”
“Coherent develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in datacenter & communications, as well as industrial applications, including precision manufacturing, energy, semiconductor & display capital equipment, and instrumentation.”
“We generate nearly all of our revenues, earnings, and cash flows from developing, manufacturing, and marketing a wide range of products and services for our end markets.”
Item 1 · Business · 10-K · 0000820318-26-000020 · filed Aug 14, 2026
Where did the growth actually come from?
Segments were redrawn between FY2016 and FY2023.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +23%
“Revenues for the year ended June 30, 2026 increased 23% to $7,118 million, compared to $5,810 million for the same period last fiscal year.”
Item 7 · MD&A · 10-K · 0000820318-26-000020 · filed Aug 14, 2026
Number check (revenue): stated $7.1B matches the stored value ($7.1B, ±10%)
Revenue: $7.1B FY2026 · +22.5% vs FY2025 · KPIs
Position (in the company’s words)
“Overall, our key differentiators are our deep technology expertise and our broad portfolio solutions, combined with our ability to deliver volume solutions at scale.”
Item 1 · Business · 10-K · 0000820318-26-000020 · filed Aug 14, 2026
R&D investment
“Research and development (“R&D”) expenses for the year ended June 30, 2026 were $723 million, or 10% of revenues, compared to $582 million, or 10% of revenues, for the same period last fiscal year.”
Item 7 · MD&A · 10-K · 0000820318-26-000020 · filed Aug 14, 2026
Number check (R&D expense): stated $723M matches the stored value ($723M, ±10%)
R&D expense: $723M FY2026 · +24.2% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 23% to $7.1B.
Revenue grew 34% YoY to $2.0B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue fell 2.9%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
Operating margin: 2.0% (latest: FY2024).
37.5% gross margin, up from 35.2%.
Operating income: $96.1M (latest: FY2024).
Net income grew 1531% to $805M.
R&D grew 24% to $723M.
SG&A grew 13% to $1.0B.
EPS diluted: $4.12 in FY2026.
4.8% operating margin in FY2024 Q4.
38.5% gross margin, up from 35.7%.
Operating income: $63.2M in FY2024 Q4.
Net income: $241M in FY2026 Q4.
R&D grew 39% YoY to $216M.
SG&A grew 8.5% YoY to $266M.
EPS diluted: $0.97 in FY2026 Q3.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Free cash flow was negative: −$1.0B in FY2026.
Operating cash flow fell 87% to $79.5M.
Capex grew 150% to $1.1B.
Stock-based compensation grew 16% to $186M.
Free cash flow: −$486M in FY2026 Q4.
Operating cash flow fell 47% YoY to $69.5M.
Capex grew 323% YoY to $556M.
Stock-based compensation grew 16% YoY to $50.4M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$1.2B cash vs $3.2B debt.
Total debt fell 13% to $3.2B.
Total assets grew 23% to $18.3B.
Equity grew 93% to $10.9B.
Cash grew 28% YoY to $1.2B.
Total debt fell 13% YoY to $3.2B.
Interest expense: $72.8M in FY2024 Q3.
Total assets grew 23% YoY to $18.3B.
Equity grew 93% YoY to $10.9B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 20% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Coherent annual report)
10-K · 0000820318-26-000020 · filed Aug 14, 2026
Suppliers named by Coherent
No supplier among the covered companies is named in the filings.
Coherent holds stakes in
No stake in a covered company found in SEC filings.
Others name Coherent
1 other mention (e.g. NVIDIA) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 39 risk factors, one per theme.
Supply chain and manufacturing
“Our reliance on contract manufacturers, and any failure to qualify or requalify our own or our subcontractors’ manufacturing lines for volume production, could adversely affect our ability to meet customer demand and harm our business, results of operations, and financial condition.”
Item 1A · Risk Factors · 10-K · 0000820318-26-000020 · filed Aug 14, 2026
Competition
“Our competitive position depends on our ability to develop new products and processes and may require significant investment.”
Item 1A · Risk Factors · 10-K · 0000820318-26-000020 · filed Aug 14, 2026
AI and new products
“We may be adversely impacted by any of the multiple uncertainties and outcomes associated with the use and evolution of AI.”
Item 1A · Risk Factors · 10-K · 0000820318-26-000020 · filed Aug 14, 2026
Acquisitions
“We may be unable to successfully implement our acquisitions strategy, integrate acquired companies and personnel with existing operations, or capitalize on any decision to strategically divest one or more current businesses.”
Item 1A · Risk Factors · 10-K · 0000820318-26-000020 · filed Aug 14, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.45%.
Vanguard Capital Management LLC7.45%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
BlackRock, Inc.6.6%
13G/A · as of Mar 31, 2026 · filed Apr 24, 2026
Fmr LLC5.6%
13G/A · as of Jun 30, 2026 · filed Jul 8, 2026
Vanguard Portfolio Management LLC5.05%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
9 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.9.8%
16.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.5%
12.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Fmr LLC6.5%
11.0M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC5.9%
10.0M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.1%
8.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
1,309 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 39 sales · $1.1B sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 33 SEC metrics, FY2017–FY2026
Income statement 10
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Gross profit calc. | ||||||||||
| Income taxes | ||||||||||
| Interest expense | not reported | not reported | not reported | |||||||
| Net income | ||||||||||
| Operating income | not reported | not reported | ||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | |||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | not reported | |||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | not reported | not reported | |||||
| Other income (incl. interest) calc. | not reported | not reported | ||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values