Coherent, Inc. (COHR) Stock

Coherent, Inc. (COHR) is a Technology stock trading at $288.99 (as of 2026-08-20), with a market capitalization of $56.59B and a trailing P/E of 98.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Coherent, Inc. designs, manufactures, markets, and services laser-related products, including laser sources and industrial laser systems, as well as precision optics and laser measurement and control solutions, across two reportable segments: OEM Laser Sources and Industrial Lasers & Systems. Its equipment is used in applications such as microelectronics, materials processing, OEM components and instrumentation, and scientific research and government programs.

Understand Coherent, Inc.: how it makes money

Coherent provides lasers, laser-based technologies, and laser-based system solutions, and it makes money by designing, manufacturing, marketing, and servicing laser products and related measurement and control solutions used in applications like microelectronics, materials processing, OEM components, and scientific research.

Coherent's operating performance is structurally driven by Datacenter & Communications revenue, because it makes up the majority of total revenue (1.36 out of about 1.8 billion).

Revenue by segment (latest quarter)
Datacom	$1.4B
Industrial	$0.4B

Business quality (Mixed): Segment revenue is provided via Datacenter & Communications and Industrial revenue line items that sum to about total revenue, but the official segment names in the description are OEM Laser Sources and Industrial Lasers & Systems, which are not directly labeled in the provided segment candidates.

Valuation: At 183× earnings, COHR trades 206% above the Measuring & Control Equipment average (60×). Note: one-time items can distort reported P/E.

Bull case

Scale from datacenter and communications: Datacenter & Communications revenue is the largest contributor, at 1.36 billion versus total revenue of about 1.8 billion for the period.
Two major application-led revenue sources: Revenue is also supported by Industrial revenue of 0.44 billion, indicating at least two distinct revenue lines tied to different application areas.

Bear case

Greater sensitivity to datacenter and communications: Because Datacenter & Communications is the majority of revenue (1.36 out of about 1.8 billion), weaker demand or customer spending in that area could have an outsized impact on overall results.
Operating leverage appears meaningful: The company reports gross margin of 37.7% and operating margin of 10.2%, so profitability may be sensitive to changes in operating costs relative to gross profit.

Valuation — source: SEC EDGAR (first-party)
Price	$288.99
Market Cap	$56.59B
P/E Ratio	98.2
EV / EBITDA	52.8
Price / Book	5.04
Price / Sales	8.61
FCF Yield	-1.0%
DCF Value (model)	$19.87
DCF Upside vs Price	-93.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$7.12B
Net Margin	11.3%
Revenue Growth (YoY)	22.5%
EPS Growth (YoY)	-934.6%
FCF Growth (YoY)	-630.9%

Financial Health — source: SEC EDGAR
Altman Z-Score	5.72 (safe)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	98.2
Sector P/E (Technology)	33.9
Industry P/E (Measuring & Control Equipment)	51.8
vs Sector	189.5%
vs Industry	89.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	FMR LLC ($5.40B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Technology
Industry	Measuring & Control Equipment
CEO	James Robert Anderson
Employees	26,157
Country	US
IPO Date	1987-10-02

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.