Coherent Corp. develops, manufactures, and markets engineered materials, optoelectronic components and devices, and laser systems for the use in the industrial, communications, electronics, and instrumentation markets worldwide. It operates through three segments: Networking, Materials, and Lasers. The Networking segment offers transceivers, systems, subsystems, modules, components, optics, and semiconductor devices for datacenter and communications applications. The Materials segment provides engineered materials, laser optics, thermoelectric components, and advanced ceramic and metal-matrix composite materials and products; and vertical-cavity surface-emitting laser, edge-emitting laser, pump lasers, high-power lasers for materials processing, and integrated circuit. The Laser segment offers excimer lasers, solid-state lasers, CO2 lasers, and laser systems for various industrial applications, including semiconductor capital equipment, display manufacturing, precision manufacturing, and scientific research; and laser systems and subsystems. It markets its products and services through direct sales force, representatives, and distributors. The company was formerly known as II-VI Incorporated and changed its name to Coherent Corp. in September 2022. Coherent Corp. was incorporated in 1971 and is headquartered in Saxonburg, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.8B | $891M | $49M | $193M | 0.9% | 23.4% | -131.6% |
| 2024 | $4.7B | $701M | $-156M | $199M | -3.0% | -8.8% | -39.8% |
| 2023 | $5.2B | $613M | $-259M | $198M | -5.7% | 55.6% | -210.5% |
| 2022 | $3.3B | $690M | $235M | $99M | 7.4% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,316.62 | 5,160.10 | 4,707.69 | 5,810.12 |
| Operating Revenue | - | 3,316.62 | 5,160.10 | 4,707.69 | 5,810.12 |
| Cost Of Revenue | - | 2,051.12 | 3,541.82 | 3,251.72 | 3,766.79 |
| Gross Profit | - | 1,265.50 | 1,618.28 | 1,455.96 | 2,043.32 |
| Operating Expense | - | 851.20 | 1,536.30 | 1,332.79 | 1,508.38 |
| Research And Development | - | 377.11 | 499.60 | 478.79 | 581.92 |
| Selling General And Administration | - | 474.10 | 1,036.70 | 854 | 926.45 |
| Total Expenses | - | 2,902.32 | 5,078.12 | 4,584.51 | 5,275.17 |
| Operating Income | - | 414.29 | 81.98 | 123.18 | 534.95 |
| EBITDA | - | 689.84 | 613 | 700.59 | 891.03 |
| Normalized EBITDA | - | 689.84 | 732.10 | 727.64 | 1,136.10 |
| EBIT | - | 403.06 | -68.69 | 140.83 | 337.43 |
| Interest Expense | - | 121.25 | 286.87 | 288.48 | 243.25 |
| Net Interest Income | - | -121.25 | -286.87 | -288.48 | -243.25 |
| Other Non Operating Income Expenses | - | -11.23 | -31.57 | 44.71 | 47.55 |
| Other Income Expense | - | -11.23 | -150.67 | 17.65 | -197.52 |
| Interest Expense Non Operating | - | 121.25 | 286.87 | 288.48 | 243.25 |
| Net Non Operating Interest Income Expense | - | -121.25 | -286.87 | -288.48 | -243.25 |
| Pretax Income | - | 281.81 | -355.56 | -147.65 | 94.18 |
| Tax Provision | - | 47.05 | -96.10 | 11.12 | 64.12 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -32.16 | -5.68 | -51.46 |
| Net Income Continuous Operations | - | 234.76 | -259.46 | -158.76 | 30.06 |
| Net Income From Continuing And Discontinued Operation | - | 234.76 | -259.46 | -156.15 | 49.36 |
| Net Income From Continuing Operation Net Minority Interest | - | 234.76 | -259.46 | -156.15 | 49.36 |
| Net Income | - | 234.76 | -259.46 | -156.15 | 49.36 |
| Net Income Common Stockholders | - | 166.53 | -403.67 | -279.51 | -80.56 |
| Net Income Including Noncontrolling Interests | - | 234.76 | -259.46 | -158.76 | 30.06 |
| Normalized Income | - | 234.76 | -172.51 | -134.78 | 242.97 |
| Diluted NI Availto Com Stockholders | - | 168.76 | -403.67 | -279.51 | -80.56 |
| Basic Average Shares | - | 106.19 | 137.58 | 151.60 | 154.80 |
| Diluted Average Shares | - | 116.51 | 137.58 | 151.60 | 154.80 |
| Reconciled Depreciation | - | 286.78 | 681.69 | 559.76 | 553.60 |
| Reconciled Cost Of Revenue | - | 2,051.12 | 3,541.82 | 3,251.72 | 3,766.79 |
| Total Unusual Items | - | 0 | -119.10 | -27.05 | -245.07 |
| Total Unusual Items Excluding Goodwill | - | 0 | -119.10 | -27.05 | -245.07 |
| Preferred Stock Dividends | - | 68.22 | 144.21 | 123.36 | 129.93 |
| Minority Interests | - | 0 | 0 | 2.61 | 19.31 |
| Special Income Charges | - | 0 | -119.10 | -27.05 | -245.07 |
| Write Off | - | - | 0 | 0 | 84.99 |
| Restructuring And Mergern Acquisition | - | 0 | 119.10 | 27.05 | 160.08 |
| Average Dilution Earnings | 12.26 | 2.23 | 0 | 0 | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Coherent Corp.this co. | COHR | $82.5B | 1672.07β premium | 14.62 | 0.9% | 95.98 |
| Automatic Data Processing, Inc. | ADP | $92.5B | 22.66 | 14.94 | 65.9% | 14.76 |
| Datadog, Inc. | DDOG | $86.7B | 804.83 | 23.23 | 2.9% | 430.85 |
| Intuit Inc. | INTU | $82.6B | 21.35 | 4.19 | 19.6% | 14.66 |
| NXP Semiconductors N.V. | NXPI | $81.4B | 40.25 |
| - |
| - |
| - |
| - |
| 8.09 |
| 20.1% |
| 22.89 |
| Monolithic Power Systems, Inc. | MPWR | $81.2B | 130.64 | 22.99 | 17.6% | 102.56 |
| Ciena Corporation | CIEN | $75.8B | 614.93 | 27.79 | 4.5% | 196.65 |
| Lumentum Holdings Inc. | LITE | $73.5B | 2838.89 | 64.80 | 2.3% | 708.00 |
| Hewlett Packard Enterprise Company | HPE | $71.1B | 1247.31 | 2.88 | 0.2% | 20.41 |
| Peer Median | - | 372.78 | 18.97 | 11.1% | 62.72 | |