Market cap
$61.2B
at current price
Coherent Corp. · Common stock · Saxonburg, Pennsylvania
AI optics growth, paid for up front.
Coherent makes optical transceivers, indium phosphide lasers and industrial lasers. Datacenter & Communications is now 79% of revenue and grew 59% last quarter, and management targets a $3B revenue quarter by the end of FY27. To get there it is spending heavily on laser capacity, which has turned free cash flow negative.
Last close · Oct 9, 2026
$312.62
52-week range
$108–440
closing low / high
P/E
~40×
Q1 guide EPS $1.95 × 4 (non-GAAP)
Revenue TTM
Q1 FY27 guide
$2.3B
±$100M · EPS $1.85–2.05
Next earnings
Early Nov
Q1 FY27 · date not yet announced
Price, last 12 months
Daily closes with the 50-day average. From its 52-week low the stock roughly quadrupled to $440, then fell about 30%.
1Y closing high
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1Y closing low
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SMA 50
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SMA 200
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RSI 14
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Avg daily move
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last 20 sessions
Beta
2.11
vs. S&P 500
From peak
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Revenue and margins, by quarter
Revenue in US$ millions, with GAAP gross margin on the right axis. Coherent's fiscal year ends June 30; FY22 is II-VI before it bought Coherent in July 2022 and took its name. The last bar is guidance at the midpoint.
RevenueGross margin (right axis)Guidance
Q4 FY26
$2.05B
+34% YoY · +42% pro forma
Datacenter & Comms
$1.62B
+59% · 79% of revenue
Industrial
$431M
−16% YoY
Gross margin
40.2%
non-GAAP · Q1 guide 39.5–41.5%
Q4 EPS
$1.74
non-GAAP · +74% YoY
Leverage
0.7×
debt / EBITDA · 2.0× a year ago
| Quarter | Ended | Revenue, US$M | YoY | Gross margin | Op. margin | EPS (GAAP) |
|---|
Watch list
What moves the thesis, sorted by direction.
Tailwind
Data center demand
Data center revenue rose 66% YoY in Q4, and management expects more than 80% YoY growth this quarter. 1.6T transceivers ramp through 2027.
Tailwind
Indium phosphide scale-up
Internal InP laser output doubles YoY by the end of Q1 FY27, a quarter early, and more than doubles again by end-2027. A 6-inch wafer gives four times the output of a 3-inch one at half the cost.
Tailwind
New products
Co-packaged optics revenue starts in the December quarter, and the optical circuit switch market estimate doubled to over $4B.
Watch
Cash burn from capex
FY26 operating cash flow was only $80M against $1.1B of capex, so free cash flow was about −$1B. A third InP site is planned for the first half of 2027.
Risk
Industrial weakness
Industrial revenue fell to $431M from $511M a year earlier as Coherent leans into AI.
Risk
Execution
InP capacity is the bottleneck; any slip in yields or the ramp caps revenue. The stock is about 30% below its high, so position sizing matters.
Calendar
Early Nov 2026
Q1 FY27 earnings
Guide: $2.2–2.4B revenue, 39.5–41.5% non-GAAP gross margin, EPS $1.85–2.05.
Dec quarter 2026
First CPO revenue
Co-packaged optics is expected to start contributing.
Jun 2027
$3B quarter target
Management aims for a quarter above $3B of revenue by the end of FY27.
Sources
- Q4 FY26 analysis and guidance (Miracoup)
- Q4 FY26 slides (Investing.com)
- Q4 FY26 call: InP capacity and $3B target
- FY26 cash burn
- Q4 FY26 call transcript summary
- Quarterly income statement (Stock Analysis)
- SEC EDGAR filings (CIK 820318)
- Price, market cap and beta: Yahoo Finance and Financial Modeling Prep, as of Oct 9, 2026