Coherent Corp
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+ FollowMarket Cap$41.42B
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Earnings Call Q4 2026
August 12, 2026 - AI Summary
Fiscal 26 delivered “record + leverage” performance (strong upside vs growth):
- Full-year revenue $7.12B, +23% YoY (and +28% pro forma)—the first year Coherent exceeded $7B.
- Non-GAAP EPS +59% (outpacing revenue), driven by gross margin expansion and operating leverage.
- Q4 revenue $2.05B (+13% sequential, +34% YoY). Q4 non-GAAP EPS $1.74 (+74% YoY).
- Gross margin improved: Q4 non-GAAP GM 40.2% (+66 bps QoQ, +215 bps YoY); FY26 GM 39.4% (+152 bps YoY).
Guidance for Q1 FY27 implies continued strong growth + margin progress (key numbers):
- Revenue: $2.2B–$2.4B
- Non-GAAP gross margin: 39.5%–41.5%
- Non-GAAP operating expenses: $400M–$420M
- Non-GAAP EPS: $1.85–$2.05
- Tax rate: 1.8%–? (management stated 1.8%–2.x%, with “1.82 thousand%” appearing in transcript—likely a transcription/format issue, but directionally “very low tax rate” was indicated).
Demand visibility is excellent; bookings + order coverage extend into 2028/decade (supporting the bullish outlook):
- Management cited another quarter of record bookings and no attenuation in customer demand.
- Order coverage through calendar 2027 is “exceptional,” with customers extending into calendar 28 and LTAs through the end of the decade.
- Strategic positioning: photonics is described as foundational for AI data center optical connectivity; growth drivers include AI scale, copper-to-optical transition, and bandwidth/energy efficiency needs.
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$-12.34
106.3% downside
Current Fair Value
106.3% downsideOvervalued by 106.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $41.42 Billion |
|---|---|
| Enterprise Value | $43.87 Billion |
| Earnings per Share | $4.34 |
| Beta | 2.11 |
| Outstanding Shares | 195,700,000 |
Return
| Return on Equity | 1761.04% |
|---|---|
| Return on Assets | 1049.27% |
| Return on Invested Capital | 4.47% |
Valuation & Multiples
| P/E Ratio | 48.35 |
|---|---|
| PEG | -13.75 |
| Price to Sales | 0.02 |
| Price to Book Ratio | 3.42 |
| Enterprise Value to Revenue | 0.02 |
| Enterprise Value to EBIT | 63.56 |
| Enterprise Value to Net Income | 0 |
| Total Debt to Enterprise | 0.08 |
| Debt to Equity | 0.33 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$1.99
Consensus analyst estimateRevenue Estimate
$2.31 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 3, 2027
EPS Estimate
$2.23
Consensus analyst estimateRevenue Estimate
$2.54 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.24, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.2397▼ 9.57% |
|---|---|
| Total Calls | 142,700▼ 97.57% |
| Total Puts | 176,900▼ 97.74% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.57%▼ 107.46% |
|---|---|
| Total Invested | $2.01B▼ 97.04% |
| Investors Holding | 441▼ 945.00% |
About Coherent Inc.
CEO: Andreas Mattes
