Coherent Inc

Coherent Corp., formerly II-VI Inc., develops, makes and sells lasers, optical transceivers and other light-based devices, modules and systems. It also sells specialty engineered materials. A transceiver turns electrical signals into light and back, so data can travel over fiber-optic cables between servers and across networks. The company is vertically integrated, which means it handles many steps itself, from growing specialty materials to building finished products. Nearly all of its revenue comes from selling these products and related services. Its customers include large service providers and companies that build its parts into their own products.

Since July 1, 2025, Coherent has reported two segments, replacing its earlier Networking, Materials and Lasers segments. Datacenter & Communications serves data center and communications customers. It brought in $5.27 billion, or 74.1% of the $7.12 billion in revenue for the fiscal year ended June 30, 2026. Total revenue grew 22.5% that year. Industrial brought in $1.84 billion, or 25.9%. It serves customers in precision manufacturing, energy, semiconductor and display equipment, and scientific and other instruments.

North America accounted for 65.1% of fiscal 2026 revenue. Europe and China each made up 11.4%, Japan 5.5% and the rest of the world 6.6%. Most of the workforce is in Asia: about 44,582 of the 51,478 employees as of June 30, 2026, were in the Asia-Pacific region. About 89% of all staff worked in manufacturing.

• In Q4 FY2026 (ended Jun 30, 2026), revenue was $2.05B, up 33.7% from a year earlier, and net income was $240.5M.
• For fiscal 2026, revenue was $7.12B (+22.5% year over year; +18.0% a year from FY2021 to FY2026) with a 11.3% net margin.

• Over FY2022–FY2026: $0.00 in buybacks and $85.0M in dividends.
• Regular dividends per share grew -19.8% a year over 5 years (FY2021–FY2026).
• Dividends took 1.4% of earnings in the latest fiscal year.
• Shares outstanding changed +85.2% from Aug 16, 2021 to Aug 10, 2026.

Rank among 1514 US companies

Market value at each year end

Coherent’s market value went from $4.87B at the end of 2022 to $39.16B on Nov 2, 2026, about 8.0 times as much; since the end of 2025 it is up 35%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 20 sales ($12.1M), 9 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in COHR

1. Big customers hold strong bargaining power. Coherent sells to large service providers and companies that build its parts into their products. These buyers have considerable bargaining power, and any lost, canceled, reduced or delayed order could hurt sales and profits.
2. Customers could start making these parts themselves. Coherent warns that customers may start making the components they now buy from it, which it calls backward integration. Rivals with better or cheaper technology could also make its products obsolete.
3. Boom-and-bust demand is hard to forecast. Many customer industries have a history of sharp demand swings. Coherent sets production, hiring and capacity spending from its own demand estimates, so a wrong call can mean unused capacity or missed sales.
4. Key inputs come from few suppliers. Coherent buys specialty wafers, chips and other parts from a limited number of suppliers and uses contract manufacturers. Shortages, including of rare earth minerals and noble gases, could disrupt output or raise costs.
5. Tariffs and export rules could limit sales. Tariffs, export rules and geopolitical tensions could block sales to certain customers or markets, or disrupt operations. China made up 11.4% of fiscal 2026 revenue, and most of Coherent's workforce is in Asia-Pacific.
6. Heavy debt limits flexibility. As of June 30, 2026, total debt was about $3.22 billion against $1.99 billion of cash and investments. Loan terms, called covenants, restrict some business decisions and can limit dividends.

• Aug 31, 2026 Executive or board change; Other company announcement
• Aug 12, 2026 Quarterly results released; Investor presentation or announcement
• May 6, 2026 Quarterly results released; Investor presentation or announcement
• Apr 28, 2026 Executive or board change
• Mar 2, 2026 Unregistered sale of shares; Investor presentation or announcement
• Feb 4, 2026 Quarterly results released; Investor presentation or announcement
• Dec 16, 2025 Other company announcement
• Nov 21, 2025 Other company announcement
• Nov 17, 2025 Shareholder vote results
• Nov 5, 2025 Quarterly results released; Investor presentation or announcement

Coherent offers little for income investors. Dividend payments totaled about $11.4 million in the fiscal year ended June 30, 2026, roughly 1.4% of earnings. That is down from $34.5 million in fiscal 2022, nothing was paid in fiscal 2024, and there is no streak of increases. Free cash flow, the cash left after running the business and buying equipment, was negative $1.02 billion in fiscal 2026. There were no buybacks from fiscal 2022 through 2026. Over the same period the share count rose about 85%, from August 2021 to August 2026, which spreads profits over more shares.

Retirees wanting cash from the stock would need to sell shares. Price history covers only about 4.1 years, so it misses the 2008 financial crisis, the 2020 COVID crash and the 2022 bear market. Even so, the stock fell as much as 51.3% from a high in the year to October 28, 2026, despite a 78.5% gain over that year. Single stocks carry more risk than diversified funds.