Coherent, Inc. (COHR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-104.0%

-$8.23

vs $206.16 price

Levered DCF

-$12.34

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.47

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	90.89×	-171.56×	-39.53×	-17.4×	31.29×	29.04×	-59.77×	22.14×
P/B	6.41×	1.7×	1.46×	0.97×	1.19×	1.93×	1.93×	2.1×
P/S	9.82×	2.38×	2.34×	1.36×	1.57×	2.57×	1.68×	1.75×
EV / EBITDA	46.35×	15.19×	20.56×	17.42×	7.35×	11.59×	16.91×	10.84×
Gross margin	37.5%	35.4%	30.9%	34.6%	38.2%	37.9%	36.9%	38.3%
Operating margin	12.7%	9.4%	2.6%	5.4%	12.5%	12.9%	5.3%	10.9%
Net margin	11.3%	0.8%	-3.3%	-5.0%	7.1%	9.6%	-2.8%	7.9%
Current ratio	2.43×	2.19×	2.72×	3.01×	3.4×	4.15×	2.66×	3×
Debt / equity	0.32×	0.48×	0.57×	0.62×	0.56×	0.37×	1.14×	0.41×
Interest coverage	4.74×	2.26×	0.43×	0.98×	3.42×	6.71×	1.42×	6.63×
Dividend yield	0.0%	0.1%	0.0%	0.4%	0.7%	0.3%	0.0%	0.0%
Payout ratio	1.4%	23.2%	0.0%	-10.6%	14.7%	6.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.4%	0.6%	-2.1%	-3.6%	5.4%	7.2%	-3.2%	9.5%
Return on invested capital	5.4%	1.3%	0.9%	1.6%	4.9%	5.8%	2.7%	7.3%
Return on assets	4.4%	0.3%	-1.1%	-1.9%	3.0%	4.6%	-1.3%	5.5%
Free cash flow yield	-1.5%	1.4%	1.8%	2.8%	1.9%	5.4%	4.0%	1.7%
Earnings yield	1.2%	0.4%	-1.4%	-3.7%	4.5%	3.7%	-1.7%	4.5%
Enterprise value	$72.3B	$16.8B	$14.4B	$10.7B	$5.1B	$7.9B	$5.9B	$2.6B
Net debt / EBITDA	1.52×	2.7×	4.82×	5.98×	-0.21×	-0.1×	5.41×	1.08×
Cash conversion cycle (days)	124	122	139	158	160	153	177	155