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Coherent, Inc. — Intrinsic Value & Fair Price

COHR
NYSETechnologyHardware, Equipment & PartsCIK 0000820318coherent.comAbout COHR
Last close · Oct 16, 2026232.90−17.70 (−7.06%)
Market cap$45.9B
Model value · P/E · peers
404.10
Coherent closed at $232.90 — undervalued by 42% vs model.
404.10the model's range404.10

P/E · peers leads because DCF · Perpetuity growth · 5y could not lead: the cash-flow gate is shut (an operating loss, or three years of free cash flow summing below zero). From its peers' median P/E.

Other models
9.43 – 1,171.77
Wall St. target
420.00 45% below
Below model, 1y
5 of 20 days

Price and model value

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What the marks mean
Daily close

Research on COHR

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How it is valued

Valued asProfitable Growth
High revenue growth (~23% recent)Moderate margins (11% net margin)Highly cyclical earningsNegative free cash flow
What growth the price implies: the reverse DCF

Key figures

FY2026
P/E
56.5×
EV / EBITDA
30.7×
FCF yield
-2.5%
Dividend yield, TTM
0.00%
Beta
2.11
Cost of capital (WACC)
11.87%
Full financials

Analyst actions

third-party, quoted
09-30Bernstein · target350.00
08-31Deutsche Bank · target400.00
08-13Stifel Nicolaus · target420.00
08-14B of A Securities · “Neutral” from “Buy”downgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists COHR as a comparable

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just COHR. No account.

About Coherent

Coherent, Inc. specializes in advanced laser technologies, offering a comprehensive suite of products that includes lasers, laser-based solutions, and complete systems. These are deployed across a spectrum of uses, from commercial and industrial operations to critical scientific research. The company's operations are distinctly segmented into two primary areas: laser sources for Original Equipment Manufacturers (OEMs) and industrial lasers alongside integrated systems. Coherent handles the entire lifecycle of its offerings, from conceptual design and manufacturing to global marketing and ongoing service. Their product portfolio spans lasers, specialized laser tools, high-precision optical components, associated accessories, and sophisticated laser measurement and control devices. These sophisticated tools are integral to fields such as microelectronics fabrication, advanced materials processing, integration into original equipment manufacturer (OEM) components and instrumentation, scientific studies, and various governmental programs. Distribution in the U.S. is primarily managed by an in-house sales team, while international markets are reached through a combination of direct sales personnel and independent representatives. Established in 1966, Coherent, Inc. maintains its headquarters in Santa Clara, California. Notably, since July 1, 2022, the company has operated as a wholly-owned subsidiary of II-VI Incorporated.

CEO
James Robert Anderson
Headquarters
Saxonburg, PA
Employees
51,478
IPO
1987-10-02
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.