---
title: Coherent (COHR) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/cohr
ticker: COHR
as_of: 2026-10-17
sector: Technology
industry: Hardware, Equipment & Parts
---
# Coherent (COHR)

Coherent (COHR) closed at $232.90 on Oct 16, 2026, undervalued by 42% vs its model value of $404.10 (from its peers' median P/E).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $232.90 (Oct 16, 2026) |
| Model value (from its peers' median P/E) | $404.10 |
| Price vs model | undervalued by 42% vs model |
| Range of that model | $404.10 – $404.10 |
| Market value | $45.9B |
| P/E (fiscal 2026) | 56.5 |
| Net margin (fiscal 2026) | 11.3% |
| Free cash flow (fiscal 2026) | -$1.0B |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 2.11 |
| Cost of capital (WACC) | 11.87% |
| Business classification | Profitable Growth (High revenue growth (~23% recent), Moderate margins (11% net margin), Highly cyclical earnings, Negative free cash flow) |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $74.68 | $49.17 | $129.28 |
| DCF · Perpetuity growth · 10y | cross check | $136.20 | $89.89 | $236.01 |
| DCF · EBITDA exit · 5y | cross check | $882.29 | $746.54 | $1,038.36 |
| DCF · EBITDA exit · 10y | cross check | $1,171.77 | $910.04 | $1,505.35 |
| P/E · peers | cross check | $404.10 | $404.10 | $404.10 |
| P/E · own history | cross check | $186.99 | $171.23 | $220.28 |
| PEG | sanity check | $236.00 | $236.00 | $236.00 |
| EV/EBITDA · peers | cross check | $442.49 | $322.94 | $562.05 |
| EV/Revenue · peers | cross check | $407.64 | $329.83 | $673.71 |
| Earnings power value | cross check | $9.43 | $7.19 | $12.32 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 9 open-market sales ($8.5M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 12, 2026 | Luther Sherri R | Chief Financial Officer | Tax withholding | 18,284 | $5.7M |
| Feb 28, 2026 | Mocciaro Ilaria | Chief Accounting Officer | Tax withholding | 636 | $164,679.5 |
| Nov 28, 2025 | Mocciaro Ilaria | Chief Accounting Officer | Tax withholding | 1,130 | $174,020 |
| Feb 11, 2026 | PAGLIUCA STEPHEN G | Director | Grant / award | 279 | $0 |
| Oct 1, 2026 | Place Jeffrey B. | Chief Supply Chain Officer | Tax withholding | 641 | $184,486.2 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 9, 2026 | ARS | Annual report to shareholders | https://www.sec.gov/Archives/edgar/data/820318/000110465926114851/tm264290d2_ars.pdf |
| Oct 9, 2026 | DEFA14A | Additional proxy materials | https://www.sec.gov/Archives/edgar/data/820318/000110465926114850/tm264288d9_defa14a.htm |
| Oct 9, 2026 | DEF 14A | Proxy statement | https://www.sec.gov/Archives/edgar/data/820318/000110465926114847/tm264288-6_def14a.htm |
| Aug 31, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/820318/000119312526375462/d110649d8k.htm |
| Aug 14, 2026 | 10-K | Annual report | https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Dodge & Cox | 2026-06-30 | 544,160 | $214.7M |
| Arnold Van Den Berg | 2026-06-30 | 42,046 | $16.6M |
| Bridgewater | 2026-06-30 | 15,206 | $6.0M |
| First Eagle | 2026-06-30 | 3,169 | $1.3M |

5 tracked managers in all.

## About

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 pro…

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Source: https://sweetvaluelab.com/stocks/cohr (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.