Coherent

Coherent Corp. (Coherent) makes photonics products: lasers, optical components and the transceivers that move data through fiber. It has two segments. Datacenter & Communications sells optical transceivers and components for AI data centers, telecom networks and data center interconnect. Industrial sells lasers and materials.

Revenue was $7,118 million in fiscal 2026 (the year to June 30, 2026) and $2,370 million in Q1 fiscal 2027 (the quarter to September 30, 2026), up 50%. Coherent sold its aerospace and defense business on September 2, 2025 and a German materials processing tools division on January 30, 2026. On March 2, 2026, NVIDIA bought $2 billion of new Coherent shares at $256.80 and signed a multi-year capacity agreement. Jim Anderson is Chief Executive Officer.

Coherent is based in Saxonburg, Pennsylvania. The pick is the common stock on the NYSE (COHR), in US dollars.

The market prices Coherent as a fast grower whose results depend on AI data center orders that large customers can change quickly. Revenue rose 50% in Q1 fiscal 2027, and Coherent expects fiscal 2027 pro forma revenue growth above 60%. Non-GAAP gross margin was 40.6%, and the company now targets above 45% before the end of calendar 2028. Capacity is the limit.

Inventories rose to $3,341 million from $2,581 million and total debt to $4,001 million from $3,222 million in one quarter, as Coherent builds supply, and the NVIDIA agreement may need more equipment and working capital through 2030. For the price to rise, Coherent must reach its first $3 billion revenue quarter by the end of fiscal 2027 and a $4 billion quarter in fiscal 2028, lift gross margin as planned and turn the growth into cash. The Q2 fiscal 2027 report in February 2027 is the next test, with an outlook of $2.55 billion to $2.75 billion in revenue. If the ramp holds, the gap can close within about two years.

1. Feb 3, 2027 · est.Pending

   Q2 fiscal 2027 results: revenue and EPSRevenue of $2.55 billion or more and non-GAAP EPS of $2.28 or more pass; less fails.
2. Aug 2027 · est.Pending

   Q4 fiscal 2027 results: first $3 billion quarterQuarterly revenue of $3 billion or more by the end of June 2027 passes; less fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Coherent reported Q1 fiscal 2027 results. Revenue was $2,370 million, up 50% (56% pro forma). GAAP gross margin was 39.1%, non-GAAP gross margin 40.6%, GAAP EPS $1.90 and non-GAAP EPS $2.09, against $1.16 a year earlier. The Q2 outlook is revenue of $2.55 billion to $2.75 billion and non-GAAP EPS of $2.28 to $2.48.
• November 4, 2026Coherent set a new target of a quarter with non-GAAP gross margin above 45% before the end of calendar 2028. It expects its first $3 billion revenue quarter by the end of fiscal 2027 and its first $4 billion quarter in fiscal 2028.
• August 12, 2026Coherent reported fiscal 2026 results. Revenue was $7,118 million, up 22.5%, and non-GAAP EPS was $5.61, against $3.53. A foreign subsidiary also signed an unsecured credit facility of about $950 million, which had $598 million drawn at September 30, 2026.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · iivi-20260930
• 8-KEarnings release and Investor disclosureFiled November 4, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Other company newsFiled August 31, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Jun 30, 2026Filed August 14, 2026 · iivi-20260630
• 8-KEarnings release and Investor disclosureFiled August 12, 2026 · Press release and exhibits
• 8-KEarnings release and Investor disclosureFiled May 6, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · iivi-20260331
• 8-KChange of directors or officersFiled April 28, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled March 2, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Dec 31, 2025Filed February 4, 2026 · iivi-20251231

Every filing on SEC EDGAR (CIK 820318)

• Demand depends on AI data centers. Datacenter & Communications revenue rose 79% in Q1 fiscal 2027. A pause in orders from a few large customers would hit sales, and the NVIDIA agreement could raise customer concentration (10-Q).
• Capacity needs cash. Inventories were $3,341 million and receivables $1,604 million at September 30, 2026. The NVIDIA agreement may require material future cash for equipment, labor and working capital.
• Debt grew. Total debt was $4,001 million at September 30, 2026 against $3,222 million at June 30, 2026, with new unsecured credit lines of $205 million and $598 million drawn at foreign subsidiaries. The term B loans fall due in July 2029.
• Margins depend on yields and prices. The gross margin gain came from lower input costs, better manufacturing efficiency, higher yields and pricing optimization. A slip in any of them would hurt the plan for above 45%.
• The Industrial segment is shrinking. Its revenue fell 15% to $419 million in Q1 fiscal 2027 after two sales.

At September 30, 2026, Coherent had cash and cash equivalents of $1,552.9 million and short-term investments of $200.0 million. Total debt was $4,001 million, so net debt was about $2.25 billion. Read more

Coherent does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.