Explain this page
Arphra AIPlain-English read on Coherent, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +37.91% | +38.16% | +34.58% | +30.93% | +35.41% | +34.40% | +33.66% | +34.27% | +33.82% |
| Operating margin | +12.95% | +12.49% | +5.43% | +2.62% | +9.45% | +5.88% | +5.77% | +5.89% | +5.78% |
| EBITDA margin | +21.64% | +20.80% | +18.64% | +14.51% | +19.03% | +17.13% | +16.95% | +17.47% | +17.06% |
| EBIT margin | +12.95% | +12.15% | +5.43% | +2.62% | +9.50% | +5.76% | +5.70% | +5.84% | +5.75% |
| Pre-tax margin | +11.35% | +8.50% | -6.89% | -3.14% | +1.62% | -2.77% | -2.88% | -2.74% | -2.73% |
| Net margin | +9.58% | +7.08% | -5.03% | -3.32% | +0.85% | -2.56% | -2.51% | -2.55% | -2.42% |
| Cost structure | |||||||||
| Cost of revenue / sales | +62.09% | +61.84% | +65.42% | +69.07% | +64.59% | +66.98% | +66.56% | +68.21% | +66.21% |
| R&D intensity | +10.63% | +11.37% | +9.68% | +10.17% | +10.02% | +9.91% | +9.77% | +9.74% | +9.75% |
| SG&A intensity | 0.00% | +14.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Effective tax rate | +15.61% | +16.70% | — | — | +68.09% | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +7.20% | +5.36% | -3.59% | -1.97% | +0.58% | -1.71% | -1.70% | -1.73% | -1.56% |
| Return on assets (ROA) | +4.57% | +2.99% | -1.89% | -1.08% | +0.33% | -0.95% | -0.92% | -0.95% | -0.88% |
| Return on capital (ROC) | +7.11% | +6.07% | +2.39% | +1.01% | +4.44% | +2.56% | +2.53% | +2.56% | +2.46% |
| Return on invested capital (ROIC) | +5.26% | +3.44% | +1.79% | +0.75% | +0.40% | +1.92% | +1.89% | +1.92% | +1.85% |
| Asset turnover | +47.69% | +42.28% | +37.63% | +32.49% | +38.97% | +37.01% | +36.62% | +37.24% | +36.44% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +9.58% | +7.08% | -5.03% | -3.32% | +0.85% | -2.56% | -2.51% | -2.55% | -2.42% |
| Asset turnover (× revenue / assets) | +47.69% | +42.28% | +37.63% | +32.49% | +38.97% | +37.01% | +36.62% | +37.24% | +36.44% |
| Equity multiplier (× assets / equity) | +157.60% | +178.97% | +189.67% | +182.33% | +175.81% | +181.01% | +184.72% | +181.96% | +177.07% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.48 | 0.42 | 0.38 | 0.32 | 0.39 | 0.37 | 0.37 | 0.37 | 0.36 |
| Fixed-asset turnover | 2.50 | 2.43 | 2.90 | 2.59 | 3.09 | — | — | — | — |
| Inventory turnover | 2.77 | 2.27 | 2.65 | 2.53 | 2.61 | — | — | — | — |
| Receivables turnover | 4.71 | 4.74 | 5.72 | 5.55 | 5.70 | — | — | — | — |
| Payables turnover | 6.55 | 4.72 | 8.33 | 5.15 | 4.43 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 77.44 | 77.07 | 63.77 | 65.79 | 64.07 | — | — | — | — |
| Days inventory outstanding (DIO) | 131.70 | 160.61 | 137.57 | 144.40 | 139.83 | — | — | — | — |
| Days payables outstanding (DPO) | 55.74 | 77.39 | 43.82 | 70.89 | 82.38 | — | — | — | — |
| Cash conversion cycle | 153.40 | 160.29 | 157.51 | 139.30 | 121.51 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.93 | 1.76 | -2.44 | -3.49 | 12.84 | -4.49 | -4.51 | -4.53 | -4.90 |
| FCF / Net income | 1.44 | 0.42 | -0.76 | -1.27 | 3.90 | -1.49 | -1.54 | -1.51 | -1.58 |
| FCF margin | +13.78% | +2.98% | +3.84% | +4.23% | +3.32% | +3.82% | +3.88% | +3.84% | +3.82% |
| OCF margin | +18.49% | +12.46% | +12.29% | +11.59% | +10.91% | +11.48% | +11.32% | +11.54% | +11.89% |
| CapEx / Revenue | +4.71% | +9.48% | +8.45% | +7.37% | +7.59% | +7.77% | +7.64% | +7.88% | +7.92% |
| CapEx / D&A | 0.54 | 1.10 | 0.64 | 0.62 | 0.80 | — | — | — | — |
| Stock-based comp / Revenue | +2.28% | +2.21% | +2.89% | +2.68% | +2.76% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.37 | 1.45 | -2.93 | -1.84 | -0.52 | 5.46 | 8.22 | 12.08 | 0.00 |
| EPS · basic | 2.50 | 1.57 | -2.93 | -1.84 | -0.52 | 5.54 | 8.32 | 11.93 | 0.00 |
| Book value / share | 35.92 | 37.62 | 52.54 | 52.42 | 54.79 | 68.63 | 90.73 | 121.32 | 201.33 |
| Tangible BV / share | 18.40 | 21.13 | -7.98 | -0.14 | 5.20 | 68.63 | 90.73 | 121.32 | 201.33 |
| Sales / share | 27.00 | 28.47 | 37.51 | 31.05 | 37.53 | 45.98 | 61.38 | 82.21 | 129.91 |
| Operating CF / share | 4.99 | 3.55 | 4.61 | 3.60 | 4.09 | 5.28 | 6.95 | 9.48 | 15.44 |
| Free cash flow / share | 3.72 | 0.85 | 1.44 | 1.31 | 1.25 | 1.76 | 2.38 | 3.16 | 4.96 |
| Dividends / share | 0.18 | 0.30 | 0.20 | 0.00 | 0.07 | 0.12 | 0.15 | 0.21 | 0.33 |
| Payout ratio | +6.83% | +14.70% | -10.64% | 0.00% | +23.17% | -9.78% | -9.92% | -9.79% | -10.32% |
| Retention ratio | +93.17% | +85.30% | +110.64% | +100.00% | +76.83% | +109.78% | +109.92% | +109.79% | +110.32% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +6.78% | +55.58% | -8.77% | +23.42% | +21.46% | +35.90% | +32.76% | +56.83% | +26.19% |
| Gross profit · YoY | — | +7.48% | +40.99% | -18.40% | +41.30% | +18.02% | +32.95% | +35.18% | +54.77% | +24.40% |
| Profit | ||||||||||
| Operating income · YoY | — | +3.03% | -32.42% | -56.01% | +345.66% | -24.39% | +33.31% | +35.47% | +53.88% | +14.08% |
| EBITDA · YoY | — | +2.63% | +39.40% | -28.98% | +61.88% | +9.35% | +34.48% | +36.82% | +53.13% | +22.49% |
| Net income · YoY | — | -21.10% | -210.52% | +39.82% | +131.61% | -465.84% | -33.41% | -34.72% | -49.19% | — |
| Operating | ||||||||||
| EBIT · YoY | — | +0.23% | -30.54% | -56.01% | +348.10% | -26.40% | +34.55% | +36.12% | +54.21% | +14.00% |
| R&D · YoY | — | +14.24% | +32.48% | -4.17% | +21.54% | +20.21% | +33.91% | +32.41% | +56.91% | +24.83% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -38.82% | -302.07% | +37.20% | +71.74% | +1149.22% | +50.58% | +47.02% | -100.00% | — |
| EPS · basic · YoY | — | -37.20% | -286.62% | +37.20% | +71.74% | +1164.95% | +50.32% | +43.36% | -100.00% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $1.53B | $2.44B | $4.49B | $4.3B | $3.89B | $5.69B | $7.73B | $10.47B | $15.92B |
| Net debt | -$65.85M | -$144.16M | $3.67B | $3.38B | $2.98B | $4.49B | $6.07B | $8.23B | $12.48B |
| Net debt / EBITDA | -0.10 | -0.21 | 3.81 | 4.95 | 2.70 | 3.71 | 3.73 | 3.70 | 3.66 |
| Debt / equity | 0.37 | 0.56 | 0.62 | 0.54 | 0.46 | 0.54 | 0.55 | 0.56 | 0.51 |
| Debt / assets | +23.43% | +31.08% | +32.74% | +29.70% | +26.11% | +29.85% | +29.53% | +30.63% | +29.06% |
| Equity / assets | +63.45% | +55.87% | +52.72% | +54.84% | +56.88% | +55.25% | +54.14% | +54.96% | +56.48% |
| Coverage | |||||||||
| EBITDA / interest expense | 11.22 | 5.69 | 3.35 | 2.37 | 4.54 | 3.14 | 3.17 | 3.33 | 3.19 |
| Operating income / interest | 6.71 | 3.42 | 0.98 | 0.43 | 2.26 | 1.08 | 1.08 | 1.12 | 1.08 |
| Interest expense | $59.9M | $121.25M | $286.87M | $288.48M | $243.3M | $384.41M | $513.19M | $667.88M | $1.07B |
| Liquidity | |||||||||
| Current ratio | 4.15 | 3.40 | 3.01 | 2.72 | 2.19 | — | — | — | — |
| Quick ratio | 3.09 | 2.59 | 1.60 | 1.32 | 1.07 | — | — | — | — |
| Cash ratio | 2.18 | 2.04 | 0.76 | 0.69 | 0.51 | — | — | — | — |
| Working capital | $2.3B | $3.04B | $2.17B | $2.32B | $2.13B | — | — | — | — |
| Working capital / revenue | +73.98% | +91.61% | +42.12% | +49.20% | +36.70% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).