COHRCOHERENT CORP.
Optical Instruments & Lenses
- Revenue
- $7.1B
- 23% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $41.2B
- Employees
- 51,000
- $140K revenue each
- Net debt / EBITDA
- —
- $2.1B net debt
- AI in 10-K
- 7.2
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$28M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes10% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo24% of assetsOver 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeYes$140K · 8th pctBottom quartile of its SIC industry
- Quiet on AINo7.2 per 10K words · 88th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.1× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$41.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$1.1B netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3.3B | $5.2B | $4.7B | $5.8B | $7.1B | 23% |
| Operating income | $414M | −$37M | $96M | — | — | |
| Net income | $235M | −$259M | −$159M | $30M | $787M | 2523% |
| Operating cash flow | $413M | $634M | $546M | $634M | $80M | 87% |
| Capex | $314M | $436M | $347M | $441M | $1.1B | 150% |
| Stock-based comp | $73M | $149M | $126M | $160M | $186M | 16% |
| Buybacks | $0 | — | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 11, 2026 | BCPE Watson (DE) BML, LP | SCHEDULE 13D/A | 0.0% | Passive |
| Dec 12, 2025 | BCPE Watson (DE) BML, LP | SCHEDULE 13D/A | 5.2% | Passive |
| Dec 4, 2025 | BCPE Watson (DE) BML, LP | SCHEDULE 13D/A | 7.9% | Passive |
| Nov 24, 2025 | BCPE Watson (DE) BML, LP | SCHEDULE 13D/A | 7.9% | Passive |
| Nov 12, 2025 | BCPE Watson (DE) BML, LP | SCHEDULE 13D/A | 11.9% | Passive |
| Mar 7, 2024 | BCPE Watson (DE) BML, LP | SC 13D/A | 15.6% | Active |
| Jul 11, 2022 | BCPE Watson (DE) BML, LP | SC 13D | 12.3% | Active |
| May 20, 2019 | JOHNSON CARL J | SC 13D/A | 3.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $1.1B · 36
- Net
- −$1.1B
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $28M | $714M | 543 | 315 |
| FY2025 | $4M | $34M | 123 | 112 |
| FY2024 | $101M | $108M | 100 | 95 |
| FY2023 | — | — | 70 | 90 |
| FY2022 | — | — | 70 | 76 |