Analyst Consensus ?
ConsensusBuy31 ratings
Bullish2477.4%
Neutral722.6%
Bearish00.0%
Coherent, Inc. · COHR · FY2026 Q4 · Calendar Q3 2026
Coherent posts record FY26 revenue as optics capacity expands
Coherent’s record FY26 results, strong data-center and communications demand, expanding Indium Phosphide capacity, and backlog through 2028 support the case for continued growth. The evidence is constructive, but the thesis depends on capacity execution, new-product ramps, and sustained AI infrastructure demand.
Reported After market closeNYSETechnology
$62.09B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.74
Consensus $1.62
EPS surprise
+7.4%
Reported versus consensus
Reported revenue
$2.05B
Consensus $1.98B
Revenue surprise
+3.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-8.0%
Event window
SPY move
+0.7%
Same window
Abnormal move
-8.7%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-6.7%
Up to 20 sessions
COHRSPY benchmark
Ask FN2 about COHR FY2026 Q4
Transcript, numbers and history already loaded
Why did COHR fall 8.0% after beating EPS estimates in FY2026 Q4?What changed in COHR's guidance and outlook in FY2026 Q4?Give me the bull and bear case for COHR after FY2026 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, Coherent reported record FY26 revenue and a 6-inch Indium Phosphide ramp that is driving higher output and margin expansion. The company added PhotonLink as an upcoming platform, advanced CPO timing toward the December quarter, and said backlog extends through calendar 2028.
Guidance delta
Management maintained its outlook and provided Q1 FY27 guidance of $2.2-$2.4 billion revenue, 39.5%-41.5% non-GAAP gross margin, and $1.85-$2.05 EPS.
Key takeaways
- FY26 revenue reached a record $7.12 billion, supported by 41% data-center growth and 54% communications growth.
- The 6-inch Indium Phosphide ramp lifted laser output 80% year over year and helped gross margin reach 40.2% in Q4.
- PhotonLink, CPO, OCS, and multi-rail products are expected to begin contributing in the second half of FY27.
- Backlog extends through calendar 2028, with long-term agreements supporting volume and pricing visibility.
Management priorities
- Scale 6-inch Indium Phosphide production and add a third Zurich line in the first half of calendar 2027.
- Launch PhotonLink and begin commercial CPO laser shipments in the December quarter.
- Expand capacity and capital spending for data-center and communications demand.
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Analyst 52W Price Targets
$322.22Current
$52Low
$213.03Average
$455High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 21, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Deutsche Bank | Buy | Buy | Maintain | Sep 1, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Aug 13, 2026 |
| Needham | Buy | Buy | Maintain | Aug 13, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 13, 2026 |
| Jefferies | Buy | Buy | Maintain | Aug 13, 2026 |
| B. Riley Securities | Neutral | Neutral | Maintain | Aug 13, 2026 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Jul 2, 2026 |
| TD Cowen | Buy | Buy | Maintain | May 7, 2026 |
| Stifel | Buy | Buy | Maintain | May 5, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 21, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 9, 2026 |
| Barclays | Overweight | Overweight | Maintain | Mar 3, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jan 22, 2026 |
| B of A Securities | Neutral | Buy | Downgrade | Aug 14, 2025 |
| Northland Capital Markets | Outperform | Outperform | Maintain | Jun 2, 2025 |
| Benchmark | Buy | Buy | Maintain | May 8, 2025 |
| Craig-Hallum | Buy | Buy | Maintain | Nov 7, 2024 |
| UBS | Buy | Buy | Maintain | Aug 7, 2023 |
| Loop Capital | Buy | Buy | Maintain | May 11, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 9, 2023 |
| William Blair | Perform | Market Perform | Maintain | Oct 17, 2022 |
| Berenberg | Hold | Buy | Downgrade | Jan 21, 2021 |
| Longbow Research | Neutral | Buy | Downgrade | Nov 12, 2020 |
| Piper Sandler | Overweight | Overweight | Maintain | May 28, 2020 |
| Goldman Sachs | Buy | Neutral | Upgrade | Apr 24, 2020 |
| PiperJaffray | Overweight | Overweight | Maintain | Dec 20, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | May 1, 2019 |
| B. Riley FBR | Neutral | Neutral | Maintain | May 5, 2018 |
| Northcoast Research | Buy | Buy | Maintain | Oct 25, 2016 |
| Sidoti & Co. | Buy | Buy | Maintain | Jun 15, 2015 |
| Noble Financial | Buy | Hold | Upgrade | Jan 25, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $322.22. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Deutsche Bank | Analyst unavailable | $400 | $277.83 | +24.1% | Aug 31, 2026 |
| Stifel Nicolaus | Ruben Roy | $420 | $337.34 | +30.3% | Aug 13, 2026 |
| Raymond James | Analyst unavailable | $448 | $348.88 | +39.0% | Aug 13, 2026 |
| Needham | Ryan Koontz | $420 | $355.64 | +30.3% | Aug 13, 2026 |
| Jefferies | Analyst unavailable | $420 | $355.64 | +30.3% | Aug 13, 2026 |
| Raymond James | Analyst unavailable | $435 | $368.65 | +35.0% | Jul 2, 2026 |
| Morgan Stanley | Meta Marshall | $330 | $326 | +2.4% | May 7, 2026 |
| Northland Securities | Analyst unavailable | $230 | $323.58 | -28.6% | May 7, 2026 |
| Raymond James | Analyst unavailable | $371 | $329.34 | +15.1% | May 7, 2026 |
| Stifel Nicolaus | Analyst unavailable | $412 | $329.89 | +27.9% | May 5, 2026 |
| Redburn Partners | Mike Harrison | $455 | $319.71 | +41.2% | May 1, 2026 |
| Morgan Stanley | Analyst unavailable | $290 | $341.73 | -10.0% | Apr 20, 2026 |
| Morgan Stanley | Meta Marshall | $250 | $248.18 | -22.4% | Feb 23, 2026 |
| Northland Securities | Tim Savageaux | $170 | $204.12 | -47.2% | Feb 5, 2026 |
| Stifel Nicolaus | Analyst unavailable | $235 | $198.78 | -27.1% | Feb 5, 2026 |
| Barclays | Tom O'Malley | $235 | $211 | -27.1% | Feb 5, 2026 |
| Morgan Stanley | Meta Marshall | $190 | $228.51 | -41.0% | Jan 30, 2026 |
| Stifel Nicolaus | Ruben Roy | $220 | $197.26 | -31.7% | Jan 22, 2026 |
| Susquehanna | Christopher Rolland | $235 | $197.26 | -27.1% | Jan 22, 2026 |
| Barclays | Tom O'Malley | $215 | $184.11 | -33.3% | Jan 15, 2026 |
| Morgan Stanley | Meta Marshall | $180 | $175.2 | -44.1% | Dec 17, 2025 |
| Raymond James | Simon Leopold | $210 | $177.35 | -34.8% | Dec 5, 2025 |
| Needham | Analyst unavailable | $190 | $155.44 | -41.0% | Nov 6, 2025 |
| Susquehanna | Analyst unavailable | $160 | $155.44 | -50.3% | Nov 6, 2025 |
| Morgan Stanley | Meta Marshall | $150 | $155.44 | -53.4% | Nov 6, 2025 |
| Susquehanna | Christopher Rolland | $150 | $120.79 | -53.4% | Oct 22, 2025 |
| Barclays | Tom O'Malley | $135 | $116.35 | -58.1% | Oct 20, 2025 |
| Morgan Stanley | Analyst unavailable | $120 | $122.35 | -62.8% | Oct 10, 2025 |
| Barclays | Tom O'Malley | $110 | $114.01 | -65.9% | Aug 14, 2025 |
| Morgan Stanley | Analyst unavailable | $97 | $106.74 | -69.9% | Aug 4, 2025 |
| Northland Securities | Tim Savageaux | $85 | $76.78 | -73.6% | Jun 2, 2025 |
| Raymond James | Strong Buy | $91 | $76.71 | -71.8% | Mar 24, 2025 |
| Loop Capital Markets | Ananda Baruah | $120 | $93 | -62.8% | Nov 7, 2024 |
| Rosenblatt Securities | Mike Genovese | $105 | $98.44 | -67.4% | Oct 22, 2024 |
| B.Riley Financial | Dave Kang | $86 | $102.07 | -73.3% | Oct 18, 2024 |
| Needham | James Ricchiuti | $120 | $104.62 | -62.8% | Oct 14, 2024 |
| Bank of America Securities | Vivek Arya | $108 | $94.27 | -66.5% | Oct 4, 2024 |
| Susquehanna | Christopher Rolland | $120 | $88.91 | -62.8% | Oct 1, 2024 |
| Craig-Hallum | Richard Shannon | $85 | $74.39 | -73.6% | Aug 16, 2024 |
| Needham | James Ricchiuti | $84 | $73.96 | -73.9% | Aug 16, 2024 |
| Rosenblatt Securities | Mike Genovese | $84 | $74.05 | -73.9% | Aug 16, 2024 |
| Needham | Alex Henderson | $70 | $71.53 | -78.3% | Aug 15, 2024 |
| Bank of America Securities | Vivek Arya | $75 | $66.7 | -76.7% | Aug 12, 2024 |
| B.Riley Financial | Dave Kang | $77 | $60.62 | -76.1% | Apr 1, 2024 |
| Needham | James Ricchiuti | $72 | $60.62 | -77.7% | Apr 1, 2024 |
| Barclays | Tom O'Malley | $60 | $45.16 | -81.4% | Jan 16, 2024 |
| Needham | Jim Ricchiuti | $52 | $43.46 | -83.9% | Dec 15, 2023 |
| Needham | James Ricchiuti | $50 | $34.79 | -84.5% | Oct 11, 2023 |
| Needham | Jim Ricchiuti | $64 | $54.74 | -80.1% | Jun 20, 2023 |
| Morgan Stanley | Analyst unavailable | $45 | $35.41 | -86.0% | Dec 13, 2022 |
| Deutsche Bank | Analyst unavailable | $50 | $36.82 | -84.5% | Nov 28, 2022 |
| Barclays | Thomas O'Malley | $65 | $71.55 | -79.8% | Jan 12, 2022 |
| Bank of America Securities | Vivek Arya | $80 | $71.24 | -75.2% | Jan 10, 2022 |
| Craig-Hallum | Richard Shannon | $100 | $74.49 | -69.0% | Jan 4, 2022 |
| Morgan Stanley | Meta Marshall | $82 | $70.5 | -74.6% | Dec 15, 2021 |
| Cowen & Co. | Paul Silverstein | $94 | $66.57 | -70.8% | Dec 13, 2021 |
| Northland Securities | Tim Savageaux | $75 | $64 | -76.7% | Nov 10, 2021 |
| Deutsche Bank | Sidney Ho | $75 | $62.66 | -76.7% | Sep 1, 2021 |
| Stifel Nicolaus | John Marchetti | $82 | $64.38 | -74.6% | Aug 11, 2021 |
Track every rating change on COHR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCoherent, 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.…
Technology peers this season
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|---|---|---|---|---|
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
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Sources
- Earnings call transcript and parsed analysis · 2026-08-12T22:12:07.589691+00:00
- FN2 earnings calendar · 2026-09-17T01:23:13.296768+00:00
- Polygon adjusted daily market bars · 2026-09-21T16:50:51.085064+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T16:50:51.081692+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.