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Arphra AIPlain-English read on Coherent, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.11B | $3.32B | $5.16B | $4.71B | $5.81B | $7.06B | $9.59B | $12.73B | $19.97B |
| Cost of revenue | $1.93B | $2.05B | $3.38B | $3.25B | $3.75B | $4.73B | $6.38B | $8.69B | $13.22B |
| Gross profit | $1.18B | $1.27B | $1.78B | $1.46B | $2.06B | $2.43B | $3.23B | $4.36B | $6.75B |
| Gross margin | +37.91% | +38.16% | +34.58% | +30.93% | +35.41% | +34.40% | +33.66% | +34.27% | +33.82% |
| Operating | |||||||||
| Research & development | $330.11M | $377.11M | $499.6M | $478.79M | $581.92M | $699.53M | $936.75M | $1.24B | $1.95B |
| Selling, general & administrative | $0 | $474.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $775.34M | $851.2M | $1.5B | $1.33B | $1.51B | $1.98B | $2.7B | $3.51B | $5.69B |
| Operating income | $402.12M | $414.29M | $279.98M | $123.18M | $548.95M | $415.06M | $553.31M | $749.59M | $1.15B |
| Operating margin | +12.95% | +12.49% | +5.43% | +2.62% | +9.45% | +5.88% | +5.77% | +5.89% | +5.78% |
| EBITDA | $672.19M | $689.84M | $961.67M | $682.94M | $1.11B | $1.21B | $1.63B | $2.22B | $3.41B |
| EBIT | $402.12M | $403.06M | $279.98M | $123.18M | $551.95M | $406.23M | $546.59M | $744M | $1.15B |
| Below the line | |||||||||
| Interest expense | $59.9M | $121.25M | $286.87M | $288.48M | $243.3M | $384.41M | $513.19M | $667.88M | $1.07B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$49.53M | -$132.49M | -$635.54M | -$270.82M | -$454.77M | — | — | — | — |
| Pre-tax income | $352.59M | $281.81M | -$355.56M | -$147.65M | $94.18M | -$195.47M | -$276.28M | -$348.6M | -$545.72M |
| Income tax expense | $55.04M | $47.05M | -$96.1M | $11.12M | $64.12M | — | — | — | — |
| Earnings | |||||||||
| Net income | $297.55M | $234.76M | -$259.46M | -$156.15M | $49.36M | -$180.59M | -$240.94M | -$324.59M | -$484.24M |
| Net income · continuing ops | $297.55M | $234.76M | -$259.46M | -$158.76M | $30.06M | -$180.13M | -$252.29M | -$331.39M | -$513.45M |
| Net margin | +9.58% | +7.08% | -5.03% | -3.32% | +0.85% | -2.56% | -2.51% | -2.55% | -2.42% |
| EPS · basic | $2.50 | $1.57 | $-2.93 | $-1.84 | $-0.52 | $5.54 | $8.32 | $11.93 | $0.00 |
| EPS · diluted | $2.37 | $1.45 | $-2.93 | $-1.84 | $-0.52 | $5.46 | $8.22 | $12.08 | $0.00 |
| EPS · low estimate | — | — | — | — | — | $5.41 | $7.46 | $11.45 | $0.00 |
| EPS · high estimate | — | — | — | — | — | $5.55 | $9.55 | $12.48 | $0.00 |
| Shares · basic | 109.86M | 106.19M | 137.58M | 151.6M | 154.8M | 155.19M | 154.21M | 153.84M | 155.1M |
| Shares · diluted | 115.03M | 116.51M | 137.58M | 151.6M | 154.8M | 153.47M | 156.27M | 154.88M | 153.72M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 15 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 12 | 3 | 0 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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