COHR stock is the listed share of Coherent Corp., a US maker of optical networking modules, lasers and engineered materials that trades on the New York Stock Exchange. The COHR stock price closed at USD 235.79 on 27 October 2026, about 46% below its June 2026 record of USD 440.00, as an AI-driven rally gave way to valuation and cash-flow concerns.
Think of Coherent as a supplier of the “light pipes” inside AI datacentres. Every time a cluster of graphics processors swaps data, there is a good chance a laser and an optical transceiver sit somewhere in that path. That makes COHR one of the more direct ways markets price AI infrastructure spending and one of the more volatile. The intention is to inform, not to advise.
Key takeaways
- What it is: Coherent Corp. (NYSE: COHR) designs and makes optical transceivers, lasers and compound semiconductor materials. About 74% of fiscal 2026 revenue came from its Datacenter and Communications segment.
- COHR share price: USD 235.79 at the 27 October 2026 close, with a 52-week range of USD 123.75 to USD 440.00 and a market value of approximately USD 46 billion.
- Results: Fiscal 2026 revenue (year to 30 June) rose 22.5% to USD 7.12 billion. Fourth-quarter revenue grew 34% to USD 2.05 billion.
- Valuation: Roughly 57 times trailing earnings per share of USD 4.12 and about 25 times forward estimates.
- Next catalyst: Fiscal first-quarter 2027 results, expected on 4 November 2026, against company guidance of USD 2.2 billion to USD 2.4 billion in revenue.
- Volatility: A beta of about 2.1 means daily moves of 5% to 10% have been common through October 2026.
What is COHR stock?
Coherent Corp. is a US-based photonics company that designs and manufactures optical networking modules, lasers and engineered materials used in AI datacentres, telecoms networks, semiconductor equipment and industrial manufacturing. Its in-house production of compound semiconductor materials sets it apart from narrower component suppliers and ties its fortunes closely to AI infrastructure spending.
The company trades under the ticker COHR on the New York Stock Exchange and is priced in US dollars. It is headquartered in Saxonburg, Pennsylvania, and is led by chief executive Jim Anderson. Coherent does not pay a dividend, so any return for shareholders depends on price movement rather than income.
COHR stock – what do they do?
At its simplest, Coherent turns electricity into light and back again. Its transceivers convert electrical signals from servers into pulses of light that travel through fibre, which moves far more data over longer distances, using less power, than copper cable. Its lasers cut, mark, weld and inspect materials in factories and chip plants.
The company now reports two segments, and the gap between them explains most of what has happened to the share price.
| Segment | Q4 FY2026 revenue | Year-on-year change | FY2026 revenue | Year-on-year change |
|---|---|---|---|---|
| Datacenter and Communications | USD 1,615.0 million | +58.6% | USD 5,274.6 million | +40.5% |
| Industrial | USD 430.5 million | -15.8% | USD 1,843.6 million | -10.3% |
| Total | USD 2,045.5 million | +33.8% | USD 7,118.2 million | +22.5% |
Source: Coherent Corp. fourth-quarter and fiscal 2026 results, 12 August 2026.
Datacenter and Communications
This is the growth engine. It sells high-speed optical transceivers for AI and cloud datacentres, along with optical amplifiers, pump lasers, optical circuit switches and line systems for telecoms carriers. Hyperscale cloud operators building AI training clusters are the key buyers, which is why COHR often trades alongside other AI hardware names.
Industrial
The Industrial segment supplies lasers and materials for semiconductor capital equipment, display manufacturing, precision machining and scientific instruments, plus engineered materials such as optics, thermoelectric modules and silicon carbide. Demand here follows factory investment cycles. Revenue fell 10.3% in fiscal 2026, partly because Coherent sold non-core units, including its aerospace and defence business and a Munich-based tools operation.
From II-VI to Coherent Corp.
Coherent Corp. began life in 1971 as II-VI Incorporated, a materials specialist. In July 2022, II-VI completed its acquisition of laser maker Coherent, Inc., took the Coherent name and began trading as COHR on the NYSE. The deal combined II-VI’s materials and optical communications expertise with Coherent’s laser franchise.
COHR stock price today and recent performance
The table below gives a snapshot of the COHR stock price and key trading statistics.
| Metric | Figure (as of 27 October 2026 close) |
|---|---|
| Share price | USD 235.79 |
| 52-week range | USD 123.75 to USD 440.00 |
| Market capitalisation | Approximately USD 46 billion |
| Trailing P/E | Approximately 57x |
| Forward P/E | Approximately 25x |
| Beta | 2.11 |
| Dividend | None |
| Next earnings | 4 November 2026 (expected) |
Sources: StockAnalysis, Gotrade. Valuation ratios recalculated at the 27 October close.
COHR share price: from record high to sharp correction
The COHR share price more than tripled from its 52-week low to its USD 440.00 peak in June 2026, carried by enthusiasm for AI networking suppliers. Even after the pullback, the shares still trade around 90% above that 52-week low of USD 123.75.
The turn came in August. On 13 August 2026, the day after record quarterly results, the stock fell almost 8% to USD 327.33 as investors looked past revenue to cash flow. The slide continued through the autumn.
Why the Coherent share price has pulled back
Several pressures have combined to weigh on the Coherent share price:
- Cash conversion: Fiscal 2026 operating cash flow fell 87.5% to USD 79.5 million, while capital expenditure rose to USD 1.10 billion and inventory climbed to USD 2.58 billion, according to post-results coverage.
- Analyst target cuts: B. Riley lowered its target to USD 297 from USD 345 on 15 October, and Susquehanna cut its target to USD 350 from USD 425 while keeping a Positive rating.
- Sector sell-off: On 22 October 2026, COHR fell more than 11% in morning trade to around USD 210.81 as the Nasdaq dropped 2.2% and high-beta technology stocks were sold.
- Pre-earnings positioning: Investors have trimmed exposure ahead of the November results.
The shares then rebounded sharply, rising 6.8% on 26 October and 6.5% on 27 October, a reminder of how quickly sentiment can swing in either direction.
Coherent share price vs Coherent Inc stock price
Searches for the “Coherent Inc stock price” can be misleading. Coherent, Inc. was a separate Santa Clara-based laser company that traded on the Nasdaq under the same COHR ticker until II-VI acquired it in 2022. Price history before mid-2022 on some charting sites therefore reflects a different business. Long-term return figures for COHR stocks should be checked against the II-VI history (formerly ticker IIVI) for a like-for-like picture.
Coherent financial results: fiscal 2026 in numbers
Coherent’s latest annual report showed faster growth and wider margins.
| Measure | Result |
|---|---|
| FY2026 revenue | USD 7.12 billion, up 22.5% |
| Q4 FY2026 revenue | USD 2.05 billion, up 34% (42% on a pro forma basis) |
| Q4 GAAP gross margin | 38.5%, up 2.77 percentage points |
| Q4 non-GAAP gross margin | 40.2%, up 2.15 percentage points |
| Q4 GAAP diluted EPS | USD 1.19 |
| Q4 non-GAAP diluted EPS | USD 1.74 |
| FY2026 GAAP operating income | USD 897.9 million, against USD 289.9 million in FY2025 |
Management described fiscal 2026 as a record revenue year. Chief executive Jim Anderson said AI datacentre architectures are increasingly moving from copper to optical connectivity, which the company views as a multi-year opportunity.
Q1 fiscal 2027 guidance
For the quarter ending September 2026, Coherent guided to:
- Revenue of USD 2.2 billion to USD 2.4 billion
- Non-GAAP gross margin of 39.5% to 41.5%
- Non-GAAP EPS of USD 1.85 to USD 2.05
- Non-GAAP operating expenses of USD 400 million to USD 420 million
The midpoint implies roughly 12% sequential revenue growth, so the 4 November report will show whether that momentum held.
What could drive COHR next?
The shift from copper to optical in AI datacentres
As AI clusters grow, the distance and speed requirements between processors rise beyond what copper handles efficiently. Faster transceivers and newer designs, such as optical circuit switching and optics placed closer to the chip, could widen Coherent’s addressable market if adoption accelerates.
Capacity expansion and margins
Coherent more than doubled capital spending in fiscal 2026 to build manufacturing capacity. If that capacity fills, operating leverage could lift margins further. If demand slows, the same spending could weigh on returns and cash flow.
Earnings on 4 November 2026
The fiscal first-quarter report is the nearest event likely to move the COHR stock price. Revenue against the USD 2.2 billion to USD 2.4 billion range, gross margin, cash flow and commentary on fiscal 2027 orders are the details the market is likely to focus on.
Opportunities and points to take note of
Opportunities
- AI networking demand: Datacenter and Communications revenue grew 58.6% year-on-year in the fourth quarter, showing strong current demand.
- Margin expansion: Non-GAAP gross margin has moved above 40%, and guidance points to that level holding.
- Sharper focus: Selling non-core units concentrates capital on the highest-growth areas.
- Vertical integration: Making its own lasers and materials gives Coherent more control over supply and cost than suppliers that buy those parts in.
Points to take note of
- Cash flow: Heavy capital spending and rising inventory have reduced free cash flow, which investors are watching closely.
- Valuation sensitivity: At high multiples, small changes in growth expectations can produce large price moves.
- Industrial cyclicality: The Industrial segment depends on factory and chip-equipment investment, which tends to rise and fall with the economic cycle.
- Competition: Peers such as Lumentum and Asian module makers compete for the same hyperscale contracts, which can pressure pricing.
- Trade policy: Export controls and tariffs can affect supply chains and sales into some regions.
Is COHR overvalued?
That depends on which version of the future you believe. Both sides have reasonable arguments.
| Bull case | Bear case |
|---|---|
| Forward P/E of about 25x looks moderate if earnings keep growing faster than revenue | Trailing P/E of about 57x leaves little room for disappointment |
| Optical connectivity is still early in AI datacentres | AI infrastructure budgets could slow or shift between suppliers |
| Guidance points to further sequential growth | Weak cash conversion suggests growth is costly to fund |
| Average analyst target sits well above the current price | Targets have been cut repeatedly in October 2026 |
After a fall of almost half from the peak, the open question is whether the market has already priced in the cash-flow concerns, or whether earnings estimates still need to come down.
Is COHR a good stock to buy?
There is no single answer, because it depends on the reader’s time horizon, experience and tolerance for large price swings. COHR has historically suited people comfortable with high volatility who want exposure to AI hardware and photonics. It is less likely to suit those seeking income, given there is no dividend, or those uncomfortable with daily moves of several percent.
COHR stock buy or sell: what analysts say
Wall Street remains broadly positive. StockAnalysis shows a consensus Buy rating across 26 analysts, with an average price target of about USD 396. Recent target changes show how wide opinion is:
| Firm | Rating | Price target | Date |
|---|---|---|---|
| Rosenblatt | Buy | USD 500 | August 2026 |
| Needham | Buy | USD 420 | August 2026 |
| Morgan Stanley | Equal Weight | USD 375 | August 2026 |
| Susquehanna | Positive | USD 350 | October 2026 |
| B. Riley | Neutral | USD 297 | October 2026 |
Price targets are opinions, not predictions, and they change often. They work best as one input alongside the company’s own results and guidance when weighing a COHR stock buy or sell decision.
Going long or short on COHR with CFDs
Traders do not have to own the shares to take a view on COHR. A contract for difference (CFD) is a derivative that lets you speculate on a price moving up or down without owning the underlying asset. Going long means opening a position that gains if the price rises. Going short means gaining if it falls, which some traders use around events like earnings.
Share CFDs use leverage, so the notional value of a position is larger than the margin you put down. Leverage magnifies both gains and losses, and a sharp move against you can trigger a margin call. Positions held overnight also incur overnight interest, which adds up over time. The difference between trading and investing matters here: CFDs are generally used for shorter-term views rather than long-term ownership.
How to trade COHR stock
1. Research the business and the calendar
Read Coherent’s latest results and note the 4 November 2026 earnings date. Volatility often rises around results.
2. Decide how you want exposure
Buying the shares through a stockbroker gives ownership. A share CFD gives price exposure in either direction without ownership.
3. Open and fund an account
Open a VT Markets account, complete verification and fund it in your chosen currency.
4. Plan your position size and exits
Set position size relative to your account, and consider stop-loss and take-profit orders before entering. Some traders also use hedging to offset exposure. Negative balance protection is another feature worth understanding before trading leveraged products.
5. Monitor and review
Track the COHR share price, sector news and analyst changes, and review each trade afterwards to refine your approach.
Conclusion
COHR stock offers some of the most direct listed exposure to optical connectivity in AI datacentres, backed by record revenue and expanding margins. The near-halving of the share price since June shows the other side: high expectations, heavy investment and weak cash conversion can move the price sharply. The 4 November 2026 results should give a clearer read on which story the market follows next.
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Frequently asked questions
Does Coherent pay a dividend?
No. Coherent Corp. does not pay a dividend and reinvests cash in research, manufacturing capacity and growth. Returns for shareholders depend on movement in the COHR share price.
When does Coherent report earnings next?
Coherent’s fiscal first-quarter 2027 results are expected on 4 November 2026. The company has guided to revenue of USD 2.2 billion to USD 2.4 billion and non-GAAP EPS of USD 1.85 to USD 2.05 for the quarter.
Why is COHR stock so volatile?
COHR has a beta of about 2.1, meaning it has historically moved roughly twice as much as the broader market. Its high valuation, link to AI spending sentiment and frequent analyst target changes all add to daily price swings.
Where is COHR stock listed and what currency does it trade in?
COHR is listed on the New York Stock Exchange and trades in US dollars. Regular trading runs from 9:30am to 4:00pm New York time, Monday to Friday, with pre-market and after-hours sessions outside those hours.
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