Coherent vs Corning
Corning is the larger business, with $15.63bn of revenue in fiscal 2025 against $7.12bn for Coherent (2.2 times as much). Coherent grew faster (22.5% against 19.1%). Coherent kept more of each dollar of sales as profit: a net margin of 11.3% against 10.2%. Coherent carries less debt relative to equity (29.9% against 71.4%).
| Latest fiscal year | CoherentCOHR, 2026 | CorningGLW, 2025 |
|---|---|---|
| Revenue | $7.12bn | $15.63bn |
| Revenue growth | 22.5% | 19.1% |
| Net income | $805m | $1.60bn |
| Operating margin | — | 14.6% |
| Net margin | 11.3% | 10.2% |
| Return on equity | 9.7% | 14.2% |
| Free cash flow | −$1.02bn | $1.41bn |
| Cash | $1.16bn | $1.53bn |
| Total debt | $3.26bn | $8.43bn |
| Debt to equity | 29.9% | 71.4% |
| Dividend per share | — | $1.12 |
| Dividend yield | 0.0% | 0.9% |
| Share buybacks | — | $163m |
| Employees | 51,000 | 67,200 |
| Market value | $41.73bn | $109.69bn |
| Price vs our value range | — | Above our value range |
| Moat score | 37 (Weak) | 51 (Moderate) |
| Insider trades, 12 months | 0 buys, 37 sales | 0 buys, 30 sales |