{"schemaVersion":1,"research":true,"symbol":"cohr","name":"Coherent","topic":"moat","path":"/stock/cohr/moat","status":"published","version":6,"updatedAt":"2026-10-17T23:45:47.311Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Coherent has a narrow moat supported by manufacturing qualification friction, established customer demand, and demonstrated benefits from integrated production and scale. The NVIDIA purchase commitment strengthens demand visibility but is non-exclusive and does not establish customer lock-in or future investment returns. Pricing optimization contributed to improved margins, providing evidence of some realized pricing ability, although customer bargaining power and distributor price protection constrain it. Rapid technological change, backward integration and capital-intensive expansion limit confidence in long-term durability.","advantages":[{"mechanism":"switching_costs","claim":"Customer qualification requirements for manufacturing lines create friction in replacing qualified production capacity. A major customer's repeated revenue contribution and a multi-year purchase commitment support the commercial relevance of established supplier relationships, although neither proves exclusive dependence.","durability":"Qualification friction is a current structural feature. The multi-year commitment supports future demand visibility, but its fulfillment and economics remain prospective; the passages do not quantify switching costs or establish their persistence across technology generations.","risks":"Large customers have substantial bargaining power. The NVIDIA agreement is non-exclusive, customer concentration has increased, and customers could backward integrate. Qualification requirements also impose costs and execution risks on Coherent itself.","invalidation":"The advantage would be undermined by disclosed customer transfers to alternative suppliers without material qualification delays, displacement through customer internal production, or sustained loss of repeat business despite competitive product performance.","competitors":[],"evidenceIds":["e1","e2","e3","e4"],"counterEvidenceIds":["e5","e6","e7"]},{"mechanism":"cost_advantage","claim":"Integrated materials and component supply, site consolidation and manufacturing scale have produced actual cost benefits: Coherent reports achieving its $250 million synergy plan and subsequent input-cost, cycle-time and yield improvements. These support a limited cost advantage, although relative unit-cost leadership over competitors is unproven.","durability":"Existing integration and manufacturing capabilities can support recurring efficiencies, but maintaining them requires investment and effective capacity utilization. Achieved savings provide stronger evidence than management's general competitive-advantage claims, without establishing an exceptional or permanent cost lead.","risks":"Competitors may have greater resources, alternative technologies can displace products, and new capacity may be underutilized. Expansion can raise costs before adequate scale is reached. Improvements attributable to volume and divestitures may not persist through a downturn.","invalidation":"The advantage would be undermined if disclosed integration savings reverse, manufacturing yields or cycle times deteriorate persistently, or new capacity produces sustained underutilization and cost increases that offset the demonstrated efficiencies.","competitors":[],"evidenceIds":["e8","e9","e10","e11"],"counterEvidenceIds":["e12","e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1A / customer qualification of manufacturing lines","excerpt":"In addition, certain customers may require qualification of existing, new, relocated, or subcontractor manufacturing lines before they will purchase more than limited evaluation units or permit volume shipments."},{"id":"e2","sourceId":"filing-1","location":"Segment and geographic information / revenue history and major customer","excerpt":"The following tables summarizes depreciation and amortization by segment ($000): 87 Table of Contents Year Ended June 30, Depreciation and amortization 2026 2025 2024 Datacenter & Communications $ 212,560 $ 209,293 $ 213,693 Industrial 304,960 339,377 340,601 Corporate and shared services 4,375 4,928 5,467 Total depreciation and amortization $ 521,895 $ 553,598 $ 559,761 Geographic information for revenues, by location of the customer’s headquarters, were as follows ($000): Revenues Year Ended June 30, 2026 2025 2024 North America $ 4,633,696 $ 3,564,846 $ 2,622,569 Europe 814,176 698,800 714,282 China 813,377 680,110 621,918 Japan 390,373 390,610 340,863 Rest of World 466,559 475,749 408,056 Total $ 7,118,181 $ 5,810,115 $ 4,707,688 Major Customers One major customer accounted for 20%, 10%, and 10% of consolidated revenue during fiscal 2026, 2025 and 2024, respectively."},{"id":"e3","sourceId":"filing-2","location":"MD&A / Agreements with NVIDIA","excerpt":"Agreements with NVIDIA On March 2, 2026, the Company entered into a multi-year strategic agreement with NVIDIA to advance the development of advanced optics technologies, including manufacturing capacity and research and development, to enable next-generation AI infrastructure."},{"id":"e4","sourceId":"filing-2","location":"MD&A / non-exclusive purchase commitment and capacity rights","excerpt":"The non-exclusive agreement includes a multi-billion-dollar purchase commitment with NVIDIA, as well as future access and capacity rights for advanced laser and optical networking products."},{"id":"e5","sourceId":"filing-1","location":"Item 1A / large-customer bargaining power","excerpt":"We contract with a number of large end-user service providers and product companies that have considerable bargaining power, which may require us to agree to terms and conditions that could have an adverse effect on our business or ability to recognize revenues."},{"id":"e6","sourceId":"filing-1","location":"Item 1A / potential competitor and customer backward integration","excerpt":"18 Table of Contents We may encounter increased competition, and we may fail to accurately estimate our competitors’ or our customers’ willingness and capability to backward integrate into our competencies and thereby displace us."},{"id":"e7","sourceId":"filing-1","location":"Major Customers / second major customer's fiscal 2026 revenue share","excerpt":"A second major customer accounted for 12% of consolidated revenue during fiscal 2026."},{"id":"e8","sourceId":"filing-1","location":"Synergy and Site Consolidation Plan / achieved savings","excerpt":"These relocations and other actions resulted in the Company achieving its previously announced $250 million synergy plan, which included savings from supply chain management, internal supply of enabling materials and components, operational efficiencies in all functions due to scale, global functional model efficiencies and consolidation of corporate costs."},{"id":"e9","sourceId":"filing-2","location":"MD&A / realized manufacturing and input-cost improvements","excerpt":"The improvement in gross margin percentage was primarily driven by higher revenue volume, cost reductions in product input costs and efficiency gains from improved cycle times in the manufacturing process and yield improvements within the Datacenter & Communications segment."},{"id":"e10","sourceId":"filing-1","location":"Item 1 / vertically integrated manufacturing business","excerpt":"(“Coherent,” the “Company,” “we,” “us,” or “our”), is a vertically integrated manufacturing company that develops, manufactures, and markets lasers, transceivers, and other optical and optoelectronic devices, modules, and systems, as well as engineered materials, for use in the data center, communications and industrial markets."},{"id":"e11","sourceId":"filing-1","location":"Competition / management's asserted sources of advantage","excerpt":"We believe that our vertical integration, manufacturing facilities and equipment, experienced technical and manufacturing employees, and worldwide marketing and distribution channels provide us with competitive advantages."},{"id":"e12","sourceId":"filing-1","location":"Item 1A / potential competitor resource advantages","excerpt":"Some of our competitors may have financial, technical, marketing, or other capabilities that are more extensive than ours."},{"id":"e13","sourceId":"filing-1","location":"Competition / alternative technologies and products","excerpt":"In addition to competitors who manufacture products similar to those we produce, there are other technologies and products available that may compete with our technologies and products."},{"id":"e14","sourceId":"filing-1","location":"Item 1A / capacity-expansion funding, ramp and utilization risks","excerpt":"In addition, these expansions involve several risks including the following: •inability to meet capital expenditure requirements, including during periods of relatively low free cash flow generation; •unavailability of necessary funding, which may include external sources; •inability to realize expected grants, investment tax credits, and other government incentives, including through the CHIPS Act and other national, international, state, and local grants; •potential changes in laws or provisions of grants, investment tax credits, and other government incentives, including the CHIPS Act; •delays and potential restrictions related to environmental and other government regulations or permits; •potential restrictions on expanding in certain geographies; •inability to complete construction as scheduled and within budget; •inability to attract, retain and motivate key talent; •inability to timely ramp production in a cost-effective manner; •increases to our cost structure until new production is ramped to adequate scale; and •insufficient customer demand to utilize our increased capacity."},{"id":"e15","sourceId":"filing-1","location":"Item 1A / potential costs of excess capacity and demand forecasting errors","excerpt":"If we overestimate demand, if customers delay, reduce, or cancel anticipated orders, or if expected end markets develop more slowly than anticipated, we may be unable to optimize our manufacturing footprint and could incur excess or obsolete inventory, underutilized facilities, under-absorbed overhead, liabilities under supplier arrangements, noncancellable purchase obligations, or charges associated with unused allocated manufacturing capacity, any of which could increase our costs and reduce our margins."},{"id":"e16","sourceId":"filing-2","location":"MD&A / pricing optimization and divestiture contributions to gross margin","excerpt":"Gross margin also benefited from pricing optimization in the Datacenter & Communications segment, as well as the divestitures of our aerospace and defense business on September 2, 2025 and our Munich, Germany business on January 30, 2026."},{"id":"e17","sourceId":"filing-1","location":"Revenue recognition / distributor price protection and returns","excerpt":"We determine variable consideration, which primarily consists of product returns and distributor sales price reductions resulting from price protection agreements, by estimating the impact of such reductions based on historical analysis of such activity."},{"id":"e18","sourceId":"filing-2","location":"MD&A / quarterly gross-margin improvement","excerpt":"Gross margin. Gross margin for the three months ended March 31, 2026 was $680 million, or 38% of revenues, compared to $528 million, or 35% of revenues, for the same period in the prior fiscal year, representing an increase of 243 basis points."},{"id":"e19","sourceId":"filing-2","location":"MD&A / nine-month gross-margin improvement","excerpt":"Gross margin for the nine months ended March 31, 2026 was $1,882 million, or 37% of revenues, compared to $1,497 million, or 35% of revenues, for the same period in the prior year, representing an increase of 213 basis points."},{"id":"e20","sourceId":"filing-2","location":"Liquidity and capital resources / inventory-related operating cash-flow decline","excerpt":"The decrease in cash flows provided by operating activities during the nine months ended March 31, 2026 compared to the same period in the prior fiscal year was primarily driven by a significant increase in inventories to support higher revenue levels, which resulted in increased working capital usage."},{"id":"e21","sourceId":"filing-2","location":"Investing activities / investments, capital expenditures and divestiture proceeds","excerpt":"The increase was primarily due to $825 million purchases of short-term investments and higher cash used to fund capital expenditures partially offset by $437 million cash received from the sale of businesses, net of fees, and cash received from the sale of an equity investment."},{"id":"e22","sourceId":"filing-2","location":"Financing activities / equity issuance and debt payments","excerpt":"The increase was primarily due to the $2 billion in proceeds from the issuance of Common Stock to NVIDIA, net of fees, partially offset by higher payments, net of borrowings, on existing debt obligations."},{"id":"e23","sourceId":"filing-2","location":"Equity / completed preferred-stock conversion into common shares","excerpt":"During the quarter ended December 31, 2025, 75,000 shares and 140,000 shares of previously issued Series B-1 (“Series B-1 Preferred Stock”) and B-2 convertible preferred stock (“Series B-2 Preferred Stock” and, together with the Series B-1 Preferred Stock, the “Series B Preferred Stock”), no par value per share, respectively, were converted into an aggregate of 30.1 million shares of Common Stock."},{"id":"e24","sourceId":"filing-2","location":"Liquidity and capital resources / capacity agreement through 2030","excerpt":"We also entered into a multi-year capacity agreement that may require incremental investments in equipment, labor, and working capital to support future production volumes through 2030."},{"id":"e25","sourceId":"filing-2","location":"Liquidity and capital resources / prospective cash and concentration implications","excerpt":"While no material liability was recorded at quarter-end solely as a result of entering into the agreement, the arrangement may result in material future cash requirements and could affect revenue concentration, gross margin, and capital expenditures as volumes ramp."},{"id":"e26","sourceId":"filing-3","location":"CD&A / realized three-year operating cash flow versus PSU threshold","excerpt":"​ ​ Cash Flow from Operations ​ ​ Units Earned as a Percentage of Target Award ​ ​ If Coherent Consolidated Cash Flow from Operations is less than 79.99% of the Cash Flow Target ​ ​ 0% ​ ​ If Coherent Consolidated Cash Flow from Operations is greater than or equal to 80.00% and less than 100.00% of the Cash Flow Target ​ ​ 50.00% to 99.99% ​ ​ If Coherent Consolidated Cash Flow from Operations equals 100.00% of the Cash Flow Target ​ ​ 100% ​ ​ If Coherent Consolidated Cash Flow from Operations is greater than 100.00% and less than 140.00% of the Cash Flow Target ​ ​ 100.01% to 199.99%1 ​ ​ If Coherent Consolidated Cash Flow from Operations is greater than or equal to 140.00% of the Cash Flow Target ​ ​ 200%1 ​ COHERENT PROXY STATEMENT 2026 | 51 Table of Contents Based on the three-year performance period ending with fiscal year 2026, Coherent’s cash flow from operations was $1,258.8 million, which was below the threshold performance $2,784.2 million."},{"id":"e27","sourceId":"filing-3","location":"CD&A / certified non-earning of cash-flow PSUs","excerpt":"In accordance with the payout scale described above, the Committee reviewed and certified that the consolidated cash flow from operations PSUs for the fiscal 2024-2026 performance period did not reach the required threshold and therefore were not earned."},{"id":"e28","sourceId":"filing-3","location":"CD&A / fiscal 2026 granted PSU and RSU mix","excerpt":"​ 48 | COHERENT PROXY STATEMENT 2026 Table of Contents FISCAL YEAR 2026 GRANTS OF PSUS AND RSUS As described above, the Committee established the mix of equity vehicles for fiscal year 2026 as 60% PSUs / 40% RSUs for the NEOs."},{"id":"e29","sourceId":"filing-3","location":"CD&A / issued PSU performance period","excerpt":"The PSUs issued in fiscal year 2026 had a three-year performance period, beginning July 1, 2025 and ending June 30, 2028."},{"id":"e30","sourceId":"filing-3","location":"CD&A / approved relative-TSR performance metric","excerpt":"The Committee approved relative Total Shareholder Return (TSR) as the performance metric for the fiscal year 2026-28 performance period, which measures Coherent’s TSR relative to companies in the S&P Composite 1500 — Electronic Equipment, Instruments & Components Index."},{"id":"e31","sourceId":"filing-3","location":"Board committees / compensation oversight and independent NCG committee","excerpt":"​ ​ KEY RESPONSIBILITIES • Annually reviews and approves all aspects of the CEO’s terms of employment, goals, objectives, and total compensation ​ • Annually reviews and approves all aspects of the total compensation of the other executive officers under its purview ​ • Annually reviews and recommends to the Board for approval the compensation package for non-employee directors ​ • Administers compensation-related plans, including equity-based incentive compensation plans, employee stock purchase plans, and deferred compensation plans ​ • Reviews with management the Company’s human capital management strategy and practices, which may include employee engagement programs and initiatives; employee safety; and succession planning ​ • Reviews and discusses with management all executive compensation disclosures in the annual report and proxy statement, and produces the Compensation and Human Capital Committee’s report on executive officer compensation for the annual report or proxy statement ​ ​ ​ NOMINATING AND CORPORATE GOVERNANCE COMMITTEE ​ ​ Meetings in FY 2026: 4 All members are independent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CHAIR • Joseph Corasanti ​ OTHER MEMBERS • Michael Dreyer ​ • Patricia Hatter ​ • Lisa Neal-Graves ​ • Stephen Skaggs ​ ​ ​ The Committee develops Coherent’s corporate governance policies, oversees matters of Board composition and refreshment, and provides guidance on sustainability goals."},{"id":"e32","sourceId":"filing-3","location":"Board of Directors / classified board structure","excerpt":"The Board is divided into three classes, each as nearly equal as possible in number of directors."},{"id":"e33","sourceId":"filing-3","location":"Corporate governance / annual board and committee self-evaluations","excerpt":"In addition, the NCG Committee facilitates annual self-evaluations of the Board, the Audit and Risk Committee, the Compensation and Human Capital Committee, and the NCG Committee in order to determine whether the Board and such Committees are functioning effectively."},{"id":"e34","sourceId":"filing-1","location":"Capital-stock risks / board authority to issue preferred stock","excerpt":"•Our Board of Directors can issue, without approval of the holders of our common stock, preferred stock with voting and conversion rights that could adversely affect the voting power of the holders of our common stock, the rights of holders of shares of our capital stock, or the market price of our capital stock."},{"id":"e35","sourceId":"filing-1","location":"Impairment of Assets Held-for-Sale / realized Industrial impairment","excerpt":"As a result of classifying these entities as held-for-sale, we recorded non-cash impairment charges of $85 million within the Industrial segment."},{"id":"e36","sourceId":"filing-3","location":"Pay versus performance / multi-year net income and compensation disclosures","excerpt":"​ Year ​ ​ Summary Compensation Table Total for PEO 11 ($) ​ ​ Compensation Actually Paid to PEO 11,2,3 ($) ​ ​ Average Summary Compensation Table Total for Non-PEO NEOs1 ($) ​ ​ Average Compensation Actually Paid to Non-PEO NEOs1,2,3 ($) ​ ​ Value of Initial Fixed $100 Investment based on:4 ​ ​ Net Income ($ Millions) ​ ​ Adjusted EBITDA5 ($ Millions) ​ ​ TSR ($) ​ ​ Peer Group TSR ($) ​ ​ 2026 ​ ​ 28,349,672 ​ ​ 713,540,125 ​ ​ 6,279,618 ​ ​ 57,397,501 ​ ​ 543.42 ​ ​ 315.48 ​ ​ 787 ​ ​ 1,744.7 ​ ​ 2025 ​ ​ 3,722,935 ​ ​ 34,479,371 ​ ​ 12,058,072 ​ ​ 10,843,278 ​ ​ 122.90 ​ ​ 111.71 ​ ​ 30 ​ ​ 1,318.6 ​ ​ 2024 ​ ​ 101,497,009 ​ ​ 108,396,274 ​ ​ 2,455,433 ​ ​ 5,025,954 ​ ​ 99.82 ​ ​ 94.96 ​ ​ (159) ​ ​ 1,001.2 ​ ​ 2023 ​ ​ — ​ ​ — ​ ​ 5,304,906 ​ ​ 6,787,965 ​ ​ 70.23 ​ ​ 89.84 ​ ​ (259) ​ ​ 1,238.7 ​ ​ 2022 ​ ​ — ​ ​ — ​ ​ 2,670,549 ​ ​ (77,480) ​ ​ 70.19 ​ ​ 76.48 ​ ​ 235 ​ ​ 864.8 ​ ​ 1."},{"id":"e37","sourceId":"filing-1","location":"Preferred stock / completed conversion and cessation of quarterly dividends","excerpt":"Due to the conversion of the Series B Preferred Stock to Common Stock in the quarter ended December 31, 2025, no dividends were declared or paid for the quarters ended December 31, 2025, March 31, 2026 or June 30, 2026."},{"id":"e38","sourceId":"filing-3","location":"Pay versus performance / interpretation of SEC compensation-actually-paid measure","excerpt":"Compensation actually paid, as determined under SEC requirements, does not reflect the actual amount of compensation earned by or paid to our executive officers during a covered year."}],"changes":["No comparable previous version; previous accepted analysis is null."],"limitations":["Only the supplied issuer passages were assessed. Source dates are filing dates: May 6, August 14 and October 9, 2026; they are not retrieval dates.","No competitor is identified by name as a competitor. NVIDIA is disclosed as a commercial partner and investor; the other named investment counterparties and compensation advisers do not establish competitor coverage.","The passages provide no comparative unit costs, market-share history, patent-life analysis or measured customer switching costs. Management's leadership and competitive-advantage assertions are not independent demonstrations of superiority.","Pricing optimization is disclosed as a contributor to realized margin improvement, but its magnitude, product coverage, duration and separation from mix effects are unavailable. Margin improvement alone does not establish the moat.","Repeat demand is assessed indirectly from customer revenue history and contractual commitments. No retention rate, supplier replacement history or qualification duration is supplied.","The NVIDIA commitment and capacity agreement support visibility, but detailed pricing, cancellation, minimum-volume and cost-pass-through terms are absent. Capacity expansion and the CHIPS funding letter of intent do not establish realized future returns.","The supplied proxy supports assessment of actual incentive grants, certified payouts and governance structures. Detailed beneficial ownership, executive ownership compliance and complete compensation economics remain unavailable; future PSU vesting and the November 2026 advisory vote are not treated as completed.","Risk factors describe potential erosion rather than proof that customer displacement, underutilization or technological obsolescence has occurred. Realized cash-flow shortfalls and impairments are assessed separately."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Manufacturing qualification requirements and achieved integration savings support a limited structural advantage. Comparative cost leadership and the extent of customer switching friction are unmeasured.","evidenceIds":["e1","e8","e9","e10"]},{"criterion":"durability","grade":2,"rationale":"Repeated major-customer demand and a multi-year purchase commitment support persistence beyond a single period. Non-exclusivity, alternative technologies and backward-integration risk limit confidence across technology cycles.","evidenceIds":["e2","e3","e4","e6","e13"]},{"criterion":"customer_dependency","grade":2,"rationale":"Qualification requirements and committed purchases indicate meaningful supplier relevance. Dependency remains mixed because concentrated customers retain bargaining power and the strategic agreement permits other suppliers.","evidenceIds":["e1","e2","e4","e5","e7"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Achieved savings and subsequent yield and cycle-time improvements show adaptation. They do not demonstrate resilience through a sustained demand decline or major technology substitution; disclosed expansion risks remain prospective.","evidenceIds":["e8","e9","e13","e14","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Pricing optimization contributed positively to realized Datacenter & Communications margins. The contribution is unquantified, while distributor price protection and large-customer bargaining power constrain broader pricing power.","evidenceIds":["e16","e17","e5"]},{"criterion":"retention","grade":2,"rationale":"Indirect operating evidence shows a major customer contributing revenue across three years, supplemented by a multi-year purchase commitment and qualification friction. This supports repeat demand without establishing a retention rate, exclusive dependence or pricing-insensitive purchasing.","evidenceIds":["e2","e1","e4","e5"]},{"criterion":"margin_resilience","grade":2,"rationale":"Quarterly and nine-month gross margins improved, supported by operational efficiencies and pricing optimization. Higher volume and divestitures also helped, leaving resilience under adverse demand conditions unproven.","evidenceIds":["e18","e19","e9","e16","e15"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Disclosed distributor price-protection agreements limit pricing discretion, and large customers have considerable bargaining power over terms. The purchase commitment does not disclose unilateral repricing or cost-pass-through rights.","evidenceIds":["e17","e5","e4"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Achieved synergies, divestiture proceeds, debt payments and cessation of preferred dividends are constructive. They coexist with impairments, inventory-driven cash-flow pressure, equity dilution and a substantial miss against the three-year cash-flow threshold. Future capacity commitments still require returns to be demonstrated.","evidenceIds":["e8","e21","e22","e23","e37","e35","e20","e26","e24","e25"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual fiscal 2026 grants use a 60% PSU and 40% RSU mix, with a three-year relative-TSR performance period. Certified zero earning of earlier cash-flow PSUs demonstrates an enforced performance condition. Alignment is mixed because current PSUs use relative TSR alone, and ownership and complete award economics are absent.","evidenceIds":["e28","e29","e30","e27"]},{"criterion":"execution","grade":2,"rationale":"Revenue growth, achieved synergies, manufacturing improvements and the net-income recovery demonstrate operating execution. The substantial cash-flow target miss and realized impairments temper that record. Results span different management tenures, and SEC compensation-actually-paid figures are not treated as cash received.","evidenceIds":["e2","e8","e9","e36","e26","e35","e38"]},{"criterion":"governance","grade":2,"rationale":"An independent NCG committee, documented compensation oversight, annual evaluations and certified enforcement of PSU conditions support functioning governance processes. The classified board and preferred-stock issuance authority weaken shareholder control; effectiveness beyond the disclosed processes remains unproven.","evidenceIds":["e31","e33","e27","e32","e34"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"d4c63c44a0eaf16dca53f070f07e0b90b3df9b11f9554eb9232e968653079e02","updatedAt":"2026-10-17T23:45:47.311Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","publishedAt":"2026-08-14","sha256":"f6a52223ab4cfa20f04e30c5040096f53d6db3dc3c02257bb459713b6a5249ca","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm","publishedAt":"2026-05-06","sha256":"a68851fad77903f53eb50f9ee90e6642507d0a282c921db5eaae865cbe4cf8fc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/820318/000110465926114847/tm264288-6_def14a.htm","publishedAt":"2026-10-09","sha256":"addc497a271bca82953eec426b1e1e7c9673cc9d0161870e2491f655eed15dad","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:6d66923f801c61e38e7197659111936ba97848ef5d47767041bf3b280a27bfde","usage":{"input_tokens":51865,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":4156,"reasoning_output_tokens":153},"basisSupplement":{"previousHash":"b25ab0ce1b2a2d1eab526469555056d33233ea18eb2d70a10d55af014d0f6b35","checkedAt":"2026-10-19T10:12:32.566Z","rule":"dated historical and missing inputs only; 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a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-06-30","values":{"gross_margin":30.92736816883362,"operating_margin":2.041787816014995,"roic":null,"fcf_margin":4.225322493759145,"sbc_revenue":2.677513887921205},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-06-30","values":{"gross_margin":35.16835725282546,"operating_margin":null,"roic":null,"fcf_margin":3.3177312325143307,"sbc_revenue":2.757931641628436},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2026","end":"2026-06-30","values":{"gross_margin":37.49609626391911,"operating_margin":null,"roic":null,"fcf_margin":-14.377198331989593,"sbc_revenue":2.6196018336707088},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Operating income is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000020/iivi-20260630.htm","publishedAt":"2026-08-14","sha256":"f6a52223ab4cfa20f04e30c5040096f53d6db3dc3c02257bb459713b6a5249ca","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/820318/000082031826000013/iivi-20260331.htm","publishedAt":"2026-05-06","sha256":"a68851fad77903f53eb50f9ee90e6642507d0a282c921db5eaae865cbe4cf8fc","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/820318/000110465926114847/tm264288-6_def14a.htm","publishedAt":"2026-10-09","sha256":"addc497a271bca82953eec426b1e1e7c9673cc9d0161870e2491f655eed15dad","dateKind":"filed"}],"history":[{"version":6,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"narrow","value":null},{"version":5,"updatedAt":"2026-10-19T13:54:22.947Z","verdict":"narrow","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}