Coherent vs Corning
Corning reported revenue of $15.6 billion in fiscal 2025, 2.2 times Coherent's $7.1 billion in fiscal 2026. Coherent's revenue grew 22.5% in its latest year, and Corning's grew 19.1%. Free cash flow was −$1.0 billion at Coherent and $1.4 billion at Corning. Their fiscal years end in different months (June 30 and December 31), so the periods don't line up exactly.
Side by side
| Coherent | Corning | |
|---|---|---|
| Latest fiscal year | FY2026, Jun 30, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $7.1B | $15.6B |
| Revenue growth | 22.5% | 19.1% |
| Revenue growth a year, last 5 years | 18.0% | 6.7% |
| Gross margin | 37.5% | 36.0% |
| Operating margin | — | 14.6% |
| Net margin | 11.3% | 10.2% |
| Free cash flow | −$1.0B | $1.4B |
| Free cash flow margin | −14.4% | 9.0% |
| Return on capital | 9.1% | 10.8% |
| Net debt to EBITDA | 0.8x | 1.9x |
| Dividends and buybacks | $11M | $1.2B |
| Change in diluted share count | 26.3% | 0.2% |
| Last close | $221.50 | $127.74 |
| P/E at the last close | 53.8× | 58.3× |
| Insider trades, last 12 months | sold $1.1 billion | sold $112.2 million |
| Piotroski F-score | 7 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CoherentCorning
Operating margin
Percent of revenue
CoherentCorning
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CoherentCorning