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AI核心结论
COHR delivered strong Q3 FY2026 results with revenue surging 20.5% YoY to $1.81B and net income skyrocketing over 1,100% to $191.4M, though year-to-date operating cash flow collapsed 98% to just $10.1M.
营业收入
$1.81B
同比 ++20.55%
每股收益（基本）
$1.01
同比 ++1018.18%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Coherent (COHR) Q3 FY2026 营收 $1.81B，同比增长 20.5%。 净利润 $191.4M，同比增长 1118.3%，稀释每股收益 $0.97。
Revenue grew 20.5% YoY to $1.81B in Q3 FY2026, up from $1.50B in the prior-year quarter, reflecting robust demand across COHR's product portfolio. This top-line acceleration suggests meaningful market share gains or end-market expansion.
来源: Source: 10-Q Income Statement
Net income surged from $15.7M to $191.4M YoY (+1,118%), with diluted EPS improving from -$0.11 to $0.97. This outsized improvement relative to revenue growth indicates significant operating leverage and/or reduced non-operating charges.
来源: Source: 10-Q Income Statement
Stockholders' equity nearly doubled YoY, rising 99.5% to $10.68B from $5.35B, while total liabilities remained essentially flat at $6.27B. This suggests COHR raised substantial equity capital during the period, materially de-risking the balance sheet.
来源: Source: 10-Q Balance Sheet
Long-term debt declined 14.4% YoY to $3.19B from $3.73B, reducing financial leverage. The debt-to-equity ratio stands at a manageable 0.59x, reflecting improved capital structure discipline.
来源: Source: 10-Q Balance Sheet
Year-to-date operating cash flow collapsed 98% to just $10.1M versus $503.3M in the prior-year period, a stark divergence from reported net income of $191.4M, likely driven by significant working capital build or non-cash adjustments that warrant close monitoring.
来源: Source: 10-Q Cash Flow Statement (YTD)
Despite strong reported net income, COHR's YTD operating cash flow fell 98% to only $10.1M, suggesting a massive working capital build or other cash drains. This disconnect between earnings and cash generation could pressure liquidity if sustained and may indicate aggressive revenue recognition or inventory accumulation.
来源: Source: 10-Q Cash Flow Statement (YTD)
YTD investing cash outflows widened dramatically to -$891.1M from -$283.5M in the prior-year period, a 214% increase. This level of capital expenditure or acquisition spending could strain free cash flow and increase financial risk if returns on invested capital are delayed.
来源: Source: 10-Q Cash Flow Statement (YTD)
Cost of revenue grew 16.0% YoY to $1.13B, consuming 62.3% of revenue, while R&D expenses rose 23.4% and SG&A grew 15.6%. The combined operating expense growth trajectory could compress margins if revenue growth decelerates.
来源: Source: 10-Q Income Statement
Total assets grew 19.7% YoY to $17.3B, largely funded by a near-doubling of stockholders' equity, implying significant equity issuance. Dilution risk for existing shareholders is material, and the company's ability to generate organic cash to fund growth remains uncertain given weak operating cash flow.
来源: Source: 10-Q Balance Sheet
Current liabilities rose 41.2% YoY to $2.11B, significantly faster than revenue growth of 20.5%. While the current ratio remains healthy at 3.05x, the rapid rise in near-term obligations warrants monitoring for potential liquidity pressure.
来源: Source: 10-Q Balance Sheet
Q3 FY2026 实际 EPS $1.41，分析师一致预期 $1.43，不及预期 -1.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.81B | $1.5B | +20.55% |
营业成本 | $1.13B | $970.19M | +16.03% |
净利润 | $191.4M | $15.71M | +1118.27% |
每股收益（基本） | $1.01 | $-0.11 | +1018.18% |
每股收益（稀释） | $0.97 | $-0.11 | +981.82% |
研发费用 | $185.99M | $150.73M | +23.39% |
销售及管理费用 | $267.64M | $231.44M | +15.64% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $17.29B | $14.44B | +19.67% |
流动资产 | $6.45B | $3.7B | +74.20% |
总负债 | $6.27B | $6.28B | -0.08% |
流动负债 | $2.11B | $1.5B | +41.18% |
股东权益 | $10.68B | $5.35B | +99.47% |
现金及等价物 | $1.59B | $890.26M | +78.91% |
长期债务 | $3.19B | $3.73B | -14.42% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $10.06M | $503.32M | -98.00% |
投资活动现金流YTD | $-891.13M | $-283.52M | -214.31% |
筹资活动现金流YTD | $1.48B | $-386.49M | +481.88% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 10.6% | — | — |
净资产收益率 | 1.8% | — | — |
总资产收益率 | 1.1% | — | — |
流动比率 | $3.05 | — | — |
资产负债率 | $0.587 | — | — |
COHR's revenue grew 20.5% YoY to $1.81B in Q3 FY2026, up from $1.50B in the prior-year quarter. This strong top-line growth reflects robust demand for the company's photonics and compound semiconductor products.
The headline story in Q3 FY2026 was COHR's dramatic profitability improvement, with net income surging over 1,100% to $191.4M and diluted EPS reaching $0.97 versus -$0.11 a year ago. However, a critical concern is the near-total collapse in YTD operating cash flow to just $10.1M from $503.3M, which diverges sharply from reported earnings.
Based on the financial data, key risks include the severe deterioration in operating cash flow (down 98% YTD), a 214% increase in investing outflows to -$891.1M, and rapid growth in current liabilities (up 41.2% YoY). These factors suggest COHR is in a heavy investment phase with potential cash conversion challenges.
Yes, COHR reported net income of $191.4M in Q3 FY2026 with a net margin of 10.6% and diluted EPS of $0.97, a dramatic improvement from near-breakeven results a year ago. However, the company's YTD operating cash flow of only $10.1M raises questions about the quality and sustainability of these earnings.
COHR's balance sheet appears solid, with a current ratio of 3.05x, debt-to-equity of 0.59x, and stockholders' equity that nearly doubled YoY to $10.68B following significant equity issuance. The main financial health concern is the weak YTD operating cash flow of $10.1M, which limits the company's ability to self-fund its heavy capital investment program.