Coherent vs Corning
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The short version
- Corning is the larger business, with $15.6B of revenue in fiscal 2025 against $7.1B for Coherent, about 2.2 times as much.
- Coherent grew revenue faster (22.5%, against 19.1%).
- Corning turned more of its sales into free cash flow (9.0% FCF margin, against −14.4%).
- Corning earned a higher return on the capital invested in it (10.8%, against 9.1%).
| Latest fiscal year | COHR · FY26 | GLW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $40.9B | $108.2B |
| Revenue | $7.1B | $15.6B |
| Free cash flow | −$1.0B | $1.4B |
| Net income | $805M | $1.6B |
| Growth | ||
| Revenue growth | 22.5% | 19.1% |
| 5-year growth | 18.0% | 6.7% |
| Share count change | 26.3% | 0.2% |
| Profitability | ||
| Gross margin | 37.5% | 36.0% |
| Operating margin | — | 14.6% |
| Net margin | 11.3% | 10.2% |
| FCF margin | −14.4% | 9.0% |
| Return on capital | 9.1% | 10.8% |
| Return on equity | 9.7% | 14.2% |
| Balance sheet | ||
| Net debt | $1.2B | $6.9B |
| Net debt / EBITDA | 0.8x | 1.9x |
| Dividends and buybacks | $11.4M | $1.2B |
| Valuation & quality | ||
| P/E | — | 56.5x |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
COHR $972M
GLW $10.1B
FY18
COHR $1.2B
GLW $11.3B
FY19
COHR $1.4B
GLW $11.5B
FY20
COHR $2.4B
GLW $11.3B
FY21
COHR $3.1B
GLW $14.1B
FY22
COHR $3.3B
GLW $14.2B
FY23
COHR $5.2B
GLW $12.6B
FY24
COHR $4.7B
GLW $13.1B
FY25
COHR $5.8B
GLW $15.6B
FY26
COHR $7.1B
GLW —
COHR
GLW
Operating margin
FY17
COHR 11.9%
GLW 15.9%
FY18
COHR 11.8%
GLW 14.0%
FY19
COHR 10.9%
GLW 11.4%
FY20
COHR 1.7%
GLW 4.5%
FY21
COHR 13.0%
GLW 15.0%
FY22
COHR 12.5%
GLW 10.1%
FY23
COHR −0.7%
GLW 7.1%
FY24
COHR 2.0%
GLW 8.7%
FY25
COHR —
GLW 14.6%
FY26
COHR —
GLW —
COHR
GLW
Free cash flow
FY17
COHR −$19.9M
GLW —
FY18
COHR $7.6M
GLW $677M
FY19
COHR $41.4M
GLW $53.0M
FY20
COHR $160M
GLW $803M
FY21
COHR $428M
GLW $1.8B
FY22
COHR $99.0M
GLW $1.0B
FY23
COHR $198M
GLW $615M
FY24
COHR $199M
GLW $974M
FY25
COHR $193M
GLW $1.4B
FY26
COHR −$1.0B
GLW —
COHR
GLW
Return on capital
FY17
COHR 10.5%
GLW 4.9%
FY18
COHR 9.0%
GLW 6.6%
FY19
COHR 9.5%
GLW 5.8%
FY20
COHR 1.2%
GLW 2.3%
FY21
COHR 9.6%
GLW 9.3%
FY22
COHR 10.5%
GLW 6.4%
FY23
COHR −0.5%
GLW 4.0%
FY24
COHR 0.9%
GLW 4.8%
FY25
COHR 2.0%
GLW 10.8%
FY26
COHR 9.1%
GLW —
COHR
GLW
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.