Coherent vs Corning
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KIRA’s take AI analyst
I put Coherent and Corning side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Coherent
COHR
6/10
Revenue growth5-year growthGross marginNet marginPiotroski F-scoreNet debt / EBITDA
Corning
GLW
4/10
FCF marginReturn on capitalReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | COHR FY26 | GLW FY25 |
|---|---|---|
| Size | ||
| Market cap | $43.3B | $111.8B |
| 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 | — | 58.3x |
| Piotroski F-score | 7 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.