Coherent (COHR) FY2023 results: revenue $5.2 billion, up 55.6% on the year

Coherent Corp. (COHR) reported revenue of $5.2 billion for fiscal 2023, the year ended 30 June 2023, up 55.6% on the year before. Net income was -$259 million, and diluted earnings per share $-2.93. The figures are the company's own, from the 10-K it filed with the SEC on 18 August 2023.

Revenue

$5.2 billion

+55.6% on the year

FY2016FY2023

Operating margin

-0.7%

12.5% a year earlier

FY2016FY2023

Net income

-$259 million

FY2016FY2023

Diluted EPS

-$2.93

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	5,160	3,317	3,106	+55.6%
Cost of revenue	3,542	2,051	1,928	+72.7%
Gross profit	1,618	1,265	1,177	+27.9%
Gross margin	31.4%	38.2%	37.9%
Research and development	500	377	330	+32.5%
Selling, general and administrative	1,037	474	445	+118.7%
Operating income	-37.1	414	402
Operating margin	-0.7%	12.5%	12.9%
Interest expense	287	121	59.9	+136.6%
Pre-tax income	-356	282	353
Income tax	-96.1	47.0	55.0
Effective tax rate	n/a	16.7%	15.6%
Net income	-259	235	298
Net margin	-5.0%	7.1%	9.6%
Diluted EPS	-$2.93	$1.45	$2.37

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	634	413	574	+53.4%
Capital expenditure	436	314	146	+38.7%
Free cash flow	198	99.0	428	+100.0%
Free cash flow margin	3.8%	3.0%	13.8%
Cash from investing	-5,929	-320	-173
Cash from financing	3,554	863	676	+311.8%
Depreciation and amortisation	682	287	270	+137.7%
Share-based compensation	149	73.2	71.0	+103.3%
Buybacks	n/a	0.0	0.0
Dividends paid	27.6	34.5	20.3	-20.0%
Diluted shares, weighted	138m	117m	115m	+18.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	4,988	3,616	3,406	+37.9%
Non-controlling interest	0.0	n/a	n/a
Redeemable equity	2,241	767	726	+192.3%
Debt	4,310	2,300	1,375	+87.3%
Operating lease liabilities	141	110	126	+27.7%
Other liabilities	2,032	1,051	880	+93.3%
Total liabilities and equity	13,711	7,845	6,513	+74.8%
Goodwill	4,513	1,286	1,297	+251.0%
Intangible assets	3,815	635	718	+500.4%
Cash and equivalents	821	2,582	1,592	-68.2%
Receivables	902	700	659	+28.7%
Inventory	1,272	903	696	+41.0%
Other assets	2,389	1,738	1,551	+37.4%
Total assets	13,711	7,845	6,513	+74.8%

10-K for the year ended 30 June 2023, filed 18 August 2023: the filing.