Coherent Inc (COHR)
Working capital turnover
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 5,810,280 | 5,595,240 | 5,306,170 | 5,002,600 | 4,707,600 | 4,598,290 | 4,629,670 | 4,868,520 | 5,160,090 | 4,842,002 | 4,429,536 | 3,866,075 | 3,316,616 | 3,237,660 | 3,193,168 | 3,172,918 | 3,105,891 | 3,044,175 | 2,887,984 | 2,767,746 |
| Total current assets | US$ in thousands | 3,927,200 | 3,699,860 | 3,497,440 | 3,630,290 | 3,660,100 | 3,550,230 | 3,421,600 | 3,243,730 | 3,252,000 | 3,406,640 | 3,416,400 | 3,394,630 | 4,305,190 | 4,233,800 | 4,165,800 | 3,050,950 | 3,027,390 | 2,888,770 | 2,137,720 | 1,991,740 |
| Total current liabilities | US$ in thousands | 1,794,800 | 1,497,000 | 1,309,290 | 1,357,990 | 1,343,770 | 1,310,630 | 1,187,770 | 1,083,140 | 1,078,750 | 1,107,460 | 1,132,920 | 1,183,080 | 1,266,960 | 2,123,880 | 2,083,240 | 1,028,660 | 729,589 | 678,837 | 664,474 | 644,893 |
| Working capital turnover | 2.72 | 2.54 | 2.42 | 2.20 | 2.03 | 2.05 | 2.07 | 2.25 | 2.37 | 2.11 | 1.94 | 1.75 | 1.09 | 1.53 | 1.53 | 1.57 | 1.35 | 1.38 | 1.96 | 2.05 |
June 30, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $5,810,280K ÷ ($3,927,200K – $1,794,800K)
= 2.72
The working capital turnover ratio of Coherent Inc exhibits fluctuations over the analyzed period, reflecting variations in the company's efficiency in utilizing its working capital to generate revenue. Starting from a high of 2.05 on September 30, 2020, the ratio generally experienced a decline, hitting a low of 1.09 on June 30, 2022. This downturn indicates a period where the company was less efficient in generating sales relative to its working capital, potentially due to operational challenges, inventory buildup, or slower receivables collection during that timeframe.
Subsequently, a notable recovery is observed, with the ratio increasing to 1.75 by September 30, 2022, and further climbing to a peak of 2.54 on March 31, 2025. The rising trend signifies improved operational efficiency, implying that the company has become better at leveraging its working capital to generate sales. The ratio's progression suggests management's efforts to optimize working capital components, such as inventory management and receivables collection, positively impacting overall efficiency.
Overall, the long-term trend reflects an initial period of decreased efficiency, followed by a significant recovery and upward trajectory in working capital turnover, indicating enhanced operational performance in converting working capital into revenue.
Peer comparison
Jun 30, 2025