Coherent Inc (COHR)
Cash ratio
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | US$ in thousands | 909,200 | 890,258 | 917,815 | 1,019,650 | 926,033 | 913,578 | 877,255 | 941,081 | 821,310 | 880,028 | 913,286 | 898,501 | 2,582,370 | 1,610,320 | 2,649,720 | 1,560,180 | 1,591,890 | 1,535,310 | 834,540 | 476,369 |
| Short-term investments | US$ in thousands | — | — | — | — | — | 15,000 | 21,000 | — | -12,023 | — | — | — | — | — | 394,044 | 458,061 | 15,129 | 15,128 | 35,361 | 35,346 |
| 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 |
| Cash ratio | 0.51 | 0.59 | 0.70 | 0.75 | 0.69 | 0.71 | 0.76 | 0.87 | 0.75 | 0.79 | 0.81 | 0.76 | 2.04 | 0.76 | 1.46 | 1.96 | 2.20 | 2.28 | 1.31 | 0.79 |
June 30, 2025 calculation
Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($909,200K
+ $—K)
÷ $1,794,800K
= 0.51
The cash ratio of Coherent Inc. exhibits considerable fluctuations over the analyzed period from September 30, 2020, to June 30, 2025. Initially, the cash ratio increased from 0.79 in September 2020 to a peak of 2.28 in March 2021, indicating a substantial accumulation of cash relative to current liabilities during that quarter. Following this peak, the ratio experienced a decline but remained relatively high, with values around 2.20 in June 2021 and 1.96 in September 2021, suggesting a strong liquidity position during this period.
Beginning in late 2021 and into 2022, the cash ratio declined sharply, reaching approximately 0.76 in March 2022, aligning closely with previous levels observed in 2020. The subsequent period saw some recovery, with ratios rising back to around 2.04 in June 2022, but then decreasing again to 0.76 in September 2022. From late 2022 through mid-2023, the ratio stabilized around the 0.70 to 0.87 range, indicating a consistent but modest level of cash liquidity relative to current liabilities.
A clear downward trend emerges from the second half of 2023 onward, with the cash ratio decreasing from about 0.87 in September 2023 to approximately 0.51 by June 2025. This steady decline reflects a reduction in the company's cash holdings relative to its short-term obligations over this period.
Overall, the cash ratio of Coherent Inc. demonstrates significant variability with periods of high liquidity concentration followed by sustained declines. The trend toward lower ratios in recent periods suggests a move towards maintaining relatively less cash relative to current liabilities, potentially indicating shifts in liquidity management strategies or operational needs.
Peer comparison
Jun 30, 2025