Coherent Inc (COHR)
Pretax margin
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 93,793 | 167,101 | 125,360 | -40,047 | -147,647 | -390,994 | -363,890 | -392,837 | -355,558 | -73,136 | -5,360 | 140,348 | 281,807 | 326,075 | 356,525 | 383,454 | 352,590 | 300,050 | 239,909 | 26,171 |
| 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 |
| Pretax margin | 1.61% | 2.99% | 2.36% | -0.80% | -3.14% | -8.50% | -7.86% | -8.07% | -6.89% | -1.51% | -0.12% | 3.63% | 8.50% | 10.07% | 11.17% | 12.09% | 11.35% | 9.86% | 8.31% | 0.95% |
June 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $93,793K ÷ $5,810,280K
= 1.61%
The pretax margin of Coherent Inc has exhibited significant fluctuations over the analyzed period. During the fiscal year ending September 30, 2020, the company reported a marginal pretax margin of 0.95%, indicating minimal profitability before taxes. The margin experienced a substantial improvement throughout 2020 and into early 2021, reaching a peak of approximately 12.09% as of September 30, 2021. This suggests a period of robust operating performance and efficient cost management during this interval.
Subsequently, from late 2021 through mid-2022, the pretax margin gradually declined, settling at around 8.50% as of June 30, 2022, reflecting potential exertion of pricing pressures, increased costs, or strategic shifts. The decline accelerated after this point; by the end of 2022, the pretax margin turned negative, at -0.12%, indicating that operating expenses and other costs began to outweigh earnings before taxes.
This negative trend continued into 2023, with the pretax margin decreasing further to -8.07% as of September 30, 2023. The sustained negative margins suggest persistent operating challenges, increased costs, or lowered revenues that impair pre-tax profitability. The negative margins persisted through December 2023 and March 2024, reaching as low as -8.50%.
Moving into subsequent quarters, there was a gradual recovery; the margin turned positive again, reaching 2.36% by December 31, 2024, and improving further to 2.99% by March 31, 2025. However, some erosion was observed in the following quarter, with the pretax margin decreasing to approximately 1.61% as of June 30, 2025.
In summary, Coherent Inc’s pretax margin experienced peak profitability in late 2021, followed by a pronounced downturn into negative territory during 2022 and 2023, before gradually recovering in early 2025. The pattern indicates periods of operational stress punctuated by moments of recovery, reflecting the influence of market, operational, and strategic factors over this timeframe.
Peer comparison
Jun 30, 2025