| Segment | Value | % of Price | Type |
|---|---|---|---|
| Net Cash | $-23 | -9% | auditable |
| Datacom (AI Optical Transceivers, 800G/1.6T) | $150 | 59% | anchored |
| Industrial (Lasers, SiC, Materials) | $70 | 28% | anchored |
| Telecom Optical Components | $20 | 8% | anchored |
Anchored: $240/sh (94%) · Speculative: $0/sh (0%)
Coherent is the second-largest optical transceiver supplier for AI data centers, competing with Lumentum in 800G and 1.6T products. The II-VI merger created a vertically integrated photonics platform with InP and GaAs capabilities. Datacom revenue growing 20-25% driven by AI demand.
Coherent's industrial segment includes fiber lasers, silicon carbide substrates for EVs, and specialty materials. SiC is the growth driver but faces competition from Wolfspeed and STMicro.
Telecom segment in secular decline. Managed for cash flow. Revenue falling 5-8% annually.