Research · Sep 3, 2026
Coherent Corp. FY25 (Jun year-end) revenue $5.81B (+23%); op income $549M (+346%); NI $49M (vs -$156M FY24 loss); FCF $193M. Data Center + Communications +51% FY / Q4 +16% YoY; AI datacenter ramp + 800-gig + 1.6T transceivers + Optical Circuit Switch ramping. Industrial-Related -2% FY / -8% Q4; industrial laser products growing; silicon carbide stabilizing. Aerospace + Defense sold for $400M; ~$50M average quarterly revenue divested. Apple VCSEL partnership expanded; H2 FY26 revenue start from Sherman, TX. 6-inch indium phosphide line inaugurated in Sherman, TX (first of its kind). Q4 FY25 record revenue + non-GAAP EPS doubled YoY to $1. Q1 FY26 guide: revenue $1.46-$1.6B; non-GAAP gross margin 37.5-39.5%; non-GAAP op expenses $290-$310M; non-GAAP EPS $0.93-$1.13. Risks: AI datacenter spending cycle, customer concentration, transceiver speed transition execution, silicon carbide demand, Apple partnership execution, InP ramp, industrial cycle, competitive landscape (Lumentum, Marvell, Broadcom).
Research · Apr 9, 2026
Anchored by Bloomberg's confirmation of Apple's foldable iPhone for September 2026, this analysis ranks six suppliers—AVGO, MU, COHR, QCOM, JBL, CRUS—by conviction to capture innovation spillover. Leaders like Broadcom and Micron offer explosive growth from custom chips and memory demands.
Research · Mar 12, 2026
The AI infrastructure capex super-cycle is channeling $200B+ in hyperscaler spending into data centers, power, networking, and cooling. Arista Networks and Vertiv lead the ranking with the strongest order book visibility, while Amphenol offers the best growth-to-valuation ratio and Dell provides deep value at 12.8x forward earnings.
Research · Mar 12, 2026
The $200B+ AI infrastructure buildout concentrates most heavily in compute (NVIDIA), with networking (Arista), power/cooling (Vertiv), servers (Dell), and optical interconnects (Coherent) capturing progressively smaller but fast-growing shares. NVIDIA and Arista offer the highest-conviction exposure, Dell the best value, and Vertiv and Coherent the most explosive but riskiest upside.
Research · Mar 12, 2026
Astera Labs leads the group with near-100% AI revenue concentration, followed by Arista Networks at ~30% and rising. Vertiv, Coherent, and Modine offer varying degrees of AI exposure at more moderate valuations, with Modine's pending divestiture set to sharpen its data center focus heading into 2027.
