Latest: Q1 FY27 · from the cash-flow statements filed with the SEC
Free cash flow−$868M in Q1 FY27 · −$1.8B over twelve months
Operating cash flow−$92.7M
Capital spending−$776M
Free cash flow−$868M
Cash / net income-0.2×
Cash conversion cycle105 days
Analysis
In Q1 FY27, Coherent generated −$92.7M of operating cash flow and spent $776M on capital projects, leaving free cash flow of −$868M. That is $810M less than in Q1 FY26 (−$58.0M).
Over the twelve months to Sep 30, 2026, operating cash flow was −$59.1M; the largest uses were capital spending ($1.8B), other investing ($183M), taxes on employees’ shares ($169M); besides operations, cash came from other financing ($2.8B), shares issued ($52.0M); the cash balance rose by $583M.
Operating cash flow was −$92.7M against net income of $382M — -0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$737M, payables +$430M, deferred revenue +$269M.
Its cash conversion cycle was 105 days (receivables 57 + inventory 189 − payables 141).
Free cash flow
Operating cash flow less capital spending.Latest (Q1 FY27): Operating cash flow −$92.7M, Capital spending $776M.
Capital allocation, year by year
Over these 5 years operating cash flow totalled $2.3B; the largest uses were acquisitions ($5.5B) and net borrowing ($3.7B). Cash-flow statements as filed.
Cash runway and the debt wall
Cash & investments$1.8B
Debt$4.0B
Net debt$2.2B
Due within a year$7.9M
Cash runway11 months
Coherent is burning cash: its operations consume cash, a free cash flow of −$1.8B a year at the current rate against $1.8B of cash and investments: a runway of about 11 months; $7.9M of debt also comes due within a year, which would need refinancing or new money before any new financing.
Principal due in each year as disclosed in the annual report, against $1.8B of cash and investments now.
Where the cash came from and went
From profit to cash
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
Quarter
Receivable days
Inventory days
Payable days
Cash conversion cycle
Q1 FY27
57
189
141
105
Q4 FY26
56
170
117
109
Q3 FY26
56
159
98
116
Q2 FY26
57
151
90
118
Q1 FY26
58
141
83
116
Q4 FY25
59
131
75
114
Q3 FY25
57
127
68
116
Q2 FY25
55
136
69
122
Every quarter
Quarter
Operating cash flow
Capital spending
Dividends
Net borrowing (+) / repaid (−)
Shares issued
Cash drawn (+) / kept (−)
Free cash flow
Q1 FY27
−$92.7M
−$776M
—
$775M
$19.4M
−$368M
−$868M
Q4 FY26
$69.5M
−$556M
—
—
$584K
$457M
−$486M
Q3 FY26
−$93.8M
−$290M
—
−$161M
$21.7M
−$697M
−$383M
Q2 FY26
$57.9M
−$154M
—
$41.3M
$8.8M
$24.1M
−$95.7M
Q1 FY26
$46.0M
−$104M
−$11.4M
−$1.6B
$21.3M
$80.0M
−$58.0M
Q4 FY25
$130M
−$131M
−$11.4M
−$51.1M
$2.1M
−$6.9M
−$1.1M
Q3 FY25
$163M
−$112M
—
−$135M
$18.2M
$42.6M
$51.1M
Q2 FY25
$187M
−$106M
—
−$133M
$4.8M
$114M
$81.7M
Coherent: income statement and cash flow
Coherent, Q1 FY27: revenue $2.4B (+50% year over year), operating margin 15.1%. The chart follows the revenue to costs, profit and cash.
Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.