Updated
The most significant concentration Coherent discloses is sole-source or limited-source suppliers (Lasers segment), classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Coherent’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'in the Lasers segment, we currently purchase several key components and materials used in the manufacture of our products, including exotic materials, crystals, and optics, from sole-source or limited-source suppliers'”
“10-K Item 1A: 'A small number of customers have consistently accounted for a significant portion of our revenues, with two customers each contributing more than 10% of total revenues in fiscal 2025.'”
Coherent Corp's concentration risk is split between a supply-side dependency and a modest customer concentration. In the Lasers segment, the company purchases several key components and materials — including exotic materials, crystals, and optics — from sole-source or limited-source suppliers, a high-share dependency where losing access to even one of these specialized suppliers could constrain production of a core product line. On the customer side, a small number of customers have consistently accounted for a significant portion of revenues, with two customers each contributing more than 10% of total revenues in fiscal 2025, a medium-share concentration that is more diffuse than a single dominant buyer but still notable. Both exposures are dependency-driven rather than structural or macro-cyclical — they hinge on specific named or nameable counterparties rather than broad market trends. Of the two, the supplier dependency is the more consequential: specialized, sole-sourced materials in a technical segment like Lasers are harder to replace quickly than a customer relationship, so a disruption there would be the more likely of the two to move the verdict.
For the engine’s reasoning on COHR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BMI | Badger Meter, Inc. | 2 | 0 | 0 | 2 |
| ESE | ESCO Technologies Inc. | 1 | 1 | 2 | 4 |
| COHR● | Coherent Corp. | 1 | 1 | 0 | 2 |
| GRMN | Garmin Ltd. | 1 | 1 | 0 | 2 |
| FTV | Fortive Corporation | 1 | 0 | 0 | 1 |
| CGNX | Cognex Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.