COHR
Coherent, Inc.
COHR has the edge over CRWV overall, supported by stronger fundamentals and stronger modeled upside.
CRWV
CoreWeave, Inc. Class A Common Stock
CRWV offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
COHR Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Weak | |
| Healthy |
COHR's revenue, profitability and balance sheet are currently healthy, but its cash flow is weak.
CRWV Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Weak | |
| Strong |
CRWV's revenue and balance sheet are currently strong, but its profitability and cash flow are under pressure.
COHR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $232 | — |
| Cheap | 27x | $130 | -44% |
| Fair | 34x | $165 | -29% |
| Current | 48x | $232 | — |
| Expensive | 184x | $886 | +282% |
Historical ranges are pointers, not guarantees.
COHR's PE is in its fair range at 48x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its cheap range.
CRWV PE Valuation
CRWV has no meaningful PE right now: it lost money over the past year.
COHR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for COHR, with profitability improving.
CRWV Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect CRWV's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
COHR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.69 | +142% |
| Q3 2026 | $4.83 | +580% |
| Q2 2026 | $4.12 | +$4.64 |
| Q1 2026 | $2.11 | +$2.34 |
| Q4 2025 | $1.03 | +$1.44 |
| Q3 2025 | $0.71 | +$1.94 |
| Q2 2025 | -$0.52 | +$1.32 |
| Q1 2025 | -$0.23 | +$2.64 |
| Q4 2024 | -$0.41 | +$2.41 |
COHR has the edge over CRWV on earnings quality, reporting a profit while its opponent remains loss making.
CRWV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$4.31 | -$1.83 |
| Q2 2026 | -$3.26 | -$0.16 |
| Q1 2026 | -$2.72 | +$0.62 |
| Q4 2025 | -$2.81 | -$0.64 |
| Q3 2025 | -$2.48 | -$0.06 |
CRWV lost $4.31 per share over the past year, a bigger loss than the year before.
COHR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | +50% |
| Q2 2026 | $2B | +34% |
| Q1 2026 | $1.8B | +21% |
| Q4 2025 | $1.7B | +17% |
| Q3 2025 | $1.6B | +17% |
| Q2 2025 | $1.5B | +16% |
| Q1 2025 | $1.5B | +24% |
| Q4 2024 | $1.4B | +27% |
COHR's revenue has grown year over year for 10 quarters in a row: $2.4B last quarter, up 50% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +1.4 points |
| Q2 2026 | 14% | +18 points |
| Q1 2026 | 10% | +9.6 points |
| Q4 2025 | 10% | +1 points |
| Q3 2025 | 14% | +12 points |
| Q2 2025 | -4.2% | -9 points |
| Q1 2025 | 0.7% | -1.2 points |
| Q4 2024 | 8.9% | +6.1 points |
COHR has the edge over CRWV on profitability, with a higher operating margin.
CRWV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +168% |
| Q2 2026 | $2.6B | +112% |
| Q1 2026 | $2.1B | +112% |
| Q4 2025 | $1.6B | +110% |
| Q3 2025 | $1.4B | +134% |
| Q2 2025 | $1.2B | +207% |
| Q1 2025 | $981.6M | +420% |
| Q4 2024 | $747.4M | +544% |
CRWV has the edge over COHR on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.7% | +1.9 points |
| Q2 2026 | -1.9% | -3.5 points |
| Q1 2026 | -6.9% | -4.1 points |
| Q4 2025 | -5.7% | -21 points |
| Q3 2025 | 3.8% | -16 points |
| Q2 2025 | 1.6% | -18 points |
| Q1 2025 | -2.8% | -12 points |
| Q4 2024 | 15% | +17 points |
CRWV's operating margin was 5.7% last quarter, up 1.9 points from the same quarter a year ago.
COHR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$868.2M | -$810.2M |
| Q2 2026 | -$486.2M | -$485.2M |
| Q1 2026 | -$383.5M | -850% |
| Q4 2025 | -$95.7M | -217% |
| Q3 2025 | -$58M | -195% |
| Q2 2025 | -$1.1M | -102% |
| Q1 2025 | $51.1M | +111% |
| Q4 2024 | $81.7M | +$106M |
COHR has the edge over CRWV on cash flow, with more consistent year-over-year improvement.
CRWV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$7.5B | -$6.8B |
| Q2 2026 | -$5.7B | -$3B |
| Q1 2026 | -$4.7B | -$3.4B |
| Q4 2025 | -$2.5B | +$810.3M |
| Q3 2025 | -$699.8M | -$125.8M |
| Q2 2025 | -$2.7B | -$339.3M |
| Q1 2025 | -$1.3B | -553% |
| Q4 2024 | -$3.3B | -$2.2B |
CRWV has burned cash in almost every quarter: −$20.4B over the past year, against −$8.1B the year before.
COHR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.4% | +6.6M shares |
| 1 year | +5.9% | +11.3M shares |
| 3 years | +34% | +51.7M shares |
| 5 years | +74% | +86.2M shares |
| Available history | +122% | +111M shares |
COHR has the edge over CRWV on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2021 | — |
| Q1 2021 | — |
| Q2 2020 | — |
| Q1 2020 | $1,000 |
CRWV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.5% | +8M shares |
| 1 year | +12% | +61.1M shares |
CRWV has 559M diluted shares, up 12% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | $1.5M |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | $32.1M |
COHR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.5x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 3.5x | Elevated |
| Q3 2025 | 4.1x | High |
| Q2 2025 | 8.1x | High |
| Q1 2025 | 5.1x | High |
| Q4 2024 | 4.6x | High |
COHR's net debt is about 1.7 years of its operating earnings (EBITDA), down from 4.1 years a year ago.
CRWV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.8x | Net Cash |
| Q2 2026 | -1.5x | Net Cash |
| Q1 2026 | 7.6x | High |
| Q4 2025 | 7.6x | High |
| Q3 2025 | 5.6x | High |
| Q2 2025 | 6.5x | High |
| Q1 2025 | 8.4x | High |
| Q4 2024 | 19.3x | High |
CRWV has the edge over COHR on leverage, with a lower net debt burden relative to earnings.
COHR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.6 | Neutral |
| Stochastic | 16.5 | Oversold |
COHR's weekly RSI is 44 (neutral) and its Stochastic is 16 (oversold).
CRWV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.7 | Neutral |
| Stochastic | 11.3 | Oversold |
CRWV's weekly RSI is 40 (neutral) and its Stochastic is 11 (oversold).
COHR PE vs Technology Sector
| Metric | COHR | Sector median | Relative |
|---|---|---|---|
| PE | 48x | 28x | 72% above |
| PE % | 58 | 35 | 23 pts above |
COHR is trading at 48x earnings, a 72% premium to the Technology sector's median of 28x.
CRWV PE vs Technology Sector
CRWV has no meaningful PE right now: it lost money over the past year.
COHR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $252.9 | 8.2% below |
| 20 week MA | $284.1 | 18% below |
| 50 week MA | $277.7 | 16% below |
| 100 week MA | $185.9 | 25% above |
| 200 week MA | $120.6 | 92% above |
COHR has stronger trend alignment. COHR is above 2 of 5 weekly averages versus CRWV above 0 of 3.
CRWV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $66.6 | 15% below |
| 20 week MA | $77.4 | 27% below |
| 50 week MA | $87.4 | 35% below |
CRWV is in a downtrend: it's below all three of its weekly moving averages, and 35% below its 50-week average.
COHR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.5 | $77.8 | +132% |
| 2021 | $77.8 | $68.0 | -13% |
| 2022 | $68.0 | $33.1 | -51% |
| 2023 | $33.1 | $43.5 | +32% |
| 2024 | $43.5 | $97.0 | +123% |
| 2025 | $97.0 | $191.7 | +98% |
| 2026 YTD | $191.7 | $232.1 | +21% |
COHR has the edge over CRWV on returns for 2026, with the stronger performance.
CRWV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $40.0 | $76.4 | +91% |
| 2026 YTD | $76.4 | $56.6 | -26% |
CRWV has finished every year since 2025 higher, and it's down 26% so far in 2026.