vs
COHERENT CORP.（COHR）与Pinnacle West Capital（PNW）财务数据对比。点击上方公司名可切换其他公司
COHERENT CORP.的季度营收约是Pinnacle West Capital的1.5倍（$1.7B vs $1.1B），COHERENT CORP.净利率更高（8.7% vs 1.6%，领先7.1%），COHERENT CORP.同比增速更快（17.5% vs 3.0%），COHERENT CORP.自由现金流更多（$-95.7M vs $-192.7M），过去两年COHERENT CORP.的营收复合增速更高（18.1% vs 8.9%）
Coherent Corp.是美国专业光学材料与半导体生产商，2023年全球员工规模达26622人。2022年原II-VI公司收购激光制造商Coherent, Inc.后更名为现名，产品广泛应用于通信、工业、医疗等众多领域。
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
COHR vs PNW — 直观对比
营收规模更大
COHR
是对方的1.5倍
$1.1B
营收增速更快
COHR
高出14.5%
3.0%
净利率更高
COHR
高出7.1%
1.6%
自由现金流更多
COHR
多$97.0M
$-192.7M
两年增速更快
COHR
近两年复合增速
8.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.1B |
| 净利润 | $146.7M | $17.6M |
| 毛利率 | 36.9% | — |
| 营业利润率 | 10.0% | 10.7% |
| 净利率 | 8.7% | 1.6% |
| 营收同比 | 17.5% | 3.0% |
| 净利润同比 | 41.9% | 798.0% |
| 每股收益（稀释后） | $0.76 | $0.12 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收COHRPNW
| Q4 25 | $1.7B | $1.1B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.4B | $1.1B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $1.2B | $951.7M |
净利润COHRPNW
| Q4 25 | $146.7M | $17.6M | ||
| Q3 25 | $226.3M | $417.5M | ||
| Q2 25 | $-95.6M | $196.9M | ||
| Q1 25 | $15.7M | $-338.0K | ||
| Q4 24 | $103.4M | $-2.5M | ||
| Q3 24 | $25.9M | $399.3M | ||
| Q2 24 | $-48.4M | $208.1M | ||
| Q1 24 | $-13.2M | $21.2M |
毛利率COHRPNW
| Q4 25 | 36.9% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 35.7% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 35.5% | — | ||
| Q3 24 | 34.1% | — | ||
| Q2 24 | 32.9% | — | ||
| Q1 24 | 30.3% | — |
营业利润率COHRPNW
| Q4 25 | 10.0% | 10.7% | ||
| Q3 25 | 13.7% | 32.0% | ||
| Q2 25 | -4.1% | 22.6% | ||
| Q1 25 | 0.7% | 5.5% | ||
| Q4 24 | 9.0% | 7.7% | ||
| Q3 24 | 1.4% | 30.9% | ||
| Q2 24 | 4.8% | 24.0% | ||
| Q1 24 | 1.8% | 7.0% |
净利率COHRPNW
| Q4 25 | 8.7% | 1.6% | ||
| Q3 25 | 14.3% | 22.9% | ||
| Q2 25 | -6.3% | 14.5% | ||
| Q1 25 | 1.0% | -0.0% | ||
| Q4 24 | 7.2% | -0.2% | ||
| Q3 24 | 1.9% | 22.6% | ||
| Q2 24 | -3.7% | 15.9% | ||
| Q1 24 | -1.1% | 2.2% |
每股收益（稀释后）COHRPNW
| Q4 25 | $0.76 | $0.12 | ||
| Q3 25 | $1.19 | $3.39 | ||
| Q2 25 | $-0.81 | $1.58 | ||
| Q1 25 | $-0.11 | $-0.04 | ||
| Q4 24 | $0.44 | $-0.04 | ||
| Q3 24 | $-0.04 | $3.37 | ||
| Q2 24 | $-0.52 | $1.76 | ||
| Q1 24 | $-0.29 | $0.15 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $863.7M | $6.6M |
| 总债务越低越好 | $3.4B | — |
| 股东权益账面价值 | $8.5B | $7.0B |
| 总资产 | $15.1B | $30.0B |
| 负债/权益比越低杠杆越低 | 0.39× | — |
8季度趋势，按日历期对齐
现金及短期投资COHRPNW
| Q4 25 | $863.7M | $6.6M | ||
| Q3 25 | $852.8M | $30.9M | ||
| Q2 25 | $909.2M | $18.8M | ||
| Q1 25 | $890.3M | $10.0M | ||
| Q4 24 | $917.8M | $3.8M | ||
| Q3 24 | $1.0B | $49.2M | ||
| Q2 24 | $926.0M | $4.0M | ||
| Q1 24 | $898.6M | $9.6M |
总债务COHRPNW
| Q4 25 | $3.4B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.7B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $3.9B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $4.2B | — |
股东权益COHRPNW
| Q4 25 | $8.5B | $7.0B | ||
| Q3 25 | $5.8B | $7.2B | ||
| Q2 25 | $5.6B | $6.7B | ||
| Q1 25 | $5.4B | $6.7B | ||
| Q4 24 | $5.2B | $6.8B | ||
| Q3 24 | $5.5B | $6.6B | ||
| Q2 24 | $5.2B | $6.2B | ||
| Q1 24 | $5.3B | $6.2B |
总资产COHRPNW
| Q4 25 | $15.1B | $30.0B | ||
| Q3 25 | $14.7B | $29.9B | ||
| Q2 25 | $14.9B | $29.2B | ||
| Q1 25 | $14.4B | $27.2B | ||
| Q4 24 | $14.2B | $26.1B | ||
| Q3 24 | $14.7B | $26.3B | ||
| Q2 24 | $14.5B | $25.7B | ||
| Q1 24 | $14.5B | $24.8B |
负债/权益比COHRPNW
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | 0.73× | — | ||
| Q2 24 | 0.79× | — | ||
| Q1 24 | 0.78× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $57.9M | $476.8M |
| 自由现金流经营现金流 - 资本支出 | $-95.7M | $-192.7M |
| 自由现金流率自由现金流/营收 | -5.7% | -17.1% |
| 资本支出强度资本支出/营收 | 9.1% | 59.3% |
| 现金转化率经营现金流/净利润 | 0.39× | 27.09× |
| 过去12个月自由现金流最近4个季度 | $-103.6M | $-819.5M |
8季度趋势，按日历期对齐
经营现金流COHRPNW
| Q4 25 | $57.9M | $476.8M | ||
| Q3 25 | $46.0M | $665.0M | ||
| Q2 25 | $130.3M | $261.4M | ||
| Q1 25 | $163.0M | $401.9M | ||
| Q4 24 | $187.4M | $439.5M | ||
| Q3 24 | $153.0M | $633.2M | ||
| Q2 24 | $162.3M | $189.8M | ||
| Q1 24 | $117.4M | $347.4M |
自由现金流COHRPNW
| Q4 25 | $-95.7M | $-192.7M | ||
| Q3 25 | $-58.0M | $42.0M | ||
| Q2 25 | $-1.1M | $-448.1M | ||
| Q1 25 | $51.1M | $-220.7M | ||
| Q4 24 | $81.7M | $-92.1M | ||
| Q3 24 | $61.0M | $-32.7M | ||
| Q2 24 | $62.4M | $-344.2M | ||
| Q1 24 | $24.2M | $-170.4M |
自由现金流率COHRPNW
| Q4 25 | -5.7% | -17.1% | ||
| Q3 25 | -3.7% | 2.3% | ||
| Q2 25 | -0.1% | -33.0% | ||
| Q1 25 | 3.4% | -21.4% | ||
| Q4 24 | 5.7% | -8.4% | ||
| Q3 24 | 4.5% | -1.8% | ||
| Q2 24 | 4.7% | -26.3% | ||
| Q1 24 | 2.0% | -17.9% |
资本支出强度COHRPNW
| Q4 25 | 9.1% | 59.3% | ||
| Q3 25 | 6.6% | 34.2% | ||
| Q2 25 | 8.6% | 52.2% | ||
| Q1 25 | 7.5% | 60.3% | ||
| Q4 24 | 7.4% | 48.5% | ||
| Q3 24 | 6.8% | 37.6% | ||
| Q2 24 | 7.6% | 40.8% | ||
| Q1 24 | 7.7% | 54.4% |
现金转化率COHRPNW
| Q4 25 | 0.39× | 27.09× | ||
| Q3 25 | 0.20× | 1.59× | ||
| Q2 25 | — | 1.33× | ||
| Q1 25 | 10.37× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 5.91× | 1.59× | ||
| Q2 24 | — | 0.91× | ||
| Q1 24 | — | 16.41× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
COHR
| Datacenter And Communications Segment | $1.2B | 72% |
| Industrial Segment | $477.7M | 28% |
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
