COHERENT CORP. vs THERMO FISHER SCIENTIFIC INC., two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The balance sheets take opposite risks: Thermo Fisher carries 0.89 of debt to equity in the confident way of a $191B consumables annuity, while Coherent keeps leverage at 0.29 and a 3.1 current ratio, prudent housekeeping for a company whose earnings are still catching up to its story. The income statements explain the caution, Thermo's 16.9% operating margin and 3.5% free-cash yield against Coherent's 7.1% net margin and slightly negative free cash. The multiples then trade places with the quality: 180.1 times Coherent, 28.2 times Thermo. What the market buys at 180 times is the AI-optics ramp; what it pays 28 times for is everything already working.
Comparison updated 2026-07-10.
| Metric | COHR | TMO |
|---|---|---|
| Price | $380.00 | $512.74 |
| Market cap | $74.6B | $191.3B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Growth | Mature |
| Implied growth (priced in) | — | +21.6% |
| P/E | 180.1 | 28.2 |
| P/B | 6.77 | 3.68 |
| P/S | 11.30 | 4.23 |
| EV/EBITDA | 1438.8 | 26.1 |
| Revenue growth | +17.9% | +5.3% |
| Operating margin | — | 16.9% |
| Net margin | 7.1% | 15.2% |
| Return on equity | 4.3% | 13.2% |
| Return on assets | 2.7% | 6.0% |
| Return on invested capital | — | 6.4% |
| FCF yield | -0.7% | 3.5% |
| Dividend yield | — | 0.3% |
| Debt / equity | 0.29 | 0.89 |
| Current ratio | 3.05 | 1.53 |
| Altman Z (solvency) | 6.77 | 7.28 |
| Piotroski F (quality) | 5 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.