COHERENT CORP. vs Waters Corporation, two Scientific Instruments stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Economically this is a components manufacturer scaling into an AI boom next to a razor-and-blades instruments franchise in mid-repair. Coherent builds lasers and optical transceivers, keeps 7.1% of revenue as net income, and burns slightly more free cash than it makes; Waters sells chromatography systems and the consumables they consume, currently posting a negative 3.7% operating margin against an 11.9% net, the signature of one-time charges rather than lost franchise. Both trade at premium multiples on depressed earnings, 180.1 and 47.4 times. Neither price is about the trailing year: one buys a ramp, the other a restoration. The difference is that Waters has done its act before and Coherent is still in rehearsal.
Comparison updated 2026-07-10.
| Metric | COHR | WAT |
|---|---|---|
| Price | $380.00 | $374.11 |
| Market cap | $74.6B | $30.7B |
| Sector | Scientific Instruments | Scientific Instruments |
| Stage | Growth | Growth |
| P/E | 180.1 | 47.4 |
| P/B | 6.77 | 2.01 |
| P/S | 11.30 | 8.09 |
| EV/EBITDA | 1438.8 | 54.6 |
| Revenue growth | +17.9% | +28.6% |
| Operating margin | — | -3.7% |
| Net margin | 7.1% | 11.9% |
| Return on equity | 4.3% | 3.0% |
| Return on assets | 2.7% | 1.8% |
| Return on invested capital | — | 2.4% |
| FCF yield | -0.7% | 1.1% |
| Debt / equity | 0.29 | 0.32 |
| Current ratio | 3.05 | 1.79 |
| Altman Z (solvency) | 6.77 | 2.82 |
| Piotroski F (quality) | 5 / 9 | 3 / 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.