# Coherent (COHR)
> AI 데이터센터 광네트워킹의 핵심 부품(광트랜시버·레이저) 공급사. FY2025 매출 $57.8억(+23%), 데이터센터·통신 부문이 견인. 1.6T 트랜시버(실리콘포토닉스·EML·VCSEL) 양산. 엔비디아가 $20억 투자하고 차세대 광·레이저 제품을 수십억 달러 규모로 구매 약속.
Canonical: https://valuechain.wiki/coherent · Updated: 2026-06-21T15:58:02.048582+00:00 · Source: ValueChain.wiki (refined facts, cited)

## Financials & segments
- 총매출: FY2025 매출 $5.78B (+23%)
- 고객 집중도: AI 데이터센터 광트랜시버 수요 견인.
- 사업부문: 데이터센터·통신 광부품, 레이저·소재

## Annual stock return (as of 2026-06-18)
- 2021: -10%
- 2022: -48.6%
- 2023: +24%
- 2024: +117.6%
- 2025: +94.8%
- 2026 YTD: +111.1%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-06-18)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Apple | lead3 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +9.8% |
| CoreWeave | lead2 | · | · | · | · | · | +64.7% |
| Foxconn | lead2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +21.8% |
| 알파벳 (구글) | lead2 | +65.3% | -39.1% | +58.3% | +35.8% | +66.1% | +17.8% |
| 아마존 | lead2 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +5.9% |
| Super Micro | lead2 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | +4.7% |
| 메타 플랫폼스 | lead2 | +23.1% | -64.2% | +194.1% | +65.9% | +13.1% | -12.3% |
| 마이크로소프트 | lead2 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -21.2% |
| NVIDIA | lead1 | +125.5% | -50.3% | +239% | +171.3% | +38.9% | +13.1% |
| Coherent | node | -10% | -48.6% | +24% | +117.6% | +94.8% | +111.1% |

## Money in · revenue from (2)
### NVIDIA (high)  → /nvidia.md
- note: 엔비디아에 광트랜시버·레이저 공급(엔비디아 $20억 투자·수십억 구매 약속).
- [confirms] 르데스크 (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "엔비디아가 코히어런트에 $20억 투자, 차세대 광·레이저 수십억 구매 약속."
- [confirms] SEC EDGAR (EN, filing, published 2025-11-01) https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm: "엔비디아가 코히어런트에 $20억 투자, 차세대 광·레이저 수십억 구매 약속."

### 하이퍼스케일러·통신 (광트랜시버) (mid)
- note: 데이터센터 상호연결(DCI)·통신용 광트랜시버 공급.
- [confirms] 르데스크 (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "AI 데이터센터 간 연결(DCI)에 코히어런트 광트랜시버 사용."
- [confirms] 뉴스핌 (KO, news, published 2025-10-27) https://www.newspim.com/news/view/20251027001267: "AI 데이터센터 간 연결(DCI)에 코히어런트 광트랜시버 사용."

## Money out · pays to (2)
### R&D·엔지니어 (비공개) (low)
- note: 실리콘포토닉스·광부품 R&D.
- [confirms] 르데스크 (KO, news, published 2026-01-01) https://www.ledesk.co.kr/view.php?uid=15600: "실리콘포토닉스·코패키지 광학 R&D."

### 화합물 반도체·광소재 (비공개) (low)
- note: InP·GaAs 등 화합물 반도체 소재·자체 팹.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-01) https://www.sec.gov/Archives/edgar/data/820318/000082031825000019/iivi-20250930.htm: "화합물 반도체 기반 레이저·광부품 자체 생산."

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