Coherent: the demand is real, the cash has not arrived
Watching, not buying: datacom demand is real, but a year of profit produced almost no cash while inventory rose 80%.
FY26 revenue $7.12B (+22.5%); datacom +59% in Q4, above the top of guidance twice running.
FY26 operating cash flow $79.5M against $805M of net income; inventory +80% to $2.58B.
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