Coherent Corp (COHR) is slightly undervalued and Garmin Ltd (GRMN) is undervalued.
Against our estimates of intrinsic value, GRMN trades at the wider discount: a margin of safety of +28%, against +16% for COHR.
Values as of the 22 Sept 2026 close.
A 10.4x revenue multiple, adjusted for growth and margin, values the shares at $367.54; the price of $310.39 is 16% below that value.
Leak Score 50/100 on 9 of 12 signals
A 9.7x revenue multiple, adjusted for growth and margin, values the shares at $397.96; the price of $284.67 is 28% below that value.
Leak Score 100/100 on 3 of 12 signals
| Metric | COHR | GRMN |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $310.39 | $284.67 |
| Intrinsic value | $367.54 | $397.96 |
| Margin of safety | +16% | +28% |
| Leak Score | 50/100 (9/12) | 100/100 (3/12) |
| Market cap | $60.8B | $54.9B |
| Revenue growth, 5 years | 18.0% | 11.6% |
| Operating margin | 13.8% | 27.6% |
| Net margin | 10.8% | 24.5% |
| Return on equity | 8.5% | 21.9% |
| Debt to equity | 0.33 | 0.02 |
| P/E | 75.5x | 29.4x |
| Forward P/E | 22.1x | 25.4x |
| P/B | 5.6x | 6.1x |
| Dividend yield | 0.0% | 1.4% |