Coherent Corp.

Why it can matter: Sales growth that isn't turning into cash can mean customers are paying more slowly, stock is building up, or revenue is being recorded well before the cash arrives.

Common innocent explanations: A large one-off tax or pension payment, the timing of customer payments around year-end, or a deliberate build-up of stock ahead of expected growth.

Why it can matter: Customers owing the company much more than sales growth would explain can mean slower payment, looser credit terms, or sales that may be hard to collect.

Common innocent explanations: A large acquisition, a shift towards customers with longer payment terms, or a burst of sales just before the year-end.

Why it can matter: When a company issues new shares, each existing share becomes a smaller slice of the profits, so earnings per share can lag total earnings.

Common innocent explanations: Shares issued to pay for an acquisition or to fund growth, or employee share awards that vest over time.