The mechanical properties at the fiber/matrix interface play a significant role in controlling the fracture resistance of fiber-reinforced composites. By coating the fiber with sizing and coupling agents, these interfacial properties can be modified. The aim of the present analysis was to examine the effects of the coating thickness and modulus on the stresses at the bonded interfaces between the fiber, coating, and matrix. Using the fiber pull-out test as the analytical model, the stresses are first obtained by minimizing the total complementary energy in the coated fiber/matrix composite. The analytical results show that the interfacial shear stress between the fiber and the coating is higher than that between the matrix and the coating. Also, a thin and compliant coating reduces substantially the peak interfacial shear stress but not the interfacial radial stress due to Poisson＇s effect on the fiber. Furthermore, the shear stress transfer from the fiber to the matrix across the coating layer is found to be more uniform. The implications of these findings are discussed.