Code agents resolve 65-70% of SWE-bench Verified issues, but Pass@1 cannot tell us why the rest fail, and, as we show, capable-model failures are systematically misdiagnosed without trajectory data. We introduce TRAJEVAL, a training-free decomposition of agent trajectories into reference-patch-aligned search, read, and edit stages, and apply it across 16,758 trajectories spanning three architectures and seven models. The dominant failure of capable models is not localization: 60-69% of failures on SWE-Agent and OpenHands reach and edit the correct functions yet still produce incorrect patches, and the pattern persists for most models on the bash-only LiveSWEAgent. Within this Edit-Quality residual, we identify Coherence Collapse, where the agent reaches correct code and then overwrites or thrashes it, as the largest theme, replicating across SWE-bench Verified and the multilingual PolyBench Verified. In 5 cases, the agent produces a patch bit-identical to the gold reference mid-trajectory and destroys it later; an edit-commit checkpoint recovers all 5 against the SWE-bench Docker harness. A reference-free consensus-driven variant yields a directional +3.0 pp Pass@1 measurement on GPT-5 (p=0.08).