Cooper Companies (COO)
Health Care · $12.2B market cap · SEC CIK 0000711404
ahead of 38% of the S&P 500 · #35 of 59 in Health Care
Next reports on Dec 2, 2026, after the close, with analysts expecting $1.08 in earnings per share.
52-week range $51.01 to $89.83. 29% below its 52-week high and 25% above its low.
The case for COO
- Earnings per share up 44.2%.
- Has compounded revenue at 11.0% a year over five years.
- Gross margin of 66% absorbs cost shocks.
- Moves less than the market (beta 0.78).
The case against
- Return on equity of only 7%.
- The price trend is weak (30/100): −8.8% over a year, −16.2% over three months, 29% below its 52-week high.
- Long-term debt of $2.5B against $111M of cash.
- Trailed the S&P 500 by 21 points over the past year.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings and cash, against the growth you get | 55 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 69 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 57 |
| Momentumhow the price has behaved lately | 30 |
| Stabilityhow violently it moves, what it owes and what it pays you | 44 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
The financials
Revenue growth
Is the business growing? Slowly
| Last 12 months | +4.7% |
|---|---|
| Over 5 years | +11.0% a year |
| FY2025 revenue | $4.1B (+5%) |
Free cash flow
Is it generating real cash? Yes
| FY2025 free cash flow | $434M |
|---|---|
| Of revenue | 11% |
| Of profit | 116% |
Profit margins
Is profitability improving? Yes, improving
| Gross margin | 66% |
|---|---|
| Operating margin | 13% |
| Net margin, FY24 → FY25 → now | 10.1% → 9.2% → 13.5% |
Debt vs. cash
Is the balance sheet healthy? Mostly, with some debt to carry
| Cash | $111M |
|---|---|
| Long-term debt | $2.5B |
| Net debt | $2.3B |
| Years to repay | 3.1 yrs |
Valuation
Is the stock price reasonable? Yes, about fair
| P/E | 21.3× |
|---|---|
| Fair P/E for its growth | 21× |
| P/FCF | 28.0× |
| Forward P/E | 12.7× |
| EV / EBITDA | 19.7× |
At 21.3× earnings it trades close to the 21× that 8% a year of growth would justify. At 28.0× free cash flow it trades above that same mark.
The financials, five years deep
Pulled from Cooper Companies's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue growth | |||||
| Revenue | $4.1B | $3.9B | $3.6B | $3.3B | $2.9B |
| Change on the year | +5% | +8% | +9% | +13% | — |
| Free cash flow | |||||
| Free cash flow | $434M | $288M | $215M | $450M | $524M |
| Of revenue | 11% | 7% | 6% | 14% | 18% |
| Profit margins | |||||
| Gross margin | 65.5% | 66.6% | 65.6% | 64.7% | 66.9% |
| Operating margin | 16.7% | 18.1% | 14.8% | 15.3% | 17.3% |
| Net margin | 9.2% | 10.1% | 8.2% | 11.7% | 100.8% |
| Debt vs. cash | |||||
| Cash | $111M | $108M | $121M | $138M | $95.9M |
| Long-term debt | $2.5B | $2.5B | $2.5B | $2.3B | $1.4B |
| Net cash (debt) | −$2.3B | −$2.4B | −$2.4B | −$2.2B | −$1.3B |
What Cooper Companies says it does
OVERVIEW The Cooper Companies, Inc. (Cooper, we or the Company), is a leading global medical device company focused on helping people experience life's beautiful moments. Headquartered in San Ramon, California, Cooper sells products in over 130 countries and positively impacts over fifty million lives each year. Cooper operates through two business segments, CooperVision and CooperSurgical. Our two business segments elevate standards of care with products and services in the fields of vision, fertility and women’s health. For financial information relating to these business segments, refer to Note 12. Business Segment Information in Item 8. Financial Statements and Supplementary Data of this Annual Report. CooperVision is a global manufacturer providing products for contact lens wearers. CooperVision develops, manufactures and markets a broad range of single-use, two-week and monthly contact lenses, featuring advanced materials and…
Risk factors COO lists in its 10-K
- Current market conditions and recessionary pressures in one or more of our markets could impact our ability to grow our business
- Inflation could materially adversely affect our business
- Our substantial and expanding international operations are subject to uncertainties which could affect our business
- Economic and trade sanctions, including tariff and import/export regulations by the U.S. and foreign governments, could make it more difficult or costly for us to conduct our operations or achieve our business objectives
- Acquisitions and other strategic transactions that we have made and may make in the future involve numerous risks
- Pricing pressure from our competitors, customers and changes in third-party coverage and reimbursement may adversely affect demand for our products and negatively impact our operating results
- If we fail to protect our intellectual property adequately, our business could suffer
- Our products or processes could be subject to claims of infringement of the intellectual property of others
- We could experience losses from product liability claims or legal claims relating to our service offerings, including such claims and other losses resulting from sales of counterfeit and other infringing products
- If our products or services are not accepted by the market, we will not be able to sustain or expand our business
- We operate in the highly competitive health care industry, and we cannot be assured that we will be able to compete successfully
- New medical and technological developments may reduce the need for our products
- We face risks related to environmental, social and governance matters
- Environmental, social and corporate governance issues, including those related to climate change and sustainability, may have an adverse effect on our business and damage our reputation
- If we do not retain our key personnel and attract and retain other highly skilled employees, our business could suffer
- Provisions of our governing documents and Delaware law may have anti-takeover effects
- Our products are subject to reporting requirements and recalls, even after receiving regulatory clearance, approval or certification, which could harm our reputation and business
- If our manufacturing operations fail to comply with applicable regulations, our manufacturing could be delayed or disrupted, our products could be subject to recall, and sales and profitability could suffer
- Our failure to comply with regulatory requirements or to receive regulatory clearance, approval or certification for our products or operations could adversely affect our business
- If we fail to comply with applicable federal, state, local and foreign laboratory licensing requirements, we could lose the ability to perform our genetic tests or experience disruptions to our business
- Our HCT/P products are subject to extensive government regulation and our failure to comply with these requirements could cause our business to suffer
- Ethical, legal and social concerns related to the use of genetic information, sperm and egg selection services and stem cells could reduce demand for our service offerings
- Laws pertaining to health care fraud and abuse could materially adversely affect our business
- Exchange rate fluctuations and foreign currency hedges could adversely affect our financial results
- We are vulnerable to interest rate risk with respect to our debt
- Our indebtedness could adversely affect our financial health and prevent us from fulfilling our debt obligations
- Volatility in the securities markets, interest rates, and other factors could substantially increase our defined benefit plan costs
- Changes in tax laws, examinations by tax authorities, and changes in our geographic composition of income could adversely affect our financial results