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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
COO — frequently asked questions
Is The Cooper Companies, Inc. overvalued?
In our latest published analysis dated 2026-09-20, COO looks meaningfully undervalued. The price recorded at analysis is 55,3 USD versus our fair value of 78,5 USD; the high endpoint is presented separately as potential value of 92,7 USD. That implies roughly 41.9% upside to fair value at that date.
Our latest published report, analyzed 2026-09-20, gives COO a fair value of 78,5 USD and a potential value of 92,7 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for The Cooper Companies, Inc.'s archetype; it is a dated research output, not a live price.
Should I buy COO now?
Our latest published rating for COO, analyzed 2026-09-20, is Strong Buy. The Cooper Companies, Inc. looks meaningfully undervalued at the analysis-date price of 55,3 USD versus fair value of 78,5 USD; potential value is 92,7 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for COO?
The dedicated bear-case section in our report analyzed 2026-09-20 documents The Cooper Companies, Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is COO's rating?
Our latest published rating for COO, analyzed 2026-09-20, is Strong Buy, with a published moat assessment of 6.5/10 (Narrow). It reflects our fair value of 78,5 USD, the potential value of 92,7 USD, and the price recorded at analysis (55,3 USD).
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§1 Краткое резюмеEN
Ответ за 30 секундStrong Buy
Цена и стоимость
Цена
$55.29
Справедливая стоимость
$78.48
Потенциальная стоимость
$92.70
На дату
2026-09-18
Почему сценарий может сработать
Accelerating global adoption of premium silicone hydrogel daily disposable lenses (MyDay, clariti) across Europe and Asia, expanding revenue per wearer and driving consolidated operating margin expansion above 18.0%.
Что изменит нашу оценку
European annual revenue growth decelerates below 1.0% YoY alongside sustained euro weakness.
We rate The Cooper Companies a Strong Buy based on durable cash flow compounding in specialty vision care and an attractive 41.94% upside to our Fair value of $78.48.
The house rating is Strong Buy. For an ordinary investor, this means the stock presents exceptional risk-adjusted return potential where predictable operating compounding is available at a favorable entry valuation.2
The report was prepared at a price of $55.29 on September 18, 2026. Against this level, our Fair value stands at $78.48, representing 41.94% upside, while our Potential value reaches $92.70 if expansion accelerates.
The primary risk that would alter this view is deceleration of European revenue growth below 1.0% YoY or consolidated operating margins falling below 14.0%. If optical retail destocking or currency depreciation contracts European volume, cash generation would weaken, slowing debt reduction on $2,783.6M of total debt.2,4,5
The core reason the investment can succeed is CooperVision's high wearer retention and ongoing patient upgrade into premium daily disposable silicone hydrogel contact lenses. This dynamic drives recurring revenue growth of 3.5% to 4.5% and sustained segment operating profit ($729.6M in FY2025), lifting free cash flow and expanding intrinsic value per share toward Fair value.3,5
Resilient Vision Care Compounding
CooperVision generates $2,743.8M in revenue and $729.6M in operating profit, driven by high wearer retention and an ongoing mix shift to silicone hydrogel daily disposables.5
Trading at 11.34x forward earnings, shares offer 41.94% upside to the house Fair value of $78.48, presenting an asymmetric risk-reward profile relative to medtech peers.2
Operating cash flow of $796.1M converts net income at 2.12x, fully covering $362.4M in capex and supporting steady deleveraging of total debt.2,4
Рекомендация дома
We rate The Cooper Companies a Strong Buy because its dominant daily disposable contact lens franchise generates resilient operating cash flow that is priced at a substantial discount to intrinsic value.5
Обзор компании
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 optics. CooperVision designs its products to address vision challenges such as astigmatism, presbyopia and myopia with a broad collection of spherical, toric and multifocal contact lenses. CooperSurgical offers a broad array of products and services focused on fertility and women's health. Its portfolio encompasses more than 600 products and services.
The Cooper Companies, Inc. (Cooper, the company ors the Company) is a global medical device company publicly traded on the Nasdaq (Nasdaq: COO). Cooper operates through two business units, CooperVision and CooperSurgical. The following table presents a summary of its business segment net sales:
§2 Медвежий сценарийEN
Under a combined macro and operational downturn, euro depreciation and European optical retail softening reduce top-line compounding while Cooper Surgical operating margin remains depressed at 3.22%. With debt service on $2,783.6M of total debt absorbing cash at a 5.59% pre-tax cost of debt, consolidated operating margins compress toward 14.0%, testing historical trough valuation multiples.
The Bear scenario reflects prolonged macroeconomic weakness across European optical retail, adverse foreign currency translation, and aggressive private-label contact lens competition. Downside would be confirmed by gross margin contraction and persistent surgical segment stagnation, impairing earnings growth and compressing valuation multiples.
Как может разрушиться эта теза
European contact lens volume contraction and severe euro depreciation
Deceleration of European revenue growth below 1.0% YoY weakens the international geographic penetration pillar and lowers fair value by -6.6%.
FV impact
-6.6%
Revenue and EPS growth 5 points lower for five years
Trigger
Within 12 months
Consolidated operating margin compression driven by surgical segment stagnation and corporate cost expansion
Сигналы раннего предупреждения для мониторинга
Пять событий, которые ослабят наш инвестиционный тезис.
Volume contraction across European optical retail chains coupled with currency depreciation that impairs international expansion.
Текущее значение:30.6% of FY2025 consolidated revenue ($1,253.2M)
Предупреждение, еслиBelow 1.0% YoY growth
02
§3 Конкурентный ровEN
Narrow
Cooper maintains a narrow economic moat grounded in high switching costs and proprietary designs across Cooper Vision daily disposable contact lenses. Prescribing optometrists exhibit significant behavioral inertia, as refitting patients requires uncompensated chair time and trial lenses. Silicone hydrogel formulations in MyDay and clariti create tangible clinical barriers that protect segment profitability ($729.6M operating profit in FY2025). However, reported ROIC of 4.22% remains below the 7.67% WACC, weighed down by historical acquisition goodwill of $3,853.4M, preventing a wide moat classification.
Экономическая прибыль
While Cooper Vision generates strong cash earnings ($729.6M segment operating profit), consolidated invested capital remains weighed down by $3,853.4M in goodwill, keeping reported ROIC below WACC of 7.67%.1,5
6.5/ 10
Narrow
Sources of advantage
01switching_costs — Optometrist prescribing habits and wearer reluctance to switch contact lens modalities support high customer retention and recurring demand across Cooper Vision's $2,743.8M revenue base.Moderate
02intangible_assets — Proprietary silicone hydrogel patents and specialized manufacturing techniques for toric and multifocal lenses sustain gross profit of $2,682.1M on $4,092.4M revenue (65.54% gross margin).
Известные угрозы для рва
Угроза
Серьёзность
Временная шкала
Митигация
Retail optical private-label competition and direct-to-consumer alternatives
medium
24-36 months
Continuous innovation in premium toric and multifocal silicone hydrogel daily modalities that optical chains cannot replicate with generic lines.
Foreign exchange volatility in key European distribution regions
The highlighted cell is Fair value when every assumption sits at its base level ($78.48). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $500.4M after modeled reinvestment of $0, with terminal value at 39.3% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Core vision care revenue expands at a moderate pace aligned with demographic correction needs
Consolidated operating margins remain defensive within historical ranges
Surplus cash flow is directed toward continuous debt paydown
The Base case envisions steady compounding driven by ongoing conversion to premium daily disposable contact lenses, defensive gross margins, and gradual deleveraging. Performance tracks toward Fair value of $78.48, supported by stable replacement demand across optometry networks. The thesis would be challenged if European revenue decelerates or if surgical segment margins fail to recover.
Maintain Strong Buy; Maintain position weighting and confirm international optical retail volume momentum at the subsequent quarterly checkpoint.
Триггер: Consolidated revenue and diluted earnings exceeding consensus upper bounds driven by accelerated daily disposable adoption
Outperformance confirms market share gains in premium silicone hydrogel lenses and validates operating leverage toward Fair value of $78.48.
По плану
Maintain Strong Buy; Hold existing allocation, verify surgical segment margin stabilization, and monitor working capital discipline.
Триггер: Quarterly revenue and earnings matching consensus targets with stable gross margins
In-line execution reaffirms steady compounding thesis and supports ongoing convergence toward Fair value of $78.48.
Ниже плана
Downgrade to Buy; Re-evaluate surgical segment cost integration and reassess position sizing if margin contraction persists across consecutive reporting periods.
Management balanced capital deployment in FY2025 between $362.4M in manufacturing capex, $290.1M in share buybacks, and net debt reduction of $79.9M, steadily deleveraging total debt of $2,783.6M.
Reported GAAP return on invested capital of 4.22% is suppressed by $3,853.4M in goodwill from past acquisitions, masking underlying operating cash generation.
Reported ROIC of 4.22% trails WACC of 7.67%, though core vision operations generate $729.6M in operating profit on tangible assets.
Vision care franchise generates superior operating profitability relative to surgical instruments
Cooper Vision achieved 26.59% operating margin ($729.6M operating profit on $2,743.8M revenue) compared to Cooper Surgical's 3.22% operating margin ($43.4M on $1,348.6M revenue).
Consolidated margin expansion depends heavily on surgical segment turnaround and sustained daily disposable mix shifts in vision care.
Operating cash generation comfortably covers annual debt service
Operating cash flow of $796.1M supports $100.0M of annual and debt service on total debt of $2,783.6M.
Последняя выручка4,1 млрд $CAGR выручки +8,5 %
Операционная маржа16,7 %Фискальных периодов: 10
Последний свободный денежный поток433,7 млн $FY2025
Чистый долг2,7 млрд $FY2025
Структура отчёта о прибылях и убыткахКак масштаб бизнеса преобразуется в отчетную прибыль.
StockMarketAgent.AI
Выручка4,1 млрд $Себестоимость выручки−1,4 млрд $Валовая прибыль2,7 млрд $Операционные расходы−2 млрд $Операционная прибыль682,9 млн $Внереализационные статьи и налоги−308 млн $Чистая прибыль374,9 млн $
Данные финансовой истории
Выручка
4 092 400 000 $
Себестоимость выручки
1 410 300 000 $
Валовая прибыль
2 682 100 000 $
Операционные расходы
1 999 200 000 $
Операционная прибыль
682 900 000 $
Внереализационные статьи и налоги
-308 000 000 $
Чистая прибыль
374 900 000 $
Обзор балансаКак представлены и профинансированы заявленные активы за выбранный период.
StockMarketAgent.AI
Структура активовИсточники финансирования
Активы, всего12,4 млрд $Денежные средства110,6 млн $Оборотные активы2,1 млрд $Обязательства, всего4,2 млрд $Краткосрочные обязательства1,1 млрд $Акционерный капитал8,2 млрд $
Данные структуры баланса
Активы, всего
12 394 800 000 $
Денежные средства
110 600 000 $
Оборотные активы
2 106 400 000 $
Обязательства, всего
4 155 700 000 $
Краткосрочные обязательства
1 112 800 000 $
Акционерный капитал
8 239 100 000 $
Мост денежных потоковКак операционный денежный поток превратился в свободный денежный поток в FY2025.
StockMarketAgent.AI
Сверка операционного денежного потока
Чистая прибыль374,9 млн $Амортизация+377,4 млн $Компенсация акциями+70,5 млн $Прочие операционные корректировки−26,7 млн $Операционный денежный поток796,1 млн $
Сверка денежных средств на начало и конец
Денежные средства на начало107,7 млн $Операционный денежный поток+796,1 млн $Инвестиционный денежный поток−372,9 млн $Финансовый денежный поток−425,9 млн $Влияние обменного курса+5,6 млн $Денежные средства на конец110,6 млн $
796,1 млн $ − 362,4 млн $Свободный денежный поток 433,7 млн $
Данные моста денежных потоков
Чистая прибыль
374 900 000 $
Операционный приток
822 800 000 $
Амортизация
377 400 000 $
Компенсация акциями
70 500 000 $
Операционный денежный поток
796 100 000 $
Операционный отток
26 700 000 $
Доступные денежные средства
909 400 000 $
Денежные средства на начало
107 700 000 $
Влияние обменного курса
5 600 000 $
Инвестиционный отток
372 900 000 $
Capex
362 400 000 $
Прочая инвестиционная деятельность
10 500 000 $
Финансовый отток
425 900 000 $
Выкуп акций
290 100 000 $
Чистое погашение долга
79 900 000 $
Прочая финансовая деятельность
55 900 000 $
Денежные средства на конец
110 600 000 $
Инвестиционный денежный поток
-372 900 000 $
Финансовый денежный поток
-425 900 000 $
Выручка по операционным сегментамДоля общей выручки за 2025-10-31.
4,1 млрд $Общая выручка
Выручка по операционным сегментамДоля
Cooper Vision2,7 млрд $67 %+5,2 % г/г
Cooper Surgical1,3 млрд $33 %+4,9 % г/г
Источник: SEC EDGAR · Подано 2025-12-05 · SEC EDGAR
Данные о структуре выручки: Выручка по операционным сегментам
Выручка по операционным сегментам
Выручка
Доля
г/г
Cooper Vision
2,7 млрд $
67 %
5,2 %
Cooper Surgical
1,3 млрд $
33 %
4,9 %
Выручка по регионамДоля общей выручки за 2025-10-31.
4,1 млрд $Общая выручка
Выручка по регионамДоля
United States2,1 млрд $50,2 %+4,5 % г/г
Europe1,3 млрд $30,6 %+8,4 % г/г
Rest Of The World785,2 млн $19,2 %+1,5 % г/г
Источник: SEC EDGAR · Подано 2025-12-05 · SEC EDGAR
Данные о структуре выручки: Выручка по регионам
Выручка по регионам
Выручка
Доля
г/г
United States
2,1 млрд $
50,2 %
4,5 %
Europe
1,3 млрд $
30,6 %
8,4 %
Rest Of The World
785,2 млн $
19,2 %
1,5 %
Выручка и прибыльКак масштаб бизнеса преобразуется в отчетную прибыль.
Денежные средства и долгДоступная ликвидность относительно общей задолженности.
Генерация денежных средствОперационный денежный поток в сравнении со свободным денежным потоком.
РентабельностьДинамика валовой, операционной и чистой маржи.
Финансовые данные на конкретную дату, использованные в анализе от 2026-09-20.
The Cooper Companies Inc. (COO) trades at 11.3x forward earnings against a peer median of 12.0x. Its EV/EBITDA of 14.1x compares with a peer median of 13.9x. The comparison uses 4 peers: Align Technology Inc., Solventum Corporation, Intuitive Surgical Inc. and Baxter International Inc., as of 2026-09-19 to 2026-09-20.
§10 Отрасль и циклEN
Фаза цикла
Expansion
Annual capital expenditure of $362.4M represents 8.86% of revenue, supporting automated daily disposable contact lens manufacturing lines in line with industry capex-to-depreciation benchmarks of 0.80x.4
Бычий цикл
Accelerating global conversion from reusable lenses to premium single-use daily disposables, paired with rising worldwide myopia prevalence and demographic expansion in presbyopia treatments.
Медвежий цикл
Optical retail destocking, consumer trade-down toward private label lenses during macroeconomic slowdowns, and adverse foreign exchange translation across European markets.
Долгосрочные тренды
Тренд
Влияние
Примечание
Global shift toward daily disposable silicone hydrogel contact lenses
positive
Wearers steadily upgrade to single-use modalities for ocular health and convenience, expanding annual revenue per patient.
Rising global myopia diagnosis and pediatric myopia management
positive
Increased screen time drives worldwide myopia rates, sustaining long-term international volume expansion across Europe and Asia.
Consolidation of optical retail chains and private-label proliferation
negative
Large retail optical groups exert bargaining power on lens manufacturers, pressuring wholesale margins on standard spherical designs.
Позиционирование
Cooper occupies a well-insulated position as a leading global supplier of specialty toric and multifocal lenses, shielding it from standard spherical commodity pricing.
§11 Управление позициейEN
Размер позиции
4-6%
Non-discretionary vision care demand, robust operating cash flow, and substantial valuation discount support an above-benchmark weighting.
Риск
Risk is mitigated by non-discretionary wearer replacement habits, recurring revenue in daily disposables, and ongoing debt paydown from annual operating cash flow of $796.1M.
CooperVision's high customer retention and daily disposable mix shift support durable 3.5% to 4.5% top-line growth and resilient operating cash generation.5
Valuation Opportunist
Buy
Trading at 11.34x forward earnings, shares sit well below the house Fair value of $78.48, providing a 41.94% upside margin of safety.2
Risk-Conscious / Defensive
Buy
Non-discretionary vision care demand and $796.1M in operating cash flow comfortably support debt service on $2,783.6M of total debt.2,4
§14 Итоговая рекомендацияEN
Действие
Активно покупать
We recommend a Strong Buy on The Cooper Companies based on durable cash compounding from CooperVision's daily disposable contact lens franchise, trading at a 29.55% discount to our Fair value of $78.48.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Working capital deterioration or contact lens inventory build reducing cash available for debt service on $2,783.6M total debt.
Текущее значение:$796.1M in FY2025
Предупреждение, еслиBelow $600.0M
Moderate
03cost_advantage — High-volume automated daily disposable manufacturing facilities in the United Kingdom and Costa Rica yield efficient per-unit production economics across global distribution channels.Narrow
medium
12-18 months
Natural currency hedging via European operational infrastructure and diversified rest-of-world revenue streams of $785.2M.5
The Bull case models accelerated market share gains in specialty silicone hydrogel daily lenses across Europe and Asia, accompanied by operational integration in Cooper Surgical that lifts segment margins. This outcome delivers Potential value of $92.70 as valuation multiples expand. Slower adoption of daily modalities would disconfirm this trajectory.
Почему это важно
Europe generates substantial consolidated sales; sustained growth confirms geographic penetration while weakness signals macro drag.
03
Метрика:
Cooper Surgical operating profitability
ТекущееConstrained by integration expenses and operational restructuring
Почему это важно
Surgical margin expansion is required to alleviate the profitability drag on consolidated operating results.
