# Coloplast A/S (COLO-B.CO)

Canonical: https://gigainvestors.com/s/COLO-B.CO

Analysis as of: 2026-10-16T07:35:04.358Z. Financial observations: FY2002–FY2025.

Listing currency: DKK. Reporting currency: DKK.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: DKK 468.50 per share; close as of 2026-10-15.

Estimated value: low DKK 302.14 per share, central DKK 384.48 per share, high DKK 449.28 per share. Buy at or below the central value DKK 384.48 per share. Valuation as of 2026-10-16T07:35:04.358Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DK 10-year bond 3.2% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.28×

- FY2017: 0.32×

- FY2018: 0.31×

- FY2019: 0.29×

- FY2020: 0.32×

- FY2021: 0.33×

- FY2022: 0.29×

- FY2023: 0.28×

- FY2024: 0.27×

- FY2025: 0.27×

### moat: pass

- ROIC, median of available years: 63.9%

- ROIC, second-lowest year: 28.3%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 67.9%

- Recent gross margin (lower of latest and 3-year median): 65.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 40.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 92.5%

- FY2017: 76.2%

- FY2018: 75.3%

- FY2019: 73.2%

- FY2020: 68.2%

- FY2021: 59.6%

- FY2022: 34.0%

- FY2023: 33.6%

- FY2024: 28.3%

- FY2025: 26.7%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: DKK 21B

- Net income, five-year total: DKK 23B

- Return on incremental invested capital: 28.4%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.6 pp

- Working capital / revenue, final three-year average: 27.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.77×

- FY2022: 0.97×

- FY2023: 0.96×

- FY2024: 0.99×

- FY2025: 0.97×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 76.2% vs 28.3%

- Per-share earnings: 14.82 to 21.89 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: DKK 14B

- Cumulative retained earnings: DKK 14B

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.0%

- Per-share value change: DKK 7.07

- Per-share value, starting three-year median: DKK 14.82

- Per-share value, ending three-year median: DKK 21.89

- Buybacks concentrated in cheaper years (correlation): 0.83

- Average buyback yield: 0.3%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: DKK 30B

- Cumulative net income, 10 years: DKK 42B

- ROIC, first three-year median: 76.2%

- ROIC, last three-year median: 28.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: DKK 14.82

- FY2017: DKK 17.85

- FY2018: DKK 18.08

- FY2019: DKK 18.16

- FY2020: DKK 19.73

- FY2021: DKK 22.63

- FY2022: DKK 22.16

- FY2023: DKK 21.89

- FY2024: DKK 22.42

- FY2025: DKK 16.16

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.85×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.0%

- FY2017: 4.5%

- FY2018: -4.4%

- FY2019: -3.8%

- FY2020: -4.2%

- FY2021: -2.9%

- FY2022: -1.1%

- FY2023: 1.2%

- FY2024: 4.8%

- FY2025: -6.2%

## Holders

## Price story

Down 59% since Dec 2021 · "Organic Growth: 6% in Q2, revised annual expectation to 7% from 8%-9%." (finance.yahoo.com, May 2025) · sales +3.1%

Story as of 2026-10-16T10:00:03.519Z; price observation 2026-10-15.

Price needs cash profits to grow 6.6% a year for ten years

### Sales · FY2024–2025

sales +3.1%; source https://filings.xbrl.org/529900NN7SOJ5QG82X67/2026-06-30/ESEF/DK/0/Coloplast-2026-06-30-1-en/reports/Coloplast-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: DKK 15B 

- FY2017: DKK 16B 

- FY2018: DKK 16B 

- FY2019: DKK 18B 

- FY2020: DKK 19B 

- FY2021: DKK 19B 

- FY2022: DKK 23B 

- FY2023: DKK 25B 

- FY2024: DKK 27B 

- FY2025: DKK 28B 

### Gross margin · FY2025

gross margin 65.1%; source https://filings.xbrl.org/529900NN7SOJ5QG82X67/2026-06-30/ESEF/DK/0/Coloplast-2026-06-30-1-en/reports/Coloplast-2026-06-30-1-en.xhtml; observed 2026-09-02.

- FY2016: 68.3% 

- FY2017: 68.1% 

- FY2018: 67.3% 

- FY2019: 67.7% 

- FY2020: 68.0% 

- FY2021: 68.5% 

- FY2022: 68.8% 

- FY2023: 66.6% 

- FY2024: 67.6% 

- FY2025: 65.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical instruments & supplies; annual sales are DKK 27.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: revenue 27874000000; grossProfit 18136000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COLO-B.CO: Coloplast A/S engages in the development and sale of intimate healthcare products and services in Denmark, the United States, the United Kingdom, France, and internationally. The company operates through Chronic Care, Continence Care, Voice and Respiratory Care, Interventional Urology, and Advanced Wound Dressings and Biologics segments. It provides ostomy care products, including SenSura Mio, which provides fit individual body shapes and discretion for various types of ostomies; and SenSura Ostomy care solutions, as well as ostomy accessories under the Brava brand. The company also offers continence care products, such as Conveen Active urine bags; SpeediCath catheters that offer catheterization for both genders; Peristeen Plus, a transanal irrigation system; and Peristeen Light, a low-volume transanal irrigation. In addition, it provides wound care products comprising conforming dressing under the Biatain Silicone brand and hydrocolloid dressing under the Comfeel brand. Further, the company develops, produces, and markets products for the surgical treatment of urological and gynecological disorders, such as erectile dysfunction, urinary stone diseases, benign prostate hyperplasia, voiding dysfunctions, and urinary incontinence. Additionally, its voice and respiratory care solutions include laryngectomy care products comprising Provox, a voice prosthesis for speaking, HMEs, adhesives, laryngectomy tubes for breathing, devices for speaking hands-free, and accessories, as well as tracheostomy care products under Tracoe brand. Coloplast A/S was founded in 1954 and is headquartered in Humlebæk, Denmark.

### Why customers stay

Margins ranged from 65.1% to 67.6% during 2023–25; it earns 63.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: grossProfit / revenue = 66.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: grossProfit / revenue = 67.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: grossProfit / revenue = 65.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); 10-year return on capital observations [[2016,0.9245908882565858],[2017,0.7623666137137947],[2018,0.7532661332962273],[2019,0.7324966172466281],[2020,0.6818751465369326],[2021,0.5961513426068107],[2022,0.33969638216063],[2023,0.3363505885230412],[2024,0.2833566624748791],[2025,0.26650527454692996]]; median 0.6390132445718717. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2016: growth capex 121000000; upkeep 528000000; owner earnings 3143000000. Growth capex / owner earnings = 0.038498250079541836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2017: growth capex 74000000; upkeep 611000000; owner earnings 3797000000. Growth capex / owner earnings = 0.019489070318672638.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2018: growth capex 45000000; upkeep 624000000; owner earnings 3845000000. Growth capex / owner earnings = 0.011703511053315995.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2019: growth capex 0; upkeep 636000000; owner earnings 3859600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2020: growth capex 80000000; upkeep 851000000; owner earnings 4069800000. Growth capex / owner earnings = 0.01965698560125805.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2021: growth capex 178004992.3127749; upkeep 1787995007.687225; owner earnings 3703804992.3127747. Growth capex / owner earnings = 0.04806003358228179.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2022: growth capex 205000000; upkeep 930000000; owner earnings 4565000000. Growth capex / owner earnings = 0.044906900328587074.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2023: growth capex 172000000; upkeep 1069000000; owner earnings 4604200000. Growth capex / owner earnings = 0.037357195604013724.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2024: growth capex 0; upkeep 1166000000; owner earnings 4978600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); FY2025: growth capex 0; upkeep 1306000000; owner earnings 3544800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Dividend observations: [[2016,2650000000],[2017,2864000000],[2018,3288000000],[2019,3398000000],[2020,3612000000],[2021,3830000000],[2022,4041000000],[2023,4247000000],[2024,4720000000],[2025,4958000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 29.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COLO-B.CO SharesStats.PercentInsiders = 29.794999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.6% yearly over ten years; actual growth was 14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-02); Ten-year compound average after fade. Initial solved rate 0.1019322464054678. Price 468.5; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.217127165382218 → FY2025 15.754666666666667. Closing-price date 2026-10-15.

## Monthly share-price history (DKK per share)

- 2016-10: DKK 472.80 per share

- 2016-11: DKK 445.90 per share

- 2016-12: DKK 476.30 per share

- 2017-01: DKK 492.80 per share

- 2017-02: DKK 494.70 per share

- 2017-03: DKK 544.50 per share

- 2017-04: DKK 584.50 per share

- 2017-05: DKK 567.00 per share

- 2017-06: DKK 544.00 per share

- 2017-07: DKK 540.00 per share

- 2017-08: DKK 511.50 per share

- 2017-09: DKK 511.00 per share

- 2017-10: DKK 562.00 per share

- 2017-11: DKK 490.10 per share

- 2017-12: DKK 493.50 per share

- 2018-01: DKK 532.60 per share

- 2018-02: DKK 517.60 per share

- 2018-03: DKK 510.60 per share

- 2018-04: DKK 524.00 per share

- 2018-05: DKK 605.20 per share

- 2018-06: DKK 637.80 per share

- 2018-07: DKK 695.00 per share

- 2018-08: DKK 687.40 per share

- 2018-09: DKK 656.80 per share

- 2018-10: DKK 615.00 per share

- 2018-11: DKK 628.60 per share

- 2018-12: DKK 605.00 per share

- 2019-01: DKK 595.20 per share

- 2019-02: DKK 653.80 per share

- 2019-03: DKK 730.20 per share

- 2019-04: DKK 718.20 per share

- 2019-05: DKK 712.60 per share

- 2019-06: DKK 741.80 per share

- 2019-07: DKK 788.20 per share

- 2019-08: DKK 808.00 per share

- 2019-09: DKK 825.00 per share

- 2019-10: DKK 807.20 per share

- 2019-11: DKK 801.20 per share

- 2019-12: DKK 826.40 per share

- 2020-01: DKK 851.00 per share

- 2020-02: DKK 904.80 per share

- 2020-03: DKK 986.60 per share

- 2020-04: DKK 1,077.00 per share

- 2020-05: DKK 1,125.00 per share

- 2020-06: DKK 1,028.00 per share

- 2020-07: DKK 1,076.00 per share

- 2020-08: DKK 1,058.50 per share

- 2020-09: DKK 1,003.50 per share

- 2020-10: DKK 932.80 per share

- 2020-11: DKK 931.60 per share

- 2020-12: DKK 929.60 per share

- 2021-01: DKK 917.40 per share

- 2021-02: DKK 938.80 per share

- 2021-03: DKK 953.80 per share

- 2021-04: DKK 1,023.50 per share

- 2021-05: DKK 960.60 per share

- 2021-06: DKK 1,029.00 per share

- 2021-07: DKK 1,147.00 per share

- 2021-08: DKK 1,091.00 per share

- 2021-09: DKK 1,006.50 per share

- 2021-10: DKK 1,049.00 per share

- 2021-11: DKK 1,073.00 per share

- 2021-12: DKK 1,151.00 per share

- 2022-01: DKK 958.40 per share

- 2022-02: DKK 998.20 per share

- 2022-03: DKK 1,024.50 per share

- 2022-04: DKK 959.00 per share

- 2022-05: DKK 824.20 per share

- 2022-06: DKK 808.40 per share

- 2022-07: DKK 849.40 per share

- 2022-08: DKK 848.20 per share

- 2022-09: DKK 775.80 per share

- 2022-10: DKK 840.00 per share

- 2022-11: DKK 833.60 per share

- 2022-12: DKK 812.00 per share

- 2023-01: DKK 822.60 per share

- 2023-02: DKK 813.80 per share

- 2023-03: DKK 901.80 per share

- 2023-04: DKK 973.00 per share

- 2023-05: DKK 877.00 per share

- 2023-06: DKK 853.20 per share

- 2023-07: DKK 842.40 per share

- 2023-08: DKK 785.20 per share

- 2023-09: DKK 747.60 per share

- 2023-10: DKK 735.00 per share

- 2023-11: DKK 808.00 per share

- 2023-12: DKK 772.00 per share

- 2024-01: DKK 797.60 per share

- 2024-02: DKK 915.60 per share

- 2024-03: DKK 932.40 per share

- 2024-04: DKK 846.40 per share

- 2024-05: DKK 824.80 per share

- 2024-06: DKK 836.60 per share

- 2024-07: DKK 896.60 per share

- 2024-08: DKK 920.20 per share

- 2024-09: DKK 875.00 per share

- 2024-10: DKK 855.20 per share

- 2024-11: DKK 889.40 per share

- 2024-12: DKK 786.20 per share

- 2025-01: DKK 830.00 per share

- 2025-02: DKK 764.00 per share

- 2025-03: DKK 723.20 per share

- 2025-04: DKK 742.00 per share

- 2025-05: DKK 635.60 per share

- 2025-06: DKK 601.60 per share

- 2025-07: DKK 603.40 per share

- 2025-08: DKK 612.80 per share

- 2025-09: DKK 543.00 per share

- 2025-10: DKK 585.60 per share

- 2025-11: DKK 580.80 per share

- 2025-12: DKK 546.40 per share

- 2026-01: DKK 536.00 per share

- 2026-02: DKK 488.00 per share

- 2026-03: DKK 436.40 per share

- 2026-04: DKK 393.90 per share

- 2026-05: DKK 395.80 per share

- 2026-06: DKK 372.30 per share

- 2026-07: DKK 429.40 per share

- 2026-08: DKK 458.80 per share

- 2026-09: DKK 417.90 per share

- 2026-10: DKK 455.90 per share

## Annual estimated value (DKK per share)

- FY2016: low DKK 222.14 per share, central DKK 322.45 per share, high DKK 378.39 per share

- FY2017: low DKK 248.53 per share, central DKK 361.87 per share, high DKK 425.08 per share

- FY2018: low DKK 263.85 per share, central DKK 384.29 per share, high DKK 451.47 per share

- FY2019: low DKK 264.22 per share, central DKK 384.78 per share, high DKK 452.01 per share

- FY2020: low DKK 278.84 per share, central DKK 406.31 per share, high DKK 477.40 per share

- FY2021: low DKK 264.66 per share, central DKK 349.56 per share, high DKK 409.06 per share

- FY2022: low DKK 309.92 per share, central DKK 420.33 per share, high DKK 492.52 per share

- FY2023: low DKK 299.17 per share, central DKK 393.22 per share, high DKK 459.99 per share

- FY2024: low DKK 291.44 per share, central DKK 370.86 per share, high DKK 433.36 per share

- FY2025: low DKK 297.24 per share, central DKK 378.07 per share, high DKK 441.68 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:50.892Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/529900NN7SOJ5QG82X67/2026-06-30/ESEF/DK/0/Coloplast-2026-06-30-1-en/reports/Coloplast-2026-06-30-1-en.xhtml); period 2026-06-30, filed 2026-09-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.