# The Cooper Companies (COO.US)

Canonical: https://gigainvestors.com/s/COO

Analysis as of: 2026-10-16T07:27:38.160Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $57.40 per share; close as of 2026-10-15.

Estimated value: low $29.45 per share, central $38.38 per share, high $44.83 per share. Buy at or below the central value $38.38 per share. Valuation as of 2026-10-16T07:27:38.160Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.20×

- FY2018: 0.16×

- FY2019: 0.21×

- FY2020: 0.13×

- FY2021: 0.17×

- FY2022: 0.15×

- FY2023: 0.15×

- FY2024: 0.18×

- FY2025: 0.17×

- LTM to Jul 2026: 0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: 6.4%

- Typical minus recent gross margin: 3.9 pp

- Typical gross margin (annual median): 64.6%

- Recent gross margin (lower of latest and 3-year median): 60.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.3%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.1%

- FY2017: 21.3%

- FY2018: 9.2%

- FY2019: 18.2%

- FY2020: 8.4%

- FY2021: 8.8%

- FY2022: 6.7%

- FY2023: 6.0%

- FY2024: 7.1%

- FY2025: 6.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $4.7B

- Net income, five-year total: $4.4B

- Return on incremental invested capital: 54.7%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.9 pp

- Working capital / revenue, final three-year average: 32.0%

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

- FY2021: 1.03×

- FY2022: 1.27×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 1.16×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 17.1% vs 6.4%

- Per-share earnings: 1.40 to 1.87 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: $5.1B

- Cumulative retained earnings: $5.6B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.7%

- Per-share value change: $0.48

- Per-share value, starting three-year median: $1.40

- Per-share value, ending three-year median: $1.87

- Buybacks concentrated in cheaper years (correlation): -0.04

- Average buyback yield: 0.7%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $3.4B

- Cumulative net income, 10 years: $5.9B

- ROIC, first three-year median: 17.1%

- ROIC, last three-year median: 6.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.40

- FY2017: $1.88

- FY2018: $0.70

- FY2019: $2.33

- FY2020: $1.20

- FY2021: $14.78

- FY2022: $1.94

- FY2023: $1.48

- FY2024: $1.96

- FY2025: $1.87

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.66×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.3%

- FY2017: -4.5%

- FY2018: -8.7%

- FY2019: -3.9%

- FY2020: -3.7%

- FY2021: 23.0%

- FY2022: -2.7%

- FY2023: -2.7%

- FY2024: -2.6%

- FY2025: -3.4%

## Holders

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 48% since Sep 2024 · "The Cooper Companies (COO) Faces Near-Term Pressure from Slowing Contact Lens Demand" (finance.yahoo.com, Sep 2026) · sales +3.5%

Story as of 2026-10-16T09:58:33.018Z; price observation 2026-10-15.

Price needs cash profits to grow 9.4% a year for ten years

- 2025-05-30: Cooper Stock Sinks as Contact Lens Maker Cuts Full-Year Organic Growth Forecast ([finance.yahoo.com](https://finance.yahoo.com/news/cooper-stock-sinks-contact-lens-181344746.html))

- 2025-08-27: Cooper Companies lowers annual revenue forecast, shares fall ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/cooper-companies-lowers-annual-revenue-223804482.html))

- 2026-06-05: COO Stock Rises on Q2 Earnings Beat, FY26 Revenue Guidance Trimmed ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/coo-stock-rises-q2-earnings-153800668.html))

- 2026-08-21: Is Cooper Companies (COO) Cheap After Slower Growth Forecasts Raised Valuation Concerns? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cooper-companies-coo-cheap-slower-031819555.html))

- 2026-09-14: The Cooper Companies (COO) Faces Near-Term Pressure from Slowing Contact Lens Demand ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/cooper-companies-coo-faces-near-145526217.html))

### Sales · FY2025–2026

sales +3.5%; source https://www.sec.gov/Archives/edgar/data/711404/000162828025055615/coo-20251031.htm; observed 2025-12-05.

- FY2017: $2.1B 

- FY2018: $2.5B 

- FY2019: $2.7B 

- FY2020: $2.4B 

- FY2021: $2.9B 

- FY2022: $3.3B 

- FY2023: $3.6B 

- FY2024: $3.9B 

- FY2025: $4.1B 

- FY2026: $4.2B 

### Gross margin · FY2025

gross margin 60.7%; source https://www.sec.gov/Archives/edgar/data/711404/000162828025055615/coo-20251031.htm; observed 2025-12-05.

- FY2016: 59.6% 

- FY2017: 63.9% 

- FY2018: 64.4% 

- FY2019: 66.2% 

- FY2020: 63.1% 

- FY2021: 66.9% 

- FY2022: 64.7% 

- FY2023: 65.6% 

- FY2024: 66.6% 

- FY2025: 60.7% 

## Owner memo

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

### How it makes money

Operates in medical instruments & supplies; annual sales are USD 4.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/711404/000162828025055615/coo-20251031.htm (filed 2025-12-05); FY2025: revenue 4092400000; grossProfit 2482900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COO.US: The Cooper Companies, Inc., together with its subsidiaries, develops, manufactures, and markets contact lens wearers. The company operates in two segments, CooperVision and CooperSurgical. The CooperVision segment offers spherical, toric, and multifocal contact lenses that address vision challenges, such as astigmatism, presbyopia, and myopia. Its CooperSurgical segment focuses on family and women's health care, which provides fertility products and services, medical devices, and contraception, as well as cryostorage, such as cord blood and cord tissue storage. This segment offers Paragard, a hormone-free intrauterine device; and fertility consumables and equipment, donor gamete services, and genomic services, including genetic testing. The company sells its products to distributors, group purchasing organizations, eye care and health care professionals, including independent practices, corporate retailers, hospitals and clinics, and authorized resellers. The Cooper Companies, Inc. was founded in 1958 and is headquartered in San Ramon, California.

### Why customers stay

Margins ranged from 60.7% to 66.6% during 2023–25; it earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2023: grossProfit / revenue = 65.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2024: grossProfit / revenue = 66.6%.

- Source: https://www.sec.gov/Archives/edgar/data/711404/000162828025055615/coo-20251031.htm (filed 2025-12-05); FY2025: grossProfit / revenue = 60.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); 10-year return on capital observations [[2016,0.17086613287527933],[2017,0.21320888239595615],[2018,0.09159442075089143],[2019,0.18198269347369533],[2020,0.08389434451364118],[2021,0.08792087468928714],[2022,0.0665618483624151],[2023,0.059586340883011193],[2024,0.07073775594961625],[2025,0.06402656753130018]]; median 0.08590760960146415. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 290.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2016: growth capex 0; upkeep 152600000; owner earnings 319617000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2017: growth capex 0; upkeep 127200000; owner earnings 434100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2018: growth capex 0; upkeep 193600000; owner earnings 221400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2019: growth capex 11300000; upkeep 280800000; owner earnings 466700000. Growth capex / owner earnings = 0.02421255624598243.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2020: growth capex 0; upkeep 310400000; owner earnings 247600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2021: growth capex 0; upkeep 214400000; owner earnings 3039600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2022: growth capex 0; upkeep 242000000; owner earnings 489900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2023: growth capex 24800000; upkeep 367700000; owner earnings 294200000. Growth capex / owner earnings = 0.08429639700883752.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); FY2024: growth capex 46100000; upkeep 375100000; owner earnings 392300000. Growth capex / owner earnings = 0.1175121080805506.

- Source: https://www.sec.gov/Archives/edgar/data/711404/000162828025055615/coo-20251031.htm (filed 2025-12-05); FY2025: growth capex 0; upkeep 362400000; owner earnings 435500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); Dividend observations: [[2016,2900000],[2017,2900000],[2018,2900000],[2019,3000000],[2020,3000000],[2021,3000000],[2022,3000000],[2023,3000000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/711404/000162828025055615/coo-20251031.htm (filed 2025-12-05); FY2025: cash repurchases 290100000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COO.US SharesStats.PercentInsiders = 0.632 percentage points; cache date 2026-10-16.

### What could break it

"We face risks associated with disruption of our manufacturing, distribution and storage operations" (SEC filing, Dec 2025)

- Source: https://www.sec.gov/Archives/edgar/data/711404/000162828025055615/coo-20251031.htm (filed 2025-12-05); We face risks associated with disruption of our manufacturing, distribution and storage operations

### What the price says

The price assumes cash profits grow 9.4% yearly over ten years; actual growth was 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-05); Ten-year compound average after fade. Initial solved rate 0.12218201618932467. Price 57.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9693021167872226 → FY2025 2.1775. Closing-price date 2026-10-15.

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

- 2016-10: $44.01 per share

- 2016-11: $41.12 per share

- 2016-12: $43.73 per share

- 2017-01: $46.15 per share

- 2017-02: $49.79 per share

- 2017-03: $49.97 per share

- 2017-04: $50.08 per share

- 2017-05: $54.69 per share

- 2017-06: $59.86 per share

- 2017-07: $60.97 per share

- 2017-08: $62.71 per share

- 2017-09: $59.28 per share

- 2017-10: $60.07 per share

- 2017-11: $60.30 per share

- 2017-12: $54.47 per share

- 2018-01: $61.17 per share

- 2018-02: $57.63 per share

- 2018-03: $57.20 per share

- 2018-04: $57.18 per share

- 2018-05: $56.58 per share

- 2018-06: $58.86 per share

- 2018-07: $65.13 per share

- 2018-08: $63.95 per share

- 2018-09: $69.29 per share

- 2018-10: $64.58 per share

- 2018-11: $69.71 per share

- 2018-12: $63.63 per share

- 2019-01: $69.69 per share

- 2019-02: $71.50 per share

- 2019-03: $74.04 per share

- 2019-04: $72.48 per share

- 2019-05: $74.45 per share

- 2019-06: $84.22 per share

- 2019-07: $84.35 per share

- 2019-08: $77.44 per share

- 2019-09: $74.25 per share

- 2019-10: $72.75 per share

- 2019-11: $78.27 per share

- 2019-12: $80.32 per share

- 2020-01: $86.72 per share

- 2020-02: $81.14 per share

- 2020-03: $68.92 per share

- 2020-04: $71.68 per share

- 2020-05: $79.25 per share

- 2020-06: $70.91 per share

- 2020-07: $70.73 per share

- 2020-08: $78.60 per share

- 2020-09: $84.28 per share

- 2020-10: $79.76 per share

- 2020-11: $83.81 per share

- 2020-12: $90.83 per share

- 2021-01: $91.01 per share

- 2021-02: $96.53 per share

- 2021-03: $96.02 per share

- 2021-04: $102.72 per share

- 2021-05: $98.36 per share

- 2021-06: $99.07 per share

- 2021-07: $105.44 per share

- 2021-08: $112.68 per share

- 2021-09: $103.33 per share

- 2021-10: $104.23 per share

- 2021-11: $94.12 per share

- 2021-12: $104.74 per share

- 2022-01: $99.58 per share

- 2022-02: $102.26 per share

- 2022-03: $104.40 per share

- 2022-04: $90.26 per share

- 2022-05: $87.69 per share

- 2022-06: $78.28 per share

- 2022-07: $81.75 per share

- 2022-08: $71.86 per share

- 2022-09: $65.98 per share

- 2022-10: $68.35 per share

- 2022-11: $79.09 per share

- 2022-12: $82.67 per share

- 2023-01: $87.23 per share

- 2023-02: $81.74 per share

- 2023-03: $93.34 per share

- 2023-04: $95.36 per share

- 2023-05: $92.88 per share

- 2023-06: $95.86 per share

- 2023-07: $97.82 per share

- 2023-08: $92.50 per share

- 2023-09: $79.50 per share

- 2023-10: $77.94 per share

- 2023-11: $84.23 per share

- 2023-12: $94.61 per share

- 2024-01: $93.26 per share

- 2024-02: $93.60 per share

- 2024-03: $101.46 per share

- 2024-04: $89.06 per share

- 2024-05: $94.31 per share

- 2024-06: $87.30 per share

- 2024-07: $93.33 per share

- 2024-08: $105.73 per share

- 2024-09: $110.34 per share

- 2024-10: $104.68 per share

- 2024-11: $104.46 per share

- 2024-12: $91.93 per share

- 2025-01: $96.55 per share

- 2025-02: $90.38 per share

- 2025-03: $84.35 per share

- 2025-04: $81.67 per share

- 2025-05: $68.28 per share

- 2025-06: $71.16 per share

- 2025-07: $70.69 per share

- 2025-08: $67.40 per share

- 2025-09: $68.56 per share

- 2025-10: $69.91 per share

- 2025-11: $77.93 per share

- 2025-12: $81.96 per share

- 2026-01: $81.38 per share

- 2026-02: $83.67 per share

- 2026-03: $71.50 per share

- 2026-04: $62.90 per share

- 2026-05: $61.21 per share

- 2026-06: $71.71 per share

- 2026-07: $72.32 per share

- 2026-08: $70.09 per share

- 2026-09: $56.53 per share

- 2026-10: $57.40 per share

## Annual estimated value (USD per share)

- FY2016: low $19.63 per share, central $24.24 per share, high $28.23 per share

- FY2017: low $20.74 per share, central $25.32 per share, high $29.48 per share

- FY2018: low $20.19 per share, central $24.44 per share, high $28.45 per share

- FY2019: low $25.44 per share, central $31.10 per share, high $36.23 per share

- FY2020: low $23.75 per share, central $29.10 per share, high $33.88 per share

- FY2021: low $32.37 per share, central $42.24 per share, high $49.38 per share

- FY2022: low $30.72 per share, central $39.52 per share, high $46.13 per share

- FY2023: low $29.43 per share, central $33.45 per share, high $38.81 per share

- FY2024: low $24.78 per share, central $32.25 per share, high $37.69 per share

- FY2025: low $27.31 per share, central $35.65 per share, high $41.68 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 2026-10-15T06:33:18.643Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/711404/000162828025055615/coo-20251031.htm); period 2025-10-31, filed 2025-12-05.

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.