Detailed financial statements for The Cooper Companies, Inc. (COO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The Cooper Companies, Inc. (COO) operates as a global medical device firm, primarily focused on developing, producing, and distributing products through two distinct business units: CooperVision and CooperSurgical. CooperVision specializes in contact lenses.
Analysis Summary
The Cooper Companies, Inc. reported revenue of $4.09B in the most recent fiscal year, growing at a 5-year CAGR of 11.0%. Net income reached $374.9M, with a 9.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 63.6%, operating margin 12.9%, net margin 13.5%. Free cash flow grew at 19.7% CAGR over 5 years.
At $59.55 (closing price, October 30, 2026), COO trades at a P/E of 20.32 and an ROE of 6.88%. Market capitalisation stands at $11.3B, placing it among large-cap names.
Balance sheet quality for COO: debt-to-equity ratio of 0.31, current ratio of 1.22 over the last 12 months, net debt of $2.67B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $433.7M represents 116% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.97B | $2.14B | $2.53B | $2.65B | $2.43B | $2.92B | $3.31B | $3.59B | $3.90B | $4.09B |
| Cost of Revenue | $793.7M | $773.2M | $900.5M | $896.6M | $896.1M | $966.7M | $1.17B | $1.24B | $1.30B | $1.61B |
| Gross Profit | $1.17B | $1.37B | $1.63B | $1.76B | $1.53B | $1.96B | $2.14B | $2.36B | $2.60B | $2.48B |
| Research & Development | $65.4M | $69.2M | $84.8M | $86.7M | $93.3M | $92.7M | $110.3M | $137.4M | $155.1M | $172.2M |
| Selling, General & Admin | $722.8M | $799.1M | $973.3M | $996.6M | $992.5M | $1.21B | $1.34B | $1.50B | $1.53B | $1.63B |
| Operating Expenses | $849.0M | $936.7M | $1.20B | $1.23B | $1.22B | $1.45B | $1.63B | $1.82B | $1.89B | $1.80B |
| Operating Income | $324.1M | $429.1M | $403.1M | $546.7M | $311.8M | $505.8M | $507.6M | $533.1M | $705.7M | $682.9M |
| EBITDA | $520.1M | $615.8M | $689.7M | $826.2M | $622.9M | $823.9M | $878.7M | $885.9M | $1.07B | $1.05B |
| Interest Expense | $26.2M | $33.4M | $82.7M | $68.0M | $36.8M | $23.1M | $57.3M | $105.3M | $114.3M | $100.0M |
| Pre-tax Income | $295.6M | $394.0M | $331.9M | $477.4M | $266.5M | $491.5M | $475.3M | $412.9M | $582.3M | $566.5M |
| Income Tax | $20.7M | $21.1M | $192.0M | $10.7M | $28.1M | -$2.45B | $89.5M | $118.7M | $190.0M | $191.6M |
| Net Income | $273.9M | $372.9M | $139.9M | $466.7M | $238.4M | $2.94B | $385.8M | $294.2M | $392.3M | $374.9M |
| EPS | $5.65 | $7.63 | $2.85 | $9.47 | $4.86 | $14.93 | $1.96 | $1.49 | $1.97 | $1.88 |
| EPS (Diluted) | $5.59 | $7.52 | $2.81 | $9.32 | $4.81 | $14.79 | $1.94 | $1.48 | $1.96 | $1.87 |
| Shares Outstanding (Diluted) | 196.0 M | 198.4 M | 198.8 M | 200.2 M | 198.2 M | 199.4 M | 198.8 M | 199.2 M | 200.4 M | 200.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.07B | $1.02B | $1.08B | $1.07B |
| Gross Profit | $601.0M | $695.2M | $735.4M | $664.9M |
| Operating Income | $140.4M | $212.8M | -$31.0M | $222.4M |
| EBITDA | $215.2M | $310.1M | $67.9M | $317.1M |
| Net Income | $84.6M | $130.8M | -$77.9M | $432.8M |
| EPS | $0.43 | $0.66 | -$0.40 | $2.24 |
| EPS (Diluted) | $0.43 | $0.66 | -$0.40 | $2.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $100.8M | $88.8M | $77.7M | $89.0M | $115.9M | $95.9M | $138.2M | $120.8M | $107.6M | $110.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $291.4M | $316.6M | $374.7M | $435.3M | $435.4M | $515.3M | $557.8M | $609.7M | $717.0M | $829.0M |
| Inventory | $417.7M | $454.1M | $468.8M | $506.9M | $570.4M | $585.6M | $628.7M | $735.6M | $802.7M | $846.0M |
| Total Current Assets | $934.5M | $953.2M | $1.09B | $1.16B | $1.27B | $1.47B | $1.53B | $1.70B | $1.95B | $2.11B |
| Property, Plant & Equipment | $877.7M | $910.1M | $976.0M | $1.13B | $1.54B | $1.35B | $1.43B | $1.63B | $1.86B | $2.08B |
| Goodwill | $2.16B | $2.35B | $2.39B | $2.43B | $2.45B | $2.57B | $3.61B | $3.62B | $3.84B | $3.85B |
| Intangible Assets | $441.1M | $504.7M | $1.52B | $1.41B | $1.29B | $1.27B | $1.89B | $1.71B | $1.79B | $1.59B |
| Total Assets | $4.48B | $4.86B | $6.11B | $6.27B | $6.74B | $9.61B | $11.49B | $11.66B | $12.32B | $12.39B |
| Accounts Payable | $107.4M | $142.1M | $146.4M | $150.1M | $176.0M | $161.4M | $248.8M | $261.9M | $260.5M | $300.4M |
| Short-term Debt | $226.3M | $23.4M | $37.1M | $563.7M | $409.3M | $82.9M | $395.7M | $44.4M | $32.2M | $85.6M |
| Total Current Liabilities | $536.5M | $396.1M | $536.5M | $1.11B | $1.00B | $732.1M | $1.28B | $969.0M | $1.02B | $1.11B |
| Long-term Debt | $1.11B | $1.15B | $1.99B | $1.26B | $1.38B | $1.40B | $2.35B | $2.52B | $2.55B | $2.46B |
| Total Liabilities | $1.78B | $1.68B | $2.81B | $2.65B | $2.91B | $2.66B | $4.32B | $4.11B | $4.23B | $4.16B |
| Retained Earnings | $2.05B | $2.43B | $2.58B | $3.03B | $3.26B | $6.20B | $6.58B | $6.88B | $7.27B | $7.64B |
| Total Equity | $2.70B | $3.18B | $3.31B | $3.63B | $3.82B | $6.94B | $7.17B | $7.55B | $8.08B | $8.24B |
| Total Debt | $1.33B | $1.17B | $2.02B | $1.83B | $2.06B | $1.48B | $2.76B | $2.57B | $2.58B | $2.78B |
| Net Debt | $1.23B | $1.08B | $1.95B | $1.74B | $1.95B | $1.39B | $2.63B | $2.45B | $2.48B | $2.67B |
| Working Capital | $398.0M | $557.1M | $554.4M | $52.8M | $269.8M | $733.2M | $253.4M | $735.9M | $928.7M | $993.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $110.6M | $124.9M | $138.8M | $154.7M |
| Total Assets | $12.39B | $12.42B | $12.48B | $12.67B |
| Total Liabilities | $4.16B | $4.06B | $4.24B | $4.34B |
| Total Equity | $8.24B | $8.36B | $8.24B | $8.33B |
| Total Debt | $2.78B | $2.50B | $2.46B | $2.54B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $273.9M | $372.9M | $139.9M | $466.7M | $238.4M | $2.94B | $385.8M | $294.2M | $392.3M | $374.9M |
| Depreciation & Amortization | $198.3M | $188.4M | $275.1M | $280.8M | $319.6M | $309.3M | $346.1M | $367.7M | $375.1M | $423.0M |
| Stock-based Compensation | 0 | $37.2M | $43.2M | $35.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $3.8M | -$6.2M | $119.6M | -$40.1M | -$125.8M | -$149.9M | -$174.0M | -$218.8M | -$333.7M | -$284.8M |
| Operating Cash Flow | $509.6M | $593.6M | $668.9M | $713.2M | $486.6M | $738.6M | $692.4M | $607.5M | $709.3M | $796.1M |
| Capital Expenditure | -$152.6M | -$127.2M | -$193.6M | -$292.1M | -$310.4M | -$214.4M | -$242.0M | -$392.5M | -$421.2M | -$362.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -$1.59B | -$56.5M | -$343.4M | -$10.5M |
| Stock Repurchased | 0 | -$55.0M | 0 | -$156.1M | -$47.8M | -$24.8M | -$78.5M | 0 | 0 | -$290.1M |
| Dividends Paid | -$2.9M | -$2.9M | -$2.9M | -$3.0M | -$3.0M | -$3.0M | -$3.0M | -$3.0M | 0 | 0 |
| Free Cash Flow | $357.0M | $466.4M | $475.3M | $421.1M | $176.2M | $524.2M | $450.4M | $215.0M | $288.1M | $433.7M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $247.9M | $260.9M | $182.8M | $341.7M |
| Capital Expenditure | -$98.0M | -$102.2M | -$86.4M | -$68.7M |
| Free Cash Flow | $149.9M | $158.7M | $96.4M | $273.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +8.8% | +18.4% | +4.8% | -8.4% | +20.2% | +13.2% | +8.6% | +8.4% | +5.1% | |
| Net Income Growth (YoY) | +36.1% | -62.5% | +233.6% | -48.9% | +1,135.2% | -86.9% | -23.7% | +33.3% | -4.4% | |
| EPS Growth (YoY) | +35.0% | -62.6% | +232.3% | -48.7% | +207.2% | -86.9% | -24.0% | +32.2% | -4.6% | |
| Shares Change (YoY) | +1.2% | +0.2% | +0.7% | -1.0% | +0.6% | -0.3% | +0.2% | +0.6% | -0.2% | |
| FCF Growth (YoY) | +30.6% | +1.9% | -11.4% | -58.2% | +197.5% | -14.1% | -52.3% | +34.0% | +50.5% | |
| Gross Margin | 59.6% | 63.9% | 64.4% | 66.2% | 63.1% | 66.9% | 64.7% | 65.6% | 66.6% | 60.7% |
| Operating Margin | 16.5% | 20.1% | 15.9% | 20.6% | 12.8% | 17.3% | 15.3% | 14.8% | 18.1% | 16.7% |
| EBITDA Margin | 26.4% | 28.8% | 27.2% | 31.1% | 25.6% | 28.2% | 26.6% | 24.7% | 27.5% | 25.7% |
| Net Margin | 13.9% | 17.4% | 5.5% | 17.6% | 9.8% | 100.8% | 11.7% | 8.2% | 10.1% | 9.2% |
| FCF Margin | 18.2% | 21.8% | 18.8% | 15.9% | 7.2% | 17.9% | 13.6% | 6.0% | 7.4% | 10.6% |
| Effective Tax Rate | 7.0% | 5.4% | 57.8% | 2.2% | 10.5% | -499.1% | 18.8% | 28.7% | 32.6% | 33.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.82 | $2.35 | $2.39 | $2.10 | $0.89 | $2.63 | $2.27 | $1.08 | $1.44 | $2.17 |
| Dividends Per Share | $0.01 | $0.01 | $0.01 | $0.01 | $0.02 | $0.02 | $0.02 | $0.02 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 194.0 M | 195.6 M | 196.4 M | 197.2 M | 196.4 M | 197.2 M | 197.2 M | 198.0 M | 198.9 M | 200.0 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 6.88% |
| Return on Invested Capital | 4.76% |
| Return on Assets | 4.50% |
| Gross Margin | 63.64% |
| Operating Margin | 12.85% |
| Net Margin | 13.46% |
Financial Health
| Debt / Equity | 0.31 |
| Current Ratio | 1.22 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.49 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 7.79 | 7.87 | 22.66 | 7.68 | 16.41 | 7.07 | 34.87 | 52.31 | 53.14 | 37.19 |
| P/B | 3.17 | 3.70 | 3.83 | 3.95 | 4.10 | 3.00 | 1.88 | 2.04 | 2.58 | 1.70 |
| P/S | 4.34 | 5.49 | 5.01 | 5.41 | 6.44 | 7.12 | 4.07 | 4.29 | 5.34 | 3.42 |
| Gross Margin | 59.6% | 63.9% | 64.4% | 66.2% | 63.1% | 66.9% | 64.7% | 65.6% | 66.6% | 60.7% |
| Operating Margin | 16.5% | 20.1% | 15.9% | 20.6% | 12.8% | 17.3% | 15.3% | 14.8% | 18.1% | 16.7% |
| Net Margin | 13.9% | 17.4% | 5.5% | 17.6% | 9.8% | 100.8% | 11.7% | 8.2% | 10.1% | 9.2% |
Related companies: ALC · GKOS · BLCO · ISRG · 0R29.L · 0R19.L · BDX · 0KW4.L
Explore sector: Healthcare · Medical - Instruments & Supplies
More sections of COO: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks