Alcon Inc.
- Open
- 68.27
- Day high
- 68.39
- Day low
- 67.62
- Prev close
- 67.91
- Volume
- 1.5M
- Mkt cap
- $33.2B
- P/E (TTM)
- 41.0
- EPS (TTM)
- $1.66
- P/B
- 1.5
- P/S
- 3.1
- Yield
- 0.87%
- Per share
- $0.59
Alcon Inc. (ALC) is a Healthcare company listed on NYSE. The stock is down 26% over the past year. Drillr has 1 published research article covering ALC.
Alcon Inc. (ALC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ALC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.80 | $0.85 | +6.2% | $2.7B | +0.4% |
| Feb 25, 2026 | $0.79 | $0.76 | -3.5% | $2.6B | -3.2% |
| Nov 11, 2025 | $0.77 | $0.79 | +2.6% | $2.6B | -3.6% |
| Aug 19, 2025 | $0.71 | $0.76 | +7.0% | $2.6B | -2.1% |
| Feb 25, 2025 | $0.70 | $0.72 | +2.9% | $2.5B | +1.4% |
| Aug 20, 2024 | $0.74 | $0.74 | +0.0% | $2.5B | -0.4% |
| Feb 27, 2024 | $0.68 | $0.69 | +1.5% | $2.5B | +2.4% |
| Nov 14, 2023 | $0.67 | $0.66 | -1.5% | $2.3B | +1.8% |
| Aug 15, 2023 | $0.62 | $0.69 | +11.3% | $2.4B | +4.2% |
| Feb 27, 2023 | $0.42 | $0.42 | +0.0% | $2.2B | -0.8% |
| Nov 15, 2022 | $0.48 | $0.50 | +4.2% | $2.1B | +2.5% |
| Feb 15, 2022 | $0.49 | $0.56 | +14.3% | $2.1B | +1.9% |
Alcon Inc. company profile
Overview
Alcon Inc. (NYSE:ALC) is a Swiss-headquartered eye care company that was spun off from Novartis and went public in 2019. Founded in 1945, Alcon has grown to become one of the world's largest dedicated eye care companies, focusing exclusively on developing, manufacturing, and distributing products for eye care professionals and their patients globally. The company operates through two primary business segments: Surgical and Vision Care, serving ophthalmologists, optometrists, and consumers worldwide with a comprehensive portfolio of eye care solutions.
Business
Alcon operates in the global eye care market, which encompasses surgical treatments for various eye conditions and vision correction products. The company's business is divided into two main segments that together generate nearly $10 billion in annual revenue. The Surgical segment represents approximately 57% of total revenue and focuses on products used by ophthalmologists in surgical procedures. This includes three main categories: **Implantables** are artificial lenses called intraocular lenses (IOLs) that replace the eye's natural lens during cataract surgery, including advanced technology IOLs like PanOptix and Vivity that can correct presbyopia and astigmatism. **Consumables** are single-use products needed for eye surgeries, such as viscoelastics (gel-like substances that protect eye tissues during surgery), surgical solutions, and procedure packs. **Equipment** includes sophisticated surgical machines like the Centurion vision system for cataract surgery, LenSx femtosecond lasers, and vitreoretinal systems for treating retinal conditions. The Vision Care segment accounts for approximately 43% of revenue and serves both eye care professionals and consumers directly. **Contact Lenses** include daily disposable lenses (DAILIES, TOTAL, PRECISION brands), reusable lenses, and specialty lenses for astigmatism and presbyopia. **Ocular Health** products encompass over-the-counter treatments for dry eyes (Systane brand), contact lens care solutions (Opti-Free, Clear Care), and treatments for glaucoma and allergies, sold through pharmacies and optical retailers.
Revenue model
Alcon generates revenue through direct product sales to eye care professionals, hospitals, and retail channels. In the Surgical segment, the company sells high-margin implantable lenses directly to surgeons and surgery centers, typically at premium prices for advanced technology IOLs that can cost several hundred to over a thousand dollars per lens. Equipment sales involve larger capital purchases by surgical facilities, often accompanied by ongoing consumables revenue as these machines require proprietary supplies for each procedure. The Vision Care segment operates on a different model, selling contact lenses through eye care professionals who then dispense them to patients, as well as selling ocular health products through retail pharmacies and optical chains. Contact lens revenue benefits from recurring purchases, as patients typically reorder monthly or quarterly supplies. Several factors influence Alcon's profitability margins. **Positive margin drivers** include the aging global population increasing demand for cataract surgery and vision correction, growing adoption of premium advanced technology IOLs over basic monofocal lenses, expansion in emerging markets with rising healthcare spending, and successful new product launches that command premium pricing. The company's strong market positions in both surgical and vision care markets provide pricing power. **Margin pressures** come from healthcare cost containment efforts including volume-based procurement programs in markets like China, competitive dynamics in mature markets leading to pricing pressure, currency fluctuations affecting international operations, and rising raw material and manufacturing costs. Additionally, the shift toward value-based healthcare models requires demonstrating clinical and economic benefits to maintain premium pricing.
Competitive moat
Alcon possesses a moderately strong competitive moat built primarily on its scale advantages, innovation capabilities, and switching costs. The company benefits from being the largest pure-play eye care company globally, providing economies of scale in research and development, manufacturing, and distribution that smaller competitors struggle to match. This scale enables Alcon to invest approximately $600-700 million annually in R&D, maintaining its innovation pipeline across multiple product categories. The company's moat is strengthened by high switching costs in the surgical segment, where surgeons develop familiarity and expertise with specific equipment platforms and IOL technologies. Once a surgical facility invests in Alcon's equipment ecosystem, the ongoing consumables and implantables revenue becomes relatively sticky. Additionally, Alcon's broad product portfolio allows it to offer comprehensive solutions to eye care professionals, creating customer stickiness through convenience and relationship depth. However, the moat faces several challenges. The contact lens market is highly competitive with strong players like Johnson & Johnson and CooperVision, limiting pricing power and requiring constant innovation to maintain share. In surgical markets, emerging competitors from Asia and new technologies like femtosecond lasers create disruption risks. Regulatory approval processes, while creating barriers to entry, also slow Alcon's own innovation cycles. The company's moat is solid but not insurmountable, requiring continuous investment in innovation and operational excellence to maintain competitive advantages.
Risks & safety
Alcon demonstrates strong financial stability with adequate margin of safety for investors. **Liquidity and Solvency**: The company maintains $1.4 billion in cash and short-term investments with minimal debt burden (debt-to-equity ratio of 0.24), providing substantial financial flexibility. Strong free cash flow generation of $1.4 billion annually supports dividend payments and growth investments without financial strain. **Valuation Metrics**: Trading at approximately 16.9x EV/EBITDA and 41x P/E ratio based on 2024 results, the stock appears fairly valued relative to healthcare industry peers, though not particularly cheap. The Graham number suggests potential overvaluation at current price levels. **Other Considerations**: Consistent revenue growth averaging 6-8% annually, strong market positions in growing end markets, and diversified geographic exposure provide downside protection, though exposure to healthcare spending cycles and regulatory changes in key markets present some risks.
Recent development
Over the past few years, Alcon has focused heavily on innovation and strategic acquisitions to strengthen its competitive position. Key developments include the **Unity VCS surgical platform** launch, representing the next generation of cataract surgery equipment with improved efficiency and surgeon experience, receiving FDA clearance and beginning commercial rollout in 2025. The company has expanded its **premium IOL portfolio** with the PanOptix Pro launch, featuring 50% less light scatter than previous versions, and continued development of advanced technology lenses to capture more of the growing premium cataract surgery market. In contact lenses, Alcon launched **PRECISION7** one-week replacement lenses and expanded its daily disposable portfolio with TOTAL and PRECISION brands. **Strategic acquisitions** have broadened Alcon's capabilities, including the purchase of Belkin Vision for direct selective laser trabeculoplasty glaucoma treatment, acquisition of Ivantis for the Hydrus Microstent, and a pending merger with LENSAR for robotic cataract laser systems. The company also secured a majority stake in Aurion Biotech for corneal transplant therapy development. In the pharmaceutical space, Alcon is preparing to launch **AR-15512**, a prescription dry eye treatment expected to reach market in mid-2025, representing the company's entry into prescription pharmaceuticals. The company has also formed strategic partnerships, including arrangements with OcuMension in China for eye drop commercialization, helping navigate complex international markets while maintaining growth momentum.
ALC company profile · for informational purposes only — not investment advice.
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