Research · Sep 3, 2026
[COO] Cooper Companies Thesis 2026: Myopia Management Drives Contact Lens Premium Growth
The Cooper Companies, Inc. (NYSE: COO) FY2025 (fiscal year ending October 2026) revenue ~$4.1-4.3B (+5-8%) with adj. EPS ~$3.30-3.80 reflecting continued post-2024 myopia management acceleration via MiSight 1 day (~$200M+ revenue +30-50% YoY) + selected CooperVision contact lens leadership ($2.9B; ~25% global share) + selected CooperSurgical fertility/women's health stability + selected operational excellence under continued CEO Al White (~7-year tenure since May 2018). Leading global medical device firm focused on contact lenses + women's health/fertility solutions. Founded 1958 (~67-year heritage; selected initial focus on selected medical devices expanding through ~67-year history into selected contact lens + selected fertility specialties); IPO 1983 NYSE; selected major transformative acquisitions including 2005 Ocular Sciences $1.2B (contact lenses) + 2014 Sauflon Pharmaceuticals $1.2B (silicone hydrogel) + 2015 PARAGARD $1.1B (copper IUD) + 2021 Generate Life Sciences $1.6B (fertility expansion). Headquartered in San Ramon California; ~16,000+ employees globally. Two reporting segments: CooperVision ~70% revenue ($2.9B — leading global soft contact lens manufacturer; ~25% global market share #2 vs Johnson & Johnson Acuvue ~30% share; MyDay daily disposable + Biofinity monthly silicone hydrogel + clariti daily + selected toric/multifocal + MiSight 1 day myopia management) + CooperSurgical ~30% ($1.2B — women's health + fertility; fertility IVF supplies + IUI + cryopreservation post-2021 Generate Life Sciences $1.6B + PARAGARD copper IUD + selected gynecologic surgical). Myopia management acceleration: ~$200M+ FY2025 revenue (MiSight 1 day daily disposable contact lens for myopia control in children ages 8-12 + Brilliant Futures clinical management program); ~50% global myopia management contact lens market share; only FDA-approved daily disposable for myopia control; ~30M+ pediatric myopia population in US/Europe/Asia targeted; selected projected ~50% global pediatric myopia prevalence by 2030 (~$5-10B+ global myopia management TAM by 2030); FY2026 expected myopia management toward $300-400M (+50%+ growth) on continued pediatric adoption + international expansion + Brilliant Futures program acceleration. CEO Al White since May 2018 (succeeded Robert Weiss CEO 2007-May 2018 retired who led 2007-2018 strategic transformation including 2014 Sauflon + 2015 PARAGARD; White ex-CooperVision EVP 2014-2018 + ex-Bausch & Lomb + ~30-year medical device career). Capital return: $0/share dividend FY2025 (no dividend; selected unique among medical device peers; selected continued capital efficiency over income preference); modest ~$200-400M buybacks; investment-grade Baa2/BBB credit ratings; FCF $400-600M. FY2026 thesis: myopia management +50%+ + CooperVision daily disposable conversion + CooperSurgical stability + capital return acceleration. Risks: Johnson & Johnson Acuvue competitive intensity, MiSight competitive substitution, Generate Life Sciences integration, currency translation severe.