The Cooper Companies, Inc.

The Cooper Companies, Inc. is an American global medical device company that operates through two segments: CooperVision, the world's largest contact lens manufacturer by wearers, and CooperSurgical, a diversified fertility and women's health business generating roughly $4.1 billion in combined revenue in fiscal 2025. Headquartered in San Ramon, California, the company sells products in over 130 countries and estimates that it positively impacts more than fifty million lives each year.

This is a story about a contact lens franchise that quietly became the volume leader in a structurally growing, oligopolistic market — and a surgical acquisition vehicle that has assembled a fertility portfolio atop a less differentiated base of office and surgical products. The contact lens business is the crown jewel: it generates nearly all the economic profit, funds the buyback, and anchors the multiple. CooperSurgical is the swing factor — it carries higher growth ambition and higher drama, with an embryo culture media recall, an activist-adjacent restructuring, and a hormone-free IUD franchise about to face its first real competitor. The file turns on a single question: whether CooperSurgical's fertility investments mature into an earnings contributor before the contact lens growth runway narrows or competitive pressures intensify in either business.

The stock has been punished. At roughly $60 per share entering June 2026, it trades where it did in early 2021 despite revenue having nearly doubled since then. The market is pricing a compounder with a cost-of-capital problem: leverage elevated from years of M&A, restructuring charges masking underlying margin power, and a CooperSurgical segment that has under-earned its capital base for several years. A Q2 FY2026 beat and raised guidance sent shares sharply higher in the first week of June, suggesting the market may be starting to reprice the recovery — but the stock remains roughly 30% below its 52-week high and substantially below where most sell-side analysts peg fair value.