The Cooper Companies, Inc.

The Cooper Companies, Inc. is a global medical device company that operates through two distinct segments: CooperVision, the world's largest contact lens manufacturer by wearers, and CooperSurgical, a diversified fertility and women's health business. The company generated $4.09 billion in revenue in fiscal 2025, with roughly two-thirds from contact lenses and one-third from fertility products, medical devices, and related services.

This is a story about a durable contact lens franchise whose steady economics are partially obscured by a structurally different — and now potentially separable — surgical business. CooperVision holds the #1 global position by wearer count, has raised its share of the contact lens market for eighteen consecutive years, and owns the only FDA-approved contact lens for myopia control in children. CooperSurgical, meanwhile, is the subject of an active strategic review: management has received significant indications of interest and is evaluating a sale of the entire business. The file turns on two questions: what CooperVision is worth as a standalone compounder, and whether the myopia control opportunity is large enough to re-rate the contact lens industry's growth profile.

The reported GAAP numbers are noisy. A $271.6 million litigation charge for an embryo culture media recall pushed CooperSurgical to a $43 million segment operating profit in FY2025 and produced a GAAP net loss in the second quarter of fiscal 2026. But beneath that, the contact lens business generates operating margins north of 26% and throws off the bulk of the company's cash. The strategic review, once resolved, will determine whether investors are buying both businesses or just one — and at what price.