Cooper Companies (The)

The consolidated business has a moderately predictable base due to recurring lens wear and a broad geography, with roughly half of sales ex‑U.S. Yet predictability is constrained by CooperSurgical’s legal and quality overhangs and its inherently more episodic revenue streams.

FY25 delivered steady revenue growth of 5% and eight consecutive non‑GAAP EPS beats per management commentary, but Q4 GAAP margin was temporarily depressed by reorganization costs. We expect mid‑single digit organic growth to continue for the group, skewed by CooperVision, while surgical variability and litigation outcomes remain the swing factors.