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Alcon

ALC Healthcare Medical Instruments & Supplies

Alcon’s revenue for fiscal 2025 (year ended December 2025) was $10.4 billion, up 4.94% from fiscal 2024.

Revenue
+8.74%
EPS
−100.0%
Free cash flow
−0.54%
Total debt
−0.55%

Quarter to June 2026, against a year earlier

76.45 0.86 −1.11%
Market cap
$36.9B
P/E
58.4×
Fwd P/E
44.5×
Dividend yield
0.46%
F-score
6/9
Altman Z
n/a
Beneish M
−2.56
Dividend safety
66/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.05%

Capital & Financial Ratios $m

Size
Market Cap 36,900.00
Revenue ttm 10,861.00
Net income ttm 643.00
Free cash flow ttm 1,594.00
Net debt Q 3,263.00
Valuation
P/E 58.36 (above 35: high)
Forward P/E 44.50 (above 35: high)
Price / sales 3.43
Forward P/S Powerpack
Price / FCF 23.34
Price / book 1.72
Financial health
Current ratio Q 2.09 (at or above 1.5: strong)
Debt / equity Q 0.22 (at or below 0.5: strong)
Interest coverage Q 0.21
Growth
Revenue growth Q +8.74% (above 0%: growing)
Operating income growth Q −95.55% (below 0%: shrinking)
EPS, this year +13.80%
EPS, next year A +12.81%
Revenue, next year A −24.94% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +13.19%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.7×, against a ten-year median of 4.5×; over the ten years it ranged from 3.2× in 2026 to 5.7× in 2021.
P/E against its own 10 years 56.13%
10-year low 10-year high
P/S against its own 10 years 10.38%
10-year low 10-year high
P/B against its own 10 years 39.45%
10-year low 10-year high
EV/Sales against its own 10 years 10.06%
10-year low 10-year high
EV/FCF against its own 10 years 7.92%
10-year low 10-year high

Dividends

Yield
0.46%
Annual rate
0.35
Payout ratio
26.8%
Growth, 2021–25
+12.3%/yr
  1. 0.21 ’21
  2. 0.20 ’22 −2
  3. 0.24 ’23 +15
  4. 0.54 ’24 +128
  5. 0.33 ’25 −38
  6. 0.26 ’26e −21
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,094 1,829 1,607 1,456
Receivables 1,804 1,759 1,962 2,100
Inventory 2,322 2,268 2,391 2,510
Other 427 453 489 558
5,647 6,309 6,449 6,624
2023 2024 2025 Q'26
Payables 811 773 926 968
ST’ Debt 63 105 575 570
Other 1,339 1,228 1,286 1,320
2,398 2,278 3,049 3,167

Compound Annual Growth %

10y 5y 3y
Sales — 8.77% 6.06%
Cash Flow — 22.51% 23.11%
Earnings — 0.00% 43.02%
Book Value — 3.20% 3.84%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.77 Actual 0.84

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.77 0.79 Beat by 0.02
Dec 2025 0.79 0.78 Miss by 0.01
Mar 2026 0.80 0.85 Beat by 0.05
Jun 2026 0.77 0.84 Beat by 0.07
Sep 2026 0.89 — Reports 10 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.39 0.00 — — —
’25 0.70 0.35 0.48 0.44 1.98
’24 0.50 0.45 0.53 0.57 2.05
’23 0.35 0.34 0.41 0.86 1.96
’22 0.34 0.30 0.23 (0.20) 0.68
’21 0.17 0.31 0.00 0.28 0.76
’20 (0.12) (0.86) (0.30) 0.19 (1.09)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,706 2,823 — — —
’25 2,473 2,596 2,614 2,718 10,401
’24 2,459 2,496 2,454 2,502 9,911
’23 2,352 2,422 2,329 2,352 9,455
’22 2,189 2,217 2,140 2,171 8,717
’21 1,930 2,110 2,102 2,149 8,291
’20 1,841 1,214 1,838 1,940 6,833
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 418 510 — — —
’25 384 505 724 658 2,271
’24 341 530 747 459 2,077
’23 85 325 527 451 1,388
’22 66 404 402 345 1,217
’21 156 386 416 387 1,345
’20 30 28 326 439 823
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 227 370 — — —
’25 244 372 540 457 1,613
’24 198 410 570 229 1,407
’23 (44) 101 378 102 537
’22 (64) 274 172 90 472
’21 34 (125) 214 42 165
’20 (74) (68) 199 205 262
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,371 6,821 7,153 7,508 6,833 8,291 8,717 9,455 9,911 10,401 10,861 +5.6% 7,807 8,279 8,800 (5.4%)
Gross margin, % 47.17 47.18 44.62 48.77 43.03 56.11 54.47 55.49 55.61 55.24 56.85 +8.1 pt
EBT (109) (128) (300) (332) (635) 418 463 832 1,256 1,160 741 n/m
EBT margin, % (1.71) (1.87) (4.19) (4.42) (9.29) 5.04 5.31 8.80 12.67 11.15 6.82 +12.9 pt
Net income (164) 0 (227) (656) (531) 376 335 974 1,018 980 643 n/m
Per share, $
Per share, $ Revenue 0.00 13.95 14.65 15.38 13.97 16.92 17.74 19.18 20.05 21.09 22.32 n/m
Earnings (0.33) 0.53 (0.46) (1.34) (1.09) 0.77 0.68 1.98 2.06 1.99 1.31 n/m
Cash flow 0.00 2.50 2.34 1.88 1.68 2.74 2.48 2.82 4.20 4.60 4.75 n/m
Capex 0.00 0.00 (1.46) (1.38) (1.15) (2.41) (1.52) (1.73) (1.36) (1.33) (1.47) n/m
Free cash flow 0.00 2.50 0.88 0.50 0.54 0.34 0.96 1.09 2.85 3.27 3.28 n/m
Book value 0.00 46.83 46.37 39.54 38.49 39.30 40.04 41.83 43.59 44.68 44.37 n/m
Shares, m 0 489 488 488 489 490 491 493 494 493 490 n/m
Valuation, ×
Valuation, × P/E 0.00 21.68 0.00 0.00 0.00 114.02 101.44 39.11 41.41 39.60 58.36 35.7
P/S 0.00 0.00 0.00 3.68 4.72 5.15 3.89 4.02 4.23 3.74 3.43 2.9
P/B 1.25 1.25 1.25 1.43 1.71 2.22 1.72 1.84 1.95 1.76 1.72 1.6
EV/Sales 0.00 0.00 0.00 4.03 5.10 5.45 4.31 4.40 4.52 4.04 3.73 3.2
EV/FCF 51.63 51.63 51.63 124.08 132.92 273.90 79.59 77.52 31.83 26.04 25.39 90.1
Cash, $m
Cash, $m Operating cash flow 1,203 1,223 1,140 920 823 1,345 1,217 1,388 2,077 2,271 2,310 +7.3%
Capex (522) (614) (712) (676) (561) (1,180) (745) (851) (670) (658) (716) +2.6%
Free cash flow 1,203 1,223 428 244 262 165 472 537 1,407 1,613 1,594 +3.3%
Balance, $m
Balance, $m Working capital 1,349 1,500 1,506 1,936 2,729 2,914 2,455 3,249 4,031 3,400 3,457 +10.8%
Net debt 86 (23) (90) 2,657 2,561 2,505 3,668 3,645 2,814 3,130 3,263 +49.0%
Shareholders’ equity 22,929 22,900 22,639 19,303 18,822 19,256 19,677 20,624 21,553 22,035 21,596 (0.4%)
Returns, %
Returns, % ROA (0.60) 1.86 (0.83) (2.40) (1.92) 1.35 1.17 3.31 3.40 3.17 2.06 +3.8 pt
ROIC 0.00 0.00 (0.69) (0.53) (1.41) 1.67 1.80 2.68 3.62 3.38 2.38 +3.4 pt
ROE (0.71) 1.12 (1.00) (3.13) (2.79) 1.97 1.72 4.83 4.83 4.50 2.94 +5.2 pt
People
People Employees — — — 22,142 23,655 24,389 25,000 25,000 25,599 25,942 — +2.7%
Revenue/emp, $m 0.00 0.00 0.00 0.34 0.29 0.34 0.35 0.38 0.39 0.40 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Alcon vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BDX Becton, Dickinson and Company $58.2B 64.1× 39.2× −9.55% (below 0%: shrinking) −31.50% (below 0%: shrinking) −31.57% (below 0%: shrinking) 46.46% 13.31% Compare
MDLN Medline Inc. $52.3B 58.4× — +14.09% (above 0%: growing) — +916.09% (above 0%: growing) 24.50% 6.36% Compare
ALC Alcon $36.9B 58.4× 44.5× +8.74% (above 0%: growing) n/m −0.54% (below 0%: shrinking) 59.33% 0.39%
RMD ResMed Inc. $33.7B 21.7× 19.6× +5.93% (above 0%: growing) +23.11% (above 0%: growing) −9.79% (below 0%: shrinking) 61.53% 32.02% Compare
WST West Pharmaceutical Services, Inc. $27.3B 43.8× 48.1× +8.69% (above 0%: growing) +56.69% (above 0%: growing) +12.32% (above 0%: growing) 39.73% 30.58% Compare
SOLV Solventum Corporation $14.8B 97.3× 47.7× −7.01% (below 0%: shrinking) n/m +561.90% (above 0%: growing) 0.00% 0.00% Compare
BAX Baxter International Inc. $13.3B — (loss-making) 21.3× +4.97% (above 0%: growing) n/m +255.56% (above 0%: growing) 33.40% 7.56% Compare
COO The Cooper Companies, Inc. $12.1B 21.7× 17.5× +0.56% (above 0%: growing) +357.14% (above 0%: growing) +65.96% (above 0%: growing) 66.77% 20.82% Compare
ALGN Align Technology, Inc. $11.3B 23.1× 20.4× +1.92% (above 0%: growing) +143.87% (above 0%: growing) +8.26% (above 0%: growing) 68.73% 16.67% Compare
Median of peers $21.1B 43.8× 21.3× +3.45% +56.69% +39.14% 43.10% 14.99%

All 53 Medical Instruments & Supplies stocks →

Alcon (ALC) Latest News

29 Oct

Impact 4 · · TIKR

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Impact 3 · · Business Wire

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24 Aug

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19 Aug

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17 Aug

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13 Aug

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20 Jul

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8 Jul

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7 Jul

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ALC metrics, ten years each

stockrow.com/ALC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com