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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. In the quarter to June 2026, revenue grew 8.74%, EPS fell 100.0%, free cash flow was flat and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.

66.18 0.40 −0.60%
Market cap
$32.1B
P/E
50.5×
Fwd P/E
31.0×
Dividend yield
0.53%
F-score
6/9
Altman Z
n/a
Beneish M
−2.56
Dividend safety
66/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.05
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — 1 — —
Sell — — — — — — — — — — — —
Insider Ownership 1.05%

Capital & Financial Ratios $m

Market Cap 32,100.00
Revenue 10,861.00
Net Income 643.00
Free Cash Flow 1,594.00
Net Debt 3,263.00
Current Ratio 2.09 (at or above 1.5: strong)
Debt/Equity 0.22 (at or below 0.5: strong)
P/E ratio 50.52 (above 35: high)
Fwd P/E 31.00
P/S ratio 2.97
P/B ratio 1.49
Past 5Y EPS Growth —
This Y EPS Growth 13.67%
Next Y EPS Growth 13.07%
Next Y revenue growth (25.94%) (below 0%: weak)
Next 5Y EPS Growth 13.28%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, 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 49.64%
10-year low 10-year high
P/S against its own 10 years 1.96%
10-year low 10-year high
P/B against its own 10 years 15.96%
10-year low 10-year high
EV/Sales against its own 10 years 1.91%
10-year low 10-year high
EV/FCF against its own 10 years 2.54%
10-year low 10-year high

Dividends

Payout Ratio 0.27
Annual Dividend Rate 0.35
Annual Dividend Yield 0.53%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 0.26
0.35
2025 0.23
0.33
2024 0.54
0.27
0.26
2023 0.24
0.24
2022 0.20
0.20
2021 0.21
0.10
0.11
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — 53.78 39.37 64.83 55.21 63.78 74.30 71.55

Analyst estimates 2026–2028

Powerpack
High — — — 63.73 68.11 88.78 87.34 86.20 101.10 99.20
People
People Employees — — — 22,142 23,655 24,389 25,000 25,000 25,599 25,942
Revenue/emp, $m 0.00 0.00 0.00 0.34 0.29 0.34 0.35 0.38 0.39 0.40
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
Gross margin, % 47.17 47.18 44.62 48.77 43.03 56.11 54.47 55.49 55.61 55.24
EBT (109) (128) (300) (332) (635) 418 463 832 1,256 1,160
EBT margin, % (1.71) (1.87) (4.19) (4.42) (9.29) 5.04 5.31 8.80 12.67 11.15
Net income (164) 0 (227) (656) (531) 376 335 974 1,018 980
Depreciation 1,245 1,310 1,622 1,456 1,626 1,220 1,111 1,226 1,226 1,191
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
Earnings (0.33) 0.53 (0.46) (1.34) (1.09) 0.77 0.68 1.98 2.06 1.99
Cash flow 0.00 2.50 2.34 1.88 1.68 2.74 2.48 2.82 4.20 4.60
Capex 0.00 0.00 (1.46) (1.38) (1.15) (2.41) (1.52) (1.73) (1.36) (1.33)
Free cash flow 0.00 2.50 0.88 0.50 0.54 0.34 0.96 1.09 2.85 3.27
Book value 0.00 46.83 46.37 39.54 38.49 39.30 40.04 41.83 43.59 44.68
Shares, m 0 489 488 488 489 490 491 493 494 493
Valuation, ×
Valuation, × P/E 0.00 21.68 0.00 0.00 0.00 114.02 101.44 39.11 41.41 39.60
P/S 0.00 0.00 0.00 3.68 4.72 5.15 3.89 4.02 4.23 3.74
P/B 1.25 1.25 1.25 1.43 1.71 2.22 1.72 1.84 1.95 1.76
EV/Sales 0.00 0.00 0.00 4.03 5.10 5.45 4.31 4.40 4.52 4.04
EV/FCF 51.63 51.63 51.63 124.08 132.92 273.90 79.59 77.52 31.83 26.04
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
Capex (522) (614) (712) (676) (561) (1,180) (745) (851) (670) (658)
Free cash flow 1,203 1,223 428 244 262 165 472 537 1,407 1,613
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
Total debt 248 148 137 3,479 4,118 4,080 4,648 4,739 4,643 4,737
Net debt 86 (23) (90) 2,657 2,561 2,505 3,668 3,645 2,814 3,130
Shareholders’ equity 22,929 22,900 22,639 19,303 18,822 19,256 19,677 20,624 21,553 22,035
Returns, %
Returns, % ROA (0.60) 1.86 (0.83) (2.40) (1.92) 1.35 1.17 3.31 3.40 3.17
ROIC 0.00 0.00 (0.69) (0.53) (1.41) 1.67 1.80 2.68 3.62 3.38
ROE (0.71) 1.12 (1.00) (3.13) (2.79) 1.97 1.72 4.83 4.83 4.50
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $52.8B 57.8× 37.7× +5.44% (above 0%: growing) −31.50% (below 0%: shrinking) −31.57% (below 0%: shrinking) 46.46% 13.31% Compare
MDLN Medline Inc. $48.1B — — +15.67% (above 0%: growing) — +3.42% (above 0%: growing) 28.82% 5.14% Compare
RMD ResMed Inc. $34.1B 22.8× 16.6× +8.58% (above 0%: growing) +2.32% (above 0%: growing) −21.31% (below 0%: shrinking) 58.84% 30.66% Compare
ALC Alcon $32.1B 50.5× 31.0× +8.74% (above 0%: growing) n/m −0.54% (below 0%: shrinking) 59.33% 0.39%
WST West Pharmaceutical Services, Inc. $27.0B 48.7× 37.3× +13.80% (above 0%: growing) +19.23% (above 0%: growing) −20.71% (below 0%: shrinking) 37.74% 20.53% Compare
SOLV Solventum Corporation $15.0B 10.4× 39.0× +2.22% (above 0%: growing) +1.92% (above 0%: growing) +144.07% (above 0%: growing) 58.22% 8.19% Compare
BAX Baxter International Inc. $13.3B — (loss-making) 44.7× +5.34% (above 0%: growing) +33.33% (above 0%: growing) +119.48% (above 0%: growing) 34.86% 7.33% Compare
RGEN Repligen Corporation $11.7B 234× 112× +11.93% (above 0%: growing) −65.38% (below 0%: shrinking) +27.10% (above 0%: growing) 53.91% 6.85% Compare
COO The Cooper Companies, Inc. $10.9B 19.8× 28.7× +0.56% (above 0%: growing) +357.14% (above 0%: growing) +65.96% (above 0%: growing) 66.77% 20.82% Compare
Median of peers $21.0B 35.8× 37.7× +7.01% +2.32% +15.26% 50.19% 10.75%

All 55 Medical Instruments & Supplies stocks →

Alcon (ALC) key facts

  • Strength: Alcon’s revenue for fiscal 2025 (year ended December 2025) was $10.4 billion, up 4.94% from fiscal 2024.
  • Alcon (ALC) is a Medical Instruments & Supplies company in the Healthcare sector, traded in the US as an ADR.
  • As of October 16, 2026, ALC traded at $66.18, a market capitalization of $32.1 billion.
  • Alcon pays an annual dividend of $0.35 per share, a yield of 0.53%, with a payout ratio of 26.8%.
  • Return on equity was 4.50% and debt-to-equity 0.22.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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