Public company · NasdaqPublished company research

COO

Identity verified against SEC EDGAR filing 0001628280-25-055615; registered as COOPER COMPANIES, INC., CIK 0000711404.

CooperCompanies

CooperCompanies is mapped to the Women's health formalization theme as Fertility and women's-health devices/consumables via CooperSurgical (fertility ART media/consumables and devices; office & surgical women's-health incl. PARAGARD); balance of company is CooperVision contact lenses.. High within CooperSurgical, diluted at group level. Fiscal Q2 2025 (ended 2025-04-30): CooperSurgical USD 332.7 million (+8%), of which fertility USD 126.9 million (+3%) and office & surgical/women's-health USD 205.8 million (+13%); total company revenue USD 1,002.3 million, so women's-health/fertility is roughly a third of the company. FY2025 CSI guidance USD 1,347-1,359 million. Theme materiality is stated separately and, where not independently verified, is marked accordingly.

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Reviewed company research · researched 2026-07-22 · not an individual investment recommendation

Listing: public
Ticker: COO
Exchange: Nasdaq
HQ: —
Currency: USD
SEC CIK: 0000711404

Investment case

How this company captures the theme economics

Competitive position

High within CooperSurgical, diluted at group level. Fiscal Q2 2025 (ended 2025-04-30): CooperSurgical USD 332.7 million (+8%), of which fertility USD 126.9 million (+3%) and office & surgical/women's-health USD 205.8 million (+13%); total company revenue USD 1,002.3 million, so women's-health/fertility is roughly a third of the company. FY2025 CSI guidance USD 1,347-1,359 million. Company-specific competitive positioning is assessed at the theme level and awaits deeper primary research.

Scarce assets

Scarce assets in this value chain include reimbursement and coverage decisions (state ivf/fertility mandates, employer benefit design, cms/medicaid) - the gating variable for the whole theme., specialist capacity: reproductive endocrinologists/fertility clinics, urogynecology, maternal-fetal medicine., proprietary clinical data and validated assays/algorithms (nipt content, hpv assays, ai mammography)..

Products, segments, and customers

CooperCompanies operates in Women's health formalization. Segment- and product-level detail is pending company-specific research.

Theme capture

Conditions

What must be true

Fertility segment reacceleration drivers; PARAGARD trends; consumable pull-through; capital allocation between CVI and CSI; FY2026 guidance.
The exposure described for CooperCompanies must be confirmed as financially material in official filings.

Identifiable catalysts

Forthcoming quarterly and annual issuer filings
Theme-level catalysts detailed in the Women's health formalization brief

Theme materiality

1 mapped theme

Exposure statements are evidence-qualified. Materiality is only claimed where disclosure supports it.

Fertility and women's-health devices/consumables via CooperSurgical (fertility ART media/consumables and devices; office & surgical women's-health incl. PARAGARD); balance of company is CooperVision contact lenses.

Women's health formalization

Evidence: Fetched CooperCompanies fiscal Q2 2025 release with the CooperSurgical fertility vs office/surgical breakout.
Materiality: disclosed — Company discloses CooperSurgical and its fertility vs office/surgical split; figures fetched from the fiscal Q2 2025 release.

Financial evidence

Official SEC filing evidence

Reference period: FY2025.

Operating income$683 million
FY2025[1]
EBITDA$1.06 billion
FY2025[1]
Diluted EPS$1.87
FY2025[1]
Operating cash flow$796 million
FY2025[1]
Free cash flow$434 million
FY2025[1]
Total debt$2.51 billion
FY2025 year-end[1]
Net debt / EBITDA2.26x
FY2025 year-end[1]
Return on invested capital0.0%
FY2025[1]

Limitation: Filing evidence establishes scale, profitability, cash generation, and leverage. Market-derived valuation is withheld until a licensed market-data feed is connected, and theme materiality is stated separately.

Risks

Material risks and break conditions

Material risks

Reimbursement is discretionary and employer/state-budget-dependent; mandate momentum can stall (e.g., a governor vetoed a broader Medicaid fertility mandate) and Medicaid coverage remains rare (only ~3 states).
Customer-acquisition costs in direct-to-consumer femtech and virtual care can overwhelm care economics - an explicit thesis-break condition and a real risk for private platforms.

Thesis-break conditions

Reimbursement remains weak: state fertility-mandate expansion stalls or retreats and Progyny covered-lives/client growth turns negative for two-plus consecutive quarters.
Care economics break: fertility-benefit or digital-platform gross margins compress materially, or Progyny's historically high client retention falls below ~95%, or private femtech marks down on CAC-driven losses.

Investability conclusion

Where the evidence lands

Identity and filing financials are established; theme materiality is stated per the mapped theme assessment. This is a filing-backed research profile with deeper company-specific research pending, and is not a personalized recommendation.

Next diligence

Fertility segment reacceleration drivers; PARAGARD trends; consumable pull-through; capital allocation between CVI and CSI; FY2026 guidance.

Source ledger

Identity and evidence sources

Identity was verified against official issuer, filing, exchange, or regulator sources where available.

COOPER COMPANIES, INC. FY2025 Form 10-KSEC EDGAR · primary · published 2025-12-05 · accessed 2026-07-22