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Overvalued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 93.96 Fair value 126.88 One-star price 171.31
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (93.96) to the one-star price (171.31).
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 154.44 |
| Price - 12 month high | 291.20 |
| Price - 12 month low | 88.74 |
| Pricing date | 4 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 0.48 |
| Market capitalization | 10,100.21 |
| 12 Month High price date | 12 NOV 2025 |
| 12 Month Low price date | 30 APR 2026 |
| Volume - avg. trading volume for the last 3 months | 0.59 |
| Price - 1 Day % Change | 8.65% |
| Price - 13 week price percent change | 26.26% |
| Price - 26 week price percent change | 54.04% |
| Price - 5 Day % Change | 10.31% |
| Price - 52 week price percent change | -44.98% |
| Price - YTD price percent change | -40.75% |
| Price % Change Month To Date | 23.17% |
| EPS excluding extraordinary items - most recent fiscal year | 2.252 |
| EPS excluding extraordinary items - trailing 12 month | 2.252 |
| EPS Normalized - most recent fiscal year | 4.928 |
| Revenue/share - most recent fiscal year | 35.887 |
| Revenue/share - trailing 12 month | 35.887 |
| Book value per share - most recent fiscal year | 26.614 |
| Book value per share - most recent half-year | 26.614 |
| Book value (tangible) per share - most recent fiscal year | 19.225 |
| Book value (tangible) per share - most recent half-year | 19.225 |
| Cash per share - most recent fiscal year | 2.870 |
| Cash per share - most recent half-year | 2.870 |
| Cash Flow per share - most recent fiscal year | 5.625 |
| Cash Flow per share - trailing 12 month | 5.625 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 3.450 |
| EBITD per share - trailing 12 month | 4.916 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 2.252 |
| EPS Basic excluding extraordinary items - trailing 12 month | 2.252 |
| EPS including extraordinary items - most recent fiscal year | 2.252 |
| EPS including extraordinary items - trailing 12 month | 2.252 |
| Free Cash Flow per share - trailing 12 month | 4.239 |
| P/E excluding extraordinary items, most recent fiscal year | 68.58 |
| P/E Normalized, most recent fiscal year | 31.34 |
| Price to sales - most recent fiscal year | 4.30 |
| Price to Tangible Book - most fiscal year | 8.03 |
| Price to Free Cash Flow per Share - most recent fiscal year | 36.43 |
| Price to Cash Flow per share - trailing 12 month | 27.45 |
| Price to Book - most recent fiscal year | 5.80 |
| P/E excluding extraordinary items high, trailing 12 months | 68.58 |
| P/E excluding extraordinary items low, trailing 12 months | 17.06 |
| Net Debt, LFI | 55.10 |
| Net Debt, LFY | 25.00 |
| Dividend Yield - 5 Year Average | 1.44% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.43% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 2.23% |
| Free Cash Flow - most recent fiscal year | 277.30 |
| LT debt/equity - most recent fiscal year | 9.81% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 12.22% |
| LT debt/equity - most recent half-year | 10.32% |
| Total debt/total equity - most recent half-year | 12.50% |
| Free Cash Flow - trailing 12 month | 277.30 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 2,347.60 |
| Revenue - trailing 12 month | 2,347.60 |
| EBITD - most recent fiscal year | 321.60 |
| EBITD - trailing 12 month | 321.60 |
| Earnings before taxes - most recent fiscal year | 213.90 |
| Earnings before taxes - trailing 12 month | 213.90 |
| Net Income available to common - most recent fiscal year | 147.30 |
| Net Income available to common - trailing 12 months | 147.30 |
| Earnings before taxes Normalized - most recent fiscal year | 347.30 |
| Net Income Available to Common, Normalized - most recent fiscal year | 322.40 |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 4.93 |
| Net Profit Margin % - 1st historical fiscal year | 6.27% |
| Net Profit Margin % - trailing 12 month | 6.27% |
| Operating margin - 1st historical fiscal year | 13.37% |
| Operating margin - trailing 12 month | 13.37% |
| Pretax margin - trailing 12 month | 9.11% |
| Pretax margin - 1st historical fiscal year | 9.11% |
| Operating Margin - 5 year average | 19.91% |
| Pretax Margin - 5 year average | 19.46% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 13.17% |
| Free Operating Cash Flow/Revenue, TTM | 11.81% |
| Net Profit Margin - 5 year average | 14.38% |
| Return on average assets - most recent fiscal year | 5.37% |
| Return on average assets - trailing 12 month | 5.37% |
| Return on average equity - most recent fiscal year | 7.85% |
| Return on average equity - trailing 12 month | 7.85% |
| Return on average assets - 5 year average | 11.83% |
| Return on average equity - 5 year average | 17.18% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
| Revenue growth rate, 5 year | 9.41% |
| EPS growth rate, 5 year | -14.63% |
| Growth rate% - dividend, 3 year | 12.75% |
| Revenue/share (5 yr growth) | 9.51% |
| Growth rate% - Revenue, 3 year | 6.63% |
| Growth rate% - EPS, 3 year | -20.96% |
| Book value per share growth rate, 5 year | 0.56% |
| Capital Spending growth rate, 5 year | 4.55% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | -6.65% |
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
COH +7.58%: Delivered a better-than-expected FY26 result with profit comfortably ahead of consensus despite broadly flat revenue. FY27 guidance points to earnings growth resuming as margins recover, although management remains cautious on the top line with only low-single-digit sales growth expected.
COH has delivered two painful downgrades in 2026, taking the stock down 56% just this year. We covered Aprils savage downgrade here, coming to the easy conclusion that this was a stock best avoided for the foreseeable future, especially if we remember the market adage, “Buy the Third Downgrade.” Two downgrades in three months do not breed confidence in a market that’s very comfortable throwing stocks into the naughty corner and forgetting about them.
We covered the Cochlear dramatic downgrade in detail yesterday Here. As we said at the time, COH was whacked after delivering one of the ugliest downgrades in a long time, especially when it was only two months ago that they said earnings would likely be at the lower end of guidance, not 30% below! - credibility straight out of the window.
COH -40.7%: was whacked today after delivering one of the ugliest downgrades we’ve seen from a large cap healthcare name in some time. The hearing implant leader slashed FY26 underlying net profit guidance to $290–330m, down from the previous $435–460m range, with the stock plunging 40% on the day - its worst sell-off since listing.
Cochlear (ASX:COH) has plunged almost 40%, the most in more than 30-years,after downgrading net profit guidance by ~25%.
COH has more than halved from its 2024 high, and it now trades on its lowest valuation of the decade, despite revenue continuing to climb from $1.6bn in 2022 to a forecast $2.7bn by 2027. However, the market showed little patience during the recent reporting season, with the hearing device maker falling ~25% in February after a comparatively modest ~5% 1H profit miss.
At the end of October, COH reaffirmed its FY26 earnings guidance, for an 11% to 17% increase in underlying net profit from last year. Device demand across both cochlear implants and Acoustics looks strong, while Services expectations have been reset over the last 12-18 months, which puts the stock firmly in the “buy the dip” camp for MM.
COH had a quiet report last month after flagging much of the result in June which at the time saw the stock surge back towards $300. The company is pinning its hopes on the rollout of a new hearing implant called Nucleus Nexa to boost earnings after this year’s disappointing performance, although net profit still grew 9%.
COH surged higher in June ironically after headlines of “Cochlear cuts guidance”. The hearing company flagged an underlying net profit for the 12 months through June of $390-400mn, down by around 6% compared to its February numbers.
Hearing implant business COH was the best-performing healthcare name on Wednesday, closing up +1.6%. However, we remain concerned that the share price isn’t factoring in the risks of Moderna’s potential phase III data for a vaccine against human cytomegalovirus, which causes infant deafness.
MM remains neutral toward COH
MM is neutral towards COH around $113
MM is neutral towards COH around $100
MM believes COH is best avoided for now
MM remains neutral towards Cochlear (ASX:COH) around $105
MM is mildly bullish towards COH ~$180
MM is bullish towards COH around $280
MM is cautiously bullish on COH
MM is neutral towards COH around $300
MM remains neutral toward COH
Cochlear is the leading cochlear implant device manufacturer, with around 60% global market share. Developed markets contribute 80% of group revenue, where cochlear implants are the standard of care for children with severe-to-profound hearing loss. The company also actively targets the growing cohort of seniors in developed markets. Tender-oriented emerging markets contribute the remaining 20% of group revenue. Main products include cochlear implants, bone-anchored hearing aids, and associated sound processors. In fiscal 2026, 49% of revenue came from the Americas, 34% from Europe, the Middle East, and Africa, and 16% from the Asia-Pacific segment.
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