COCHLEAR LIMITED (COH)
Share Price Analysis and Chart

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COH

COH - COCHLEAR LIMITED

FNArena Sector : Medical Equipment & Devices
Year End: June
GICS Industry Group : Health Care Equipment & Services
Debt/EBITDA: 0.39
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Cochlear is a medical device company that designs, manufactures and supplies hearing implants to the global market. Formed in 1981 with finance from the Australian government, it became a listed entity in 1995, and has grown to become the global leader in its field.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$295.07

18 Sep
2025

-1.000

OPEN

$294.70

-0.34%

HIGH

$297.43

128,521

LOW

$293.34

TARGET
$306.74

-5.00 change from previous day

 4.0% upside
Franking for last dividend paid out: 85%
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FNARENA'S MARKET CONSENSUS FORECASTS
COH: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 594.3 690.5 xxx
DPS (cps) xxx 430.0 493.8 xxx
EPS Growth xxx 9.2% 16.2% xxx
DPS Growth xxx 4.9% 14.8% xxx
PE Ratio xxx N/A 42.5 xxx
Dividend Yield xxx N/A 1.7% xxx
Div Pay Ratio(%) xxx 72.4% 71.5% xxx

Dividend yield today if purchased 3 years ago: 2.08%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.47

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 17/09 - ex-div 210c (franking 80%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx594.3
DPS All xxxxxxxxxxxxxxx430.0
Sales/Revenue xxxxxxxxxxxxxxx2,355.8 M
Book Value Per Share xxxxxxxxxxxxxxx2,986.8
Net Operating Cash Flow xxxxxxxxxxxxxxx237.6 M
Net Profit Margin xxxxxxxxxxxxxxx16.51 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx20.52 %
Return on Invested Capital xxxxxxxxxxxxxxx18.58 %
Return on Assets xxxxxxxxxxxxxxx13.96 %
Return on Equity xxxxxxxxxxxxxxx20.52 %
Return on Total Capital xxxxxxxxxxxxxxx23.85 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-103.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx42 M
Long Term Debt xxxxxxxxxxxxxxx194 M
Total Debt xxxxxxxxxxxxxxx236 M
Goodwill - Gross xxxxxxxxxxxxxxx279 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx276 M
Price To Book Value xxxxxxxxxxxxxxx10.06

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx102.6 M
Capex % of Sales xxxxxxxxxxxxxxx4.36 %
Cost of Goods Sold xxxxxxxxxxxxxxx615 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx1,231 M
Research & Development xxxxxxxxxxxxxxx292 M
Investments - Total xxxxxxxxxxxxxxx195 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

-0.1

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

18/08/2025

5

Underweight

$280.00

-5.11%

Cochlear reported FY25 profit up 1% year-on-year, though down -4% in constant currency, notes Morgan Stanley. FY26 guidance was below expectations, with revenue and earnings growth expected to be weighted to the second half.

Cochlear implant unit sales grew 12% in FY25, including 20% in the second half, outperforming both consensus and the broker's forecasts.

Growth was strongest in emerging markets at over 20%, though the analysts point out this drove a -9% decline in average selling prices and gross margin fell to 73.2% in the second half.

The broker highlights the launch of the Nexa system in Europe and Asia Pacific in June, with a US launch due at the end of the September quarter.

While Nexa is expected to support double-digit unit growth in developed markets and single-digit price increases, pricing pressure in China will limit gross margin improvement to around 74%, suggests the analysts.

Morgan Stanley cuts its FY26-28 earnings forecasts by up to -6% and lifts its target price to $280 from $274.

In the broker's view, the current share price suggests expectations of significant long-term market share gains and/or a muted competitive response. Underweight rating retained. Industry View: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 485.00 cents and EPS of 685.00 cents.
Morgan Stanley forecasts a full year FY27 dividend of 563.00 cents and EPS of 796.00 cents.

Morgans

xx/xx/xxxx

4

xxxxxxxxx xx xxxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Wilsons

xx/xx/xxxx

3

xxxxxx xxxxxx

$xx.xx

xx.xx%

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Jarden

19/08/2025

3

Neutral

$278.51

-5.61%

Cochlear reported a disappointing FY25 result, Jarden suggests, that had a number of one-offs supporting it.

FY26 guidance represented a -3% miss at the midpoint versus consensus and relies on earnings significantly skewed to the second half to achieve 5-11% growth.

The risk of another earnings miss remains as Cochlear pares back Selling, General & Admin spending and R&D at a time when efforts should be directed at promoting its impressive suite of new products being launched over the next 6-12 months, in the broker's view.

Jarden remains on the sidelines with an unchanged Neutral recommendation. The stock remains expensive, the broker believes, offering earnings risk despite the promise of earnings growth in FY27 - based largely on the success of the CI1000 series implant.

On outer year forecasts, target rises to $278.51 from $270.28.

FORECAST
Jarden forecasts a full year FY26 dividend of 392.00 cents and EPS of 680.00 cents.
Jarden forecasts a full year FY27 dividend of 553.00 cents and EPS of 850.00 cents.
Access Extra Coverage Research History >

COH STOCK CHART

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Aug 25 2025 - Weekly Reports

Latest Medical Equipment & Devices News

1
Cochlear’s Future In Nexa’s Hands

Aug 19 2025 - Australia
2
ResMed’s New Level Of Support

Jul 29 2025 - Technicals
3
Strength To ‘AI’ Strength For Pro Medicus

Jul 10 2025 - Australia
4
Cochlear Downgrades Ahead Of New Launches

Jun 19 2025 - Australia
5
Fisher & Paykel Healthcare’s Tariffs Annoyance

Jun 04 2025 - Australia
6
ResMed’s Margin Expansion & Tariff Exemption

Apr 28 2025 - Australia
7
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Feb 18 2025 - Technicals
8
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Feb 07 2025 - ESG Focus
9
ResMed Shakes Off GLP-1 Scare

Feb 04 2025 - Australia
10
ResMed: Another Positive Quarterly Surprise?

Jan 30 2025 - Australia