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World's leading maker of cochlear implants, restoring hearing for people with severe hearing loss.
World's leading maker of cochlear implants, restoring hearing for people with severe hearing loss.
Sells an implant fitted once by surgery, then earns again as recipients upgrade the external sound processor every few years, a recurring line that rests on its installed base. Government and insurance reimbursement pays for most devices, so public tenders and coverage decisions matter. Most sales are outside Australia.
In one line: A mini-Medtronic focused solely on cochlear implants.
Moat: wide (IP / patents, regulatory licence, switching costs). Global installed-base leadership, deep surgeon relationships and patent-protected implant technology.
Headquarters: Sydney, Australia · Founded: 1981 · Employees: 5,400
Size Cochlear (COH.AX) is an Australia Health Care company (Medical Specialties) with a market value of $7.05B, the 50th largest of 316 Australia companies the cockpit tracks. Shares closed at A$155.47 on 6 Nov 2026.
Performance Over six months the shares gained 55.4%, against +25.2% for the median peer and +4.1% for the Australia market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue fell 0.9% over the last twelve months (peer median +5.2%); the operating margin is 12.9% (peer median 15.1%).
Valuation It trades at 29.4× forward earnings against a peer median of 20.6× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.4 points above its cost of capital (9.5% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$2.33B | A$2.33B | A$2.36B | A$2.26B | A$1.96B |
| Revenue growth | — | -1% | +4% | +15% | — |
| Gross profit | A$1.65B | A$1.65B | A$1.74B | A$1.70B | A$1.47B |
| EBITDA | A$407M | A$407M | A$600M | A$606M | A$493M |
| Net income | A$147M | A$147M | A$389M | A$357M | A$301M |
| Free cash flow | A$307M | A$307M | A$175M | A$326M | A$312M |
| Capital expenditure | A$90.7M | A$90.7M | A$103M | A$89.8M | A$95.9M |
| Total debt | n/a | A$213M | A$236M | A$244M | A$202M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cochlear COH.AX | $7.05B | +55% | -1% | 13% | 29.4× | 24.1% |
| Sonova SOON.SW | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% |
| Demant A/S DEMANT.CO | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | COH.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.5% | +9.1% | 3rd highest of 21 |
| 6-month return | +55.4% | +25.2% | 3rd highest of 21 |
| Distance from 52-week high | -46.6% | -8.6% | 2nd lowest of 21 |
| Revenue growth (TTM) | -0.9% | +5.2% | 5th lowest of 21 |
| Operating margin | 12.9% | 15.1% | 6th lowest of 21 |
| Forward P/E | 29.4× | 20.6× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 24.1% | 10.9% | 3rd most demanding of 20 |
| Growth delivered (Del g) | +9.3% | +10.0% | 9th lowest of 20 |
| Hurdle (Req g minus delivered) | +14.8 pp | -1.1 pp | 3rd most demanding of 20 |
| ROIC minus cost of capital | +2.4 pp | +3.1 pp | 8th lowest of 21 |
| EV / EBITDA | 25.0× | 15.3× | most expensive of 18 |
| Net debt / EBITDA | 0.1× | 0.9× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cochlear COH.AX | Australia | $7.05B | +55% | -1% | 13% | 29.4× | 24.1% | +9.3% |
| Shenzhen New Industries Biomedical Engineering 300832.SZ | China | $7.11B | +25% | +7% | 43% | 25.5× | 2.1% | +15.7% |
| Bausch + Lomb BLCO.TO | Canada | $7.20B | +31% | +11% | 9% | 17.3× | 11.0% | +10.0% |
| Lantheus LNTH | United States | $6.57B | +8% | +2% | 19% | 17.5× | -0.5% | +35.3% |
| ConvaTec CTEC.L | United Kingdom | $6.44B | +22% | +2% | 16% | 16.7× | 15.6% | +4.6% |
| Getinge GETI-B.ST | Sweden | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% | +3.2% |
| Teleflex TFX | United States | $6.39B | +13% | -14% | 11% | 16.8× | 17.8% | -4.7% |
| Shimadzu 7701.T | Japan | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% | +7.3% |
| Ypsomed YPSN.SW | Switzerland | $6.35B | +30% | -2% | 25% | 30.1× | 11.5% | +12.6% |
| Sysmex 6869.T | Japan | $7.89B | +50% | +4% | 13% | 31.2× | 4.4% | +10.4% |
| Asahi Intecc 7747.T | Japan | $6.28B | +13% | +21% | 31% | 26.0× | 13.6% | +18.8% |
| APT Medical 688617.SS | China | $5.95B | +20% | +28% | 37% | 38.5× | 8.7% | +40.1% |
| Haemonetics HAE | United States | $5.46B | +118% | 0% | 18% | 21.6× | 10.9% | +8.9% |
| GRAIL GRAL | United States | $5.42B | +67% | +23% | -323% | n/a | n/a | n/a |
| Bruker BRKR | United States | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% | +11.6% |
| Merit Medical Systems MMSI | United States | $5.23B | +42% | +9% | 14% | 19.4× | 12.2% | +9.5% |
| Globus Medical GMED | United States | $9.54B | -9% | +20% | 22% | 14.1× | 5.5% | +30.1% |
| DiaSorin DIA.MI | Italy | $5.00B | +19% | -3% | 24% | 20.6× | 4.1% | +6.3% |
| LivaNova LIVN | United States | $4.96B | +25% | +12% | 13% | 19.9× | 11.5% | +8.2% |
| Insulet PODD | United States | $10.2B | -5% | +26% | 18% | 19.5× | 10.3% | +24.5% |
| Bio-Rad Laboratories BIO | United States | $10.3B | +50% | +1% | 9% | 35.7× | 26.5% | +0.3% |