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UK maker of advanced wound care, ostomy, continence and infusion-care medical devices for chronic condition management.
UK maker of advanced wound care, ostomy, continence and infusion-care medical devices for chronic condition management.
Sells products patients reorder again and again, such as ostomy pouches and wound dressings, mostly through medical-supply distributors and reimbursed by insurers or health systems, so a patient who starts on its product tends to stay. Because the payer is often the buyer, price and reimbursement decisions matter. It listed in London in 2016 after ownership by private-equity firms.
In one line: A UK medtech peer, like a smaller Coloplast.
Moat: narrow (switching costs, brand, distribution). Patients form habits around specific ostomy/wound-care product fits, creating switching costs once established.
Headquarters: London, UK · Founded: 2008 · Employees: 10,910
Size ConvaTec (CTEC.L) is a United Kingdom Health Care company (Medical Specialties) with a market value of $6.44B, the 76th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £250.40 on 6 Nov 2026.
Performance Over six months the shares gained 21.9%, against +27.7% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +6.3%); the operating margin is 16.2% (peer median 13.9%).
Valuation It trades at 16.7× forward earnings against a peer median of 21.0× (3rd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +11 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 0.5 points above its cost of capital (9.3% WACC).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.86B | £1.85B | £1.79B | £1.72B | £1.68B |
| Revenue growth | — | +3% | +4% | +2% | — |
| Gross profit | £1.02B | £1.01B | £969M | £932M | £868M |
| EBITDA | £469M | £478M | £439M | £403M | £364M |
| Net income | £92.6M | £133M | £149M | £105M | £51.1M |
| Free cash flow | £142M | £254M | £214M | £185M | £148M |
| Capital expenditure | £180M | £140M | £95.6M | £104M | £117M |
| Total debt | n/a | £1.13B | £959M | £1.03B | £1.08B |
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 |
|---|---|---|---|---|---|---|
| ConvaTec CTEC.L | $6.44B | +22% | +2% | 16% | 16.7× | 15.6% |
| Coloplast A/S COLO-B.CO | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% |
| Smith & Nephew SN..L | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% |
| Solventum SOLV | $15.4B | +23% | -1% | 8% | 12.2× | n/a |
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 | CTEC.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.6% | +9.1% | 5th highest of 21 |
| 6-month return | +21.9% | +27.7% | 9th lowest of 21 |
| Distance from 52-week high | -3.4% | -9.8% | 4th highest of 21 |
| Revenue growth (TTM) | +1.9% | +6.3% | 7th lowest of 21 |
| Operating margin | 16.2% | 13.9% | 10th highest of 21 |
| Forward P/E | 16.7× | 21.0× | 3rd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 15.6% | 10.9% | 4th most demanding of 19 |
| Growth delivered (Del g) | +4.6% | +9.4% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | +11.0 pp | +1.2 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | +0.5 pp | +3.4 pp | 5th lowest of 21 |
| EV / EBITDA | 12.8× | 15.4× | 7th cheapest of 17 |
| Net debt / EBITDA | 2.6× | 0.9× | 6th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ConvaTec CTEC.L | United Kingdom | $6.44B | +22% | +2% | 16% | 16.7× | 15.6% | +4.6% |
| Teleflex TFX | United States | $6.39B | +13% | -14% | 11% | 16.8× | 17.8% | -4.7% |
| Ypsomed YPSN.SW | Switzerland | $6.35B | +30% | -2% | 25% | 30.1× | 11.5% | +12.6% |
| Lantheus LNTH | United States | $6.57B | +8% | +2% | 19% | 17.5× | -0.5% | +35.3% |
| 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% |
| 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% |
| 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 |
| Getinge GETI-B.ST | Sweden | $7.73B | +45% | -4% | 14% | 21.0× | 4.7% | +3.2% |
| Shimadzu 7701.T | Japan | $7.79B | +15% | +6% | 13% | 19.5× | 6.3% | +7.3% |
| Sysmex 6869.T | Japan | $7.89B | +50% | +4% | 13% | 31.2× | 4.4% | +10.4% |
| Merit Medical Systems MMSI | United States | $5.23B | +42% | +9% | 14% | 19.4× | 12.2% | +9.5% |
| 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% |
| MiniMed MMED | United States | $4.70B | +44% | +14% | 14% | 25.5× | n/a | n/a |
| Sotera Health SHC | United States | $4.57B | +1% | +7% | 37% | 15.4× | 13.7% | +7.3% |
| Bruker BRKR | United States | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% | +11.6% |
| Intco Medical Technology 300677.SZ | China | $4.40B | -20% | +33% | 20% | 14.7× | -4.7% | -6.4% |