Free cash flow margin rebounded to 25.6% in 2026Q3, yet the quality appears mixed as operating cash flow only covered net income 0.79 times, with a significant working capital release and negative depreciation & amortization of $193.8M clouding the picture.
The Cooper Companies, Inc. (COO) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Cash from Operations | 1.03B | 796.1M | 709.3M | 607.5M | 692.4M | 738.6M | 486.6M | 713.2M | 668.9M | 593.6M | 509.6M | 390.97M | 454.82M | 415.93M | 315.12M | 336.28M | 267.66M | 223.13M | 96.53M | 133.98M | 162.72M | 183.84M | 101.2M | 79.56M | 55.95M | 25.62M | 41.03M | 27.7M | 11.4M | 11.7M | 3.5M |
| Operating CF Margin % | - | 19.45% | 18.21% | 16.91% | 20.93% | 25.27% | 20.02% | 26.88% | 26.41% | 27.75% | 25.91% | 21.76% | 26.48% | 26.2% | 21.81% | 25.27% | 23.1% | 20.65% | 9.08% | 14.09% | 18.94% | 22.79% | 20.65% | 19.32% | 17.74% | 10.92% | 20.79% | 16.76% | 7.74% | 8.27% | 3.21% |
| Operating CF Growth % | 150.09% | 12.24% | 16.76% | -12.26% | -6.26% | 51.79% | -31.77% | 6.62% | 12.69% | 16.48% | 30.34% | -14.04% | 9.35% | 31.99% | -6.29% | 25.64% | 19.96% | 131.15% | -27.96% | -17.66% | -11.49% | 81.67% | 27.2% | 42.2% | 118.38% | -37.56% | 48.12% | 142.98% | -2.56% | 234.29% | 2.94% |
| Net Income | 570.3M | 374.9M | 392.3M | 294.2M | 385.8M | 2.94B | 238.4M | 466.7M | 139.9M | 372.9M | 273.9M | 203.52M | 269.86M | 296.15M | 248.34M | 175.43M | 112.8M | 100.55M | 65.48M | -11.19M | 66.23M | 93.82M | 92.83M | 68.77M | 48.88M | 37.14M | 29.4M | 25.1M | 39.8M | 30.4M | 16.6M |
| Depreciation & Amortization | 384M | 423M | 375.1M | 367.7M | 346.1M | 309.3M | 319.6M | 280.8M | 275.1M | 188.4M | 198.3M | 191.4M | 138.2M | 125.35M | 111.21M | 98.15M | 94M | 92.6M | 82.19M | 84.51M | 61.65M | 48.64M | 15.65M | 12.53M | 11.37M | 10.99M | 8.73M | 8.4M | 8.4M | 4.7M | 3.9M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.1M | 43.2M | 37.2M | 0 | 0 | 0 | 0 | 0 | 0 | 9.64M | 12.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 43.2M | 135.2M | 118.9M | 44.7M | 53.9M | -2.5B | -900K | -15.9M | 2.9M | -7.1M | -10.7M | 5.58M | -16M | -17.19M | -6.81M | -4.42M | -1.75M | 7.29M | 3.86M | -3.94M | -971K | 2.67M | 12.18M | 7.27M | 11.74M | 12.89M | 10.89M | 6.8M | -35.8M | -27.1M | -4.2M |
| Other Non-Cash Items | 565.6M | 147.8M | 156.7M | 119.7M | 80.6M | 136.7M | 55.3M | -13.4M | 88.2M | 8.4M | 44.3M | 59.55M | 29.77M | 39.88M | 28.24M | 52.96M | 7.01M | 13.45M | 17.67M | 32.43M | 26.22M | 23.07M | 2.22M | 1.6M | 944K | 400K | -6K | -1.6M | 100K | 100K | -100K |
| Working Capital Changes | 85.9M | -284.8M | -333.7M | -218.8M | -174M | -149.9M | -125.8M | -40.1M | 119.6M | -6.2M | 3.8M | -69.08M | 33.01M | -28.26M | -65.87M | 14.16M | 45.97M | -2.8M | -72.66M | 32.18M | 9.58M | 15.65M | -21.68M | -10.61M | -16.98M | -36.05M | -7.99M | -11M | -25.2M | -16.4M | -14.1M |
| Change in Receivables | 0 | -120.3M | -117.1M | -60.2M | -33.8M | -75.5M | 8.5M | -55.6M | -59.5M | -25.1M | 1.65M | -4.53M | -5.17M | 55K | -4.96M | 13.09M | -24.79M | -13.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -46M | -59.3M | -105.4M | -40.4M | -9.2M | -62.3M | -37.3M | -5M | -30.9M | 12.25M | -37.36M | -7.58M | -22.57M | -58.09M | -17.2M | 34.98M | 22.6M | -15.54M | -27.68M | -49.37M | -13.6M | -15.13M | -12.86M | -8.11M | -11.58M | -2.15M | -3.1M | -6.9M | -3.9M | -400K |
| Change in Payables | 0 | 8M | 9.3M | 5.5M | 49.9M | -16M | 23.2M | 3.6M | 2.9M | 25M | -10.46M | 10.11M | 1.29M | -6.29M | 13.57M | 5.18M | 8.64M | -13.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -361.5M | -372.9M | -764.6M | -449M | -1.83B | -450.3M | -364.5M | -351.3M | -1.52B | -381.3M | -418.7M | -287.95M | -1.35B | -189.92M | -238.47M | -161.68M | -106.6M | -98.64M | -128.76M | -264.59M | -222.82M | -742.32M | -100.64M | -107.43M | -155.09M | -65.21M | -40.56M | 20.2M | -59.3M | -17.5M | -6.5M |
| Capital Expenditures | -91.7M | -362.4M | -421.2M | -392.5M | -242M | -214.4M | -310.4M | -292.1M | -193.6M | -127.2M | -152.6M | -243.02M | -238.06M | -178.13M | -99.78M | -103.67M | -73.76M | -93.91M | -124.89M | -183.63M | -154.86M | -117.09M | -40.51M | -33.87M | -23.43M | -16.99M | -39.11M | -10.1M | -53.9M | -7.8M | -3.2M |
| CapEx % of Revenue | 2.16% | 8.86% | 10.81% | 10.92% | 7.31% | 7.34% | 12.77% | 11.01% | 7.64% | 5.95% | 7.76% | 13.52% | 13.86% | 11.22% | 6.9% | 7.79% | 6.37% | 8.69% | 11.75% | 19.32% | 18.03% | 14.52% | 8.26% | 8.23% | 7.43% | 7.24% | 19.82% | 6.11% | 36.62% | 5.51% | 2.93% |
| Acquisitions | -3.6M | -10.5M | -343.4M | -56.5M | -1.59B | 0 | 0 | 0 | 0 | 0 | 0 | -44.92M | -1.11B | -13.04M | -145.32M | -58.01M | -32.85M | -4.73M | -3.87M | -80.97M | -67.95M | -627.01M | -63.94M | -75.16M | -136.14M | -48.22M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -266.2M | 0 | 0 | 0 | 0 | -235.9M | -54.1M | -59.2M | -1.32B | -254.1M | -266.1M | 0 | 1.36M | 1.25M | 6.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7K | 97K | 0 | -1.46M | 24.9M | -5.4M | -9.7M | -3.3M |
| Cash from Financing | -641M | -425.9M | 39.2M | -173.9M | 1.19B | -311.4M | -95.5M | -351.4M | 844.4M | -227.9M | -1.4M | -106.68M | 842.16M | -161.6M | -68.44M | -172.87M | -161.57M | -122.74M | 31.2M | 125.15M | 37.32M | 551.79M | -8.67M | 64.6M | 96.33M | 37.99M | -7.21M | -34.6M | 37.3M | 17.1M | -1.3M |
| Debt Issued (Net) | 66.2M | -79.9M | 5.6M | -180.8M | 1.28B | -309.9M | -42.7M | -200.1M | 845.7M | -162.5M | -27.6M | -37.25M | 887M | -25.84M | -56.75M | -242.78M | -170.34M | -121.28M | 25.89M | 118.39M | 36.97M | 528.93M | -20.5M | 43.73M | 91.73M | 20.11M | -9.16M | -28.1M | 44.9M | -32.9M | -1.5M |
| Equity Issued (Net) | -60.4M | -274.1M | 63.9M | 23M | -62.4M | 1.5M | -31.6M | -148.3M | 0 | -55M | 0 | -72.12M | -67.19M | -148.05M | -16.1M | 82.03M | 11.1M | 1.12M | 6.25M | 9.26M | 3.02M | 25.16M | 13.77M | 23.99M | 6.13M | 18.91M | 3.08M | -6.4M | -8M | 50.4M | 200K |
| Dividends Paid | 0 | 0 | 0 | -3M | -3M | -3M | -3M | -3M | -2.9M | -2.9M | -2.9M | -2.91M | -2.88M | -2.92M | -2.86M | -2.82M | -2.73M | -2.71M | -2.7M | -2.68M | -2.67M | -2.31M | -1.94M | -1.95M | -1.53M | -1.04M | -1.13M | -600K | 0 | 0 | 0 |
| Share Repurchases | -55.3M | -290.1M | 0 | 0 | -78.5M | -24.8M | -47.8M | -156.1M | 0 | -55M | 0 | -72.12M | -75.78M | -167.33M | -71.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.3M | -8M | 0 | 0 |
| Other Financing | -646.8M | -71.9M | -30.3M | -13.1M | -19.7M | 0 | -18.2M | 0 | 1.6M | -7.5M | 29.1M | 5.6M | 25.24M | 15.21M | 7.26M | -9.31M | 407K | 135K | 1.76M | 176K | 0 | 0 | 0 | -1.16M | 0 | 0 | 0 | 500K | 400K | -400K | 0 |
| Net Change in Cash | 29.9M | 2.9M | -13.2M | -17.7M | 42.3M | -20.5M | 27.3M | 11.8M | -11.1M | -12M | 84.37M | -8.8M | -52.17M | 64.55M | 7.67M | 1.6M | -359K | 1.99M | -1.28M | -5M | 8.22M | 0 | 0 | 37.18M | -2.67M | -1.68M | -6.31M | 13.6M | -10.9M | 11.3M | -4.3M |
| Free Cash Flow | 678M | 433.7M | 288.1M | 215M | 450.4M | 524.2M | 176.2M | 421.1M | 475.3M | 466.4M | 357M | 147.95M | 216.76M | 237.8M | 215.34M | 232.62M | 193.91M | 129.22M | -28.36M | -49.64M | 7.85M | 66.75M | 60.69M | 45.68M | 32.51M | 8.63M | 1.92M | 17.6M | -42.5M | 3.9M | 300K |
| FCF Margin % | 16% | 10.6% | 7.4% | 5.98% | 13.61% | 17.94% | 7.25% | 15.87% | 18.77% | 21.8% | 18.15% | 8.23% | 12.62% | 14.98% | 14.9% | 17.48% | 16.74% | 11.96% | -2.67% | -5.22% | 0.91% | 8.28% | 12.38% | 11.09% | 10.31% | 3.68% | 0.97% | 10.65% | -28.87% | 2.76% | 0.27% |
| FCF Growth % | 64.6% | 50.54% | 34% | -52.26% | -14.08% | 197.5% | -58.16% | -11.4% | 1.91% | 30.65% | 141.3% | -31.75% | -8.85% | 10.43% | -7.43% | 19.96% | 50.06% | 555.7% | 42.88% | -732.21% | -88.24% | 9.98% | 32.85% | 40.51% | 276.83% | 349.61% | -89.1% | 141.41% | -1189.74% | 1200% | -75% |
| FCF per Share | 3.51 | 2.17 | 1.44 | 1.08 | 2.27 | 2.63 | 0.89 | 2.10 | 2.39 | 2.35 | 1.82 | 0.75 | 1.11 | 1.20 | 1.10 | 1.20 | 1.04 | 0.71 | -0.15 | -0.28 | 0.04 | 0.37 | 0.42 | 0.34 | 0.26 | 0.07 | 0.02 | 0.15 | -0.35 | 0.04 | 0.00 |
| FCF Conversion (FCF/Net Income) | 1.19x | 2.12x | 1.81x | 2.06x | 1.79x | 0.25x | 2.04x | 1.53x | 4.78x | 1.59x | 1.86x | 1.92x | 1.69x | 1.40x | 1.27x | 1.92x | 2.37x | 2.22x | 1.47x | -11.97x | 2.46x | 2.00x | 1.09x | 1.16x | 1.14x | 0.69x | 1.42x | 1.10x | 0.29x | 0.37x | 0.21x |
| Interest Paid | 0 | 115.1M | 134.8M | 117.5M | 49.1M | 28.4M | 46.5M | 75.3M | 82.1M | 31.3M | 23.7M | 14M | 4.15M | 5.43M | 10.56M | 25.63M | 36.66M | 43M | 48.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 100M | 78.4M | 67.8M | 66.6M | 63.2M | 51.1M | 39.2M | 18.8M | 15.6M | 29.4M | 12.2M | 15.92M | 13.97M | 15.78M | 12.21M | 8.6M | 6.36M | 11.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying COO stock.
The Cooper Companies, Inc. (COO) generated $796.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Cooper Companies, Inc. (COO) generated $433.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
The Cooper Companies, Inc. (COO) spent $362.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The Cooper Companies, Inc. (COO) spent $290.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile Cash Conversion & Integration Costs
Metrics are mathematically derived from official filings.
Cash Conversion Quality Shows Volatility
Based on reported figures, COO's operating cash flow consistently exceeds net income, with an average OCF/NI ratio of 1.53 over ten quarters, though the significant dip to 0.79 in the most recent quarter suggests a potential deterioration in conversion quality.
The persistent OCF/NI ratio above 1.0 typically indicates high-quality earnings supported by substantial non-cash add-backs like depreciation and amortization. However, the recent drop below 1.0 in Q3 2026, coinciding with a sharp working capital outflow, warrants investigation into whether the quality of earnings is becoming pressured by the complex integration within CooperSurgical.
FCF Trajectory Rebounds on Working Capital Release
The quarterly free cash flow has rebounded sharply, reaching a record $273M in Q3 2026, which appears to be driven more by a significant working capital release than by underlying operational growth, given the associated decline in the OCF/NI ratio.
The FCF margin expansion to 25.6% in the latest quarter is striking but lacks support from net income growth, indicating it may be transient. Investors should assess whether this level of cash generation is sustainable without corresponding revenue acceleration, as the rebound seems tied to the reversal of prior working capital builds.
Working Capital Swings Dominate Cash Flow
COO's cash flow is characterized by large, volatile working capital swings, with a $91.6M release in Q2 2026 contrasting with a $165.6M absorption in Q2 2025, highlighting a lack of predictability in its operating cash generation cycle.
These erratic swings suggest potential challenges in managing the cash conversion cycle, possibly related to inventory builds for new product launches or timing of collections in its global operations. The volatility complicates forecasting and could indicate underlying operational friction within the expanded CooperSurgical segment.
Negative D&A and Zero SBC Cloud Analysis
The reported negative depreciation and amortization of $193.8M in Q3 2026 and the consistent $0 stock-based compensation line obscure the true cash cost of maintaining assets and compensating employees, requiring investors to adjust their view of core cash generation.
Negative D&A is unusual and may relate to acquisition-related accounting adjustments, which artificially inflates operating cash flow relative to true cash maintenance needs. The absence of a reported SBC figure, contrary to industry norms for a company of COO's size and type, means a key cash expense is not visible, complicating comparisons to peers and overstating true free cash flow.