Cash flow efficiency has deteriorated, with FCF margins falling to 8.9% in 2026Q2 and capital expenditures remaining elevated at 8.0% of revenue, reflecting persistent reinvestment requirements.
| 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 | 953M | 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 % | 145.35% | 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 | 235.8M | 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 | 384.7M | 423M | 413.8M | 407.7M | 378.3M | 341.1M | 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 | 144M | 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 | 176.6M | 147.8M | 118M | 79.7M | 48.4M | 104.9M | 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 | 11.9M | -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 | -389.8M | -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 | -383.5M | -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 | 9.06% | 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 | -4.4M | -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 | -1.9M | 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 | -544.4M | -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) | -145M | -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) | -341.8M | -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 | -265M | -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 | -57.6M | -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 | 22.7M | 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 | 569.5M | 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 % | 13.46% | 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 % | 55.64% | 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 | 2.92 | 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) | 2.42x | 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 |
Operating cash flow volatility
As reported in recent financial filings, the relationship between net income and operating cash flow has become increasingly erratic, evidenced by a negative OCF/NI ratio of -2.35 in 2026Q2, which suggests that accounting earnings are currently failing to capture the underlying cash-generating reality of the business.
The significant divergence between net income and operating cash flow indicates that non-cash charges or working capital swings are heavily distorting the reported bottom line. Investors should monitor whether this disconnect is a temporary accounting artifact or a structural issue regarding the company's ability to convert sales into actual liquidity.
Based on the provided cash flow data, FCF margins have experienced notable contraction, falling from a peak of 15.5% in 2026Q1 to 8.9% in 2026Q2, which highlights a concerning trend in the company's ability to retain cash after accounting for necessary capital expenditures.
The volatility in free cash flow suggests that the company's capital-intensive manufacturing model is struggling to maintain efficiency during periods of fluctuating revenue. This trend warrants further investigation into whether the current level of capital investment is yielding the expected returns on invested capital.
According to the company's quarterly cash flow statements, capital expenditures as a percentage of revenue have remained consistently high, averaging roughly 9.5% over the last ten quarters, which indicates a persistent need for heavy reinvestment to maintain the firm's specialized manufacturing infrastructure.
The sustained level of CapEx suggests that the company is prioritizing the modernization and expansion of its production facilities to support its specialty lens and surgical portfolios. However, if these investments do not lead to improved operating margins, the high capital intensity may continue to weigh on free cash flow generation.
As indicated by the quarterly cash flow data, working capital changes have been highly inconsistent, ranging from a $91.6 million inflow in 2026Q2 to a $165.6 million outflow in 2025Q2, which suggests significant variability in the company's inventory management and collection cycles.
These erratic working capital movements appear to be a primary driver of the company's cash flow instability. Analysts should investigate whether these fluctuations are tied to seasonal demand patterns or potential inefficiencies in managing the complex SKU requirements inherent in the vision care segment.
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.