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

$298.06

19 Aug
2025

1.700

OPEN

$296.36

0.57%

HIGH

$298.06

219,691

LOW

$292.67

TARGET
$311.74 4.6% 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 594.3 691.5 xxx
DPS (cps) xxx 430.0 486.8 xxx
EPS Growth xxx 9.2% 16.4% xxx
DPS Growth xxx 4.9% 13.2% xxx
PE Ratio xxx N/A 43.6 xxx
Dividend Yield xxx N/A 1.6% xxx
Div Pay Ratio(%) xxx 72.4% 70.4% xxx

Dividend yield today if purchased 3 years ago: 1.96%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.43

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

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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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

18/08/2025

1

Buy

$350.00

17.43%

After a full analysis of Cochlear's FY25 result, UBS remains convinced of the medium-term growth trajectory, with Services revenue expected to rise 50% over the next four years.

Next-gen Cochlear implant (Nexa CI platform) is expected to lift global market share, with the broker forecasting 3-year revenue growth at compounded annual growth rate of over 10%.

Adjusted net profit forecasts for FY26-28 lifted by 1-3% on lower operating costs, with FY26 adjusted net profit estimated at $458m, at the top end of guidance.

Target lifted to $350 from $325 on medium-term earnings upgrade and roll forward. Buy retained.

In the initial response, the broker said:

Cochlear's FY25 and FY26 guidance both underwhelmed. The broker does believe revenue guidance looks conservative given Service revenue challenges weighed on the FY25 performance.

The broker had higher expectations for Acoustics sales and the gross margin.

Buy. 

FORECAST
UBS forecasts a full year FY26 dividend of 491.00 cents and EPS of 700.00 cents.
UBS forecasts a full year FY27 dividend of 567.00 cents and EPS of 808.00 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$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

-6.56%

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

FNArena News on COH

1
Rudi’s View: Early August Signals & Observations

Aug 20 2025 - Rudi's View
2
Cochlear’s Future In Nexa’s Hands

Aug 19 2025 - Australia
3
Australian Broker Call *Extra* Edition – Aug 19, 2025

Aug 19 2025 - Daily Market Reports
4
FNArena Corporate Results Monitor – 18-08-2025

Aug 18 2025 - Australia
5
Rudi’s View: BlueScope Steel, IGO, GrainCorp, Pilbara Minerals, Santos & More

Aug 14 2025 - Rudi's View

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
Trend Remains Up For Catapult International

Feb 18 2025 - Technicals
8
ESG Focus: Top ASX Companies, Superbugs & Hydrogen

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