COCHLEAR LIMITED (COH)
Share Price Analysis and Chart

Enter the company code or Name for stock analysis:

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

$94.00

30 Apr
2026

4.000

OPEN

$89.90

4.44%

HIGH

$94.00

1,111,213

LOW

$88.74

TARGET
$116.528 24.0% upside
Franking for last dividend paid out: 80%
OTHER COMPANIES IN THE SAME SECTOR
4DX . AT1 . AYA . BB1 . BRN . CAT . CBL . CGS . CMP . CSX . CTE . CU6 . CVB . CYC . EBR . EMV . EYE . FPH . IME . IMR . IPD . LDX . MX1 . NAN . ONE . PCK . PEB . PGC . PME . RAP . RMD . SHG . SOM . TRJ . UBI .
FNARENA'S MARKET CONSENSUS FORECASTS
COH: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 594.3 421.9 xxx
DPS (cps) xxx 430.0 328.0 xxx
EPS Growth xxx 9.2% - 29.0% xxx
DPS Growth xxx 4.9% - 23.7% xxx
PE Ratio xxx N/A 23.4 xxx
Dividend Yield xxx N/A 3.3% xxx
Div Pay Ratio(%) xxx 72.4% 77.7% xxx

Dividend yield today if purchased 3 years ago: 1.75%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.35

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: 18/09 - ex-div 215.00c (franking 85%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

-0.2

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Citi

xx/xx/xxxx

5

xxxxxxxxx xx xxxx xxxx xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

UBS

23/04/2026

3

Downgrade to Neutral from Buy

$109.00

15.96%

UBS notes revised guidance from Cochlear includes -$18m-$25m in restructuring costs arising from "cost-base reshaping" and a further $10m for provisioning of receivables from the Middle East.

Post the initial update this morning, see further below, UBS downgrades Cochlear to Neutral from Hold and lowers its price target price to $109 from $302.

EPS forecasts are downgraded by around -25% in FY26 and FY27 and are at the midpoint of downgraded guidance.

The analyst stresses the outlook into FY27 remains uncertain, with low earnings "visibility" against a challenging macro backdrop and strains on the European hospital systems.

****

At the midpoint the revised guidance range of $290-330m implies a second-half net profit of $115m. The broker points out while resultant savings were not quantified the cost-base reshaping represents a pulling forward of existing plans to reduce fixed costs. More detail is expected at the full-year results in August.

UBS points out the explanations for weak unit volumes in recent months varied across regions, yet overall attributed to a "deprioritisation" of hearing health. Buy rating and $302 target maintained.

FORECAST
UBS forecasts a full year FY26 dividend of 331.00 cents and EPS of 309.00 cents.
UBS forecasts a full year FY27 dividend of 370.00 cents and EPS of 344.00 cents.

Morgan Stanley

xx/xx/xxxx

3

xxxxxxx xx xxxxx-xxxxxx xxxx xxxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial
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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Jarden

22/04/2026

3

Neutral

$169.00

79.79%

Jarden maintains a Neutral rating and lowers its price target for Cochlear to $169.00 following a -23.5% earnings downgrade.

The broker observes underlying net profit guidance was revised downwards to between $290m and $330m, reflecting weaker implant volumes across multiple geographies.

A contraction in gross margins to 72% compounds the challenges, alongside restructuring costs and doubtful debt provisions.

Competitive pressures appear to be escalating as rival firms capture market share through aggressive pricing strategies and volume-based discounts, commentary highlights.

The analysts process substantial earnings reductions across the forecast period and consider the share price reaction an appropriate response to the (now) limited near-term visibility.

FORECAST
Jarden forecasts a full year FY26 dividend of 442.00 cents and EPS of 479.20 cents.
Jarden forecasts a full year FY27 dividend of 488.70 cents and EPS of 527.80 cents.
Access Extra Coverage Research History >

COH STOCK CHART

FNArena News on COH

Latest Medical Equipment & Devices News

1
Shortages Chip Away At ResMed’s Big Break

Mar 30 2022 - Australia
2
Opportunity for Fisher & Paykel Healthcare

Mar 25 2022 - Australia
3
Distribution Anxiety For Nanosonics

Feb 10 2022 - Australia
4
Brokers Awake To ResMed’s Potential

Jan 31 2022 - Australia
5
Covid Benefits F&P Healthcare, For Now

Dec 06 2021 - Australia
6
Will Shortages Limit Upside For ResMed?

Nov 01 2021 - Australia
7
Nanosonics Unveils Its New Product

Aug 26 2021 - Australia
8
Pro Medicus: Opportunity Awaits

Aug 24 2021 - Technicals
9
Breakout For Cochlear

Aug 10 2021 - Technicals
10
Will ResMed’s Market Share Gains Last?

Aug 09 2021 - Australia