The Cooper Companies, Inc. (COO): Business Model Canvas [Dec-2025 Updated]

Honestly, after a company closes out fiscal year 2025 with total revenue of $4.1 billion, you want to know the engine driving that success, right? This player splits its focus between premium vision care, where their myopia control lens grew 37% in Q4, and a solid women's health division featuring the unique Paragard IUD. But here's the kicker: with activist investors pushing for change, they're undergoing a formal strategic review, all while generating $433.7 million in free cash flow for the year. To see exactly how these two distinct businesses connect across their partnerships, channels, and cost structure, check out the nine building blocks mapped out below.

The Cooper Companies, Inc. (COO) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships The Cooper Companies, Inc. (COO) relies on to drive its two distinct businesses: CooperVision (CVI) and CooperSurgical (CSI). These partnerships are under intense scrutiny right now, given the recent formal strategic review.

Global network of wholesale distributors for contact lenses

CooperVision's position as the world's largest contact lens business by wearer count depends heavily on its distribution partners. These relationships move high-volume products like Biofinity and Avaira, which grew 2% in Q4 of fiscal 2025, and specialty lenses. The success of the premium MyDay portfolio, which saw double-digit growth in Q4 FY2025, is directly tied to the effectiveness of this channel. To be fair, market softness in China and parts of EMEA partially offset growth in Q4 FY2025, showing the geographic risk inherent in this distribution network.

Key relationships with Eye Care Professionals (ECPs) and optical retail chains

The partnership with Eye Care Professionals (ECPs) is crucial for driving adoption of differentiated products. For instance, MiSight contact lenses, a key myopia management offering, delivered strong growth of 37% in the fourth quarter of fiscal 2025. This growth suggests ECPs are actively partnering with CooperVision to fit these specialty lenses. The overall CVI segment generated $709.6 million in revenue for Q4 FY2025, with an organic growth rate of 3%.

Fertility clinics, hospitals, and OB/GYN practices for CooperSurgical products

CooperSurgical (CSI) relies on deep ties within the women's health and fertility ecosystem. In Q3 FY2025, revenue from fertility specifically grew 6%, indicating strong engagement with fertility clinics. The office and surgical product line within CSI grew 3% in that same quarter. For the full fourth quarter of fiscal 2025, CSI revenue reached $355.6 million (or $356 million depending on the final filing reconciliation), with an organic growth rate of 4%.

Activist investor engagement driving the formal strategic review process

The relationship with major shareholders has become a defining partnership dynamic as of late 2025. Activist investors, including Browning West, LP, which has invested over $500 million in the company, and Jana Partners, are actively pushing for change. This engagement led the Board to launch a formal strategic review of the corporate structure, considering options like divestitures or mergers, including a potential deal with Bausch + Lomb for the contact lens unit. During this review, the company has signaled a focus on capital deployment toward a $2 billion share repurchase program.

Manufacturing partners for raw materials and specialized components

While specific names aren't public, the operational performance reflects the quality of these supply chain partnerships. The company's gross margin for Q4 FY2025 was 66.2%, though it slightly declined due to tariffs and product mix, suggesting ongoing cost pressures with material suppliers. The company is focused on operational efficiency, expecting to realize about $50 million in annual pre-tax savings starting in fiscal 2026, likely involving optimization across its manufacturing and sourcing partners.

Here's a quick look at how the two segments performed in the most recently reported quarter:

The company's full-year fiscal 2025 revenue landed at approximately $4.1 billion, with a free cash flow generation of around $150 million in the fourth quarter alone. The net debt stood at $2.51 billion at the end of Q4 FY2025.

The Cooper Companies, Inc. (COO) - Canvas Business Model: Key Activities

You're looking at the core engine driving The Cooper Companies, Inc. as of late 2025. The Key Activities section of the Business Model Canvas shows where the company spends its time and resources to deliver value. It's all about innovation, making things efficiently, and managing capital smartly.

Research and Development (R&D) for premium products like MiSight and MyDay

The engine for future revenue growth is definitely R&D, especially in the CooperVision segment. You see this commitment in the performance of key products. For instance, MiSight, the contact lens indicated to slow myopia progression in children, saw sales of $104 million in fiscal 2025, representing a 30% growth rate for that year. Management expects this momentum to continue, projecting growth of at least 20% to 25% for fiscal 2026, with further strength coming from upcoming launches like MySite in Japan and across Europe in fiscal Q2 2026. This focus on premium, clinically-backed products is a major activity.

The company's overall focus on innovation is clear in its segment performance:

• CooperVision (CVI) net sales for Q4 2025 were $709.6 million, up 5% reported.
• CooperSurgical (CSI) Q4 2025 revenue was $355.6 million, up 4% reported.
• Within CSI, the OBP surgical line saw a 35% increase in sales.

Global manufacturing and supply chain optimization for medical devices

Moving product from design to the customer requires a massive operational footprint. The Cooper Companies, Inc. supports this with a global presence, employing more than 16,000 people and selling products in over 130 countries. A key activity is maintaining efficiency across this scale. While specific 2025 R&D expense figures aren't immediately available, we know from the prior fiscal year that CooperSurgical's R&D expenses increased due to project spend, showing ongoing investment in the manufacturing pipeline. The company's ability to generate strong margins, with a recent gross margin around 66% to 67%, suggests their supply chain and manufacturing activities are generally well-optimized for cost control.

Executing the formal strategic review to unlock shareholder value

A significant, high-level activity announced in late 2025 is the formal, comprehensive strategic review. The Board of Directors is examining businesses, corporate structure, strategy, operations, and capital allocation priorities. This review aims to identify opportunities to simplify the business and enhance long-term shareholder value. The potential outcomes being considered include partnerships, joint ventures, divestitures, mergers, or business combinations. This process is a direct response to shareholder interest, including that from activist investors, and signals a major shift in focus for the executive team.

Sales and marketing focused on clinical data and professional education

The sales and marketing efforts are heavily weighted toward demonstrating clinical superiority, which helps drive market share gains. This is critical in both segments. For CooperVision, the focus on advanced lenses has paid off; the unit has gained share for seventeen straight years, and management is focused on achieving an eighteenth consecutive year in calendar 2025. In CooperSurgical, growth in fertility is being driven by global genomics performance and traction with new technology like the WITNESS automated lab tracking system. The company is actively using clinical data to support sales, as seen in the growth of products like PARAGARD, which grew 16% following a new single-hand inserter upgrade launch.

Disciplined capital allocation, including the $2 billion share repurchase program

Capital allocation is a deliberate activity, balancing investment with returning capital to shareholders. The Cooper Companies, Inc. recently underscored this discipline by expanding its share repurchase program to $2 billion, an increase of $1 billion authorized by the Board of Directors. This program has no termination date and allows the company to reacquire up to 15.4% of its outstanding shares, signaling management's confidence in the stock. This activity is supported by strong cash generation, with fiscal 2025 free cash flow reported at $433.7 million, and the company repurchased $197.3 million of its stock in Q4 2025 alone. This strategy aligns with their stated goal of continuing to invest and reduce debt alongside returning capital.

Here's a quick look at the financial strength supporting this capital activity:

The company is definitely putting its money where its mouth is, using its balance sheet strength to actively manage its share count.

The Cooper Companies, Inc. (COO) - Canvas Business Model: Key Resources

You're looking at the core assets The Cooper Companies, Inc. (COO) relies on to generate revenue across its CooperVision and CooperSurgical segments. These aren't just line items on a balance sheet; they're the engine room of the business.

Proprietary intellectual property (IP) in silicone hydrogel and myopia control is a massive moat. Honestly, having the only FDA-approved product on the market to treat myopia progression in children-that's MiSight contact lenses-gives CooperVision a unique, defensible position. This IP advantage is translating directly into growth; MiSight sales were up 37% in Q4 fiscal 2025. Also, the entire premium daily silicone hydrogel portfolio, including MyDay, is seeing accelerated global rollout, which is key for capturing new fits.

The global manufacturing and distribution infrastructure is extensive. The Cooper Companies, Inc. sells products in over 130 countries and has a workforce exceeding 16,000 people as of late 2025. They are actively strengthening this with strategic logistics moves, like the new Regional Service Center in Singapore, which makes up to 7,000 additional SKUs available regionally to boost service across Asia Pacific.

For the CooperSurgical side, while the prompt mentions a specialized direct sales force for high-value medical equipment, the available data points more broadly to the overall scale. CooperSurgical's success in Q2 2025 was driven by its office and surgical portfolio, and the Paragard IUD is a key component of that success. The company's overall scale-being the number one contact lens company in the world with roughly 34% wearers-suggests a significant, specialized sales and professional engagement team is in place to support these high-value medical devices.

Financially, the company is generating significant cash. For the full fiscal year 2025, The Cooper Companies, Inc. reported free cash flow of $433.7 million, derived from $796.1 million in cash provided by operations offset by $362.4 million in capital expenditures. To show you the long-term view, management has set a target of generating more than $2.2 billion in free cash flow from fiscal 2026 through 2028. Fiscal 2025 non-GAAP diluted EPS finished strong at $4.13.

The key product portfolio underpins all of this. You can see the momentum in the silicone hydrogel space, which is clearly a priority for CooperVision. Here's a quick look at how some of those key products performed in recent quarters:

The CooperSurgical segment also relies on established products like Paragard IUD, which contributed to the segment's overall growth. The overall product strength is reflected in the segment revenues for FY2025:

• CooperVision (CVI) revenue for FY2025: $2,743.8 million.
• CooperSurgical (CSI) revenue for FY2025: $1,348.6 million.
• Total FY2025 Revenue: $4,092.4 million.

These resources-the IP, the global footprint, the financial strength, and the specific product franchises-are what you're betting on when you look at COO. Finance: draft 13-week cash view by Friday.

The Cooper Companies, Inc. (COO) - Canvas Business Model: Value Propositions

You're looking at the core value delivered by The Cooper Companies, Inc. across its two main segments as of late 2025. This is where the company puts its specialized focus to work for customers and patients.

CooperVision: Premium, Specialized Contact Lenses

CooperVision drives value through its focus on premium and specialty lenses, moving beyond basic spherical offerings. The star here is the myopia control segment, which shows significant traction.

• MiSight 1 day lens growth was a strong 37% in fiscal 2025.
• MiSight sales reached $104 million in fiscal 2025.
• The company is focused on achieving an eighteenth consecutive year of market share gain in calendar 2025.

The Cooper Companies, Inc. is clearly prioritizing high-value, specialized vision correction.

CooperVision: Broad Portfolio Coverage

The value proposition extends across the spectrum of vision needs, ensuring a comprehensive offering for eye care professionals (ECPs). This breadth supports their long-term market position.

CooperVision reported total fiscal year 2025 revenue of $2,743.8 million, growing 5% organically.

CooperSurgical: Comprehensive IVF Cycle Support

In the fertility space, CooperSurgical provides a full suite of products supporting the In Vitro Fertilization (IVF) cycle. This end-to-end support is a key differentiator for clinics.

• Fertility revenues in the fourth quarter were $141 million.
• The company is seeing encouraging traction with new RFP (Request for Proposal) wins from major fertility clinics.
• Genomics portfolio is seeing an uptick in momentum following recent new test launches.

CooperSurgical delivered quarterly revenue of $356 million, up 3.9% organically for the quarter.

CooperSurgical: Paragard, The Non-Hormonal IUD

Paragard is a unique offering in the U.S. contraceptive market, providing a non-hormonal option with extended protection, which is a strong value driver for patients seeking alternatives.

• Paragard grew 16% in the fourth quarter.
• CooperSurgical holds 17% of the U.S. IUD market.
• The U.S. IUD market was projected to reach $1.55 billion in 2025.
• The product offers up to 10 years of protection.

The company is focused on driving growth in this segment, even as guidance for Q1 2026 assumed flat to low single-digit growth for Paragard.

Clinical Credibility and Scientific Leadership

The Cooper Companies, Inc. emphasizes scientific backing over broad advertising spend, which resonates with ECPs and specialists. This is evident in the focus on clinical data for key products.

• Peer-reviewed research validates the retention of myopia control gains with MiSight 1 day lenses.
• The company is focused on operational efficiency and generating strong returns through capital deployment initiatives.
• Non-GAAP operating margin improved by 110 basis points to 27% in Q4 2025, driven by operating expense leverage.

The overall fiscal 2025 non-GAAP diluted EPS was $4.13, up 12% year-over-year.

Finance: draft 13-week cash view by Friday.

The Cooper Companies, Inc. (COO) - Canvas Business Model: Customer Relationships

The Cooper Companies, Inc. (COO) employs a dual-pronged approach to customer relationships, segmenting its engagement based on the distinct needs of its CooperVision (CVI) and CooperSurgical (CSI) customer bases.

Dedicated, high-touch professional engagement with ECPs and fertility specialists.

For CooperVision, the relationship focus involves strengthening branded sales, especially among independent optometrists. This high-touch engagement supports premium products like the MyDay portfolio, which saw strong momentum, and the MiSight product, which was up 37% in Q4 2025. The CVI segment achieved total fiscal year 2025 revenue of $2,743.8 million. For CooperSurgical, customer service is a competitive factor, specifically mentioning response time and effective communication of product information to physicians, fertility clinics, and hospitals. The CSI segment finished fiscal year 2025 with revenue of $1,348.6 million. The relationship-driven model is critical here, as the CSI office and surgical segment saw a 6% growth in Q4 2025, partly driven by sales of Paragard. However, the fertility segment experienced only 1% growth in Q4 2025 due to tight consumer spending in that area.

The Cooper Companies, Inc. maintains a substantial workforce of more than 16,000 employees to support these professional engagements.

Digital self-service via the B2B e-commerce platform, MyCooperVision.

The digital relationship is centered on the MyCooperVision platform, providing customers with 24/7 access for online ordering, checking order status, and shipment tracking. This self-service capability is designed to offer flexibility and low-cost transaction processing. The platform also includes CooperVision® PRO, a patient management solution offered as a free of charge, value-added service. Market trends suggest that 70% of B2B decision-makers prefer making purchases online as of 2025, and 80% of B2B sales interactions happen online. The Cooper Companies, Inc. is also looking to roll out digital fitting and subscription models in North America and Europe to further enhance digital customer interaction.

Long-term contracts with large managed vision care plans and optical chains.

Contractual relationships are a key mechanism for securing volume and market access. CooperVision is building momentum with MyDay contract wins. The company services three primary regions: Americas ($1,124.3 million in net sales in FY2025), EMEA ($1,064.4 million), and Asia Pacific ($555.1 million). The overall CVI segment revenue for fiscal year 2025 was $2,743.8 million. The company is looking to secure multi-year supply agreements within its CooperSurgical division, specifically with IVF chains.

Relationship-driven model, especially for complex CooperSurgical capital equipment.

For CooperSurgical, the model leans heavily on direct relationships, particularly for its more complex offerings. The CSI strategy includes pursuing regulatory approvals and market entries in LATAM, the Middle East, and India through 2025-2026 to capitalize on double-digit IVF cycle growth markets. Furthermore, the company aims to expand laboratory workflow partnerships with analytics-enabled benchtop equipment. The total consolidated revenue for The Cooper Companies, Inc. in fiscal year 2025 reached $4,092.4 million.

The relationship strategy is projected to continue driving growth, with The Cooper Companies, Inc. guiding for fiscal 2026 total revenue between $4,299 million and $4,338 million.

The digital engagement tools offered include:

• Access to online ordering for store and patient home delivery.
• Ability to search order history, shipment status, and tracking.
• Reminders of latest key products and policies.
• Access to CooperVision® PRO patient management system.

The Cooper Companies, Inc. is also focused on future relationship enhancements, with plans to roll out digital fitting and subscription models in North America and Europe.

The Cooper Companies, Inc. (COO) - Canvas Business Model: Channels

You're looking at how The Cooper Companies, Inc. gets its products, mainly contact lenses from CooperVision and women's health/surgical products from CooperSurgical, to the end-user. The channel strategy is clearly segmented by product line and geography.

For CooperVision, the primary route is through a vast network of independent eye care professionals (ECPs) and distributors. While the exact percentage for wholesale distributors isn't public, the sheer scale of the business suggests this is the backbone. CooperVision is the number one contact lens company in the world by wearers, serving approximately 43 million people globally.

The direct sales approach is more pronounced in the CooperSurgical segment, targeting hospitals and clinics. Office and surgical net sales for CooperSurgical grew by 6% in fiscal year 2025. This points to a dedicated sales force engaging directly with healthcare facilities for products like Paragard and obp Surgical assets.

The B2B e-commerce platform faces headwinds in certain areas. For instance, in the fourth quarter of fiscal 2025, the China market saw a significant 28% decline, which management attributed to weakness in low-margin e-commerce channels. This shows a clear risk area for that specific channel.

International market penetration is critical, especially in APAC. Looking at the third quarter of fiscal 2025, the Asia Pacific region showed only 1% revenue growth for CooperVision. This contrasts sharply with the EMEA region's 14% growth in the same period, suggesting varying levels of success or different channel mixes, possibly involving exclusive deals, across international markets.

Here's a look at the revenue scale and regional channel performance for the CooperVision segment in fiscal year 2025:

The reliance on ECPs and distributors is evident in the regional breakdown, where the Americas and EMEA drive the bulk of the business:

• EMEA CooperVision revenue growth (Q3 2025): 14%
• Americas CooperVision revenue growth (Q3 2025): 2%
• Asia Pacific CooperVision revenue growth (Q3 2025): 1%
• CooperVision Q4 2025 Revenue: $710 million
• FY 2026 CooperVision Revenue Guidance: $2.9 billion to $2.925 billion

For the CooperSurgical segment, direct engagement with facilities is key, as shown by the growth in office and surgical sales:

• CooperSurgical Office and Surgical Net Sales Growth (FY 2025): 6%
• CooperSurgical FY 2026 Revenue Guidance: $1.4 billion to $1.413 billion

Finance: draft 13-week cash view by Friday.

The Cooper Companies, Inc. (COO) - Canvas Business Model: Customer Segments

You're looking at how The Cooper Companies, Inc. (COO) carves up its market, which is really two distinct worlds: vision care and women's health. It's a dual approach, but the customer focus within each division is razor-sharp.

For CooperVision, the customer base is split between the professionals who fit the lenses and the people who wear them. On the professional side, we see a heavy concentration of volume. Honestly, the top 20% of Eye Care Professionals (ECPs) account for an estimated 60% of contact lens volume. This means a small group of high-value partners drives a huge chunk of the business.

The end-consumer focus for CooperVision is clearly defined by age and need. The core demographic is generally adults between 25-54 years old who have mid-to-high disposable income. But, a critical growth area is the 45+ presbyopia demographic, which represents over 25% of the global population. These are the folks needing multifocal correction, and The Cooper Companies, Inc. (COO) is actively targeting them with products like MyDay multifocal lenses.

Switching gears to CooperSurgical, this division is overwhelmingly Business-to-Business (B2B). They serve specific healthcare providers, which include fertility clinics, hospital systems, and OB/GYN practices. The fertility segment has been a key driver, showing over 12% year-over-year growth as of 2024.

The overall reach of The Cooper Companies, Inc. (COO) is global, serving a vast patient base needing specialized vision correction and women's healthcare solutions. As of August 2025, the company sells products in over 130 countries and impacts more than fifty million lives annually.

Here's a quick look at the revenue contribution from these segments in the fourth quarter of fiscal 2025, just to ground the discussion in recent numbers:

The CooperVision segment is clearly the larger revenue generator, but CooperSurgical's fertility business is noted for its strong growth trajectory.

To summarize the professional targets for CooperVision, you're looking at a highly engaged group of prescribers:

• Eye Care Professionals (ECPs) as the primary B2B channel.
• High-value ECPs driving an estimated 60% of contact lens volume.
• Providers of fertility services and women's health procedures for CooperSurgical.

The end-user base is defined by specific needs, too. For CooperVision, it's about vision correction for the working-age adult and the aging population needing presbyopia solutions. For CooperSurgical, it's patients utilizing fertility services or requiring office/surgical devices like Paragard.

Finance: draft 13-week cash view by Friday.

The Cooper Companies, Inc. (COO) - Canvas Business Model: Cost Structure

You're looking at the expenses The Cooper Companies, Inc. (COO) is managing to deliver its products, and it's clear that manufacturing and selling are the big drivers of cost. Here's a breakdown of the key components based on the late 2025 financials.

High Cost of Goods Sold and Gross Margin Pressure

The nature of manufacturing contact lenses and surgical devices means the Cost of Goods Sold (COGS) is inherently high. For the full fiscal year 2025, The Cooper Companies, Inc. reported a GAAP gross margin of 66%. However, the fourth quarter showed some immediate pressure points. The GAAP gross margin for Q4 2025 specifically dropped to 61%, down from 67% in the prior year's fourth quarter, largely due to costs tied to reorganization activity. On a non-GAAP basis, the Q4 2025 gross margin was 66%, a 70 basis point decline from the prior year, which management attributed primarily to tariffs and product mix pressures. This shows the sensitivity of the core cost structure to external factors and internal restructuring.

Here's a quick look at those Q4 2025 margin figures:

Research & Development Commitment

The Cooper Companies, Inc. maintains a commitment to innovation, which requires consistent R&D spending to support product launches like those in the CooperVision segment. While the specific R&D expense for Q4 2025 wasn't detailed in the summary results, management indicated that for fiscal 2026, there are no significant reductions in R&D investments planned. This suggests R&D remains a necessary, ongoing cost to fuel future growth, especially with new product rollouts expected.

Selling, General, and Administrative (SGA) Expenses

The global sales force supporting both CooperVision and CooperSurgical necessitates substantial SGA costs. For the fourth quarter of 2025, the company reported that operating expenses were flat, which management attributed to disciplined cost management. Furthermore, executives stated that no significant reductions in SG&A are planned moving into fiscal 2026, implying this cost base is considered necessary for current operations and market reach.

Restructuring, Tariffs, and Mix Costs

The immediate impact of the Q4 2025 reorganization activity was visible in the GAAP margin compression. To offset these costs and drive future efficiency, the company expects the ongoing reorganization efforts to generate $50 million in annual pre-tax savings starting in fiscal 2026. This is a direct cost management action taken to counteract the impact of tariffs and adverse product mix that pressured the non-GAAP gross margin.

Financing Costs

The balance sheet carries significant debt obligations that result in regular interest expense. The total debt at the end of fiscal Q4 2025 stood at $2.51 billion. This debt level resulted in a Q4 2025 interest expense of $23.7 million on a non-GAAP basis, a reduction from the prior year driven by lower average interest rates and a lower average debt balance.

You should track the realization of those expected reorganization savings, as that will be key to margin recovery.

The Cooper Companies, Inc. (COO) - Canvas Business Model: Revenue Streams

The revenue streams for The Cooper Companies, Inc. are clearly segmented across its two primary divisions: CooperVision (CVI) and CooperSurgical (CSI). For the fiscal year ended October 31, 2025, the total company revenue reached $4,092.4 million.

The contact lens segment, CooperVision, remains the larger contributor to the top line, while CooperSurgical provides a significant, high-growth complement in women's healthcare and fertility. You can see the breakdown of the total fiscal year 2025 revenue here:

Within these segments, the focus is heavily on premium, high-margin products that drive both initial sales and recurring revenue. This strategy is key to maintaining margin health, even with external pressures like tariffs.

The CooperVision business relies on the ongoing adoption of advanced lens technologies. This is where the recurring revenue from consumables really takes hold:

• Sales of premium, high-margin products like MyDay contact lenses, which saw double-digit revenue growth in the third quarter of fiscal 2025.
• The myopia management portfolio, highlighted by MiSight lenses, which grew revenue by 23% in the third quarter of fiscal 2025.
• Daily silicone hydrogel lenses, a core component of the recurring revenue stream, grew 10% in the second quarter of fiscal 2025.

For CooperSurgical, the revenue stream is diversified across surgical devices and fertility solutions. The fertility business, which provides a recurring element through media and ongoing patient support, is a notable growth driver:

• Fertility revenues specifically totaled $137 million in the third quarter of fiscal 2025, marking a 6% increase year-over-year.
• The overall CooperSurgical segment contributed $1,348.6 million to the total fiscal 2025 revenue.

The company is actively managing its product mix to favor these higher-value items. Finance: draft 13-week cash view by Friday.