Alcon
ALCNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $74.06 Prior regular-session close from the quote source.
- $70.34–$72.54 Regular-session low and high so far today.
- 4.9M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $61.84–$87.64 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ALC if Alcon is a focused eye-care compounder whose value depends on turning aging-driven procedure demand and recurring vision-care usage into resilient revenue, premium gross margins, and cash-backed operating leverage.
ALC price history
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Investment thesis
What must happen next
Aging demographics, cataract procedure demand, and recurring contact-lens usage keep Alcon’s eye-care portfolio converting clinical need into steady sales, rather than relying on one-off product cycles.StrengtheningMateriality: High
IFRS annual revenue increased from $8.717 billion in FY2022 to $9.455 billion in FY2023, $9.911 billion in FY2024, and $10.401 billion in FY2025. If this holds, Alcon has a durable demand base; if it breaks, the company becomes a slower, more cyclical medtech supplier.
Watch: Cataract procedure volumes weaken because hospitals, ambulatory surgery centers, or patients defer elective eye procedures.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue increased from $8.717 billion in FY2022 to $9.455 billion in FY2023, $9.911 billion in FY2024, and $10.401.
Open source ↗Clinical trust, brand strength, and premium product mix in ophthalmic devices and vision care allow Alcon to defend gross profitability even in competitive categories.StrengtheningMateriality: High
IFRS annual gross profit rose from $4.748 billion in FY2022 to $5.745 billion in FY2025. If pricing and mix hold, revenue growth can compound value; if they erode, sales growth may be bought with margin dilution.
Watch: Reimbursement pressure shifts surgeons and patients from premium intraocular lenses to basic lower-priced alternatives.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual gross profit rose from $4.748 billion in FY2022 to $5.745 billion in FY2025.
Open source ↗Alcon’s scale and focused eye-care operating model should let commercial, manufacturing, and R&D spending grow slower than gross profit over time, but 2025 shows this leverage is not automatic.HoldingMateriality: Medium
IFRS annual operating income increased from $672 million in FY2022 to $1.039 billion in FY2023 and $1.413 billion in FY2024. Operating leverage is the bridge from a good franchise to per-share value; without it, the stock depends mostly on sales growth and multiple support.
Watch: New-product launch spending fails to generate enough adoption to cover added sales, marketing, and R&D expense.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating income increased from $672 million in FY2022 to $1.039 billion in FY2023 and $1.413 billion in FY2024.
Open source ↗Recurring consumables, contact-lens demand, and disciplined working capital make Alcon’s earnings cash-backed enough to fund innovation, capacity, and selective deals without stressing the balance sheet.StrengtheningMateriality: Medium
IFRS annual operating cash flow rose from $1.217 billion in FY2022 to $1.388 billion in FY2023, $2.077 billion in FY2024, and $2.271 billion in FY2025. Strong cash conversion gives management options; weak cash conversion would make growth more dependent on debt, dilution, or reduced investment.
Watch: Inventory builds from supply-chain disruption or slow-moving product launches consume cash before revenue weakens.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating cash flow rose from $1.217 billion in FY2022 to $1.388 billion in FY2023, $2.077 billion in FY2024.
Open source ↗
Full investment case & evidence
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Original research
Aging demographics, cataract procedure demand, and recurring contact-lens usage keep Alcon’s eye-care portfolio converting clinical need into steady sales, rather than relying on one-off product cycles. If this holds, Alcon has a durable demand base; if it breaks, the company becomes a slower, more cyclical medtech supplier.
Clinical trust, brand strength, and premium product mix in ophthalmic devices and vision care allow Alcon to defend gross profitability even in competitive categories. If pricing and mix hold, revenue growth can compound value; if they erode, sales growth may be bought with margin dilution.
Alcon’s scale and focused eye-care operating model should let commercial, manufacturing, and R&D spending grow slower than gross profit over time, but 2025 shows this leverage is not automatic. Operating leverage is the bridge from a good franchise to per-share value; without it, the stock depends mostly on sales growth and multiple support.
Recurring consumables, contact-lens demand, and disciplined working capital make Alcon’s earnings cash-backed enough to fund innovation, capacity, and selective deals without stressing the balance sheet. Strong cash conversion gives management options; weak cash conversion would make growth more dependent on debt, dilution, or reduced investment.
All standing thesis claims
Original report summary
Alcon is a focused eye-care compounder whose value depends on turning aging-driven procedure demand and recurring vision-care usage into resilient revenue, premium gross margins, and cash-backed operating leverage.
Bull case and bear case
Bull case and bear case for Alcon
Where the evidence on Alcon stands: Holding on the latest evidence (Oct 19, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
Aging demographics, cataract procedure demand, and recurring contact-lens usage keep Alcon’s eye-care portfolio converting clinical need into steady sales, rather than relying on one-off product cycles.
Clinical trust, brand strength, and premium product mix in ophthalmic devices and vision care allow Alcon to defend gross profitability even in competitive categories.
Alcon’s scale and focused eye-care operating model should let commercial, manufacturing, and R&D spending grow slower than gross profit over time, but 2025 shows this leverage is not automatic.
Recurring consumables, contact-lens demand, and disciplined working capital make Alcon’s earnings cash-backed enough to fund innovation, capacity, and selective deals without stressing the balance sheet.
Bear case: what would count against it
Cataract procedure volumes weaken because hospitals, ambulatory surgery centers, or patients defer elective eye procedures.
Reimbursement pressure shifts surgeons and patients from premium intraocular lenses to basic lower-priced alternatives.
New-product launch spending fails to generate enough adoption to cover added sales, marketing, and R&D expense.
Thesis-Break Engine
Thesis-break watch · Alcon
No break has crossed Alcon’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
Alcon filed an SEC report on 2026-08-10: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Alcon filed an SEC report on 2026-05-05: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Alcon filed an SEC report on 2026-04-02: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Cataract procedure volumes weaken because hospitals, ambulatory surgery centers, or patients defer elective eye procedures.
- Reimbursement pressure shifts surgeons and patients from premium intraocular lenses to basic lower-priced alternatives.
- New-product launch spending fails to generate enough adoption to cover added sales, marketing, and R&D expense.
- Inventory builds from supply-chain disruption or slow-moving product launches consume cash before revenue weakens.
ALC news
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Financial statements
ALC income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ALC: quick answers
- What is ALC's short interest?
- As of October 30, 2026, 18.4M ALC shares were sold short, down 5.7% from the count before. At the stock's average daily volume that is 13 days to cover. FINRA publishes the count twice a month. ALC short interest history
- Have members of Congress traded ALC?
- Reports made public in the last 90 days disclose 1 trade in ALC by 1 filer: 0 purchases and 1 sale. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed ALC trade
- Which well-known investors own ALC?
- 1 of the 37 well-known funds tracked here reported ALC shares in their latest 13F filing. By share of the fund's portfolio: Maverick Capital, 0.0%. Fund portfolios
ALC in well-known investors’ portfolios
1 of 37 funds reported ALC shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Maverick Capital | 0.02% | $2.2M | +159.5% | Q2 2026 |