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Coloplast A/S COLOB

Nasdaq CopenhagenMedical instruments and suppliesFinancials to Sep 30, 2026 · Updated Nov 11, 2026

On Stock Analysis · affiliate link
COLOB financials
Moat score
87
ROIC
10.2%
P/E
36.4
Incl. −DKK 3.0B one-offs
EV/EBIT
31.0
Incl. −DKK 3.0B one-offs
FCF yield
5.7%
Dividend yield
4.6%
Market cap
DKK 111.9B

Moat ranks

Score rankTied #65 of 396
Durabilitydurable
Market structureOligopoly
Pricing powermoderate

Balance sheet

9/30/26
DKK BSep '25Sep '26
Cash0.90.5
Securities0.00.0
Debt21.720.4
Net cash-20.7-19.9
Equity16.114.3
Leverage
Debt / EBITDA
3.59×
Debt / equity
1.43×
Leases (9/30/26)
DKK 1.1B
Capital
Diluted shares
225M
Book value / share
DKK 63.41
Price / book
7.8×
Net cash / share
−DKK 88.32
Market cap
DKK 111.9B
Enterprise value
DKK 131.8B

Per-share record

Fiscal years and TTM
Scale
DKK 0DKK 50DKK 100DKK 150'17'18'19'20'21'22'23'24'25128.40'26
Revenue per shareCash flow per share

Key indicators

Latest: Q4 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth7.2%+7.1 pts
Operating margin23.2%-1.6 pts
FCF margin29.3%+2.4 pts
Capex / revenue5.5%-0.1 pts
Ostomy Care revenueDKK 10.3B+314%
Ostomy Care organic sales growth+6%-1 pts
Continence Care revenueDKK 9.4B+308%
Continence Care organic sales growth+5%-4 pts
Voice & Respiratory Care revenueDKK 2.4B+321%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About COLOB

Coloplast supplies ostomy, continence, voice and respiratory care, wound treatment and urology products. Product fit, clinical support and reimbursement access support repeat use, while tenders, reimbursement decisions and competing devices constrain pricing.

Revenue mix
Ostomy Care 35.5%Continence Care 32.6%Wound & Tissue Repair 13.3%Interventional Urology 10.2%Voice & Respiratory Care 8.4%
  • Habit Default

    Ostomy bags, plates and accessories are replenished frequently, and fit-dependent patient routines can discourage switching; recurring category demand is not itself a proprietary installed-base moat.

  • Brand Trust

    High global share suggests durable trust among patients and clinicians in fit, comfort and skin performance.

  • Habit Default

    Intermittent catheters are high-frequency products whose fit and handling become routine, but recurring need applies to every supplier and does not create proprietary consumables lock-in.

  • Brand Trust

    Large global share supports brand trust with clinicians/users around safety, comfort and innovation in catheter design.

Timeline
  1. Nov 2, 2026

    FY2026 revenue DKK28.941 bn, GAAP operating profit DKK4.252 bn and profit DKK3.074 bn were reconciled to the annual report. Removed DKK3 bn Kerecis impairment from Q2 D&A: ordinary Q2 D&A is DKK349 m, with the impairment retained as a separate one-off. Q4 organic growth was 5%; Biologics declined 12% with a 1% EBIT margin before PPA. FY2027 guidance is 5–7% organic growth and about 25% EBIT margin before special items; revised 2030 targets and DKK500 m funding programme temper earlier ambitions. FY2026 segment weights use the complete DKK28.941 bn revenue split. Source: https://ml-eu.globenewswire.com/Resource/Download/76753431-d25f-438b-9f8f-56257b829d3c

  2. Oct 1, 2026

    Coloplast Fonden acquired indirect control of 51.36% of voting rights through a donated holding-company stake, preserving concentrated control in a foundation.

  3. Sep 28, 2026

    Kerecis launched Compact fish-skin grafts for deep wounds and surgery, aiming to simplify application and reduce waste while reimbursement pressure persists.

  4. Aug 17, 2026

    Gavin Wood took interim responsibility for Wound and Tissue Repair while Kerecis founder Fertram Sigurjonsson moved to an innovation advisory role, placing the recovery directly under the CEO.

  5. Jun 3, 2026

    Coloplast received FDA approval for Titan Prime, its next-generation penile implant, with a phased US launch planned for late 2026.

Ownership

CEO
Gavin Wood
Since 2026
Professional CEODual-class

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Financial record

Fiscal year2017201820192020202120222023202420252026TrendChange 2017–26
Per share (DKK)
Revenue73.0777.4484.1886.9491.12106.10113.69120.19123.66128.40+6.5%/yr
Cash flow15.3020.5320.4522.3124.8123.9619.6112.3029.4835.52+9.8%/yr
Earnings17.8718.1018.1719.6822.6322.1122.1922.4616.1313.64-3.0%/yr
Free cash flow12.0817.3817.2117.9515.5918.6313.856.3123.1528.55+10.0%/yr
Capex3.223.153.244.369.225.335.765.986.336.97+8.9%/yr
Dividends13.4815.4815.9516.9317.9618.9919.7120.9922.0022.99+6.1%/yr
Book value28.0130.2232.4434.7238.3138.9780.2779.7871.5363.41+9.5%/yr
Diluted shares (M)213212213213213213216225225225+0.7%/yr
Totals (DKK B)
Revenue15.516.417.918.519.422.624.527.027.928.9+7.2%/yr
Operating income5.05.15.25.96.26.46.87.37.24.3-1.8%/yr
Net income3.83.83.94.24.84.74.85.13.63.1-2.3%/yr
Free cash flow2.63.73.73.83.34.03.01.45.26.4+10.8%/yr
Buybacks0.50.50.50.50.50.50.00.00.00.0–
Dividends2.93.33.43.63.84.04.24.75.05.2+6.8%/yr
Net cash-0.7-0.7-0.4-0.5-1.5-17.4-17.8-20.9-20.7-19.9−DKK 19.2B
Margins & returns (%)
Gross margin68.167.367.768.068.568.866.667.668.066.5-1.6 pts
Operating margin32.431.028.731.631.728.527.627.125.814.7-17.7 pts
Net margin24.523.421.622.624.820.819.518.713.010.6-13.8 pts
FCF margin16.522.420.420.617.117.612.25.318.722.2+5.7 pts
ROIC61.759.057.860.552.320.615.815.516.010.2-51.5 pts
Return on equity63.859.956.056.759.156.827.628.222.621.5-42.3 pts
R&D % of revenue3.73.93.93.83.93.83.63.43.43.7-0.0 pts
Stock pay % of revenue0.20.20.20.20.30.20.20.20.30.3+0.1 pts
Capex % of revenue4.44.13.85.010.15.05.15.05.15.4+1.0 pts

Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.

Per-share values use diluted weighted shares.ROIC = operating income × (1 − 18.0% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases. No trailing-twelve-month column: no complete four quarters end after the last fiscal year.

Moat

Moat scorecard

Moat score87
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
stable
Pricing power
moderate
Segments
  • Ostomy Care35.5%
    2 claims
  • Continence Care32.6%
    2 claims
  • Voice & Respiratory Care8.4%
    2 claims
  • Wound & Tissue Repair13.3%
    Not scored: evidence insufficient
  • Interventional Urology10.2%
    Not scored: evidence insufficient

Moat claims

Applies to
Ostomy Care
Confidence
Durability
durable
Trajectory
stableas of Jun 30, 2026
Why it holds

Ostomy bags, plates and accessories are replenished frequently, and fit-dependent patient routines can discourage switching; recurring category demand is not itself a proprietary installed-base moat.

Why stable

Ostomy organic sales grew 5% in Q3 FY2026 with strong US growth, but domestic competition and weaker demand in China prevent a clear improvement in protection.

Indicators
  • Ostomy Care revenueDKK 10.3B+314%
  • Ostomy Care organic sales growth+6%
Risks
  • Tender-driven switching
  • Reimbursement price pressure
  • Competitor product innovation

Profile change log

  1. Nov 11, 2026 · business change

    FY2026 revenue DKK28.941 bn, GAAP operating profit DKK4.252 bn and profit DKK3.074 bn were reconciled to the annual report. Removed DKK3 bn Kerecis impairment from Q2 D&A: ordinary Q2 D&A is DKK349 m, with the impairment retained as a separate one-off. Q4 organic growth was 5%; Biologics declined 12% with a 1% EBIT margin before PPA. FY2027 guidance is 5–7% organic growth and about 25% EBIT margin before special items; revised 2030 targets and DKK500 m funding programme temper earlier ambitions. FY2026 segment weights use the complete DKK28.941 bn revenue split. Source: https://ml-eu.globenewswire.com/Resource/Download/76753431-d25f-438b-9f8f-56257b829d3c

  2. Oct 6, 2026 · business change

    Kerecis launched Compact fish-skin grafts for deep wounds and surgery, aiming to simplify application and reduce waste while reimbursement pressure persists.

  3. Oct 6, 2026 · business change

    Coloplast received FDA approval for Titan Prime, its next-generation penile implant, with a phased US launch planned for late 2026.

  4. Oct 6, 2026 · business change

    Coloplast Fonden acquired indirect control of 51.36% of voting rights through a donated holding-company stake, preserving concentrated control in a foundation.

  5. Oct 6, 2026 · business change

    Gavin Wood took interim responsibility for Wound and Tissue Repair while Kerecis founder Fertram Sigurjonsson moved to an innovation advisory role, placing the recovery directly under the CEO.

  6. Oct 6, 2026 · business change

    Gavin Wood became CEO, bringing commercial medtech experience as Coloplast rebuilds acquisition returns and US growth.

  7. Oct 6, 2026 · business change

    Coloplast cut FY2026 organic-growth guidance to 5-6% and recognised a DKK 3.0 billion Kerecis impairment after slower recovery from Medicare payment changes.

  8. Oct 6, 2026 · business change

    Coloplast bought Uromedica for DKK 139 million upfront plus DKK 210 million of contingent consideration, adding stress-incontinence technology to Interventional Urology.

  9. Oct 6, 2026 · analyst revision

    Six chronic-care moat claims now include current demand evidence and stable trajectories; the August 2026 competitor map also replaces stale peer labels. Segment weights use the full FY2025 mix. The previously implied 28-41% combined respiratory share is removed because laryngectomy and tracheostomy have different economics. The two claim-free businesses keep insufficient evidence; their sales remain outside the moat score.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianCOLOB
No peer numbers yet

Peers appear on the map as their numbers are collected.

COLOB vs BDXCOLOB vs BSX

Global ostomy care products

As of Oct 6, 2026
OligopolyLow cyclicality

Disposable ostomy bags, baseplates and supporting products used after bowel or urinary diversion. This excludes continence catheters and surgical instruments.

  1. Coloplast
  2. Hollister
  3. Convatec
2026 leaders, no comparable shares · Coloplast 9M FY2025/26 roadshow, page 21
StocksMoatGross m.Op. m.
COLOB8766.5%14.7%
Industry median108261.0%19.8%
Sector median557661.5%17.3%
All stocks median3987653.1%20.0%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Population ageing and bowel or bladder disease sustain the need for stoma supplies through weak economic periods.
  • Wider access to surgery and reimbursement expands treated patient numbers in emerging markets.
  • Better fit and skin protection support premium products and sales of supporting accessories.
  • US commercial execution can shift share among established suppliers even when overall patient demand changes slowly.
Risks
  • Tenders and reimbursement cuts can move users to cheaper suppliers.
  • Domestic suppliers and weak household sentiment reduce premium-product demand in China; Coloplast expects a high-single-digit sales decline there in FY2026.
  • Skin complications or quality failures can outweigh a familiar brand and prompt switching.
  • Currencies change manufacturers’ reported sales and input costs; they do not measure a change in treated patients.
  • Polymer, energy and labour costs affect supplier margins; medically required daily consumption is much less sensitive to interest rates and the economic cycle.

Bulls & bears

Key question · as of Oct 6, 2026

Can the core chronic-care franchise keep gaining patients and funding growth while Kerecis adapts to lower outpatient reimbursement and earns an acceptable return on the capital paid for it?

Arguments

4 forFaded: weakening or settled5 against

What to watch

  1. 1Ostomy and Continence organic sales, especially US adoption and China demand
  2. 2Kerecis organic sales and EBIT margin before purchase-accounting amortisation
  3. 3Reported cash generation, capex and debt after acquisition and tax effects

Next check: Q 1 FY 2027: test Biologics recovery,5–7% organic-growth guidance, Portugal start-up costs and savings under the funding programme.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 9, 2026. Not investment advice.

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Moat Score 87/100 by <a href="https://www.findmymoat.com/stocks/XCSE:COLOB">Find My Moat</a> (as of September 2026)

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