VOL. XCIV, NO. 247

WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES

Checking

Wide moat stocks

Coloplast A/S COLOB

Nasdaq Copenhagen Medical instruments and suppliesFinancials to Jun 30, 2026 · Updated Oct 6, 2026

On Stock Analysis · affiliate link

COLOB financials

Moat score

ROIC

9.4%

P/E

34.2

Incl. −DKK 3.0B one-offs

EV/EBIT

27.4

Incl. −DKK 3.0B one-offs

FCF yield

6.5%

Dividend yield

5.5%

Market cap

DKK 94.4B

Moat ranks

Score rankTied #65 of 396

Durabilitydurable

Market structureOligopoly

Pricing powermoderate

Balance sheet

6/30/26

DKK B	Sep 30	Jun 30
Cash	0.9	0.8
Securities	0.0	0.0
Debt	21.7	22.8
Net cash	-20.7	-22.0
Equity	16.1	13.4

Leverage

Debt / EBITDA: 2.61×
Debt / equity: 1.71×
Leases (6/30/26): DKK 969M

Capital

Diluted shares: 225M
Book value / share: DKK 59.36
Price / book: 7.1×
Net cash / share: −DKK 97.77
Market cap: DKK 94.4B
Enterprise value: DKK 116.4B

Per-share record

Fiscal years and TTM

Revenue per shareCash flow per share

Key indicators

Latest: Q3 '26

Indicator	Latest	Vs year ago
Revenue growth	5.7%	+4.6 pts
Operating margin	26.0%	-0.3 pts
FCF margin	19.2%	+1.8 pts
Capex / revenue	4.0%	-2.0 pts
Ostomy Care revenue	DKK 2.6B	+5%
Ostomy Care organic sales growth	+5%	-1 pts
Continence Care revenue	DKK 2.4B	+8%
Continence Care organic sales growth	+8%	0 pts
Voice & Respiratory Care revenue	DKK 607M	+5%

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

About COLOB

Coloplast sells recurring ostomy, continence and specialist respiratory supplies, plus wound-care and urology devices. Ostomy and Continence Care contributed about two-thirds of FY2025 sales.

Revenue mix

Ostomy Care 35.5%Continence Care 32.2%Wound & Tissue Repair 14.1%Interventional Urology 10.0%Voice & Respiratory Care 8.2%

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

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.
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.
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.
Jun 3, 2026
Coloplast received FDA approval for Titan Prime, its next-generation penile implant, with a phased US launch planned for late 2026.
May 1, 2026
Gavin Wood became CEO, bringing commercial medtech experience as Coloplast rebuilds acquisition returns and US growth.

Ownership

CEO

Gavin Wood

Since 2026

Professional CEODual-class

Go deeper on COLOB

On Find My Moat

Financial record

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM	Change 2016–25
Per share (DKK)
Revenue	69.09	73.07	77.44	84.18	86.94	91.12	106.10	113.69	120.19	123.66	126.30	+6.7%/yr
Cash flow	14.25	15.30	20.53	20.45	22.31	24.81	23.96	19.61	12.30	29.48	34.08	+8.4%/yr
Earnings	14.79	17.87	18.10	18.17	19.68	22.63	22.11	22.19	22.46	16.13	12.27	+1.0%/yr
Free cash flow	11.20	12.08	17.38	17.21	17.95	15.59	18.63	13.85	6.31	23.15	27.19	+8.4%/yr
Capex	3.05	3.22	3.15	3.24	4.36	9.22	5.33	5.76	5.98	6.33	6.88	+8.4%/yr
Dividends	12.47	13.48	15.48	15.95	16.93	17.96	18.99	19.71	20.99	22.00	23.02	+6.5%/yr
Book value	23.85	28.01	30.22	32.44	34.72	38.31	38.97	80.27	79.78	71.53	59.36	+13.0%/yr
Diluted shares (M)	213	213	212	213	213	213	213	216	225	225	225	+0.7%/yr
Totals (DKK B)
Revenue	14.7	15.5	16.4	17.9	18.5	19.4	22.6	24.5	27.0	27.9	28.4	+7.4%/yr
Operating income	4.1	5.0	5.1	5.2	5.9	6.2	6.4	6.8	7.3	7.2	4.2	+6.5%/yr
Net income	3.1	3.8	3.8	3.9	4.2	4.8	4.7	4.8	5.1	3.6	2.8	+1.6%/yr
Free cash flow	2.4	2.6	3.7	3.7	3.8	3.3	4.0	3.0	1.4	5.2	6.1	+9.1%/yr
Buybacks	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0	0.0	–
Dividends	2.7	2.9	3.3	3.4	3.6	3.8	4.0	4.2	4.7	5.0	5.2	+7.2%/yr
Net cash	0.8	-0.7	-0.7	-0.4	-0.5	-1.5	-17.4	-17.8	-20.9	-20.7	-22.0	−DKK 21.5B
Margins & returns (%)
Gross margin	68.3	68.1	67.3	67.7	68.0	68.5	68.8	66.6	67.6	68.0	67.2	-0.4 pts
Operating margin	27.9	32.4	31.0	28.7	31.6	31.7	28.5	27.6	27.1	25.8	14.9	-2.1 pts
Net margin	21.4	24.5	23.4	21.6	22.6	24.8	20.8	19.5	18.7	13.0	9.7	-8.4 pts
FCF margin	16.2	16.5	22.4	20.4	20.6	17.1	17.6	12.2	5.3	18.7	21.5	+2.5 pts
ROIC	75.7	59.2	56.6	55.5	58.1	50.2	19.7	15.2	14.8	15.4	9.4	-60.4 pts
Return on equity	62.0	63.8	59.9	56.0	56.7	59.1	56.8	27.6	28.2	22.6	20.7	-39.5 pts
R&D % of revenue	3.5	3.7	3.9	3.9	3.8	3.9	3.8	3.6	3.4	3.4	3.6	-0.1 pts
Stock pay % of revenue	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.3	0.3	+0.1 pts
Capex % of revenue	4.4	4.4	4.1	3.8	5.0	10.1	5.0	5.1	5.0	5.1	5.4	+0.7 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Jun 30, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 21.3% 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.

Moat

Moat scorecard

Moat score87

Strength
Confidence
Structure: Oligopoly
Durability: durable
Trajectory: stable
Pricing power: moderate

Segments

Ostomy Care35.5%
2 claims
Continence Care32.2%
2 claims
Voice & Respiratory Care8.2%
2 claims
Wound & Tissue Repair14.1%
Not scored: evidence insufficient
Interventional Urology10.0%
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 2.6B+5%
Ostomy Care organic sales growth+5%

Risks

Tender-driven switching
Reimbursement price pressure
Competitor product innovation

Sources

SourceColoplast FY 2024/25 earnings release (Announcement no. 10/2025)Nov 4, 2025

Applies to: Ostomy Care
Confidence
Durability: durable
Trajectory: stableas of Jun 30, 2026

Why it holds

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

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 2.6B+5%
Ostomy Care organic sales growth+5%

Risks

Brand damage from quality issues
Spec/feature parity narrowing differentiation
Local low-cost competitors in tenders

Sources

SourceColoplast FY 2024/25 earnings release (Announcement no. 10/2025) - Ostomy market shareNov 4, 2025

Applies to: Continence Care
Confidence
Durability: durable
Trajectory: stableas of Jun 30, 2026

Why it holds

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.

Why stable

Continence organic sales grew 8% in Q3 FY2026, led by Luja and US demand, supporting continued patient adoption without proving stronger retention.

Indicators

Continence Care revenueDKK 2.4B+8%
Continence Care organic sales growth+8%

Risks

Payer substitution to lower-cost catheters
New entrants with similar coatings/features
Reimbursement cuts

Sources

SourceColoplast FY 2024/25 earnings release (Announcement no. 10/2025) - Continence category mixNov 4, 2025

Applies to: Continence Care
Confidence
Durability: durable
Trajectory: stableas of Jun 30, 2026

Why it holds

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

Why stable

Continence organic sales grew 8% in Q3 FY2026, led by Luja and US demand, supporting continued patient adoption without proving stronger retention.

Indicators

Continence Care revenueDKK 2.4B+8%
Continence Care organic sales growth+8%

Risks

Adverse events/quality issues harming trust
Feature parity from competitors
Tender-driven price compression

Sources

SourceColoplast FY 2024/25 earnings release (Announcement no. 10/2025) - Continence market shareNov 4, 2025

Applies to: Voice & Respiratory Care
Confidence
Durability: durable
Trajectory: stableas of Jun 30, 2026

Why it holds

Therapy regimes and device handling are clinician-influenced, but the public evidence shows portfolio value rather than quantified retraining cost, so a strength-4 score is not supportable.

Why stable

Voice and Respiratory Care organic sales grew 6% in Q3 FY2026; laryngectomy remained strong while tracheostomy slowed, leaving the clinical franchise intact.

Indicators

Voice & Respiratory Care revenueDKK 607M+5%
Voice & Respiratory Care organic sales growth+6%

Risks

Competitors improve ease-of-use and compatibility
Standardization of supplies via tenders
Regulatory constraints on device claims

Sources

SourceColoplast FY 2024/25 earnings release (Announcement no. 10/2025) - Provox Life portfolioNov 4, 2025

Applies to: Voice & Respiratory Care
Confidence
Durability: durable
Trajectory: stableas of Jun 30, 2026

Why it holds

Dominant share in laryngectomy implies strong clinician and patient trust in outcomes and reliability for a critical therapy area.

Why stable

Voice and Respiratory Care organic sales grew 6% in Q3 FY2026; laryngectomy remained strong while tracheostomy slowed, leaving the clinical franchise intact.

Indicators

Voice & Respiratory Care revenueDKK 607M+5%
Voice & Respiratory Care organic sales growth+6%

Risks

Quality or safety events
Innovation disruption from new voice tech
Reimbursement changes

Sources

SourceColoplast FY 2024/25 earnings release (Announcement no. 10/2025) - Laryngectomy market shareNov 4, 2025

Profile change log

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.
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.
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.
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.
Oct 6, 2026 · business change
Gavin Wood became CEO, bringing commercial medtech experience as Coloplast rebuilds acquisition returns and US growth.
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.
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.
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

No peer numbers yet

Peers appear on the map as their numbers are collected.

COLOB vs BDX COLOB 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.

Coloplast
Hollister
Convatec

2026 leaders, no comparable shares · Coloplast 9M FY2025/26 roadshow, page 21

	Stocks	Moat	Gross m.	Op. m.
COLOB		87	67.2%	14.9%
Industry median	10	82	60.9%	18.4%
Sector median	55	76	61.5%	17.0%
All stocks median	398	76	52.9%	19.6%

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

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

Next check: November 3, 2026 FY2025/26 results: check Q4 Kerecis decline, China inventory reductions, currency costs and Gavin Wood’s strategic update.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.

Cite or reuse this data

Free to reuse, commercially too, with a credit link. See the data license.

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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★WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES★

Moat ranks

Balance sheet

Per-share record

Key indicators

About COLOB

Ownership

Go deeper on COLOB

On this page

Financial record

Moat

Moat scorecard

Moat claims

Profile change log

Industry & peers

Peer map

Global ostomy care products

Drivers & risks

Bulls & bears

Arguments

What to watch

Curation & Accuracy

WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES