Alcon - Public Comps and Valuation Multiples

Alcon Overview

About Alcon

Alcon is one of the leading visioncare companies in the world. Following nine years as a Novartis subsidiary, it was spun off as a public company in April 2019. Alcon operates in two segments: visioncare and surgical. Visioncare comprises contact lenses, lenscare solutions, and a suite of ocular health products. With brands like Dailies, Total1, and Air Optix, Alcon controls about one fourth of the US contact lens market. Surgical comprises intraocular lenses, ophthalmic surgical equipment, and consumables used during surgeries. Its main products include Centurion, a phacoemulsification device used during cataract surgeries, and a portfolio of IOLs including PanOptix and Vivity. Alcon has one of the largest installed bases of eye surgical equipment in the world.

Founded

1945

HQ

Employees

25K+

Website

alcon.com

Sectors

Medical Devices
DeepTech
HealthTech

Financials

LTM Revenue $10.0B

LTM EBITDA $2.7B

EV

$44.5B

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Alcon Financials

Alcon has a last 12-month revenue of $10.0B and a last 12-month EBITDA of $2.7B.

In the most recent fiscal year, Alcon achieved revenue of $11.2B and an EBITDA of $3.0B.

Alcon expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Alcon P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$10.7B	$11.2B	XXX	XXX	XXX
Gross Profit	$5.4B	$5.9B	XXX	XXX	XXX
Gross Margin	50%	53%	XXX	XXX	XXX
EBITDA	$2.5B	$3.0B	XXX	XXX	XXX
EBITDA Margin	24%	27%	XXX	XXX	XXX
Net Profit	$379M	$1.1B	XXX	XXX	XXX
Net Margin	4%	10%	XXX	XXX	XXX
Net Debt	$4.1B	$4.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Alcon Stock Performance

As of April 15, 2025, Alcon's stock price is CHF 74 (or $84).

Alcon has current market cap of CHF 36.7B (or $41.5B), and EV of CHF 39.4B (or $44.5B).

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Alcon Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$44.5B	$41.5B	XXX	XXX	XXX	XXX	$3.12

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Alcon Valuation Multiples

As of April 15, 2025, Alcon has market cap of $41.5B and EV of $44.5B.

Alcon's trades at 4.4x LTM EV/Revenue multiple, and 16.8x LTM EBITDA.

Analysts estimate Alcon's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Alcon Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$44.5B	XXX	XXX	XXX
EV/Revenue	4.0x	XXX	XXX	XXX
EV/EBITDA	14.7x	XXX	XXX	XXX
P/E	36.0x	XXX	XXX	XXX
P/E/Growth	1.3x	XXX	XXX	XXX
EV/FCF	28.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Alcon Valuation Multiples

Alcon's NTM/LTM revenue growth is 5%

Alcon's revenue per employee for the last fiscal year averaged $0.4M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, Alcon's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Alcon's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Alcon Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	5%	XXX	XXX	XXX	XXX
EBITDA Margin	27%	XXX	XXX	XXX	XXX
EBITDA Growth	19%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	32%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.4M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	9%	XXX	XXX	XXX	XXX
Opex to Revenue	41%	XXX	XXX	XXX	XXX

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