Alcon (ALC) Stock Analysis

November 11, 2026

This is a peer-relative look at Alcon (ALC): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Health Care Equipment & Services peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Alcon (ALC)
Profile Item	ALC
Name	Alcon Inc.
Country/Region	Switzerland
GICS Sector	Health Care
GICS Industry Group	Health Care Equipment & Services
GICS Industry	Health Care Equipment & Supplies
GICS Sub-Industry	Health Care Supplies
Market Capitalization	36.23 billion USD
Currency	USD
Exchange	NYSE
Listing Date	April 9, 2019
Security Type	Common Stock

Price Performance

Cumulative Growth

ALC

GSPC

Alcon (ALC) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Alcon (ALC) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Alcon (ALC) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Alcon (ALC) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ALC	Industry group median
Total Return (1Y)	1.20%	21.53%
Total Return (3Y, Annualized)	1.17%	9.81%
Total Return (5Y, Annualized)	-2.77%	-2.76%

Risk Profile

Drawdown History

ALC

GSPC

Alcon (ALC) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Alcon (ALC) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Alcon (ALC) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ALC	Industry group median
Volatility (1Y, Annualized)	29.23%	50.93%
Beta (5Y)	0.84	0.85
Max Drawdown (5Y)	-37.93%	-70.34%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. ALC is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Alcon (ALC) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ALC	Industry group median
Sharpe Ratio (1Y)	-0.11	0.34
Sortino Ratio (1Y)	-0.15	0.54

Profitability

ROE (TTM)

Alcon (ALC) posts ROE of 2.94%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

ALC

Health Care Equipment & Services industry group

2.94%

Group distribution

Max: 47.61%
Q3: 14.36%
Median: 5.45%
ALC: 2.94%
Q1: -10.67%
Min: -47.01%

Largest peers

ISRG: 17.93%
SYK: 16.02%
UNH: 15.77%
MDT: 10.65%
ABT: 9.14%
ALC: 2.94%
MCK: --

Where Alcon (ALC) stands on ROE within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Alcon (ALC) keeps 5.92% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

ALC

Health Care Equipment & Services industry group

5.92%

Group distribution

Max: 29.35%
Q3: 9.33%
ALC: 5.92%
Median: 2.18%
Q1: -6.29%
Min: -28.46%

Largest peers

ISRG: 25.54%
MDT: 13.93%
SYK: 13.78%
ABT: 9.75%
ALC: 5.92%
UNH: 3.53%
MCK: 1.12%

Where Alcon (ALC) stands on net margin within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Alcon (ALC) turns 14.63% of revenue into operating profit, putting operating margin in the upper peer quartile. Before financing and taxes enter the picture, the day-to-day business keeps more of each sales dollar than most industry peers.

ALC

Health Care Equipment & Services industry group

14.63%

Group distribution

Max: 35.43%
ALC: 14.63%
Q3: 14.14%
Median: 6.81%
Q1: -0.28%
Min: -16.29%

Largest peers

ISRG: 33.29%
SYK: 22.96%
MDT: 19.33%
ALC: 14.63%
ABT: 11.66%
UNH: 5.82%
MCK: 1.48%

Where Alcon (ALC) stands on operating margin within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Alcon (ALC) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ALC	Industry group median
ROE (TTM)	2.94%	5.45%
ROA (TTM)	2.80%	3.17%
Net Margin (TTM)	5.92%	2.18%
Operating Margin (TTM)	14.63%	6.81%
Gross Margin (TTM)	57.22%	55.21%

Growth

Revenue Growth

Alcon (ALC) grew revenue 4.94%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Alcon (ALC): Revenue Growth across different time periods, set against Health Care Equipment & Services industry-group medians.

EPS Growth

Alcon (ALC) grew earnings per share -3.41%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Alcon (ALC): EPS Growth across different time periods, set against Health Care Equipment & Services industry-group medians.

Growth Metrics

Alcon (ALC) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ALC	Industry group median
Revenue Growth (YoY)	4.94%	11.55%
Revenue Growth (3Y CAGR)	6.06%	10.83%
EPS Growth (YoY)	-3.41%	4.88%
EPS Growth (3Y CAGR)	42.80%	14.59%

Financial Strength

Current Ratio (MRQ)

Alcon (ALC) has current ratio of 2.09, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

ALC

Health Care Equipment & Services industry group

2.09

Group distribution

Max: 7.59
Q3: 4.00
ALC: 2.09
Median: 1.98
Q1: 1.37
Min: 0.30

Largest peers

ISRG: 3.33
SYK: 2.18
ALC: 2.09
MDT: 2.07
ABT: 1.46
MCK: 0.90
UNH: 0.74

Where Alcon (ALC) stands on current ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Alcon (ALC) has debt-to-equity ratio of 0.25, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

ALC

Health Care Equipment & Services industry group

0.25

Group distribution

Max: 1.88
Q3: 0.91
Median: 0.58
ALC: 0.25
Q1: 0.16
Min: 0.00

Largest peers

UNH: 0.70
SYK: 0.66
ABT: 0.61
MDT: 0.55
ALC: 0.25
ISRG: --
MCK: --

Where Alcon (ALC) stands on debt-to-equity ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Alcon (ALC) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ALC	Industry group median
Current Ratio (MRQ)	2.09	1.98
Debt / Equity (MRQ)	0.25	0.58
Net Debt / EBITDA	1.60	2.04

Dividends

Dividend Yield (TTM)

Alcon (ALC) has dividend yield of 0.46%, above the entire industry range. That headline income is large, but yields this far above peers often come from a falling share price or an at-risk payout, so dividend safety matters more than the percentage itself.

ALC

Health Care Equipment & Services industry group

0.46%

Group distribution

ALC: 0.46%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

MDT: 2.72%
UNH: 2.29%
ABT: 2.22%
SYK: 1.05%
ALC: 0.46%
MCK: 0.32%
ISRG: 0.00%

Where Alcon (ALC) stands on dividend yield within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Alcon (ALC) has payout ratio of 26.56%, above the peer distribution for its industry. The dividend consumes more reported earnings than peers normally do, leaving unusually thin earnings cover.

ALC

Health Care Equipment & Services industry group

26.56%

Group distribution

ALC: 26.56%
Max: 0.00%
Q3: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

ABT: 92.54%
MDT: 70.02%
UNH: 51.71%
SYK: 37.49%
ALC: 26.56%
MCK: 8.77%
ISRG: 0.00%

Where Alcon (ALC) stands on payout ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Alcon (ALC) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ALC	Industry group median
Dividend Yield (TTM)	0.46%	0.00%
Dividend Payout Ratio (TTM)	26.56%	0.00%

Valuation

P/E Ratio (TTM)

Alcon (ALC) trades at P/E ratio of 56.77, in the richer earnings-multiple quartile for its industry. That premium needs support from growth, durable earnings, or stronger business quality.

ALC

Health Care Equipment & Services industry group

56.77

Group distribution

Max: 80.41
ALC: 56.77
Q3: 47.62
Median: 29.93
Q1: 21.19
Min: 4.21

Largest peers

ALC: 56.77
ISRG: 54.75
ABT: 41.02
SYK: 34.70
MCK: 27.36
MDT: 25.01
UNH: 22.50

Where Alcon (ALC) stands on P/E ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Alcon (ALC) trades at 3.34 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

ALC

Health Care Equipment & Services industry group

3.34

Group distribution

Max: 8.80
Q3: 4.32
ALC: 3.34
Median: 2.13
Q1: 1.10
Min: 0.03

Largest peers

ISRG: 13.82
SYK: 4.72
ABT: 3.95
MDT: 3.47
ALC: 3.34
UNH: 0.78
MCK: 0.29

Where Alcon (ALC) stands on P/S ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Alcon (ALC) trades at 1.68 on P/B ratio, in the lower book-value quartile for its industry. Investors are paying less for the balance-sheet equity than they pay for most peers, with returns on that equity still central to the read.

ALC

Health Care Equipment & Services industry group

1.68

Group distribution

Max: 11.68
Q3: 6.12
Median: 3.00
Q1: 1.73
ALC: 1.68
Min: -1.31

Largest peers

ISRG: 9.82
SYK: 5.29
ABT: 3.73
UNH: 3.60
MDT: 2.59
ALC: 1.68
MCK: -30.85

Where Alcon (ALC) stands on P/B ratio within its Health Care Equipment & Services peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Alcon (ALC) metric values compared with Health Care Equipment & Services industry-group medians
Metric	Current stock: ALC	Industry group median
P/E Ratio (TTM)	56.77	29.93
P/S Ratio (TTM)	3.34	2.13
P/B Ratio (MRQ)	1.68	3.00
Free Cash Flow Yield (TTM)	3.51%	3.50%