ALC vs RMD: Alcon AG and ResMed compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- ResMed is the larger company, worth $34.4B, close to Alcon AG's $31.4B.
- ResMed grew revenue faster over the last year (+8.6% vs +4.9%).
- ResMed keeps more of each dollar of revenue as operating profit (33.4% vs 13.1%).
- On earnings, ResMed is the cheaper stock (22.8x vs 32.4x).
- ResMed's price assumes faster free cash flow growth: about 6% a year, against 5% for Alcon AG (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ALC | RMD |
|---|---|---|
| Market cap | $31.4B | $34.4B |
| Share price | $64.11 | $230.05 |
| Revenue (last fiscal year) | $10.4B | $5.7B |
| Free cash flow (last fiscal year) | $1.6B | $1.6B |
| Revenue growth, last year | +4.9% | +8.6% |
| Revenue growth per year, last 5 fiscal years | +5.8% | +12.1% |
| Operating margin | 13.1% | 33.4% |
| Net margin | 9.4% | 26.9% |
| Return on equity | 4.4% | 23.1% |
| P/E (trailing) | 32.4x | 22.8x |
| Price / free cash flow | 18.1x | 20.7x |
| EV / EBITDA | 13.5x | 15.7x |
| FCF growth the price implies | 4.7% | 5.5% |
| Dividend yield | 0.55% | 1.00% |
| Debt / equity | 0.42x | 0.36x |
| Fundamental grade | C | B |
| Superinvestors holding it | 5 | 3 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Alcon AG
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.3B | $165M | 7.0% |
| 2022 | $8.7B | $472M | 7.7% |
| 2023 | $9.5B | $537M | 11.0% |
| 2024 | $9.9B | $1.4B | 14.3% |
| 2025 | $10.4B | $1.6B | 13.1% |
ResMed
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $3.6B | $216M | 28.0% |
| 2023 | $4.2B | $574M | 26.8% |
| 2024 | $4.7B | $1.3B | 28.2% |
| 2025 | $5.1B | $1.7B | 32.7% |
| 2026 | $5.7B | $1.6B | 33.4% |
Where the revenue comes from
Alcon AG · by segments, 2025
Surgical$5.8B56%
Vision Care$4.6B44%
ResMed · by segments, 2026
Sleep and Breathing Health$5.0B88%
Residential Care Software$676M12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ALC in InvestinglyQuestions
Which is bigger, Alcon AG or ResMed?
ResMed (RMD), at $34.4B against $31.4B.
Is ALC or RMD cheaper?
By trailing P/E, ResMed (22.8x) is cheaper than Alcon AG (32.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, ALC or RMD?
ResMed: revenue grew +8.6% over the last year, against +4.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.