Alcon AG (ALC)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $30.9B, Alcon AG's free cash flow of $1.6B (fiscal 2025) would need to grow about 4% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 15 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Alcon AG's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from ALC's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Alcon AG's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $8.3B | $8.7B | $9.5B | $9.9B | $10.4B |
| Net income | $376M | $335M | $974M | $1.0B | $980M |
| Free cash flow | $165M | $472M | $537M | $1.4B | $1.6B |
| EPS (diluted) | $0.76 | $0.68 | $1.96 | $2.05 | $1.98 |
| Operating margin | 7.0% | 7.7% | 11.0% | 14.3% | 13.1% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own ALC
From each investor's latest 13F filing (what a 13F shows). 5 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Hersh Cohen ClearBridge Investments |
Trimmed | $113M | 0.09% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Held | $90M | 0.05% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $28M | 0.01% | Q2 2026 |
| Lee Ainslie Maverick Capital |
Added | $2M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
New position | $337,781 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Alcon AG's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
What growth does Alcon AG's stock price imply?
At a market value of $30.9B, Alcon AG would need its free cash flow to grow about 4% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 15 years its free cash flow grew -2% a year.
Are Alcon AG insiders buying the stock?
No open-market insider purchases of ALC in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own Alcon AG?
5 of the superinvestors Investingly tracks hold ALC in their latest 13F, including Hersh Cohen, PRIMECAP Management, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.