Alcon Inc 4000 字深度研报

$Alcon(ALC.US)$Johnson & Johnson(JNJ.US) $Bausch Health(BHC.US) Recently studied Alcon, the global leader in ophthalmology, whose core value lies in the dual-wheel-driven moat and the stability of the essential track.

🎯 Core logic: The ophthalmic care industry combines the attributes of essential consumption and healthcare, with stable demand growth (aging + myopia at a younger age), high concentration (CR3 60%-65%), technological barriers (R&D cycle over 10 years), and strong regulation forming a moat. Alcon is a global leader in both surgical instruments (leading market share in phacoemulsification equipment) and vision care (contact lenses and solutions), with core barriers in the closed-loop ecosystem of surgical equipment and consumables (high learning costs for doctors, low willingness to switch), as well as a global distribution network and brand trust.

📈 Financial highlights: In 2024, the gross margin was 55.6% (stable around 55% for five years), net margin 10.3%; debt-to-asset ratio 29%, current ratio 2.8, low leverage ensuring safety; free cash flow increased from $260 million in 2020 to $1.41 billion in 2024, cash-to-net profit ratio 2.0 (high profit quality); ROE 4.8% is relatively low, inventory turnover 1.9 times (inventory efficiency needs attention). Q2 2025 revenue was $2.596 billion, operating cash flow remained stable for six consecutive quarters, and asset scale continued to grow.