Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have spent our lives looking for wonderful businesses run by honest, able people, bought at sensible prices. Cooper is an unusual specimen because it is really two businesses wearing one ticker: a genuinely wonderful contact-lens franchise (CooperVision) stapled to a decent-but-ordinary fertility-and-women's-health business (CooperSurgical). The market, an activist investor, and apparently Cooper's own board have all noticed that these two have little to do with each other. That tension — and a freshly-disclosed litigation wound — has knocked the stock down to a price that, for the quality of the crown jewel inside, finally interests us. Let us walk through it the way we would in Omaha, with a yellow pad and no illusions. Cooper is a medical-device company with two segments: CooperVision (~67% of sales — $1.42B of $2.11B first-half FY2026 revenue).
Recent filings analysed: 10-Q (2026-06-05), 8-K (2026-06-04), 8-K (2026-05-04), 8-K (2026-04-08).
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