STAAR Surgical Company
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business carries its own weight: a proprietary material, a 76.2 percent gross margin in 2025, sales in more than 85 countries and a balance sheet that came through the worst year in a decade undamaged — $352.4 million of equity against $37.3 million of financial debt, $163.9 million of cash and marketable securities, an Altman Z-score of about 6.3 and no going-concern language in the quarterly report. What remains open is a clearly operational question, and it weighs heavily: two loss years of minus $20.2 million and minus $80.4 million were followed by exactly one profitable quarter, 51 percent of whose revenue came from two distributors in a single country — the very distributors whose full warehouses caused the 2025 collapse. On top of that, operations consumed $21.7 million of cash despite the quarterly profit, receivables rose by $31.1 million, and the company has been led on an interim basis since February 1, 2026. None of it rises to an existential finding: two distributors are not a single counterparty, the company states its liquidity covers at least twelve months, and the 2025 collapse cost only about 13 percent of equity. This is not documented quality, but it is not a substance risk either — hence yellow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
STAAR Surgical is the defiance premium in its purest form: shareholders turned down $30.75 per share in cash on January 6, 2026, and the first quarter of 2026 promptly supplied the vindication — revenue up 119.6 percent to $93.5 million, gross margin back to 73.6 percent, $5.2 million of net income after a $54.2 million loss a year earlier. But that vindication rests on a narrow base: 51 percent of quarterly revenue and 57 percent of trade receivables sat with two distributors in China, operations consumed $21.7 million of cash, receivables rose from $54.6 million to $85.7 million, and there has been no permanent chief executive since February 1, 2026. The balance sheet carries all of it: $352.4 million of equity, $37.3 million of financial debt, $163.9 million of cash and marketable securities. Not investment advice.
Product and margin
STAAR sells implantable contact lenses made from Collamer, a material it developed and uses exclusively, in more than 85 countries. Gross margin was 76.2 percent in 2025 and 73.6 percent in the first quarter of 2026, up from 65.8 percent a year earlier. That is the margin of a company with a product few can copy.
Earnings power
Two consecutive loss years: minus $20.2 million in 2024 and minus $80.4 million in 2025, on a 23.7 percent revenue decline to $239.4 million. The first quarter of 2026 delivered the turn with $5.2 million of net income — but it is exactly one quarter, and the Piotroski score stands at 1 of 9 (data as of July 25, 2026).
China concentration
Two distributors in China accounted for 51 percent of group revenue in the first quarter of 2026 and for 57 percent of all trade receivables as of April 3, 2026, up from 33 percent as of January 2, 2026. The fiscal 2025 annual report itself expects weak Chinese consumer spending to keep weighing on ICL demand in 2026.
Balance sheet and cash flow
As of April 3, 2026 the company held $352.4 million of equity against $98.8 million of liabilities and only $37.3 million of financial debt, plus $163.9 million of cash and marketable securities; the Altman Z-score sits at about 6.3. The counterweight: operations consumed $34.2 million of cash in 2025 and a further $21.7 million in the first quarter of 2026, while receivables rose from $54.6 million to $85.7 million.
Ownership and leadership
Broadwood Partners held 16,123,842 shares, or 32.6 percent, as of March 13, 2026, blocked the takeover and has supplied the board chair, Neal C. Bradsher, since January 15, 2026. The company has been run on an interim basis by Warren Foust and Deborah Andrews since February 1, 2026; Foust's letter agreement expires August 1, 2026.
Valuation
At the July 24, 2026 close of $23.38, market capitalization stood at roughly $1.16 billion — about 4.9 times fiscal 2025 revenue and about 3.3 times book, with no price-to-earnings ratio because of the loss year. The rejected Alcon price was $30.75 per share; the analyst consensus target is $30.00.
Worth Noting
STAAR Surgical reached our research list through our in-house stock scanner: rank 18 of 62 in the "Turnaround Candidates" list (U.S. selection) with a turnaround check of 7 of 8 points, as of July 25, 2026. Both the rank and the score are a snapshot of that day — the lists are recalculated daily. The list requires two mandatory pillars (at least 50 percent below the all-time high, and survival evidenced by the Altman Z-score, balance sheet warning signals and positive equity) plus at least 6 of 8 points in the turnaround check, which measures the operational turn and market confirmation.
Every figure carries its own as-of date: annual figures from the Form 10-K for fiscal 2025 (period ended January 2, 2026, filed March 3, 2026), quarterly figures from the Form 10-Q for the quarter ended April 3, 2026 (filed May 13, 2026), merger and leadership data from the Forms 8-K dated December 9, 2025 through June 22, 2026, ownership from the proxy statement DEF 14A dated May 4, 2026, share count from the 10-Q cover page (May 8, 2026). Valuation metrics as of July 25, 2026, based on the closing price of July 24, 2026 — meant to be evergreen, with no daily price used as an argument.
Identity and currency: the ticker STAA belongs to STAAR Surgical Company of Lake Forest, California (CIK 0000718937), not to would-be acquirer Alcon. The merger agreed on August 4, 2025 was rejected by shareholders on January 6, 2026 and terminated the same day — the company is independent, and through the most recent filing reviewed, dated June 24, 2026, there is no new attempt. The NASDAQ Listing Rule 5605 notice of January 14, 2026 was cured on January 15, 2026.
Stock Watch
This analysis is as of August 29, 2026. Stock Watch will tell you what's changed at STAA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 16.10 $ to 33.30 $ · Last price: 21.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Medical Instruments & Supplies
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| STAAR Surgical Company STAA | 1.1 | – | 19.3 | 76.6 | 18.7 | -23.7 | -21.8 |
| Intuitive Surgical Inc ISRG | 135.7 | 47.7 | 29.5 | 66.7 | 30.9 | 20.5 | -11.6 |
| Becton Dickinson and Company BDX | 50.0 | 33.0 | 13.4 | 46.9 | 14.7 | 8.2 | 27.3 |
| Medline Inc. MDLN | 43.2 | 26.7 | 14.0 | 25.1 | 5.4 | 11.5 | – |
| ResMed Inc RMD | 32.7 | 22.2 | 14.6 | 61.6 | 35.3 | 9.8 | -15.4 |
| West Pharmaceutical Services Inc WST | 25.4 | 50.2 | 28.3 | 36.8 | 21.7 | 6.3 | 43.3 |
| Solventum Corp. SOLV | 15.1 | 10.8 | 8.2 | 54.8 | 5.6 | 0.9 | 18.2 |
| Baxter International Inc BAX | 11.6 | – | 26.1 | 34.1 | 6.0 | 5.7 | -0.6 |
| Align Technology Inc ALGN | 11.1 | 25.6 | 10.9 | 70.7 | 16.6 | 0.9 | 15.7 |
| Median of companies shown | 25.4 | 26.7 | 14.6 | 54.8 | 16.6 | 6.3 | 7.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 82 | -13 | -12 | -0.30 | 1 | 38 | 65 |
| 2017 | 91 | -4 | -2 | -0.05 | 3 | 43 | 68 |
| 2018 | 124 | 7 | 5 | 0.11 | 13 | 132 | 167 |
| 2019 | 150 | 12 | 14 | 0.30 | 26 | 160 | 208 |
| 2020 | 163 | 7 | 6 | 0.12 | 21 | 197 | 257 |
| 2021 | 230 | 33 | 28 | 0.56 | 44 | 259 | 346 |
| 2022 | 284 | 44 | 40 | 0.80 | 36 | 336 | 419 |
| 2023 | 322 | 28 | 21 | 0.43 | 15 | 386 | 489 |
| 2024 | 314 | -13 | -20 | -0.41 | 16 | 397 | 510 |
| 2025 | 239 | -46 | -80 | -1.62 | -34 | 344 | 462 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.69 | -541.10 | 49 | -35.80 | -69.90 | 1 | -5 |
| 2025: Q1 | -1.10 | – | 43 | -44.90 | -127.30 | -6 | -7 |
| 2025: Q2 | -0.34 | -329.20 | 44 | -55.20 | -37.90 | -27 | -29 |
| 2025: Q3 | 0.18 | -10.60 | 95 | 6.90 | 9.40 | 3 | 2 |
| 2025: Q4 | -0.37 | – | 58 | 18.10 | -31.70 | -4 | -6 |
| 2026: Q1 | 0.10 | – | 94 | 119.60 | 5.60 | -22 | -22 |
| 2026: Q2 | 0.16 | 147.10 | 94 | 111.10 | 8.70 | 20 | 19 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 12 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
- Insider Buying (Net)
- Institutional + Insiders Building Positions
- Institutional Accumulation
- Pros 80%
Momentum & Trend
- Above the 50- & 200-SMA
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.76 | 0.22 – 1.07 | 335 | 558.1% | 8 |
| 12/31/2027 | 1.02 | 0.53 – 1.42 | 361 | 34.3% | 8 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
STAAR kaufte laut Geschäfts- und Quartalsberichten unfertige Forschungs- und Entwicklungsleistungen für externe KI-Werkzeuge zur Vermessung und zur Auswahl der Linsengröße ein; eigene KI-Produkte oder KI-Umsätze weist das Unternehmen nicht aus.
View the full file — quotes, sources, reviewed filings
„purchases of in-process research and development in the prior year period related to external AI tools for measurement and lens size selection"
Käufe unfertiger Forschungs- und Entwicklungsleistungen im Vorjahreszeitraum im Zusammenhang mit externen KI-Werkzeugen zur Vermessung und zur Auswahl der Linsengröße
10-K · 2026-03-03 · View SEC filing
„purchases of in-process research and development related to external AI tools for measurement and lens size selection and outside services related to professional and medical education"
Käufe unfertiger Forschungs- und Entwicklungsleistungen im Zusammenhang mit externen KI-Werkzeugen zur Vermessung und zur Auswahl der Linsengröße sowie Fremdleistungen für die berufliche und medizinische Weiterbildung
10-K · 2025-02-21 · View SEC filing
„purchases of in-process research and development in the prior year period related to external AI tools for measurement and lens size selection and decreased salary-related and payroll tax expenses"
Käufe unfertiger Forschungs- und Entwicklungsleistungen im Vorjahreszeitraum im Zusammenhang mit externen KI-Werkzeugen zur Vermessung und zur Auswahl der Linsengröße sowie geringere Gehalts- und Lohnsteueraufwendungen
10-Q · 2025-11-05 · View SEC filing
Filings Reviewed: 10-Q 2026-05-13 · 10-Q 2025-11-05 · 10-Q 2025-08-06 · 10-Q 2025-05-07 · 10-K 2026-03-03 · 10-K 2025-02-21
Rated on July 26, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -5.6%
- More than 10% revenue growth is expected for the coming year 7.6%
- Share count grows by less than 3% a year 0.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -40.5%
- Gross margin at 40% or higher and without meaningful erosion 76.2%
- Goodwill from acquisitions does not grow faster than revenue 0.4%
- Net debt below twice EBITDA 149 m net cash
- Operating cash flow covers the profits of the last three years 75 m
- Return on capital at 15% or higher, or up versus two years ago -11.7%
- Insiders hold at least 10% or are net buyers 0.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 12.6%
- Exp. sales growth 3Y > 5% 22.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 22.8%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -25.8%
- ROCE > 15% -11.7%
- Expected return > 10% 18.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Foust Warren | President and CEO | Other | 1,865 | 26.18 | 48,826 |
| Aug 14, 2026 | Foust Warren | President and CEO | Other | 3,666 | 0.00 | – |
| Aug 14, 2026 | Foust Warren | President and CEO | Other | 3,730 | 26.18 | 97,651 |
| Aug 14, 2026 | Foust Warren | President and CEO | Other | 7,331 | 0.00 | – |
| Aug 14, 2026 | Michna Magda | Chief Development Officer | Other | 1,100 | 26.18 | 28,798 |
| Aug 14, 2026 | Michna Magda | Chief Development Officer | Other | 559 | 26.18 | 14,635 |
| Aug 14, 2026 | Michna Magda | Chief Development Officer | Other | 2,797 | 26.18 | 73,225 |
| Aug 14, 2026 | Michna Magda | Chief Development Officer | Other | 5,499 | 0.00 | – |
| Aug 14, 2026 | Andrews Deborah J | Chief Financial Officer & EVP | Other | 2,662 | 26.18 | 69,691 |
| Aug 14, 2026 | Andrews Deborah J | Chief Financial Officer & EVP | Other | 5,233 | 0.00 | – |
The company
About the Company
STAAR Surgical Company entwirft, entwickelt, fertigt und verkauft zusammen mit seinen Tochtergesellschaften phake Implantatlinsen für das Auge sowie zugehörige Applikationssysteme zum Einsetzen der Linsen ins Auge. Das Unternehmen bietet die Produktfamilie der implantierbaren Collamer-Linsen (ICLs) mit EVO ICL, EVO+…
- Employees
- 921
- Headquarters
- Lake Forest, CA
- Address
- 25510 Commercentre Drive, 92630 Lake Forest, United States
- Phone
- 626 303 7902
- Website
- staar.com
- IPO Date
- 07/15/1983
- ISIN
- US8523123052
- Stock Split
- 1:2 on 05/18/1992
- Stock Split
- 1:2 on 11/01/1990
Management
| Name | Title | Birth Year |
|---|---|---|
| Warren Foust | CEO, President & Director | 1976 |
| Deborah J. Andrews | Executive VP & CFO | 1957 |
| Magda Michna Ph.D. | Chief Development Officer | – |
| Ben Park Ph.D. | Chief Technology Officer | – |
| Connie Johnson | Director of Investor Relations | – |
| Kathleen Determann J.D. | VP, Deputy General Counsel and Chief Compliance & Privacy Officer | – |
| Scott D. Barnes M.D. | Chief Medical Officer | 1963 |
| Filip De Keersmaecker | Chief Supply Chain & Quality Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/09/2026 STAAR SURGICAL CO (STAA): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/12/2026 STAAR SURGICAL CO (STAA): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/06/2026 STAAR SURGICAL CO (STAA): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.