CochlearHAM:OC5 +0.62%75 PB Ratio is 4.24 as of Jun. 27, 2026, which is 60% below its 10-year median of 10.67. GuruFocus rates HAM:OC5 with a GF Score™ of 75/100 and a GF Value™ of €190.81 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 788 Medical Devices & Instruments companies, Cochlear ranks worse than 74.24% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-27), Cochlear's share price is €71.24. Cochlear's Book Value per Share for the quarter that ended in Dec. 2025 was €16.82. Hence, Cochlear's PB Ratio of today is 4.24.
The historical rank and industry rank for Cochlear's PB Ratio or its related term are showing as below:
HAM:OC5'
s PB Ratio Range Over the Past 10 Years
Min: 3.23 Med: 10.67 Max: 21.48
Current: 4.01
During the past 13 years, Cochlear's highest PB Ratio was 21.48. The lowest was 3.23. And the median was 10.67.
HAM:OC5's PB Ratio is ranked worse than 74.24% of 788
companies
in the Medical Devices & Instruments industry
Industry Median: 2.02
vs HAM:OC5: 4.01
During the past 12 months, Cochlear's average Book Value Per Share Growth Rate was 3.80% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 5.20% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 5.80% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 18.30% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Cochlear was 39.10% per year. The lowest was -13.40% per year. And the median was 19.00% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Cochlear PB Ratio Related Terms
Cochlear PB Ratio Historical Data
* Premium members only.
The historical data trend for Cochlear's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Medical Devices subindustry, Cochlear's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Cochlear PB Ratio vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Cochlear's PB Ratio distribution charts can be found below:
* The bar in red indicates where Cochlear's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Cochlear's PB Ratio for today is calculated as follows:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Cochlear (HAM:OC5) has a PB Ratio of 4.24 as of Jun. 27, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Cochlear and its competitors. This is 60% below median its historical median of 10.67. Over the past decade, Cochlear's PB Ratio has ranged from 3.23 to 21.48. According to the industry distribution chart, Cochlear ranks #585 out of 788 companies in the Medical Devices & Instruments industry, placing it in the top 74.2%.
Is Cochlear's PB Ratio too high?
Cochlear's current PB Ratio of 4.24 is 60% below median its 10-year median of 10.67. Over the past 10 years, this metric has ranged from a low of 3.23 to a high of 21.48. The Medical Devices & Instruments industry median PB Ratio is 2.02. Cochlear's value of 4.24 is 109.9% above this industry median. Based on the distribution chart, Cochlear ranks #585 out of 788 companies in the Medical Devices & Instruments industry, which is below the industry midpoint. Overall, Cochlear has a GF Score™ of 75/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Cochlear's PB Ratio compare to ABT and SYK?
According to the Medical Devices & Instruments industry distribution chart, Cochlear ranks #585 out of 788 companies for PB Ratio. This places Cochlear in the lower half of its industry. The industry median PB Ratio is 2.02. Cochlear's value of 4.24 is 109.9% above this benchmark. Historically, Cochlear's own PB Ratio has ranged from 3.23 to 21.48 over the past decade. While the company's 10-year median is 10.67 vs. the industry median of 2.02, Cochlear has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Medical Devices & Instruments company?
The median PB Ratio among Medical Devices & Instruments companies is 2.02, based on 788 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Cochlear's current PB Ratio of 4.24 is 109.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Cochlear and its competitors. For the Medical Devices & Instruments industry, the median PB Ratio is 2.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cochlear's current PB Ratio is 4.24, which is 60% below median its own 10-year median of 10.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cochlear stock overvalued right now?
Based on GuruFocus' analysis, Cochlear (HAM:OC5) is currently considered Significantly Undervalued. The stock's GF Value™ is €190.81, compared to a current price of €71.24 — trading 62.7% below its estimated fair value. The current PB Ratio is 4.24, which is 60% below median its 10-year median of 10.67 and 109.9% above the Medical Devices & Instruments industry median of 2.02. Cochlear's overall GF Score™ is 75/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Cochlear (HAM:OC5), the current PB Ratio is 4.24 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Cochlear (HAM:OC5) Overvalued in 2026?
Based on GuruFocus' analysis, Cochlear stock appears to be undervalued.
The current stock price of €71.24 is trading 62.7% below its estimated GF Value™ of €190.81.
GuruFocus considers Cochlear to be Significantly Undervalued.
Key valuation signals for HAM:OC5:
PB Ratio: 4.24 (60% below median its 10-year median of 10.67)
GF Value™: €190.81 vs. price of €71.24 (62.7% below fair value)
Industry Position: 109.9% above the Medical Devices & Instruments median (#585 of 788)
No single metric tells the full story. See the HAM:OC5 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cochlear is the leading cochlear implant device manufacturer, with around 60% global market share. Developed markets contribute 80% of group revenue, where cochlear implants are the standard of care for children with severe-to-profound hearing loss. The company also actively targets the growing cohort of seniors in developed markets. Tender-oriented emerging markets contribute the remaining 20% of group revenue. Main products include cochlear implants, bone-anchored hearing aids, and associated sound processors. In fiscal 2025, 49% of revenue came from the Americas, 34% from Europe, the Middle East, and Africa, and 18% from the Asia-Pacific segment.
75GF Score
Get the complete analysis for HAM:OC5
PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
HAM:OC5 has been successfully added to your 
