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STAA, STAAR Surgical Company

Medical Devices & Equipment consumer brand Cyclical

STAAR Surgical Company designs, develops, manufactures, and sells implantable lenses for the eye and accessory delivery systems used to deliver the lenses into the eye.

We market and sell our ICLs for refractive surgery to treat myopia (nearsightedness) as our "EVO" family of lenses.

We make our ICL product offerings available in multiple models, powers and lengths, including some with toric ICL (TICL) versions to correct for astigmatism (blurred vision).

Latest annual: FY2026 10-K

STAA · STAAR Surgical Company

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$239M

−23.7% YoY · 10% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $290M 5-yr avg $269M

Gross margin 77% 5-yr avg 77%

Operating margin −9.1% 5-yr avg −0.2%

ROIC −9% 5-yr avg 6%

Owner-earnings margin −19% 5-yr avg 4%

Free cash flow margin −19% 5-yr avg 0%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 75% and operating margin about 5.3% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from −38% to 18% — on a steadier 75% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 19% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on litigation & contingencies, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). Owner earnings, the cash-based check, have been thin too. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2026

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2020’20	2021’21	2022’22	2023’23	2024’24	2026’26	TTMTTMApr 2026
										Income statement
$82M	$91M	$124M	$150M	$230M	$239M	$322M	$314M	$239M	$290M	RevenueRevenue
71%	71%	74%	75%	78%	75%	78%	76%	76%	77%	Gross marginGross mgn
86%	75%	69%	67%	63%	75%	70%	80%	114%	86%	SG&A / revenueSG&A/rev
25%	22%	18%	17%	15%	15%	13%	14%	17%	13%	R&D / revenueR&D/rev
($13M)	($4M)	$7M	$12M	$33M	$44M	$28M	($13M)	($92M)	($26M)	Operating incomeOp. inc.
−15.4%	−4.0%	5.3%	7.9%	14.5%	18.3%	8.7%	−4.0%	−38.3%	−9.1%	Operating marginOp. mgn
($12M)	($2M)	$5M	$14M	$28M	$40M	$21M	($20M)	($80M)	($21M)	Net incomeNet inc.
—	—	25%	-8%	12%	13%	37%	—	—	—	Effective tax rateTax rate
										Cash flow & returns
$1M	$3M	$13M	$26M	$44M	$36M	$15M	$16M	($34M)	($50M)	Operating cash flowOp. cash
$3M	$3M	$2M	$4M	$4M	$4M	$5M	$7M	$8M	$8M	DepreciationDeprec.
$2M	($1M)	($1M)	($2M)	($2M)	($29M)	($35M)	$2M	$7M	($67M)	Working capital & otherWC & other
$3M	$1M	$2M	$10M	$14M	$18M	$18M	$23M	$6M	$5M	CapexCapex
3.9%	1.2%	1.8%	6.7%	5.9%	7.6%	5.6%	7.5%	2.4%	1.7%	Capex / revenueCapex/rev
($2M)	$2M	$11M	$22M	$40M	$31M	$9M	$9M	($40M)	($55M)	Owner earningsOwner earn.
−2.6%	2.0%	8.5%	14.7%	17.5%	13.0%	2.9%	2.8%	−16.7%	−18.9%	Owner earnings marginOE mgn
($2M)	$2M	$11M	$16M	$30M	$18M	($4M)	($8M)	($40M)	($55M)	Free cash flowFCF
−2.6%	2.0%	8.5%	10.5%	13.2%	7.4%	−1.1%	−2.4%	−16.7%	−18.9%	Free cash flow marginFCF mgn
-42%	-12%	17%	30%	47%	15%	9%	-4%	-38%	-9%	ROICROIC
-32%	-5%	4%	9%	11%	12%	6%	-5%	-23%	-6%	Return on equityROE
−32%	−5%	4%	9%	11%	12%	6%	−5%	−23%	−6%	Retained to equityRetained/eq
										Balance sheet
$14M	$19M	$104M	$120M	$200M	$212M	$221M	$230M	$188M	$164M	Cash & investmentsCash+inv
$16M	$18M	$26M	$31M	$44M	$62M	$95M	$78M	$50M	$81M	ReceivablesReceiv.
$8M	$6M	$7M	$8M	$9M	$12M	$14M	$17M	$12M	$9M	Accounts payablePayables
$24M	$12M	$19M	$23M	$35M	$51M	$81M	$61M	$38M	$88M	Operating working capitalOper. WC
$50M	$54M	$152M	$175M	$271M	$312M	$365M	$368M	$312M	$312M	Current assetsCur. assets
$21M	$19M	$28M	$34M	$49M	$52M	$65M	$70M	$69M	$61M	Current liabilitiesCur. liab.
2.4×	2.8×	5.5×	5.1×	5.6×	6.0×	5.6×	5.2×	4.5×	5.1×	Current ratioCurr. ratio
$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	GoodwillGoodwill
$65M	$68M	$167M	$208M	$346M	$419M	$489M	$510M	$452M	$451M	Total assetsAssets
-162.2×	-32.4×	—	—	—	—	—	—	—	-235.1×	Interest coverageInt. cov.
$38M	$43M	$132M	$160M	$262M	$336M	$386M	$397M	$344M	$352M	Shareholders’ equityEquity
10.4%	3.5%	5.5%	7.0%	6.3%	8.5%	7.3%	8.7%	12.8%	10.1%	Stock comp / revenueSBC/rev
										Per share
40.3M	41.0M	45.3M	46.9M	49.5M	49.4M	49.4M	49.1M	49.6M	50.9M	Shares out (diluted)Shares
$2.04	$2.21	$2.74	$3.20	$4.66	$4.85	$6.52	$6.39	$4.83	$5.70	Revenue / shareRev/sh
$-0.30	$-0.05	$0.11	$0.30	$0.56	$0.80	$0.43	$-0.41	$-1.62	$-0.41	EPS (diluted)EPS
$-0.05	$0.04	$0.23	$0.47	$0.82	$0.63	$0.19	$0.18	$-0.81	$-1.08	Owner earnings / shareOE/sh
$-0.05	$0.04	$0.23	$0.33	$0.61	$0.36	$-0.07	$-0.16	$-0.81	$-1.08	Free cash flow / shareFCF/sh
$0.08	$0.03	$0.05	$0.22	$0.28	$0.37	$0.37	$0.48	$0.12	$0.09	Cap. spending / shareCapex/sh
$0.94	$1.05	$2.93	$3.41	$5.29	$6.81	$7.81	$8.09	$6.94	$6.92	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	10-yr	5-yr
Revenue / share	+9.0%/yr	+0.7%/yr
Capital spending / share	+4.0%/yr	−15.7%/yr
Book value / share	+22.1%/yr	+5.6%/yr

The record, charted

FY2016–2026

Each measure over its full record; the current point and the worst year marked.

Share count

50Mpeak FY2026

ROIC

−38%low FY2016

Gross margin

76%low FY2016

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($40M)owner earningsvs.($80M)net incomelow FY2026

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2024

Owner-earnings bridge

FY2021–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business turned a $80M loss into ($40M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2026	FY2024	FY2023	FY2022	FY2021
Reported net income	($80M)	($20M)	$21M	$40M	$28M
Depreciation & amortizationnon-cash charge added back	+$8M	+$7M	+$5M	+$4M	+$4M
Stock-based compensationreal costnon-cash, but a real cost	+$31M	+$27M	+$24M	+$20M	+$15M
Working capital & othertiming of cash in and out, other non-cash items	+$7M	+$2M	−$35M	−$29M	−$2M
Cash from operations	($34M)	$16M	$15M	$36M	$44M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$6M	−$7M	−$5M	−$4M	−$4M
Owner earnings	($40M)	$9M	$9M	$31M	$40M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$17M	−$13M	−$14M	−$10M
Free cash flow	($40M)	($8M)	($4M)	$18M	$30M
Owner-earnings marginowner earnings ÷ revenue	-17%	3%	3%	13%	18%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $31M), owner earnings is nearer ($71M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -818.9×

Does not cover its interest

Operating income ($92M) ÷ interest expense $112K

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$183M

Net cash

Cash $153M + ST investments $34M − debt $5M

What this means
Cash and short-term investments exceed every dollar of debt by $183M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 104d

Long (60+ days)

DSO 76 + DIO 102 − DPO 74 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

9-yr median, range -42%–47%; -37% latest = NOPAT ($72M) ÷ invested capital $196M

Industry peers: median -7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran -37% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 3%

Thin through the cycle

9-yr median margin, range -17%–18%; latest ($40M) = operating cash ($34M) − maintenance capex $6M

Industry peers: median -13%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -17% of revenue this year, a 3% median across 9 years. Treating stock comp as the real expense it is (less $31M of SBC) leaves ($71M).
Are earnings backed by cash? ($34M)

Loss, and burning cash

Net income ($80M) · cash from operations ($34M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.70×

Harvesting

Capex $6M ÷ depreciation $8M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $239M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 4.55×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $5M vs $243M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (9-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.53/share (latest year $-1.62), the averaged base the calculator's gate runs on, and book value is $6.95/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 9

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Operating margin −5% → −11% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about −5% early to −11% lately, median 5% — competition or costs are biting in.
Worst year 2026 · −38.3% op. margin

What this means
Operations went underwater in 2026, understand why before trusting the good years.
Share count +2.1%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“Research and development expenses for 2024 increased 12.0% from 2023 due to increased salary-related and payroll tax expenses, purchases of in-process research and development related to external AI tools for measurement and lens size selection and outside services related to med…”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 3, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$312M

Cash & short-term investments$164M
Receivables$81M
Inventory$16M
Other current assets$51M

Current liabilities$61M

Accounts payable$9M
Other current liabilities$52M

Current ratio5.12×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.86×stricter: inventory excluded

Cash ratio2.69×strictest: cash alone against what's due

Working capital$251Mthe cushion left after near-term bills

Cash runway3.0 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago+119.6%the freshest read on whether the business is still growing

Current ratio, recent quarters5.8× → 5.1×

Deeper floors

Tangible book value$350Mequity stripped of goodwill & intangibles

Net current asset value$214MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$37M$37M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2026

Over the record, the business generated $118M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$96M · 81%
Buybacks$6M · 5%
Retained (debt / cash)$16M · 14%

Returned to owners$6M
8% of the owner earnings the business produced over the span, $0 as dividends and $6M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $150M.
Average price paid for buybacks$17.20
Across the years where the filing reports a share count, 0M shares were bought for $6M, about $17.20 each.
Net change in share count26.2%
The diluted count rose from 40M to 51M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Caren Mason	$5.5M	$11.6M	$40M
2022	Caren Mason	$6.5M	$1.0M	$31M
2023	Thomas G. Frinzi	$10.2M	$6.4M	$9M
2024	Thomas G. Frinzi	$7.8M	$2.7M	$9M
2026	Stephen C. Farrell	$7.5M	$5.4M	($40M)
2026	Thomas G. Frinzi	$1.3M	$1.2M	($40M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership39.9%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$31M
The slice of the business handed to employees in shares this year, 13% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why STAAR Surgical Company is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2026.

2 of the 4 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?−3.7% vs 2.6%
The owner-earnings margin averaged 2.6% early in the record and −3.7% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?26.2%
Diluted shares grew 26.2% over 2016–2026, even as the company spent $6M on buybacks. The repurchases were a treadmill: stock issued to staff outran them, so owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Pension & retirement, Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Medical Devices & Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
LMATLeMaitre Vascular Inc.	$250M	68%	21.6%	12%	16%
MLABMesa Laboratories Inc.	$249M	60%	6.8%	1%	19%
STAASTAAR Surgical Company	$239M	75%	5.3%	9%	3%
KIDSOrthoPediatrics Corp.	$236M	74%	-16.9%	-7%	-24%
CERSCerus Corporation	$234M	58%	-40.9%	-43%	-31%
AXGNAxogen Inc.	$225M	81%	-19.9%	-17%	-13%
ESTAEstablishment Labs Holdings Inc.	$211M	65%	-33.0%	-36%	-35%
CTKBCytek Biosciences Inc.	$201M	56%	-5.7%	-5%	1%
Group median	—	67%	-11.3%	-6%	-6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what STAAR Surgical Company has delivered.

STAAR Surgical Company’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, STAAR Surgical Company earns about $7M on its 2.9% median owner-earnings margin. This year’s −16.7% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($7M) Net of stock comp (−$29M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($55M) on 50M shares outstanding, per the 10-K cover, as of 2026-02-27; net cash $159M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh STAA against another business →

The owners of STAA: the meeting and the votes →

Cite: Owner Scorecard, "STAAR Surgical Company (STAA), the owner's record," https://ownerscorecard.com/c/STAA, data as of 2026-07-09.

Manual order: ← ST its page in the Manual STAG →

Industry order: ← SSII the Medical Devices & Equipment chapter STE →