Coty

COTY · NYSE · Consumer Staples · Financials, fiscal 2017 to 2026

COTY · Last close · October 26, 2026

$3.23

Coty's revenue fell 1.5% to $5.8 billion in fiscal 2026. Its operating margin was −1.4%, down from 4.1% a year earlier. Free cash flow was $348 million, up 25.4%. It paid out $13 million in dividends and buybacks, 4% of free cash flow. The diluted share count rose 0.8%.

COTY INC. Latest fiscal year ended June 30, 2026 10-K filed August 20, 2026 · 0001024305-26-000048 Updated October 11, 2026

Revenue

$5.8B

1.5%

Operating margin

−1.4%

5.5 pts

Net income

−$605M

Free cash flow

$348M

25.4%

Return on capital

−0.9%

3.5 pts

Market cap

$2.8B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Coty does

Coty is a beauty company founded in 1904. It sells fragrances, color cosmetics (makeup), and skin and body care products under a portfolio of brands. It sells to consumers mainly through retailers and online, and also through the travel retail channel, such as airport shops.

Coty reports two segments, Prestige and Consumer Beauty. The company says it is putting most weight on fragrance, where it wants to grow, and on a small number of other beauty categories it considers profitable. It competes with other beauty companies, and it says retail consolidation and the shift to online shopping affect how it reaches buyers.

The 10-K describes a period of change. In September 2025 Coty announced a strategic review of its consumer beauty business, which includes its mass-market color cosmetics and its Brazil business. In January 2026 Markus Strobel became Executive Chairman and Interim Chief Executive Officer, and in March 2026 the board appointed five new independent directors. Some brands are made under licenses from other companies.

Its biggest risks, as it describes them

Competing in a crowded beauty industry and keeping up with changing consumer tastes.
New products that sell less well than it expects.
Losing a brand license that it needs to sell some of its products.
Selling or restructuring parts of the business, such as its consumer beauty review, may hurt results.
Past impairment charges on goodwill and other assets, which could happen again.

From Coty's annual report on Form 10-K, filed August 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2022 to 2024, earnings per share grew 6.1% a year and net income fell 41.3% a year, as new shares raised the share count by 6% and diluted each share's earnings. Coty then lost money in fiscal 2025 and 2026.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Coty yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Coty's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Coty's fiscal 2026 free cash flow of $348M, net cash of −$2.9B at June 30, 2026 and 877 million diluted shares, from its filings. The scenarios are fitted to Coty: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Personal Care Products), plus 1 point as a smaller company, worth $2.8B, plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Coty's own revenue growth, as above. Cautious: growth of -0.5% then 1% a year, 2% after year 10, a 10% discount rate. Base: growth of 1.5% then 2% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 3.5% then 3% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $3.23
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Coty's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	233	247	301	257	176
Debt incl. finance leases	4,498	4,282	3,914	4,008	3,100
Net debt (negative means net cash)	4,265	4,035	3,613	3,751	2,924
Net debt to EBITDA	5.6x	4.2x	3.7x	5.7x	7.3x
Debt to equity	1.4x	1.1x	1.0x	1.1x	1.0x
Interest coverage	1.0x	2.1x	2.2x	1.1x	−0.4x
Current ratio	0.7x	0.8x	0.8x	0.8x	0.8x
Quick ratio	0.4x	0.4x	0.5x	0.5x	0.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $213,280 of Coty shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
Mar 6, 2026	Bretten Gordon vonPresident - Consumer Beauty, Director	Bought	83,000	$2.41	$200,030	Form 4
Feb 10, 2026	Laurent MercierChief Financial Officer	Bought	5,000	$2.65	$13,250	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	8 of 9	6 of 9	3 of 9
Accruals ratio	−4.2%	−7.2%	−10.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Coty side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Coty	FY26	−1.5%	−1.4%	6.0%	−0.9%	7.3x	3
Haleon	FY25	−1.8%	21.9%	21.0%	7.9%	2.6x	7	Compare
Estée Lauder Companies	FY26	5.0%	5.2%	8.7%	4.9%	2.4x	6	Compare
Kenvue	FY25	−2.1%	16.0%	11.4%	10.0%	2.5x	6	Compare
e.l.f. Beauty	FY26	24.6%	4.5%	11.6%	3.8%	3.6x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	7,650	6,842	6,288	4,718	4,630	5,304	5,554	6,118	5,893	5,807
Revenue growth	75.9%	−10.6%	−8.1%	−25.0%	−1.9%	14.6%	4.7%	10.2%	−3.7%	−1.5%
Gross profit	4,622	4,124	3,789	2,727	2,768	3,369	3,547	3,939	3,821	3,652
Research and development	139	108	98	93	96	97	105	127	123	121
Operating income	−421	−156	−3,688	−1,236	−49	241	544	547	241	−82
Net income	−422	−169	−3,784	−1,007	−201	260	508	89	−368	−605
Diluted EPS (US$)	−0.66	−0.23	−5.04	−1.33	−0.40	0.08	0.57	0.09	−0.44	−0.70
Diluted shares (millions)	643	750	751	759	765	834	886	883	871	877
Cash flow
Cash from operations	758	414	640	−51	319	727	626	615	493	538
Capital expenditure	432	446	427	267	174	174	223	245	215	190
Free cash flow	325	−33	213	−318	145	552	403	369	278	348
Dividends paid	373	375	345	195	26	57	14	13	13	13
Share buybacks	36	0	0	4	0	0	0	0	0	0
Acquisitions	743	278	41	592	0	0	0	0	0	0
Stock-based compensation	25	31	15	30	30	196	136	89	50	46
Balance sheet at fiscal year end
Cash and short-term investments	535	332	340	308	254	233	247	301	257	176
Debt incl. finance leases	7,219	7,632	7,750	8,156	5,482	4,498	4,282	3,914	4,008	3,100
Total assets	22,548	22,630	17,710	16,729	13,691	12,116	12,662	12,082	11,908	10,200
Total liabilities	12,679	13,114	12,665	12,705	9,509	8,558	8,428	7,835	7,952	6,821
Shareholders' equity	9,315	8,850	4,587	3,005	2,861	3,154	3,811	3,827	3,543	2,990
Margins and ratios
Gross margin	60.4%	60.3%	60.3%	57.8%	59.8%	63.5%	63.9%	64.4%	64.8%	62.9%
Operating margin	−5.5%	−2.3%	−58.7%	−26.2%	−1.1%	4.5%	9.8%	8.9%	4.1%	−1.4%
Net margin	−5.5%	−2.5%	−60.2%	−21.3%	−4.3%	4.9%	9.2%	1.5%	−6.2%	−10.4%
Free cash flow margin	4.2%	−0.5%	3.4%	−6.8%	3.1%	10.4%	7.2%	6.0%	4.7%	6.0%
Return on capital	−3.3%	−0.8%	−20.7%	−8.5%	−0.4%	1.9%	5.2%	3.7%	2.5%	−0.9%
Return on equity	−8.7%	−1.9%	−56.3%	−26.5%	−6.9%	8.6%	14.6%	2.3%	−10.0%	−18.5%
Return on assets	−2.9%	−0.8%	−18.8%	−5.8%	−1.3%	2.0%	4.1%	0.7%	−3.1%	−5.5%
Net debt to EBITDA	49.8x	12.6x	—	—	9.7x	5.6x	4.2x	3.7x	5.7x	7.3x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Coty's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Coty.