At a glance
STAAR Surgical Company is worth $1.23B. Revenue fell 23.7% to $239.4M in fiscal 2025, at a loss; over 3 years it has grown 0.0% a year. It pays no dividend; it spent $6.5M buying back its shares over FY2021–FY2025. The stock returned −9.4% over the past year with dividends reinvested and −27.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.5% in the 2020 crash (S&P 500: 33.7%) and 46.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 3 months after the lows.
The business in plain English
STAAR Surgical makes lenses implanted in the eye to correct vision, plus the systems surgeons use to insert them. Essentially all of its sales (about 100% in fiscal 2025, the year ended January 2, 2026) come from Implantable Collamer Lenses (ICLs). These soft, foldable lenses are made from Collamer, a collagen-based material only STAAR uses. Through a small incision, a surgeon places the lens behind the iris and in front of the eye's natural lens. Unlike laser surgery such as LASIK, no corneal tissue is removed, and the lens can be taken out later.
The EVO lens family treats nearsightedness, with astigmatism-correcting (toric) versions. EVO Viva also addresses presbyopia, the age-related loss of close focus, and the Visian ICL treats farsightedness. Not every model is sold in every market. The EVO ICL is the only FDA-approved lens of this kind placed behind the iris. Patients usually pay for the elective surgery themselves. STAAR sells to surgeons and hospitals directly in places such as Japan, the U.S. and Germany, and through distributors elsewhere.
STAAR reports one business segment. About 91% of fiscal 2025 revenue came from outside the U.S., and its lenses have been sold in more than 85 countries. China alone accounted for about 32% of net sales. By February 2026, STAAR had sold more than 4 million ICLs.
Price history
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STAA -9.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jul 3, 2026), revenue was $93.5M, up 111% from a year earlier, and net income was $8.1M.
- For fiscal 2025, revenue was $239.4M (-23.7% year over year; 0.0% a year from FY2022 to FY2025) with a -33.6% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | 0.0% watch |
|---|---|
| Operating margin | -38.3% weak |
| Free cash flow margin | -16.7% weak |
| Return on equity (FY2025) | -23.4% weak |
| Return on assets (FY2025) | -17.8% weak |
| Cash and investments | $181.5M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $163.5M | $5.9M | $12.5M |
| FY2021 | $230.5M | $27.5M | $30.3M |
| FY2022 | $239.4M | $39.7M | $17.6M |
| FY2023 | $322.4M | $21.3M | $-3.6M |
| FY2024 | $313.9M | $-20.2M | $-7.7M |
| FY2025 | $239.4M | $-80.4M | $-40.0M |
Valuation snapshot
| Market value | $1.23B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
STAAR Surgical’s market value went from $440.6M at the end of 2016 to $1.23B on Oct 28, 2026, about 2.8 times as much; since the end of 2025 it is up 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.23B | +7.4% |
| 2025 | $1.15B | -4.0% |
| 2024 | $1.20B | -21.4% |
| 2023 | $1.52B | -34.9% |
| 2022 | $2.34B | -46.2% |
| 2021 | $4.35B | +19.0% |
| 2020 | $3.65B | +132.8% |
| 2019 | $1.57B | +11.4% |
| 2018 | $1.41B | +120.7% |
| 2017 | $638.0M | +44.8% |
| 2016 | $440.6M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| STAA price data to Oct 28, 2026 | +6.6% | -9.4% | -13.9% | -27.0% | +11.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.6% |
| 2025 | -4.9% |
| 2024 | -22.2% |
| 2023 | -35.7% |
| 2022 | -46.8% |
| 2021 | +15.3% |
| 2020 | +125.3% |
| 2019 | +10.2% |
| 2018 | +105.9% |
| 2017 | +42.9% |
| 2016 | +52.0% |
| 2015 | -21.6% |
| 2014 | -43.7% |
| 2013 | +165.4% |
| 2012 | -41.9% |
| 2011 | +72.0% |
| 2010 | +96.8% |
| 2009 | +30.3% |
| 2008 | -9.8% |
| 2007 | -62.3% |
| 2006 | -11.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.1% over that stretch · deepest drop along the way 79.9%, back to its old high 15.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.5% over that stretch · deepest drop along the way 30.5%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.8% over that stretch · deepest drop along the way 46.3%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 6 open-market purchases ($12.3M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 13, 2026 | Broadwood Partners, L.P. Director, 10% owner | buy | $5.9M |
| Mar 12, 2026 | Broadwood Partners, L.P. Director, 10% owner | buy | $5.4M |
| Mar 11, 2026 | Broadwood Partners, L.P. Director, 10% owner | buy | $960K |
| Mar 13, 2026 | Broadwood Partners, L.P. Director, 10% owner | buy | $0.00 |
| Mar 12, 2026 | Broadwood Partners, L.P. Director, 10% owner | buy | $0.00 |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.2% | Sep 30, 2026 |
| Madison Avenue International LP | 8.4% | Jun 30, 2026 |
| Point72 Asset Management, L.P. | 5.2% | May 11, 2026 |
| Soleus Capital Master Fund, L.P. | 1% | Sep 30, 2025 |
ETFs with the most weight in STAA
| HTEC ROBO Global Healthcare Technology and Innovation ETF | 1.75% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.29% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.14% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.14% |
| PSC Principal U.S. Small-Cap ETF | 0.13% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.08% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.08% |
| SPSM SPDR Portfolio S&P 600 Small Cap ETF | 0.07% |
What could go wrong
- Heavy reliance on China. China made up about 32% of fiscal 2025 net sales, largely through distributors. STAAR expects China's sluggish economy and weak consumer spending to continue in fiscal 2026, and U.S.-China trade tensions add risk.
- Sales have fallen and losses have widened. Net sales fell 23.7% to $239.4 million in fiscal 2025, and the net loss widened to $80.4 million from $20.2 million. The company warns it may not return to growth and profitability.
- Bigger rivals and a single product line. STAAR competes with much larger companies and low-cost Asian manufacturers. With roughly 100% of sales coming from ICLs, it has no other product line to cushion a loss of market share.
- Bulk distributor orders make sales lumpy. Distributors order lenses in bulk ahead of expected surgeries. If surgeries fall short, they may hold extra stock and cut future orders, causing swings in STAAR's revenue and profit.
- Patients pay for the surgery themselves. ICL surgery is usually elective and paid for or financed by the patient, so demand can drop when economies weaken. Bad publicity about laser eye surgery or medical device complications could also hurt sales.
- Production depends on one main plant. STAAR's principal manufacturing plant is in Monrovia, California, and it makes the Collamer lens material at its Aliso Viejo, California, facility. Losing use of the main plant could cause significant delays or lost sales.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change; Investor presentation or announcement
For income and retirement investors
STAAR Surgical pays no dividend, and its annual report says it does not intend to pay one, so shareholders gain only if the share price rises. It may not suit investors who rely on regular income. Buybacks have been modest: $6.5 million in fiscal 2025, the only repurchases from fiscal 2021 through fiscal 2025. The share count still grew 5.3% between October 29, 2021 and August 7, 2026, diluting existing owners.
The stock has fallen hard in downturns. During the 2008 financial crisis it fell 79.9%, then took about 15.5 months from its March 2009 low to regain its peak. In the 2020 COVID crash it fell 30.5% and recovered within a month. In 2022 it fell 46.3% by May, recovered by August, then ended the year down 46.8%. Over about 21 years through October 28, 2026, its deepest fall from a peak was 91.3%. Like any single stock, it carries more risk than a diversified fund.
Questions investors ask
How does STAAR Surgical make money?
STAAR makes money by selling Implantable Collamer Lenses (ICLs), which surgeons place inside the eye to correct nearsightedness, farsightedness, astigmatism and age-related focusing loss. ICLs made up about 100% of net sales in fiscal 2025, the year ended January 2, 2026. Patients usually pay for the elective surgery themselves. About 91% of revenue came from outside the U.S., and China alone accounted for about 32% of net sales, mostly through distributors. STAAR had sold more than 4 million ICLs worldwide by February 2026.
Does STAAR Surgical pay a dividend?
No. STAAR Surgical does not pay a dividend, and its annual report says it does not intend to, so investors can profit only if the share price rises. That may not suit investors who need regular income. The company spent $6.5 million on share buybacks in fiscal 2025, its only repurchases from fiscal 2021 through fiscal 2025. Even so, shares outstanding grew 5.3% between October 29, 2021 and August 7, 2026, to about 50.1 million.
What happened to Alcon's takeover of STAAR Surgical?
Shareholders voted it down. STAAR agreed on August 4, 2025, to be acquired by Alcon, and the deal was amended twice. At a special meeting on January 6, 2026, stockholders voted against it, and the agreement ended with no termination fee owed by either side. STAAR spent $17.1 million on merger-related fees and expenses in fiscal 2025. On January 14, 2026, it signed a cooperation agreement with Broadwood Partners, its largest stockholder, bringing governance and leadership changes. Broadwood reported purchasing about $12.3 million of STAAR shares in March 2026.
Is STAAR Surgical profitable?
No, not for its latest full fiscal year. In fiscal 2025, net sales fell 23.7% to $239.4 million amid weak demand in China, and the net loss widened to $80.4 million. Free cash flow, the cash left after running and investing in the business, was negative $40.1 million. The quarter ended July 3, 2026, was stronger: revenue rose 111% from a year earlier to $93.5 million, with net income of $8.1 million. STAAR then held $181.5 million in cash and investments and no reported debt.
How has STAAR Surgical stock performed?
It has lost most of its value over five years but is up over ten. As of October 28, 2026, the shares were down 79% over five years (about 27% a year) and down 36% over three years, but up 183% over ten years (about 11% a year). It fell in every year from 2022 through 2025, including 46.8% in 2022. Its annualized volatility, a measure of how widely the price swings, was 55.8% over the prior year. With no dividend, price change is the whole return.