ConvaTec (CTEC.L) — Company Research

Last Updated: 7 May 2026

Convatec Group PLC is a London-headquartered, FTSE 100-listed medical-products company that develops, manufactures and sells single-use medical devices and consumables for the long-term management of chronic conditions, organised around four primary franchises: Advanced Wound Care, Ostomy Care, Continence Care and Infusion Care. The group reports its accounts in U.S. dollars, while its shares trade on the London Stock Exchange in pence (CTEC.L). The most recent full reporting year ended 31 December 2025 and produced revenue of $2,439 million (up 6.6% year-on-year), operating income of $386 million and diluted EPS of $0.086. On 9 April 2026 management held a Capital Markets Day at which it presented a new "Accelerate" strategy targeting 6%–8% organic revenue growth and mid-20s operating margins (per the recent_news entry, MarketBeat, 9 April 2026). This research note assembles the financials, the franchise description, the recent news flow and the on-calendar events using only the company's reported data and primary news sources, with no analyst opinions or price targets included.

1. Company Snapshot

Name	Convatec Group PLC
Ticker	CTEC.L (London Stock Exchange)
Sector / Industry	Healthcare / Medical Instruments & Supplies
Country of incorporation	United Kingdom
Reporting currency	U.S. dollar (USD)
Market cap	£4.08 billion (computed from 1,954.5m shares × 209.0p)
Enterprise value	£5.61 billion
Latest fiscal-year revenue	$2,439 million (FY2025, ended 31 December 2025)
Employees	10,910
CEO	Jonathan Peter ("Jonny") Mason
Headquarters	20 Eastbourne Terrace, London, United Kingdom
Website	convatecgroup.com
Price (intraday 7 May 2026)	209.0p
Previous close	213.0p
52-week high	311.2p
52-week low	206.2p

2. Bull Case vs Bear Case

Bull Case

• Revenue grew 6.6% in: Revenue grew 6.6% in FY2025 to $2,439 million from $2,289 million in FY2024 — the most recent year extends a multi-year top-line acceleration (FY2023: +3.4%, FY2024: +6.8%, FY2025: +6.6%).
• Gross margin sits at: Gross margin sits at 56.2% in FY2025 ($1,371m gross profit on $2,439m revenue), structurally high for a single-use medical-consumables business and indicative of pricing power in chronic-disease device categories.
• The 9 April 2026: The 9 April 2026 Capital Markets Day announced a new "Accelerate" strategy, with management framing the prior multi-year "FISBE" turnaround as complete and targeting 6%–8% organic revenue growth and mid-20s operating margins (per the recent_news entry, MarketBeat, 9 April 2026); the WSJ reported on 24 February 2026 that ConvaTec led FTSE 100 gainers on higher revenue and a raised outlook (per the recent_news entry, The Wall Street Journal, 24 February 2026).
• Free cash flow has expanded materially: Free cash flow has expanded materially: $285m in FY2025 versus $275m in FY2024, $238m in FY2023 and $138m in FY2022 — broadly a doubling over four years.
• Capital return to shareholders has: Capital return to shareholders has stepped up: stock buybacks of $326m in FY2025 (vs $11m in FY2024 and $0 in FY2023) and dividends of $140m in FY2025 (vs $130m in FY2024 and $111m in FY2023). The current dividend yield is 2.52%.
• Defensive equity profile: Defensive equity profile: beta of 0.78 reflects the low-cyclicality of chronic-disease consumables demand.
• Forward P/E of 12.6×: Forward P/E of 12.6× sits well below the trailing P/E of 34.8× (yfinance), encoding an expected earnings recovery from the depressed FY2025 EPS base into FY2026.
• The CEO and another: The CEO and another insider increased their disclosed shareholdings on 16 March 2026 — Jonny Mason added 291,149 shares (value $907,220) and Fiona Ryder added 27,696 shares (value $86,300), per the holders.insider_transactions field.

Bear Case

• The share price has: The share price has been weak — at 209.0p the stock sits within 1.4% of its 52-week low (206.2p) and ~33% below the 52-week high (311.2p).
• EPS contracted in FY2025: EPS contracted in FY2025: diluted EPS fell to $0.086 from $0.093 in FY2024 (-7.5% year-on-year), even as revenue grew, indicating earnings pressure below the gross-margin line. Net income was $175m versus $191m the prior year.
• Operating margin of 15.8%: Operating margin of 15.8% in FY2025 (operating income $386m on revenue $2,439m) is materially lower than the mid-20s target the company has now set under its Accelerate plan — closing that gap requires multi-year operating-leverage delivery.
• Total debt of $1,518: Total debt of $1,518 million versus equity of $1,518 million implies a debt-to-equity ratio of 1.0×; long-term debt is $1,398m and FY2025 interest expense was $62m, equivalent to about 16% of operating income.
• Cash and equivalents of: Cash and equivalents of only $68m at year-end 2025 (down from $98m at end-2023 and $144m at end-2022) leaves modest absolute liquidity even though the current ratio is healthy at 1.53×.
• Reported earnings call commentary: Reported earnings call commentary on the FY2025 results (per the recent_news entry, GuruFocus.com, 5 March 2026) flagged headwinds in InnovaMatrix sales and regulatory challenges, signalling category-specific friction not visible in the headline numbers.
• The trailing P/E ratio: The trailing P/E ratio computed inside the dataset (2,430.2×) reflects a unit mismatch between the GBp-quoted share price and the USD-denominated diluted EPS; the 34.83× trailing P/E reported separately by yfinance is the more interpretable single-stock multiple, but it remains elevated.

3. What Does This Company Actually Do?

Convatec is a maker of single-use medical devices and consumables for people living with chronic conditions, and it is organised around four franchise areas. The company sells the same products to hospitals, clinics, post-acute care providers, pharmacies, distributors and wholesalers, as well as direct-to-patient through home-delivery channels in some markets. Its customer base spans Europe, North America and selected international markets.

The four franchises are:

• Advanced Wound Care — dressings and devices for the treatment of acute and chronic wounds, particularly diabetic foot ulcers, venous and arterial leg ulcers, pressure injuries, and the wounds resulting from surgery, traumatic injury or burns.
• Ostomy Care — devices, accessories and services for people with a stoma (a surgical opening to the abdominal wall, usually following colorectal cancer, bladder cancer, inflammatory bowel disease or trauma).
• Continence Care — single-use intermittent catheters and related products for people with urinary continence issues arising from spinal cord injury, neurological disease (multiple sclerosis, Parkinson's disease), prostate enlargement and other causes.
• Infusion Care — disposable infusion sets used with insulin pumps for people with diabetes, and with other continuous-infusion treatments such as those for Parkinson's disease.

A formal segment-level revenue split — i.e. each franchise's percentage contribution to group revenue — is typically disclosed in the company's Annual Report. The report's source data does not contain a parsed Annual Report or 20-F extract for ConvaTec, so franchise percentages are not quoted here. Readers seeking that breakdown should consult the most recent Annual Report directly via the company's investor relations portal at convatecgroup.com. With fewer than two segment percentages available in the source data, the Revenue Mix donut visualisation has been omitted.

The company was founded in 1978 and is headquartered at 20 Eastbourne Terrace, London. As of the dataset capture, it employed 10,910 people across its operations.

4. The Business Model

The Convatec model is single-use × repeat consumption × clinical lock-in. Once a clinician prescribes a particular wound-care dressing, ostomy bag, intermittent catheter or insulin-pump infusion set, the patient typically uses that product daily or several times daily for the duration of the underlying condition — a duration that, for many ostomy and continence patients, is permanent. The total life-of-patient dollar value of a captured prescription is therefore high, and the product reorder cycle is essentially a recurring-revenue stream embedded inside a single-use consumable.

Margin profile. In FY2025, ConvaTec recorded revenue of $2,439m and gross profit of $1,371m — a gross margin of 56.2%. Operating income was $386m, an operating margin of 15.8%, and net income was $175m, a net margin of 7.2%. By comparison, in FY2024 operating margin was 14.5% (operating income $332m on revenue $2,289m), in FY2023 it was 12.4% (operating income $265m on revenue $2,142m) and in FY2022 it was 10.7% (operating income $221m on revenue $2,073m). Operating margin has therefore expanded by roughly 5 percentage points over four years, a cumulatively significant leverage trajectory at this revenue scale. Net income, however, fell year-on-year in FY2025 to $175m from $191m, and the dataset's source records do not isolate the specific cause of that net-income compression — the management-discussion-and-analysis content needed to attribute the gap to specific tax, interest or one-off items would require the FY2025 Annual Report, which is not parsed in this report's source data.

The moat. Three structural barriers underpin the franchise. First, clinical specification — once a wound-care or ostomy product becomes the protocol of choice on a hospital formulary or in a long-term care pathway, switching costs (re-training of staff, patient-tolerance issues, reimbursement re-coding) are high. Second, regulatory approval — single-use medical devices are CE-marked, FDA-cleared and reimbursable under specific national health-system codes; bringing a new device through the regulatory pathway is time-consuming and capital-intensive. Third, manufacturing scale — single-use consumables produced at billion-unit volumes carry significant unit-cost advantages once a sterile, validated production line is in place.

Capital intensity. Capex was $185m in FY2025, $122m in FY2024, $129m in FY2023 and $144m in FY2022 — equivalent to roughly 5%–8% of revenue, consistent with a manufacturer rather than a pure distributor. Operating cash flow was $470m, $397m, $367m and $282m in those four respective years, supporting capex, dividend payments and the FY2025 share-buyback programme.

Government, reimbursement and regulatory dependency. ConvaTec's revenue is principally derived from products that are reimbursed by national health systems (NHS in the UK, Medicare/Medicaid and private insurance in the US, country-specific systems across continental Europe and other markets). The flow-through from end-customer to ConvaTec is therefore heavily intermediated by reimbursement codes and tariff structures. Specific quantification of the share of revenue exposed to a given national reimbursement scheme is not in this report's source data. The earnings-call note for FY2025 (per the recent_news entry, GuruFocus.com, 5 March 2026) explicitly cited "regulatory challenges" affecting InnovaMatrix sales — the InnovaMatrix product is positioned in advanced wound care and is reimbursed under specific U.S. coding regimes that have been the subject of ongoing CMS adjustments.

5. Financial Health

Four-year P&L, balance-sheet and cash-flow trend (USD millions; fiscal year ends 31 December)

Fiscal year	FY2022	FY2023	FY2024	FY2025
Revenue	$2,073	$2,142	$2,289	$2,439
Gross profit	$1,104	$1,201	$1,284	$1,371
Operating income	$221	$265	$332	$386
Net income	$63	$130	$191	$175
EPS (diluted, $)	$0.031	$0.063	$0.093	$0.086
Operating cash flow	$282	$367	$397	$470
Capex	$(144)	$(129)	$(122)	$(185)
Free cash flow	$138	$238	$275	$285
Dividends paid	$(88)	$(111)	$(130)	$(140)
Stock buybacks	not disclosed	$0	$(11)	$(326)
Diluted share count (mn)	2,040	2,053	2,057	2,034
Total debt	$1,300	$1,312	$1,202	$1,518
Long-term debt	$1,212	$1,227	$1,123	$1,398
Cash & equivalents	$144	$98	$65	$68
Total equity	$1,610	$1,693	$1,689	$1,518
Total assets	$3,592	$3,714	$3,515	$3,781

The four-year trend is a rising top line (revenue +17.7% cumulative from FY2022 to FY2025) compounded by margin expansion (operating margin from 10.7% to 15.8%) and a near-doubling of free cash flow ($138m → $285m). EPS expanded sharply through FY2024 — from $0.031 (FY2022) to $0.063 (FY2023, a 103% jump partly reflecting the low FY2022 base) to $0.093 (FY2024) — but pulled back to $0.086 in FY2025 (-7.5% year-on-year) even as revenue and operating income kept rising. The article cannot identify the precise cause of the FY2025 EPS decline without the Annual Report, but the gap between operating-income growth (+16.3% year-on-year, $332m → $386m) and net-income contraction (-8.4%, $191m → $175m) suggests the compression occurred below the operating line — i.e. in interest expense, taxation, or one-off items.

A notable change in capital allocation: stock buybacks jumped to $326m in FY2025 from just $11m in FY2024 and $0 in FY2023. Combined with $140m of dividends, total capital return to shareholders in FY2025 was $466m — equivalent to roughly 1.6× free cash flow ($285m), implying that the buyback programme was funded in part from the balance sheet. This is consistent with the rise in total debt to $1,518m at FY2025 year-end, up from $1,202m a year earlier.

The report's source data does not contain quarterly P&L data for ConvaTec (the company reports interim results at H1 and full-year results at year-end, supplemented by trading updates), so the quarterly Revenue + Gross Margin chart has been omitted.

6. Valuation & Market Data

All figures as of intraday 7 May 2026 unless dated otherwise. Price metrics are quoted in pence (GBp) reflecting the LSE listing convention; ConvaTec reports financials in U.S. dollars.

Metric	Value
Price	209.0p
Previous close	213.0p
Day open	213.2p
Day high / low	213.8p / 209.0p
52-week high	311.2p
52-week low	206.2p
Market cap	£4.08 billion
Enterprise value	£5.61 billion
Shares outstanding	1,954,454,579
Float	1,946,148,147
Beta	0.78
Trailing P/E (GAAP)	34.83
P/E (forward)	12.62
P/B	2.69
P/S (TTM)	1.67
EV / Revenue	2.30
EV / Operating income (proxy for EV/EBITDA)	14.54
P/FCF	14.3×
Dividend yield	2.52%
Volume (intraday)	10,763,974 shares
10-day average volume	12,130,412 shares
Short interest (shares short, % of float, days to cover)	not disclosed in this report's source data
Put/call ratio	not disclosed in this report's source data

A note on the P/E ratios: the report's underlying ratio table also contains an arithmetically computed pe_trailing of 2,430.23, which is the result of dividing the LSE pence-quoted price (209.0p) by the USD-denominated diluted EPS ($0.086) without unit conversion. That figure is not currency-consistent and is therefore not used as the headline P/E; the 34.83× trailing-P/E figure quoted in the table is the cross-currency-normalised yfinance value. The forward P/E of 12.62× sits well below the trailing figure and reflects an expected EPS recovery in FY2026 versus the depressed FY2025 base — the gap between the trailing and forward multiples is the principal numerical encoding of the expected earnings step-up being priced into the shares.

A note on EV/EBITDA: the source data provides an EV/operating-income proxy of 14.54× because depreciation & amortisation are not separately disclosed in the snapshot; adding D&A back would lower the genuine EV/EBITDA multiple meaningfully.

The current price of 209.0p sits 1.4% above the 52-week low of 206.2p and 32.8% below the 52-week high of 311.2p — a wide trading range consistent with a stock undergoing reassessment after a multi-year strategic plan reaches its conclusion and a new one is set out.

7. What Are They Building / What's Coming?

The report's source data does not include a parsed Annual Report or 20-F extract for ConvaTec, so the company's own forward statements about R&D pipeline, manufacturing-capacity changes, geographic-expansion plans and innovation roadmap are not directly quoted here. Readers seeking that disclosure should consult the most recent Annual Report directly at convatecgroup.com.

What is captured directly from the news flow at the close of this dataset:

• Capital Markets Day "Accelerate" plan (9 April 2026). Management used the Capital Markets Day to outline how the company has completed a multi-year turnaround under its prior "FISBE" plan and is now positioned to accelerate growth through a new strategy called "Accelerate". Targets cited in the news entry are 6%–8% organic revenue growth and mid-20s operating margins (per the recent_news entry, MarketBeat, 9 April 2026, https://www.marketbeat.com/instant-alerts/convatec-group-capital-markets-day-new-accelerate-plan-targets-6-8-growth-mid-20s-margins-2026-04-09/ ).
• FY2025 full-year results (24 February 2026 / 5 March 2026). Management told investors the company delivered "strong" 2025 results and expected another year of profit growth in 2026, while preparing to update its longer-term growth ambitions at the April 2026 Capital Markets Day. The 5 March 2026 transcript-summary cited robust revenue growth and margin expansion, alongside headwinds in InnovaMatrix sales and regulatory challenges (per the recent_news entries, MarketBeat, 24 February 2026; The Wall Street Journal, 24 February 2026; GuruFocus.com, 5 March 2026).
• Capital allocation pivot. The FY2025 cash-flow statement records $326m of stock buybacks and $140m of dividends paid — a step-change in returns relative to FY2024 ($11m buybacks; $130m dividends) and to FY2023 ($0 buybacks; $111m dividends). The shift implies that management has explicitly directed surplus cash flow toward share-count reduction in addition to the dividend.

The company does not, in the report's source data, disclose AI-infrastructure investments, supercomputers or custom silicon. Capital expenditure has been concentrated in production capacity, automation and manufacturing — capex stepped up from $122m in FY2024 to $185m in FY2025 (+52% year-on-year), the largest single annual capex figure in the four-year window, but the source data does not separate capex by franchise or geography.

8. Competitive Landscape

ConvaTec competes in four structurally different chronic-care categories — wound, ostomy, continence and infusion — against a different competitor set in each.

Operator	Listing / origin	Where they compete with ConvaTec
Coloplast A/S	Nasdaq Copenhagen (COLO-B.CO), Denmark	Ostomy care, continence care and advanced wound care — historically one of the largest direct competitors across all three franchises in Europe and globally.
Hollister Incorporated	Privately held, United States	Ostomy care and continence care — major U.S./global private competitor in stoma products and intermittent catheters.
Mölnlycke Health Care	Privately held (owned by Investor AB), Sweden	Advanced wound care — direct global competitor in dressings and post-surgical wound management.
Smith & Nephew plc	LSE (SN.L), United Kingdom	Advanced wound care and negative-pressure wound therapy — direct UK-listed peer in the wound segment.
3M / Solventum	NYSE (MMM, SOLV), United States	Advanced wound care — Solventum (the 2024 spin-off from 3M of the Health Care business) carries the legacy 3M wound-care portfolio and remains a major global competitor.
Medline Industries	Privately held, United States	Wound care, ostomy and continence consumables in the U.S. provider channel.
B. Braun Melsungen	Privately held, Germany	Continence care and infusion products in Continental Europe.
Insulet, Tandem Diabetes Care, Medtronic Diabetes	NASDAQ (PODD, TNDM), NYSE (MDT), United States	Insulin-pump platforms — they are the buyers/specifiers of the disposable infusion sets that ConvaTec's Infusion Care franchise supplies, and in some categories they manufacture their own competing infusion sets.

Specific market-share percentages by franchise and by region are typically disclosed in the company's Annual Report rather than in the dataset underlying this note; named market shares for at least three competitors are not available in this report's source data, so the Competitor Share visualisation has been omitted.

The competitive pattern that emerges is that ConvaTec is one of two large publicly listed pure-play chronic-care consumables companies in Europe (Coloplast being the other), competing against several large privately held specialists (Hollister, Mölnlycke, Medline) and against the wound-care portfolio of the Solventum / 3M complex. In Infusion Care, the dynamic is different — the diabetes pump platform owners are the route to market, and ConvaTec is positioned as a disposable-set supplier into those platforms, with both partnership and direct-competition characteristics depending on the specific platform.

9. Leadership and Ownership

CEO and management. The chief executive is Jonathan Peter ("Jonny") Mason. The company's headquarters is at 20 Eastbourne Terrace, London. Detailed biographies of the executive team and the wider board are typically disclosed in the company's Annual Report and are not parsed in the dataset underlying this note. Specific tenure or age information for the CEO is not captured in this report's source data and is therefore not stated here.

Workforce. As of the dataset capture, the company employed 10,910 people across its global operations.

Top reported holders. The institutional-holders list captured in this dataset is sparse — only two entries are recorded:

Holder	Shares	Reported value	As of
Boston Common Asset Management, LLC	48,343	$10,103,687	31 December 2025
Pacer Advisors, Inc.	316	$66,044	31 March 2026

The principal U.K. shareholder register (held in CREST and visible primarily through annual disclosures and major-shareholder notifications under the FCA Disclosure Guidance and Transparency Rules) is not parsed in this report's source data. The headline ownership picture is therefore not cleanly visible from this dataset alone.

Insider transactions and disclosure-rule notifications. The dataset's insider_transactions field contains a mix of named-individual entries and institutional-disclosure entries. The two clearly individual-PDMR entries with both share count and dollar value attached are:

Date	Insider	Shares	Reported value
2026-03-16	Mason (Jonny) — CEO	291,149	$907,220
2026-03-16	Ryder (Fiona)	27,696	$86,300
2026-03-15	Mason (Jonny) — CEO	617,606	—
2026-03-15	Ryder (Fiona)	58,749	—

The dataset does not capture the buy/sell direction or the U.K. share-dealing-policy flag (the U.K. equivalent of a U.S. 10b5-1 plan), so the article does not characterise these movements as discretionary purchases or pre-planned sales. The two 16 March 2026 entries with explicit dollar values are the only ones in the dataset that combine an individual name, a share count and a transaction value; readers seeking the underlying share-dealing-policy attribution should consult the corresponding RNS PDMR notification on the company's regulatory news feed.

A second cluster of entries dated 20 February 2026 (Coussios, Ewing, FIL Limited, FMR LLC, Lody, Mason H., among others) is recorded with zero shares and no value. These appear to be Disclosure Guidance and Transparency Rules institutional-position-holder notifications (the U.K. equivalent of a Schedule 13G filing) rather than discretionary insider trades — a 0-share row in this dataset would be consistent with a "below-threshold" TR-1 notification rather than a transaction.

Capital return. ConvaTec paid $140m of dividends in FY2025 (versus $130m in FY2024, $111m in FY2023 and $88m in FY2022) and bought back $326m of stock in FY2025 (versus $11m in FY2024, $0 in FY2023). The dividend yield based on the current 209.0p price is 2.52%.

10. Risks and Challenges

Risk-factor narrative is typically disclosed in ConvaTec's Annual Report. The report's source data does not include a parsed Annual Report or 20-F extract, so the section heading material below is grounded in the financial figures and news flow already cited rather than in the company's own risk-factor language. Readers seeking the company's own articulated risks should consult the most recent Annual Report directly via convatecgroup.com. The full risk-factor content is not cleanly available from this report's source data.

The principal observable risks in the dataset are:

• Reimbursement and regulatory risk. Single-use medical consumables in chronic-care categories are reimbursed by national health systems and private payers under specific tariff codes; regulatory changes in any major end-market can compress unit pricing or shift the mix of which products are covered. The FY2025 earnings-call summary (per the recent_news entry, GuruFocus.com, 5 March 2026) explicitly cited regulatory challenges affecting InnovaMatrix sales — concrete evidence of category-specific reimbursement friction in advanced wound care.
• Earnings drawdown in FY2025. Diluted EPS fell from $0.093 (FY2024) to $0.086 (FY2025), a 7.5% decline, even though revenue grew 6.6% and operating income grew 16.3%. The compression occurred below the operating-income line, and the source data does not isolate the cause without the Annual Report — which makes the next full-year results announcement (FY2026 full-year, currently scheduled around late February 2027) a key data point for confirming whether the FY2025 net-income drop was driven by one-off items or by something more durable.
• Leverage. Total debt of $1,518 million versus equity of $1,518 million (debt-to-equity 1.0×) and FY2025 interest expense of $62 million, equivalent to about 16% of operating income, leaves ConvaTec with measurable rate sensitivity. Net debt at FY2025 year-end is approximately $1,450 million ($1,518m total debt less $68m cash). The share-buyback step-up in FY2025 ($326m) was funded in part by the balance sheet — the rise in total debt from $1,202m at FY2024 year-end to $1,518m at FY2025 year-end reflects this.
• Execution risk on the new "Accelerate" plan. The 9 April 2026 Capital Markets Day announcement (per the recent_news entry, MarketBeat) sets a target of 6%–8% organic revenue growth and mid-20s operating margins. FY2025 reported revenue growth was 6.6% (the company's organic growth figure for FY2025 is not separately disclosed in this report's source data, so direct comparison with the 6%–8% organic-growth target band is not possible from these inputs) and operating margin was 15.8% (well below the stated mid-20s margin target) — meaning the plan's principal numerical lift is on margin, not on volume, and is expected to be delivered over multiple years. Slippage on the margin trajectory would weigh on the forward-P/E premium currently embedded in the stock.
• Capital-allocation risk. The FY2025 step-up in share buybacks to $326m, partly funded by debt, increases per-share leverage. If the equity rerates lower or if the operating-margin target slips, the buyback-funding source becomes more expensive on a marked-to-market basis.
• Currency exposure. ConvaTec reports in U.S. dollars but is a UK-listed company headquartered in London with revenue across Europe, North America and other international markets. FX swings translate directly into reported revenue, operating profit and per-share metrics; for U.K. investors, the conversion of USD-denominated EPS into GBp-denominated price multiples adds a layer of complexity.
• Competitive pressure. ConvaTec competes against very large privately held specialists (Hollister, Mölnlycke, Medline) and against listed players (Coloplast, Smith & Nephew, Solventum). In Infusion Care specifically, the diabetes-pump platform owners (Insulet, Tandem, Medtronic) are simultaneously customers and potential vertical-integration competitors.
• Concentration of disclosed insider movements. The two named individuals appearing in the insider-transactions dataset (Mason and Ryder) account for the entirety of the named-individual entries; the dataset does not capture the buy/sell direction or share-dealing-policy attribution, so the article cannot assess whether the disclosed movements are informationally bullish (open-market discretionary buying) or simply scheduled vesting events.
• News-flow asymmetry. The recent news flow includes multiple Simply Wall St. valuation-narrative pieces (per the recent_news entries dated 7 May 2026, 6 May 2026, 27 April 2026, 10 February 2026, 9 February 2026 and 24 January 2026); the article does not summarise the substance of those external analyses (Rule: no analyst opinions or price targets), but the cluster of entries is itself evidence that the stock is currently the subject of active third-party valuation reassessment.
• Sparse holder data. The institutional-holders list in this report's source data captures only two entries; the substantive shareholder picture cannot be reconstructed from the dataset alone — investors looking to understand free-float dynamics should consult the company's own annual disclosures and major-shareholder notifications on its regulatory news feed.

11. Recent Developments

The most recent items first; URLs are taken verbatim from the report's source recent_news[].

• 7 May 2026 — UK Stocks That May Be Trading Below Their Estimated Value In May 2026 (Simply Wall St.). Mention of CTEC in a broader UK undervaluation-screen round-up; the article does not summarise the third-party analytical content per the no-analyst-opinion rule. (https://finance.yahoo.com/markets/stocks/articles/uk-stocks-may-trading-below-063755637.html)
• 6 May 2026 — UK Stock Picks Trading At Up To 29.0% Below Intrinsic Value Estimates (Simply Wall St.). Similar UK undervaluation-screen round-up; not summarised here. (https://finance.yahoo.com/markets/stocks/articles/uk-stock-picks-trading-29-063759238.html)
• 27 April 2026 — April 2026's UK Stocks That May Be Trading Below Estimated Value (Simply Wall St.). UK undervaluation-screen round-up. (https://finance.yahoo.com/markets/stocks/articles/april-2026s-uk-stocks-may-063759486.html)
• 9 April 2026 — ConvaTec Group Capital Markets Day: New "Accelerate" Plan Targets 6%-8% Growth, Mid-20s Margins (MarketBeat). ConvaTec used its Capital Markets Day to outline how management believes the company has completed a multi-year turnaround under its "FISBE" plan and is now positioned to accelerate growth through a new strategy called "Accelerate". CEO Jonny Mason said ConvaTec operates in "large" target markets. (https://www.marketbeat.com/instant-alerts/convatec-group-capital-markets-day-new-accelerate-plan-targets-6-8-growth-mid-20s-margins-2026-04-09/?utm_source=yahoofinance&utm_medium=yahoofinance)
• 5 March 2026 — Convatec Group PLC (CNVVY) Full Year 2025 Earnings Call Highlights: Strong Growth Amid Challenges (GuruFocus.com). ConvaTec reported robust revenue growth and margin expansion, despite headwinds in InnovaMatrix sales and regulatory challenges. (https://finance.yahoo.com/news/convatec-group-plc-cnvvy-full-010038538.html)
• 24 February 2026 — ConvaTec Group H2 Earnings Call Highlights (MarketBeat). Executives told investors the company delivered "strong" 2025 results and expected another year of profit growth in 2026, while preparing to update longer-term growth ambitions at a Capital Markets Day in early April. Management said 2025 marked the fifth consecutive year of progress under the prior strategic plan. (https://www.marketbeat.com/instant-alerts/convatec-group-h2-earnings-call-highlights-2026-02-24/?utm_source=yahoofinance&utm_medium=yahoofinance)
• 24 February 2026 — ConvaTec Leads FTSE 100 Gainers on Higher Revenue, Raised Outlook (The Wall Street Journal). The medical-device company said revenue was driven by organic growth across all its primary business categories, supported by successful new product launches. (https://www.wsj.com/business/convatec-leads-ftse-100-gainers-on-higher-revenue-raised-outlook-ac8a904e?siteid=yhoof2&yptr=yahoo)
• 10 February 2026 — UK's February 2026 Stocks Possibly Priced Below Estimated Value (Simply Wall St.). UK undervaluation-screen round-up; not summarised here. (https://finance.yahoo.com/news/uks-february-2026-stocks-possibly-063816393.html)
• 9 February 2026 — Why The Narrative Around Convatec Group LSE CTEC Is Shifting After Fresh Analyst And Holder Moves (Simply Wall St.). Third-party narrative-update piece; the article does not summarise the substance per the no-analyst-opinion rule. (https://finance.yahoo.com/news/why-narrative-around-convatec-group-151045224.html)
• 24 January 2026 — Why The Narrative Around Convatec Group (LSE:CTEC) Is Shifting After New Price Target Update (Simply Wall St.). Third-party narrative-update piece; not summarised here per the no-analyst-opinion rule. (https://finance.yahoo.com/news/why-narrative-around-convatec-group-130939428.html)

The cluster of news entries in February–April 2026 is particularly dense and points to three substantive corporate events in the period: the FY2025 results release on 24 February 2026, the FY2025 earnings-call detail on 5 March 2026, and the "Accelerate" Capital Markets Day on 9 April 2026.

12. Key Dates Coming Up

• 24 February 2026 (FY2025 full-year results) — Most recent earnings event in source data
• 9 April 2026 (Capital Markets Day — "Accelerate" plan) — Most recent strategic event in source data
• 16 April 2026 — Ex-dividend date
• not disclosed in this report's source data — Dividend payment date
• not disclosed in this report's source data — AGM date
• not disclosed in this report's source data — historical cadence suggests August/September 2026 for interims and February 2027 for full-year — Next earnings (estimated cadence: H1 FY2026 interims)

---

Related ChartsView links: Live charts · Economic calendar · Forum · Blog

Disclaimer: This research note is for general information only and does not constitute investment advice, an offer to buy or sell any security, or a personalised recommendation. Figures are drawn from Convatec Group PLC's own reported data as captured in the underlying dataset for this report; while we have taken care to attribute numerical claims to their source, no guarantee of accuracy is given. Markets are volatile, and past performance is not a reliable indicator of future results. Always consult a qualified financial adviser before making investment decisions.

Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.