We have studied the magnetic properties of Co films evaporated in various oxygen pressures. With decreasing saturation magnetization, the coercive force in the perpendicular direction (Hc⟂) increases to a maximum (120 kA/m). The sign of the effective perpendicular anisotropy field (Hkeff = 2K/Ms – Ms/μ0), as determined by ferromagnetic resonance (FMR), is always negative (< −320 kA/m), indicating that the anisotropy field (2K/Ms) does not overcome the demagnetizing field (Ms/μ0). FMR results also confirm that films having an Hc⟂ value larger than the in‐plane coercive force (Hc∥) do not always demonstrate a value of Hkeff > 0. The remanence ratio along the perpendicular direction (Mr⟂/Ms) is found to be a linear function of Hkeff, and, therefore, films having an Mr⟂/Ms value larger than 0.24 are estimated to have a positive Hkeff.