Glaukos Corporation

Surgical & Medical Instruments & Apparatus

GKOSStrong4 of 9 basics passed

$165.69

+2.73%

Market cap $9.77B

$165.69

+2.73%

Market cap $9.77B

Glaukos Corp is an ophthalmic pharmaceutical and medical technology company focused on developing novel, dropless therapies and commercializing associated products for the treatment of glaucoma, corneal disorders, and retinal diseases.

It is a $9.77B healthcare company. Revenue grew 41.5% over the last year, and it currently loses money.

Website: glaukos.com
Location: Aliso Viejo, CA
Employees: 1 094
Sector: Healthcare

Share price · 3 years

$72.47 → $165.69+128.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $613M
Loss: spends more than it earns; -$188M
Free cash flow: cash left after running the business; -$12.2M
Shares: up 57% since 2016 — dilution; 57.2M
Volatility: beta vs the market — under 1 swings less; 0.72

Revenue, last 10 years

52-week range

Low $74.67$165.69High $189.55

Today's price is 79% of the way from the year's low to its high.

Valuation vs own history

P/S

15.9×

20%

P/B

14.3×

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$745Knet selling

Purchases$0

Sales$745K

Insiders trading, last 14d0 buy · 1 sell

Standing in Healthcare

Size$9.77Btop 91%
Revenue growth+22%top 17%
Net margin-31%top 85%
Return on equity-27%top 86%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Quality and Moat lag behind.

Valuation15

P/E vs own historyn/a · 10/25
FCF yield-0.1% · 0/25
P/S15.9x · 5/25
EV/EBITDA3048.9x · 0/25

Growth20

Revenue CAGR14.6% · 20/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROIC-33.2% · 0/25
ROE-27.1% · 0/25
Net margin-30.7% · 0/25
Operating margin-31.6% · 0/25

Health50

Altman Z23.88 · 25/25
Current ratio5.04 · 25/25
Interest coverage-28.9x · 0/25
Net cash / debtn/a · 0/25

Quality30

Piotroski F2/9 · 5/25
Beneish M-3.16 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 25.2% · 0/25

Moat25

ROIC >12% years0/10 yrs · 0/25
Median gross margin76.7% · 25/25
FCF-positive years3/10 yrs · 0/25
Worst-year net marginworst -53.5% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2019Financial
Best year on record
$15.4M net income
FY2016Financial
First recorded profitable year
$4.52M net income

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$32 745 today — price return only

$507.4M revenue in FY2025

Revenue up 41.5% year over year

1 094 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (79.1%)
Revenue growing 41.5% year over year
Altman Z-Score 23.88 — low bankruptcy-risk zone

Watch-outs

Not profitable — 30.7% net margin
Negative free cash flow (-$12.2M)
Thin interest coverage (-28.9×)
Loss-making in 8 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

4 of 9 checks passed

Revenue growing — the company sells more than a year ago+41.5% YoY
Profitable — makes more than it spends-$188M TTM
Profit growing — earnings are higher than last year-28.2% YoY
Generates cash — cash left after running and investing-$12.2M TTM
Debt under control — could handle its obligationscurrent ratio 5.04
Established company — not a micro-cap — lower blow-up risk$9.77B market cap
Not printing shares — share count not ballooning — you keep your slice+28.5% shares over ~5y
Proven track record — years of profitability behind it2/10 profitable years
Financially stable — balance sheet not near distressAltman Z 23.9 — safe
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonGlaukos Corporation vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
GKOS this company	$9.8B	—	+41.5%	-30.7%	Strong
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: GKOS vs LLY · GKOS vs JNJ · GKOS vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 8Buy 10Hold 2Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $613M · net income -$188M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$613M

YoY 41.5%

Net income (TTM)

-$188M

Margin -30.7%

Gross margin

79.1%

Operating margin

-31.6%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.2	0.3	0.3	0.3	0.4	0.5
Gross profit	0.1	0.2	0.2	0.2	0.3	0.3
Operating income (EBIT)	-0.1	-0.0	-0.1	-0.1	-0.1	-0.2
Net income	-0.1	-0.0	-0.1	-0.1	-0.1	-0.2
EPS (diluted)	-2.70	-1.07	-2.09	-2.78	-2.78	-3.28

Cash flowFree cash flow -$12.2M · operating cash flow -$961K (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$12.2M

Margin -2.0%

Operating cash flow (TTM)

-$961K

FCF margin

-2.0%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	-0.0	0.0	-0.0	-0.1	-0.1	-0.0
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	-0.0	-0.0	-0.1	-0.1	-0.1	-0.0
FCF margin	-13.3%	-7.9%	-22.4%	-24.8%	-17.6%	-4.4%

Balance sheetAssets $893M · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $893M of assets is financed

27%

73%

Liabilities $237M — borrowed moneyEquity $656M — owners' stake

Altman Z-Score

23.88

Safe zone

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

-28.9x

EBIT ÷ interest expense

ROE

-27.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.1	0.1	0.2	0.1
Total assets	1.0	1.0	1.0	0.9	1.0	0.9
Total liabilities	0.3	0.5	0.5	0.5	0.2	0.2
Total debt	—	—	—	—	—	—
Equity	0.7	0.6	0.5	0.5	0.8	0.7
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of GKOS on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $165.69 · market cap $9.77B.