GKOS Healthcare

Glaukos Corporation

$233.04-2.33%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 13.7B USD
Enterprise value: 13.6B USD
Full-time employees: 1,094

Overall health

Strength: growing faster than most peersgrowing faster than peers
Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #733 of 1,157 healthcare companies (bottom 37%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 24% from December 2022 to July 2026.
Glaukos had 24% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Glaukos had 24% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.
Glaukos paid employees $63M in stock in 2025, 12% of its $507M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Glaukos looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 89% of peers, at an operating loss.
Revenue grew faster than 89% of peers, but the business runs at an operating loss (margin -32%).

StockQuotient Score

45/ 100

Oct 5 45 → Nov 4 45

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-1.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-0.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-0.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield5.0%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

79/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 11.2%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth27.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.56Sector median: 0.0584 · MAD: 0.0840

Revenue growth41.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.64Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

22/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 4.5 points to -31.6%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROA
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-31.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.17Sector median: 0.0706 · MAD: 0.1217

Return on assets-20.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -4.12Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-26.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.15Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin60.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-27.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.69

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.21Sector median: 0.6250 · MAD: 0.3380

Current ratio5.04×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.77Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.16×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.31Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Glaukos

Is Glaukos getting weaker?: Its latest SEC filing (Jul 29, 2026) got stronger: operating margin rose 4.5 points to -31.6%. Its overall score is unchanged at 45/100 since Oct 28, 2026.
How is Glaukos valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.4% vs peers 1.5% (weaker than 100% of peers).
Is Glaukos growing?: Yes, faster than most of its peers. Growth scores 79/100 against 1,393 healthcare peers. Revenue growth 41.5% vs a peer median of 6.1% (stronger than 89% of peers).Revenue growth 41.5% vs peers 6.1% (stronger than 89% of peers).
How profitable is Glaukos?: Less profitable than most of its peers. Profitability scores 22/100 against 1,393 healthcare peers. Operating margin -31.6% vs a peer median of 7.1% (weaker than 81% of peers).Operating margin -31.6% vs peers 7.1% (weaker than 81% of peers).
How risky is Glaukos?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.04× vs a peer median of 2.59× (stronger than 74% of peers).Current ratio 5.04× vs peers 2.59× (stronger than 74% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 4.5 points to -31.6%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	551.3M USD	612.8M USD	+11.2%
Net income (12 months)	−189.3M USD	−188.0M USD	−0.7%
Operating margin	-36.1%	-31.6%	+4.5 pts
Free cash flow (12 months)	−18.5M USD	−12.2M USD	−34.0%
Cash	104.2M USD	114.5M USD	+9.8%
Shares outstanding	58.7M	59.0M	+0.4%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	77.3%	75.6%	76.0%	75.5%	55.7%	▼ 20 pts
Operating margin	-11.2%	-29.1%	-40.9%	-31.9%	-39.3%	▼ 7.4 pts
Net margin	-16.9%	-35.1%	-42.8%	-38.2%	-37.0%	▲ 1.2 pts
Return on assets (ROA)	-4.7%	-9.9%	-14.3%	-15.0%	-21.0%	▼ 6.0 pts
Return on equity (ROE)	-8.4%	-18.7%	-29.2%	-19.1%	-28.6%	▼ 9.5 pts
Free cash flow margin	-7.8%	-22.4%	-24.8%	-17.6%	-4.4%	▲ 13 pts
Current ratio	7.67×	6.13×	5.34×	5.99×	4.69×	▼ 22%
Quick ratio	7.31×	5.61×	4.78×	5.22×	4.06×	▼ 22%
Interest coverage	-2.46×	-6.00×	-9.44×	-12.19×	-43.06×	▼ 253%

GKOS price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Ranks #733 of 1,157 healthcare companies (bottom 37%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 24% from December 2022 to July 2026.

Glaukos had 24% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Glaukos had 24% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 12% of revenue in 2025.

Glaukos paid employees $63M in stock in 2025, 12% of its $507M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Glaukos looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 89% of peers, at an operating loss.

Revenue grew faster than 89% of peers, but the business runs at an operating loss (margin -32%).

Questions investors ask about Glaukos

Is Glaukos getting weaker?

Its latest SEC filing (Jul 29, 2026) got stronger: operating margin rose 4.5 points to -31.6%. Its overall score is unchanged at 45/100 since Oct 28, 2026.

How is Glaukos valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -1.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -1.4% vs peers 1.5% (weaker than 100% of peers).

Is Glaukos growing?

Yes, faster than most of its peers. Growth scores 79/100 against 1,393 healthcare peers. Revenue growth 41.5% vs a peer median of 6.1% (stronger than 89% of peers).Revenue growth 41.5% vs peers 6.1% (stronger than 89% of peers).

How profitable is Glaukos?

Less profitable than most of its peers. Profitability scores 22/100 against 1,393 healthcare peers. Operating margin -31.6% vs a peer median of 7.1% (weaker than 81% of peers).Operating margin -31.6% vs peers 7.1% (weaker than 81% of peers).

How risky is Glaukos?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.04× vs a peer median of 2.59× (stronger than 74% of peers).Current ratio 5.04× vs peers 2.59× (stronger than 74% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

551.3M USD

612.8M USD

+11.2%

Net income (12 months)

−189.3M USD

−188.0M USD

−0.7%

Operating margin

-36.1%

-31.6%

+4.5 pts

Free cash flow (12 months)

−18.5M USD

−12.2M USD

−34.0%

Cash

104.2M USD

114.5M USD

+9.8%

Shares outstanding

58.7M

59.0M

+0.4%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

77.3%

75.6%

76.0%

75.5%

55.7%

▼ 20 pts

Operating margin

-11.2%

-29.1%

-40.9%

-31.9%

-39.3%

▼ 7.4 pts

Net margin

-16.9%

-35.1%

-42.8%

-38.2%

-37.0%

▲ 1.2 pts

Return on assets (ROA)

-4.7%

-9.9%

-14.3%

-15.0%

-21.0%

▼ 6.0 pts

Return on equity (ROE)

-8.4%

-18.7%

-29.2%

-19.1%

-28.6%

▼ 9.5 pts

Free cash flow margin

-7.8%

-22.4%

-24.8%

-17.6%

-4.4%

▲ 13 pts

Current ratio

7.67×

6.13×

5.34×

5.99×

4.69×

▼ 22%

Quick ratio

7.31×

5.61×

4.78×

5.22×

4.06×

▼ 22%

Interest coverage

-2.46×

-6.00×

-9.44×

-12.19×

-43.06×

▼ 253%