# Glaukos (GKOS.US)

Canonical: https://gigainvestors.com/s/GKOS

Analysis as of: 2026-10-16T07:28:47.317Z. Financial observations: FY2014–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $165.60 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 9

- Operating margin variation: 0.69×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.01×

- FY2018: -0.07×

- FY2019: -0.21×

- FY2020: -0.55×

- FY2021: -0.11×

- FY2022: -0.29×

- FY2023: -0.41×

- FY2024: -0.32×

- FY2025: -0.17×

- LTM to Jun 2026: -0.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -15.0%

- ROIC, second-lowest year: -21.0%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 77.4%

- Recent gross margin (lower of latest and 3-year median): 77.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: -16.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -7.7%

- FY2018: -30.8%

- FY2019: -7.9%

- FY2020: -20.8%

- FY2021: -5.3%

- FY2022: -13.2%

- FY2023: -21.0%

- FY2024: -19.9%

- FY2025: -15.2%

- LTM to Jun 2026: -14.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$526M

- Net income, five-year total: -$618M

- Return on incremental invested capital: -173.5%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 11.6 pp

- Working capital / revenue, final three-year average: 26.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$50M

- FY2022: -$94M

- FY2023: -$117M

- FY2024: -$113M

- FY2025: -$153M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -7.7% vs -19.9%

- Per-share earnings: -0.00 to -2.78 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 12.6%

- Ordinary dilution, 5-year annual growth: 5.1%

- Market cap gain: $5.3B

- Cumulative retained earnings: -$741M

- Diluted shares, 10-year annual growth: 12.6%

- Diluted shares, 5-year annual growth: 5.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$2.78

- Per-share value, starting three-year median: -$0.00

- Per-share value, ending three-year median: -$2.78

- Buybacks concentrated in cheaper years (correlation): -0.04

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $449M

- Cumulative net income, 10 years: -$731M

- ROIC, first three-year median: -7.7%

- ROIC, last three-year median: -19.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.12

- FY2017: -$0.00

- FY2018: -$0.37

- FY2019: $0.37

- FY2020: -$2.70

- FY2021: -$1.07

- FY2022: -$2.09

- FY2023: -$2.78

- FY2024: -$2.77

- FY2025: -$3.28

### accounting: pass

- Sloan accruals: -15.8%

- Receivables to sales index (DSRI): 1.35×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: -15.4%

- FY2018: -15.4%

- FY2019: 1.9%

- FY2020: -9.7%

- FY2021: -6.6%

- FY2022: -6.2%

- FY2023: -8.2%

- FY2024: -8.7%

- FY2025: -15.8%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 143% since Oct 2023 · "Glaukos outlines $600M–$620M 2026 revenue outlook as Epioxa launch and iDose TR drive growth" (seekingalpha.com, Oct 2025) · sales +20.8%

Story as of 2026-10-16T09:58:49.405Z; price observation 2026-10-15.

- 2025-06-25: Glaukos receives EU certification for glaucoma surgery devices ([investing.com](https://www.investing.com/news/company-news/glaukos-receives-eu-certification-for-glaucoma-surgery-devices-93CH-4111320))

- 2025-10-30: Glaukos outlines $600M–$620M 2026 revenue outlook as Epioxa launch and iDose TR drive growth ([seekingalpha.com](https://seekingalpha.com/news/4510983-glaukos-outlines-600m-620m-2026-revenue-outlook-as-epioxa-launch-and-idose-tr-drive-growth?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-14: Glaukos falls on preliminary Q4 iDose sales ([seekingalpha.com](https://seekingalpha.com/news/4539091-glaukos-falls-preliminary-q4-idose-sales?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-02: Glaukos Gains FDA Green Light For Repeat iDose TR Use ([finance.yahoo.com](https://finance.yahoo.com/news/glaukos-gains-fda-green-light-070823938.html))

- 2026-04-30: Glaukos Corp (GKOS) Q1 2026 Earnings Call Highlights: Record Sales Surge and Raised Guidance ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/glaukos-corp-gkos-q1-2026-071716839.html))

- 2026-07-30: Glaukos Q2 Earnings Beat Estimates on iDose TR Growth, Stock Up ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/glaukos-q2-earnings-beat-estimates-155500301.html))

### Sales · FY2025–2026

sales +20.8%; source https://www.sec.gov/Archives/edgar/data/1192448/000119312526061944/gkos-20251231.htm; observed 2026-02-23.

- FY2017: $159M 

- FY2018: $181M 

- FY2019: $237M 

- FY2020: $225M 

- FY2021: $294M 

- FY2022: $283M 

- FY2023: $315M 

- FY2024: $383M 

- FY2025: $507M 

- FY2026: $613M 

### Gross margin · FY2026

gross margin 79.1%; source https://www.sec.gov/Archives/edgar/data/1192448/000119312526061944/gkos-20251231.htm; observed 2026-02-23.

- FY2017: 86.8% 

- FY2018: 86.2% 

- FY2019: 83.7% 

- FY2020: 59.2% 

- FY2021: 77.3% 

- FY2022: 75.6% 

- FY2023: 76.0% 

- FY2024: 75.5% 

- FY2025: 77.5% 

- FY2026: 79.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical devices; annual sales are USD 507.4 million.

- Source: https://www.sec.gov/Archives/edgar/data/1192448/000119312526061944/gkos-20251231.htm (filed 2026-02-23); FY2025: revenue 507442000; grossProfit 393216000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GKOS.US: Glaukos Corporation, an ophthalmic pharmaceutical and medical technology company, develops therapies for the treatment of glaucoma, corneal disorders, and retinal diseases in the United States and internationally. It offers iStent and iStent inject W micro-bypass stents designed to treat mild-to-moderate open-angle glaucoma through the restoration of the natural physiologic outflow pathways for aqueous humor. The company also provides iStent infinite indicated for use in the treatment of patients with glaucoma uncontrolled by prior medical and surgical therapy; and iDose TR, an intracameral procedural pharmaceutical therapy indicated for the reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension. In addition, the company develops iLink, a device used for the treatment of keratoconus without the removal of the epithelium; ILution, a platform of cream-based drug formulation applied to the outer surface of the eyelid for drop less transdermal delivery of pharmaceutically active compounds for the treatment of anterior segment eye disorders; and retinal XR platform to treat age-related macular degeneration, diabetic macular edema, retinal vein occlusion, and other posterior segment retinal diseases. It sells its products to ambulatory surgery centers, hospitals, and physician private practices through a direct sales organization, direct sales subsidiaries, and distributors. The company was formerly known as Transdx, Inc. Glaukos Corporation was incorporated in 1998 and is headquartered in Aliso Viejo, California.

### Why customers stay

Margins ranged from 75.5% to 77.5% during 2023–25; it lost 15% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 76%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 75.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1192448/000119312526061944/gkos-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 77.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2017,-0.07726964769647697],[2018,-0.30779036317871267],[2019,-0.07855250748835968],[2020,-0.2081427340694585],[2021,-0.05295977779182667],[2022,-0.13161203684401204],[2023,-0.2100946606907069],[2024,-0.1992024002588191],[2025,-0.15215369686095467],[2026,-0.14705913052226482]]; median -0.14960641369160976. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 76% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1192448/000119312526061944/gkos-20251231.htm (filed 2026-02-23); Gross margin observations: [[2021,0.7733860297743962],[2022,0.7561390359963516],[2023,0.759859045282815]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 4 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2016: growth capex 1556000; upkeep 4722000; owner earnings 4522000. Growth capex / owner earnings = 0.3440955329500221.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2019: growth capex 0; upkeep 4723999; owner earnings 20563001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,12851000],[2020,262542000],[2021,27251000],[2022,6477000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 3.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GKOS.US SharesStats.PercentInsiders = 3.573 percentage points; cache date 2026-10-16.

### What the price says

The price is 18.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Closing price 165.6 USD; reporting-to-trading FX 1; FY2025 annual sales per share 8.872914845252666; price multiple 18.663539872537157. FY2025 cash earnings/share -2.6755027102640323. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $33.40 per share

- 2016-11: $31.21 per share

- 2016-12: $34.30 per share

- 2017-01: $41.22 per share

- 2017-02: $45.50 per share

- 2017-03: $51.30 per share

- 2017-04: $47.53 per share

- 2017-05: $40.71 per share

- 2017-06: $41.47 per share

- 2017-07: $40.18 per share

- 2017-08: $37.75 per share

- 2017-09: $33.00 per share

- 2017-10: $35.31 per share

- 2017-11: $26.77 per share

- 2017-12: $25.65 per share

- 2018-01: $30.01 per share

- 2018-02: $31.30 per share

- 2018-03: $30.83 per share

- 2018-04: $33.68 per share

- 2018-05: $37.77 per share

- 2018-06: $40.64 per share

- 2018-07: $41.61 per share

- 2018-08: $68.37 per share

- 2018-09: $64.90 per share

- 2018-10: $57.94 per share

- 2018-11: $65.88 per share

- 2018-12: $56.17 per share

- 2019-01: $63.79 per share

- 2019-02: $74.17 per share

- 2019-03: $78.37 per share

- 2019-04: $72.13 per share

- 2019-05: $64.48 per share

- 2019-06: $75.40 per share

- 2019-07: $81.68 per share

- 2019-08: $64.31 per share

- 2019-09: $62.51 per share

- 2019-10: $63.83 per share

- 2019-11: $64.13 per share

- 2019-12: $54.47 per share

- 2020-01: $56.25 per share

- 2020-02: $43.98 per share

- 2020-03: $30.86 per share

- 2020-04: $36.69 per share

- 2020-05: $38.98 per share

- 2020-06: $38.42 per share

- 2020-07: $43.70 per share

- 2020-08: $47.83 per share

- 2020-09: $49.52 per share

- 2020-10: $55.92 per share

- 2020-11: $67.48 per share

- 2020-12: $75.26 per share

- 2021-01: $88.69 per share

- 2021-02: $94.56 per share

- 2021-03: $83.93 per share

- 2021-04: $94.16 per share

- 2021-05: $73.58 per share

- 2021-06: $84.83 per share

- 2021-07: $51.00 per share

- 2021-08: $59.63 per share

- 2021-09: $48.17 per share

- 2021-10: $45.71 per share

- 2021-11: $43.03 per share

- 2021-12: $44.44 per share

- 2022-01: $53.24 per share

- 2022-02: $55.31 per share

- 2022-03: $57.82 per share

- 2022-04: $47.29 per share

- 2022-05: $40.83 per share

- 2022-06: $45.42 per share

- 2022-07: $53.85 per share

- 2022-08: $48.55 per share

- 2022-09: $53.24 per share

- 2022-10: $56.07 per share

- 2022-11: $46.57 per share

- 2022-12: $43.68 per share

- 2023-01: $49.05 per share

- 2023-02: $47.23 per share

- 2023-03: $50.10 per share

- 2023-04: $47.51 per share

- 2023-05: $57.02 per share

- 2023-06: $71.21 per share

- 2023-07: $77.14 per share

- 2023-08: $75.14 per share

- 2023-09: $75.25 per share

- 2023-10: $68.20 per share

- 2023-11: $63.89 per share

- 2023-12: $79.49 per share

- 2024-01: $89.03 per share

- 2024-02: $88.59 per share

- 2024-03: $94.29 per share

- 2024-04: $96.00 per share

- 2024-05: $112.72 per share

- 2024-06: $118.35 per share

- 2024-07: $117.17 per share

- 2024-08: $133.89 per share

- 2024-09: $130.28 per share

- 2024-10: $132.25 per share

- 2024-11: $143.65 per share

- 2024-12: $149.94 per share

- 2025-01: $156.44 per share

- 2025-02: $120.02 per share

- 2025-03: $98.42 per share

- 2025-04: $94.25 per share

- 2025-05: $94.29 per share

- 2025-06: $103.29 per share

- 2025-07: $86.09 per share

- 2025-08: $95.82 per share

- 2025-09: $81.55 per share

- 2025-10: $88.07 per share

- 2025-11: $106.29 per share

- 2025-12: $112.91 per share

- 2026-01: $119.38 per share

- 2026-02: $120.40 per share

- 2026-03: $107.66 per share

- 2026-04: $143.67 per share

- 2026-05: $103.35 per share

- 2026-06: $139.76 per share

- 2026-07: $166.72 per share

- 2026-08: $179.56 per share

- 2026-09: $164.19 per share

- 2026-10: $165.60 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1192448/000119312526061944/gkos-20251231.htm); period 2025-12-31, filed 2026-02-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.