Glaukos CorporationGKOS
NYSE•Healthcare•Medical Devices
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.
Glaukos Corporation (GKOS) reported trailing twelve months revenue of $551.35M as of March 2026, a 36.3% increase year-over-year. Quarterly revenue reached $150.57M, reflecting continued top-line momentum.
Glaukos Corporation reported a TTM net loss of $189.33M, with quarterly EBITDA of $-8.06M. The operating margin expanded from -19.4% to -13.2%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-13.2%) and net margin (-13.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -17.0% a year ago, signaling stronger bottom-line efficiency.
GKOS trades at a P/S of 13.4x. The price-to-book ratio of 11.0x indicates a significant premium over book value.
The company reported negative free cash flow of $-16.48M, indicating cash consumption over the period. The balance sheet shows $893.33M in total assets with no in long-term debt against $670.93M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -30.6%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~61.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 14.4% — significant dilution, likely from stock compensation or capital raises.