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.
as of March 2026
Are revenues and earnings expanding?
$551.35M in TTM revenue grew 36.3% YoY, reaching $150.57M last quarter. TTM EBITDA of $-157.12M on operating income of $-19.86M shows growth is flowing through. However, net income is negative at $189.33M — growth is not yet reaching the bottom line. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of -13.2% is up 6.2% YoY — cost efficiency is improving. Net margin at -13.1% and gross margin of 77.9%. Negative ROE of -28.2% indicates shareholder value is being eroded.
Is the stock cheap or expensive?
P/S of 13.4x and P/B of 11.0x. A high P/S suggests growth expectations are priced in.
Is the company financially stable?
Is the business self-funding?
FCF of $-16.48M on $-12.53M in operating cash flow. The FCF / Net Income ratio of 0.1x indicates partial cash conversion — earnings quality needs attention. Cash reserves of $104.25M provide financial flexibility. Shares outstanding rose 2.4% YoY — shareholder dilution is eroding per-share value.
Competitive analysis based on 44 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.
Data-driven red flags and warnings across 44 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation
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.