One-glance verdict
Overvalued
$13.24 our estimate vs market $154.43
Wall Street consensus: $198.69 (1,401.1% higher than our fair-value estimate)
1067% above our estimate, beyond the bull case
Fundamentals snapshot
Glaukos Corporation
GKOS · NYQ · Healthcare · Medical Devices
Current price
$154.43
52-week range
$73.16 - $191.62
Market cap
$9.11B
Balance sheet
Healthy
-43.06x Concerning
Net cash $178.62M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Revenue grew 20.8% last year.
- Reward Free cash flow was positive in 3/10 years.
- Risk Return on equity was -26.0% last year — the company lost money on shareholders' equity.
What this company does
Glaukos Corporation
Glaukos makes tiny medical devices and medicines to treat serious eye diseases, primarily glaucoma (a condition that damages the eye and can cause blindness). The company earns its money by selling products like the iStent, a microscopic tube that helps relieve eye pressure, to hospitals and eye surgeons. As the population ages, the number of people with these types of eye conditions is expected to grow, which could increase the need for Glaukos's specialized treatments.
How the company got here
Glaukos was founded in 1998 with the goal of creating better treatments for glaucoma, a leading cause of blindness. A major breakthrough came in 2012 when the U.S. Food and Drug Administration (FDA) approved its first device, the iStent. This established a new category of treatment called Micro-Invasive Glaucoma Surgery (MIGS), which is less invasive than traditional surgery. The company went public in 2015, and in 2019, it expanded beyond glaucoma by acquiring Avedro, a company focused on corneal health. More recently, Glaukos has received FDA approvals for new glaucoma treatments, iStent infinite and iDose TR, further solidifying its position in the eye care market.
What it actually does
Glaukos develops and sells tiny medical devices and pharmaceuticals to treat eye diseases. Think of it as a company that creates miniature solutions for complex eye problems, helping to preserve vision for people with conditions like glaucoma and corneal disorders. Its products are used by eye surgeons in hospitals and surgery centers. Instead of relying on daily eye drops, which can be difficult for patients to use consistently, Glaukos focuses on one-time, minimally invasive procedures.
Glaucoma
This is the company's largest and original business, making up the majority of its sales. It creates tiny devices, like the iStent, which are surgically implanted to help drain fluid from the eye and reduce pressure caused by glaucoma. More recently, it introduced iDose TR, a tiny implant that automatically delivers medication from inside the eye for an extended period. Eye surgeons are the primary customers for these products, which are used during procedures in surgery centers and hospitals.
Corneal Health
This part of the business focuses on treating problems with the cornea, the clear front part of the eye. Its main product is a therapy called corneal cross-linking, which is used to treat a rare condition called keratoconus that can distort vision. This treatment works by strengthening the cornea to prevent it from changing shape. This business line was added through the acquisition of a company called Avedro and represents a significant expansion for Glaukos beyond its original glaucoma focus.
What management is betting on now
The company is heavily focused on the launch and adoption of its new glaucoma treatment, iDose TR, which offers a long-term alternative to daily eye drops. They are also working on developing the next generation of their glaucoma and corneal health products to stay ahead of the competition. Another key priority is expanding their business in international markets where there is a growing need for their treatments. In the long term, Glaukos is exploring how its technology can be used to treat other eye conditions, such as retinal diseases.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-11.04M
FY2024 Q4
$-1.23M
FY2025 Q1
$-20.46M
FY2025 Q2
$5.80M
FY2025 Q3
$-11.72M
FY2025 Q4
$3.93M
FY2026 Q1
$-16.48M
FY2026 Q2
$12.09M
Revenue
$185.61M
Net income
$-18.38M
Diluted EPS
-0.31
Operating cash flow
$14.82M
Free cash flow
$12.09M
Fetching…
Sources
Revenue
$150.57M
Net income
$-19.78M
Diluted EPS
-0.34
Operating cash flow
$-12.53M
Free cash flow
$-16.48M
Fetching…
Sources
Revenue
$143.12M
Net income
$-133.66M
Diluted EPS
-2.34
Operating cash flow
$6.84M
Free cash flow
$3.93M
Fetching…
Sources
Revenue
$133.54M
Net income
$-16.23M
Diluted EPS
-0.28
Operating cash flow
$-10.09M
Free cash flow
$-11.72M
Fetching…
Sources
Revenue
$124.12M
Net income
$-19.66M
Diluted EPS
-0.34
Operating cash flow
$6.98M
Free cash flow
$5.80M
Fetching…
Sources
Revenue
$106.66M
Net income
$-18.15M
Diluted EPS
-0.32
Operating cash flow
$-18.52M
Free cash flow
$-20.46M
Fetching…
Sources
Revenue
$105.50M
Net income
$-33.58M
Diluted EPS
-0.56
Operating cash flow
$507.00K
Free cash flow
$-1.23M
Fetching…
Sources
Revenue
$96.67M
Net income
$-21.41M
Diluted EPS
-0.39
Operating cash flow
$-9.59M
Free cash flow
$-11.04M
Fetching…
Sources
Is it cheap or expensive?
Fair value $13.24 vs current price $154.43
Wall Street consensus is the average analyst price target: $198.69 (1,401.1% higher than our fair-value estimate).
Our most-likely fair value is $13.24 a share — about 91.4% below today's price of $154.43, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $178.6M - more cash than debt. Interest coverage -43.1x.
Net debt
$-178.62M
Interest coverage
-43.06x
Glaukos Corporation's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
GKOS
BASELINE
Glaukos Corporation
Total debt $107.60M Interest coverage -43.06x This is the baseline the peer rows are being compared against.
Total debt $41.97M Interest coverage -7.21x Neither company has much profit cushion over interest right now.
Total debt $5.30B Interest coverage 6.67x This peer still has a real interest-payment cushion, while GKOS does not.
Total debt $5.11B Interest coverage 0.45x This peer still has a real interest-payment cushion, while GKOS does not.
Total debt $35.94M Interest coverage -10.00x Neither company has much profit cushion over interest right now.
Total debt $22.37M Interest coverage -7,376.79x Neither company has much profit cushion over interest right now.
What you should know
The case for and against GKOS
2 Rewards
1 Risk
Rewards
-
Revenue grew 20.8% last year.
-
Free cash flow was positive in 3/10 years.
Risks
-
Return on equity was -26.0% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
305.28x
P/B
13.32x
P/S
14.86x
EV/EBITDA
-241.08x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
79.1%
Operating margin
-8.5%
Net margin
-30.7%
ROE
-26.0%
ROA
-5.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.16x
Current ratio
5.04x
Quick ratio
4.16x
Total debt
$107.60M
Total cash
$286.23M
Growth
How the business has been compounding
Revenue TTM
$612.84M
Revenue 5Y CAGR
14.6%
EPS TTM
-3.27
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-950.00K
Free CF TTM
$-22.45M
FCF margin
-3.7%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
—