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Friday 6 November 2026
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Glaukos Corporation
GKOS Healthcare Medical Devices
Glaukos Corporation’s revenue for fiscal 2025 (year ended December 2025) was $507.4 million, up 32.3% from fiscal 2024.
- Revenue
- +58.0%
- EPS
- +110.7%
- Free cash flow
- +411.2%
- Total debt
- −2.25%
Quarter to September 2026, against a year earlier
226.28
6.30
+2.86%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 114 | 159 | 181 | 237 | 225 | 294 | 283 | 315 | 383 | 507 | 690 | +18.0% | 781 | 1,005 | 1,264 | +35.6% | |
| Gross margin, % | 85.86 | 86.78 | 86.17 | 83.72 | 59.23 | 77.34 | 75.61 | 75.99 | 75.48 | 77.97 | 81.13 | (7.9) pt | ||||||
| EBT | 5 | 0 | (12) | (50) | (132) | (49) | (98) | (134) | (146) | (193) | (175) | n/m | ||||||
| EBT margin, % | 3.99 | 0.00 | (6.82) | (21.11) | (58.82) | (16.76) | (34.80) | (42.49) | (37.97) | (38.04) | (25.28) | (42.0) pt | ||||||
| Net income | 5 | 0 | (13) | 15 | (120) | (50) | (99) | (135) | (146) | (188) | (170) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 3.47 | 4.63 | 5.13 | 6.34 | 5.06 | 6.33 | 5.96 | 6.50 | 7.27 | 8.87 | 11.68 | +11.0% | |||||
| Earnings | 0.14 | 0.00 | (0.37) | 0.41 | (2.70) | (1.07) | (2.09) | (2.78) | (2.77) | (3.28) | (2.94) | n/m | ||||||
| Cash flow | 0.37 | 0.76 | 0.53 | (0.01) | (0.52) | 0.53 | (0.70) | (1.19) | (1.16) | (0.26) | 0.81 | n/m | ||||||
| Capex | (0.19) | (0.18) | (0.29) | (0.13) | (0.16) | (1.03) | (0.63) | (0.42) | (0.12) | (0.42) | (0.20) | +9.3% | ||||||
| Free cash flow | 0.18 | 0.58 | 0.24 | (0.14) | (0.67) | (0.50) | (1.33) | (1.61) | (1.28) | (0.68) | 0.61 | n/m | ||||||
| Book value | 3.56 | 4.02 | 4.92 | 18.02 | 15.00 | 12.65 | 11.17 | 9.53 | 14.54 | 11.47 | 12.14 | +13.9% | ||||||
| Shares, m | 33 | 34 | 35 | 37 | 44 | 46 | 47 | 48 | 53 | 57 | 58 | +6.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 253.15 | 0.00 | 0.00 | 160.21 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 41.3 | |||||
| P/S | 9.71 | 5.85 | 10.94 | 8.59 | 14.89 | 7.02 | 7.36 | 11.86 | 20.63 | 12.73 | 18.79 | 11.0 | ||||||
| P/B | 9.47 | 6.74 | 11.41 | 3.02 | 5.02 | 3.51 | 3.93 | 8.08 | 10.31 | 9.84 | 18.08 | 7.1 | ||||||
| EV/Sales | 8.90 | 5.12 | 10.19 | 8.11 | 14.21 | 7.76 | 8.35 | 12.93 | 20.71 | 12.86 | 18.80 | 10.9 | ||||||
| EV/FCF | 168.84 | 41.25 | 216.06 | (377.22) | (106.79) | (98.86) | (37.38) | (52.18) | (117.49) | (167.07) | 360.33 | (53.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 12 | 26 | 19 | 0 | (23) | 25 | (33) | (58) | (61) | (15) | 48 | n/m | |||||
| Capex | (6) | (6) | (10) | (5) | (7) | (48) | (30) | (20) | (6) | (24) | (12) | +16.2% | ||||||
| Free cash flow | 6 | 20 | 9 | (5) | (30) | (23) | (63) | (78) | (68) | (39) | 36 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 103 | 123 | 146 | 205 | 420 | 423 | 372 | 321 | 375 | 374 | 453 | +15.4% | |||||
| Net debt | (96) | (119) | (140) | (116) | (154) | (61) | 1 | 58 | (249) | (211) | (270) | +9.1% | ||||||
| Shareholders’ equity | 117 | 138 | 174 | 673 | 667 | 587 | 530 | 462 | 767 | 656 | 717 | +21.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 3.60 | (0.06) | (6.95) | 3.01 | (13.20) | (4.83) | (9.67) | (13.86) | (15.29) | (20.09) | (17.16) | (23.7) pt | |||||
| ROIC | 12.37 | (7.43) | (24.35) | (5.64) | (15.05) | (3.91) | (9.69) | (15.48) | (14.78) | (28.00) | (24.60) | (40.4) pt | ||||||
| ROE | 4.26 | (0.07) | (8.30) | 3.64 | (17.95) | (7.91) | (17.76) | (27.16) | (23.83) | (26.38) | (22.84) | (30.6) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 264 | 387 | 437 | 600 | 653 | 727 | 783 | 907 | 995 | 1,094 | — | +17.1% | |||||
| Revenue/emp, $m | 0.43 | 0.41 | 0.41 | 0.39 | 0.34 | 0.40 | 0.36 | 0.35 | 0.39 | 0.46 | — | +0.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2016
| United States | 105 | 91.78% |
|---|---|---|
| International | 9 | 8.22% |
| Gross margin | 85.86% | |
| Operating margin | 3.71% | |
| Pre-tax margin | 3.99% |
Glaukos Corporation vs peers in Medical Devices (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ZBH Zimmer Biomet Holdings, Inc. | $20.4B | 26.9× | 18.9× | +3.07% (above 0%: growing) | −13.45% (below 0%: shrinking) | +29.77% (above 0%: growing) | 71.18% | 14.91% | Compare |
| SNN Smith & Nephew SNATS, Inc. | $13.4B | 38.9× | 18.9× | +7.99% (above 0%: growing) | −14.23% (below 0%: shrinking) | +293.94% (above 0%: growing) | 69.42% | 0.00% | Compare |
| GKOS Glaukos Corporation | $13.0B | — (loss-making) | — (loss-making) | +58.03% (above 0%: growing) | n/m | +411.22% (above 0%: growing) | 85.23% | 0.39% | |
| PEN Penumbra, Inc. | $12.7B | 80.3× | 68.7× | +15.64% (above 0%: growing) | −8.29% (below 0%: shrinking) | −37.16% (below 0%: shrinking) | 68.34% | 12.37% | Compare |
| GMED Globus Medical, Inc. | $10.9B | 19.5× | 18.8× | −0.69% (below 0%: shrinking) | +19.32% (above 0%: growing) | +10.10% (above 0%: growing) | 69.50% | 23.25% | Compare |
| PODD Insulet Corporation | $10.8B | 25.2× | 24.4× | +19.21% (above 0%: growing) | +64.06% (above 0%: growing) | −29.81% (below 0%: shrinking) | 75.07% | 22.54% | Compare |
| BIO.B Bio-Rad Laboratories, Inc. | $10.3B | 9.9× | — | +0.52% (above 0%: growing) | n/m | +8.07% (above 0%: growing) | 50.06% | (7.57%) | Compare |
| BIO Bio-Rad Laboratories, Inc. | $9.9B | 9.7× | 44.7× | +0.52% (above 0%: growing) | n/m | +8.07% (above 0%: growing) | 50.06% | (7.57%) | Compare |
| BRKR Bruker Corporation | $8.9B | — (loss-making) | — (loss-making) | +1.57% (above 0%: growing) | n/m | +278.74% (above 0%: growing) | 49.12% | (10.41%) | Compare |
| Median of peers | $10.9B | 25.2× | 21.7× | +2.32% | −8.29% | +9.09% | 68.88% | 6.19% |
From the latest earnings call
- Joseph Gilliam said Epioxa’s launch had exceeded the company’s site-of-care deployment expectations, while its teams were working to streamline payer access and reimbursement.
- Thomas Burns said Glaukos was monitoring proposed iDose TR coverage determinations, while Gilliam said the company’s preliminary revenue outlook considered potential coverage restrictions.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
103.29%
Held by the ten largest
56.77%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 9.54m | 16.21% | +450.03k |
| Vanguard | 6.39m | 10.85% | +178.51k |
| Jupiter Topco | 4.86m | 8.26% | +4.86m |
| PRIMECAP Management | 3.04m | 5.17% | −329.92k |
| State Street | 2.32m | 3.93% | +132.95k |
| Millennium Management | 1.58m | 2.69% | +407.32k |
| Holocene Advisors, LP | 1.51m | 2.57% | +131.22k |
| Geode Capital Management | 1.46m | 2.49% | +107.00k |
| Citadel Advisors | 1.39m | 2.36% | −56.91k |
| Ameriprise (Columbia Threadneedle) | 1.32m | 2.23% | −295.72k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 16 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 12.03m | 9.99m | 150.03 |
| 2024 | 9.03m | 25.16m | 199.23 |
| 2023 | 8.65m | 22.35m | 105.62 |
| 2022 | 6.27m | 5.46m | 58.04 |
| 2021 | 7.26m | (172.50k) | 59.05 |
Ownership
Directors and executive officers, together
5.90%
BlackRock, Inc.
13.90%
The Vanguard Group
8.90%
Primecap Management Co.
5.80%
Janus Henderson Group PLC
5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Glaukos Corporation (GKOS) Latest News
29 Oct
28 Oct
24 Oct
9 Oct
8 Oct
23 Sep
31 Jul
GKOS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Glaukos Corporation develops and sells medical devices and pharmaceutical therapies for eye diseases. Its products are used by ophthalmologists and other eye care professionals, and its primary customers include surgery centers, hospitals and physician practices. The company is headquartered in Aliso Viejo, California, and Thomas W. Burns is its chairman and chief executive officer.
For glaucoma, a disease that can damage the optic nerve and cause vision loss, Glaukos sells the iStent family of small implants. These devices are designed to lower pressure in the eye by improving the drainage of fluid. Some are placed during cataract surgery; iStent infinite can also be used as a standalone procedure for patients whose glaucoma remains uncontrolled after earlier treatment.