Glaukos Corporation (GKOS) vs Penumbra, Inc. (PEN)

Glaukos Corporation and Penumbra, Inc. are both Medical Devices companies. Penumbra, Inc. is the larger, with a market value of $12.6B against $9.1B — 1.4× the size. Glaukos Corporation has negative trailing earnings, so its P/E is not meaningful; Penumbra, Inc. trades at 78.0×. Glaukos Corporation grew revenue faster over the last twelve months: 41.6% against 17.6%. Penumbra, Inc. has the higher net margin (10.7% vs −30.7%) and the higher return on invested capital (13.1% vs −26.1%). Across the 18 metrics below, Penumbra, Inc. leads on 16 and Glaukos Corporation on 2.

Valuation

Metric GKOS PEN Medical Devices median
P/E n/m 77.97 22.18
P/S 14.82 8.34 2.70
P/B 13.31 8.20 2.46
Price to free cash flow n/m 58.13 22.53
EV/EBITDA n/m 58.25 11.78
EV/Sales 14.46 7.91 2.38
Earnings yield (2.10%) 1.28% (8.22%)
Free cash flow yield (0.13%) 1.72% (7.80%)

Profitability

Metric GKOS PEN Medical Devices median
Gross margin 79.12% 67.84% 56.01%
Operating margin (31.55%) 12.45% (15.03%)
Net margin (30.68%) 10.67% (20.40%)
Free cash flow margin (1.99%) 14.35% (7.24%)
Return on equity (25.98%) 11.37% (15.32%)
Return on assets (19.72%) 8.80% (19.72%)
Return on invested capital (26.07%) 13.13% (10.33%)

Growth

Metric GKOS PEN Medical Devices median
Revenue growth (TTM) 41.55% 17.55% 8.80%
EPS growth (last fiscal year) (18.41%) 1,155.56% —
Revenue growth, 5-year CAGR 17.67% 20.16% 15.23%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric GKOS PEN Medical Devices median
Debt to equity 0.10 0.01 0.07
Current ratio 5.04 5.75 2.50
Net debt to EBITDA 1.31 (2.54) 0.49

Dividend

Metric GKOS PEN Medical Devices median
Dividend yield — — 0.94%
Payout ratio 0.00 0.00 0.00

Size

Metric GKOS PEN Medical Devices median
Market cap 9.14b 12.59b 172.91m

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