Glaukos (GKOS)
NYSE:GKOS
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Glaukos
(NYSE:GKOS)
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Rating:59Neutral
Price Target:
$110.00
▼(-5.50% Downside)
Action:ReiteratedDate:03/02/26
The score is driven mainly by weak fundamentals (losses, margin compression, and negative cash flow) despite strong revenue growth and improving leverage. Technicals are supportive with the stock in a clear uptrend, and the latest earnings call reinforced a positive growth outlook for 2026, but valuation remains constrained by ongoing unprofitability.
Positive Factors
Revenue Growth
Sustained high-teens to 30%+ revenue growth demonstrates scalable demand for Glaukos’ procedure-based ophthalmic products. Durable top-line expansion supports reinvestment in launches and R&D, improving odds of eventual operating leverage as new franchises (iDose, Epioxa) scale.
Negative Factors
Persistent Losses & Negative Cash Flow
Continued sizable GAAP losses and negative operating/free cash flow mean the company still requires external capital or sustained operational improvement to reach cash-flow breakeven. This constrains flexibility for opportunistic investment and increases execution risk during multi-year launches.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained high-teens to 30%+ revenue growth demonstrates scalable demand for Glaukos’ procedure-based ophthalmic products. Durable top-line expansion supports reinvestment in launches and R&D, improving odds of eventual operating leverage as new franchises (iDose, Epioxa) scale.
Read all positive factors
Glaukos (GKOS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.76B
Dividend YieldN/A
Average Volume (3M)702.88K
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth30.38%
EPS Growth47.64%
CountryUS
Employees995
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.28
Shares Outstanding58,078,810
10 Day Avg. Volume669,029
30 Day Avg. Volume702,879
Financial Highlights & Ratios
PEG Ratio-1.87
Price to Book (P/B)9.84
Price to Sales (P/S)12.73
P/FCF Ratio-119.57
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue13.42
Enterprise Value/Gross Profit16.84
Enterprise Value/Ebitda-46.56
Forecast
1Y Price Target
$132.78Price Target Upside14.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.54
Revenue Forecast (FY)$613.25M
Glaukos Business Overview & Revenue Model
Company Description
Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company, focuses on the development of novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. It offers iStent, iStent inject, iStent inject ...
How the Company Makes Money
Glaukos makes money primarily by selling ophthalmic products to hospitals, ambulatory surgery centers, and eye-care providers through direct sales and distribution channels. Its largest revenue stream has historically been product revenue from its...
Glaukos Key Performance Indicators (KPIs)
Glaukos Earnings Call Summary
Earnings Call Date:Feb 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call reported multiple substantial positive developments: record Q4 and FY2025 revenue, strong iDose TR adoption and revenue (~$136M in 2025), FDA approval and active commercial launch progress for Epioxa, tangible early payer engagement and site deployments, and continued pipeline momentum across several programs. Challenges and near-term headwinds were acknowledged — including Q4 iDose sequential dynamics, expected transition volatility from Photrexa to Epioxa (temporary misc J-code impacts and prior-authorization delays), international competitive trialing, and higher OpEx to support launches. Overall, the positives (record results, robust product momentum, successful approval and launch activities, and clear guidance) materially outweigh the manageable and largely execution/timing-related lowlights.Positive Updates
Record Quarterly and Annual Revenue
Q4 2025 consolidated net sales of $143.1M (record) — up 36% reported / 34% constant currency vs. year-ago quarter. Full-year 2025 consolidated net sales of $507.4M (record) — up 32% vs. 2024.
Negative Updates
Q4 iDose Sequential Deceleration and Mix Dynamics
Management noted a sequential deceleration signal in iDose in Q4 (although still positive sequential growth "north of 10%"), attributed to mix shift toward Medicare Advantage and rep incentive timing (pull into Q3 / pullout into Q4).
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Annual Revenue
Q4 2025 consolidated net sales of $143.1M (record) — up 36% reported / 34% constant currency vs. year-ago quarter. Full-year 2025 consolidated net sales of $507.4M (record) — up 32% vs. 2024.
Read all positive updates
Company Guidance
Glaukos reaffirmed FY2026 net sales guidance of $600–$620 million (midpoint implying >20% YoY growth), after record FY2025 consolidated net sales of $507.4 million (+32% vs. 2024) and Q4’25 net sales of $143.1 million (+36% reported, +34% constant currency). Management expects U.S. glaucoma to grow ~30% in 2026 driven entirely by iDose TR (iDose TR sales ≈ $45M in Q4 and ≈ $136M in 2025) with sequential quarterly growth for iDose throughout 2026; international glaucoma is expected to be high single‑digit growth (Q4’25 international sales $32.8M, +18% reported / +13% cc); corneal health is expected to grow modestly (Q4’25 corneal sales $24.0M, Photrexa $21.4M) but with a Q2 transition dip, flatter Q3 as the permanent J‑code is established (permanent J‑code expected July 2026) and a stronger exit in Q4. Management also guided to mid‑teens % YoY operating expense growth as it balances launch investments with cash‑flow goals, noted Epioxa equipment deployments already cover nearly 50% of the U.S. population (pipeline to approach ~90%), reported payer engagement representing ~50% of commercially covered lives (including 4 of the top 5), announced a $0 co‑pay program for eligible patients, and highlighted FDA approval of unlimited re‑administration labeling for iDose TR — all cited as drivers and risks reflected in the guidance.Glaukos Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
62
Positive
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 507.44M | 383.48M | 314.71M | 282.86M | 294.01M |
| Gross Profit | 282.76M | 289.45M | 239.14M | 213.88M | 227.38M |
| EBITDA | -150.31M | -95.64M | -82.12M | -48.76M | -1.47M |
| Net Income | -187.69M | -146.37M | -134.66M | -99.19M | -49.59M |
Balance Sheet | |||||
| Total Assets | 893.49M | 974.76M | 940.41M | 1.07B | 1.13B |
| Cash, Cash Equivalents and Short-Term Investments | 278.76M | 318.92M | 295.43M | 352.69M | 414.05M |
| Total Debt | 139.64M | 105.87M | 383.74M | 382.91M | 383.38M |
| Total Liabilities | 237.33M | 207.82M | 478.65M | 544.16M | 541.68M |
| Stockholders Equity | 656.15M | 766.93M | 461.77M | 530.00M | 587.15M |
Cash Flow | |||||
| Free Cash Flow | -54.01M | -67.62M | -78.01M | -63.35M | -23.08M |
| Operating Cash Flow | -46.34M | -61.32M | -57.76M | -33.08M | 24.71M |
| Investing Cash Flow | -77.61M | 47.83M | 14.10M | 44.78M | -58.23M |
| Financing Cash Flow | 11.89M | 91.54M | 15.04M | 6.25M | 39.26M |
Glaukos Technical Analysis
Positive
116.40
Price Trends
111.59
Positive
111.07
Positive
100.36
Positive
Market Momentum
2.07
Negative
57.97
Neutral
76.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GKOS, the sentiment is Positive. The current price of 116.4 is above the 20-day moving average (MA) of 108.10, above the 50-day MA of 111.59, and above the 200-day MA of 100.36, indicating a bullish trend. The MACD of 2.07 indicates Negative momentum. The RSI at 57.97 is Neutral, neither overbought nor oversold. The STOCH value of 76.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GKOS.
Glaukos Risk Analysis
Glaukos disclosed 25 risk factors in its most recent earnings report. Glaukos reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Glaukos Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $1.55B | 25.04 | 17.36% | ― | 29.47% | 23.24% | |
68 Neutral | $3.43B | 27.15 | -21.49% | ― | 8.97% | -1024.86% | |
66 Neutral | $2.93B | 26.50 | 6.05% | ― | 7.81% | -26.32% | |
59 Neutral | $6.76B | -34.40 | -25.41% | ― | 30.38% | 47.64% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $3.72B | -127.47 | -38.33% | ― | 25.45% | 66.62% | |
45 Neutral | $1.31B | -7.22 | -141.98% | ― | 17.87% | -57.03% |
* Healthcare Sector Average
GKOS
Glaukos
116.40
26.33
29.23%
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Glaukos Corporate Events
Business Operations and StrategyProduct-Related Announcements
Glaukos Highlights Interventional Ophthalmology Strategy in Investor Update
Positive
Mar 2, 2026
Glaukos Corporation released an investor presentation in March 2026 outlining its strategy to transform glaucoma and keratoconus care through interventional, dropless therapies and to build durable new markets in ophthalmology. The company emphasi...
Business Operations and StrategyFinancial Disclosures
Glaukos Reports Record Q4 Sales, Reaffirms 2026 Outlook
Positive
Feb 17, 2026
On February 17, 2026, Glaukos reported record fourth-quarter 2025 net sales of $143.1 million, up 36% year over year, driven by a 42% surge in glaucoma revenue and 53% growth in U.S. glaucoma sales, while full-year 2025 revenue climbed 32% to $507...
Business Operations and StrategyFinancial Disclosures
Glaukos Reports Strong Preliminary Q4 and 2025 Sales Growth
Positive
Jan 13, 2026
On January 13, 2026, Glaukos announced preliminary, unaudited results showing fourth-quarter 2025 net sales of about $143 million, up 36% year-on-year, driven by $86 million in U.S. glaucoma sales including $45 million from iDose TR, $33 million i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.