Glaukos (GKOS) AI Stock Analysis

• Market Cap: $6.00B
• Dividend Yield: N/A
• Average Volume (3M): 640.75K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: 30.38%
• EPS Growth: 47.64%
• Country: US
• Employees: 995
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.16
• Shares Outstanding: 57,434,740
• 10 Day Avg. Volume: 652,094
• 30 Day Avg. Volume: 640,755
• PEG Ratio: 150.23
• Price to Book (P/B): 10.31
• Price to Sales (P/S): 20.63
• P/FCF Ratio: -116.98
• Enterprise Value/Market Cap: 0.75
• Enterprise Value/Revenue: 9.60
• Enterprise Value/Gross Profit: 12.49
• Enterprise Value/Ebitda: -116.09
• 1Y Price Target: $127.55
• Price Target Upside: 11.42% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): -0.32
• Revenue Forecast (FY): $612.63M

• Rating: 58 Neutral
• Price Target: $115.00 ▲(0.45% Upside)

The score is held back primarily by weak financial performance (ongoing losses and negative operating cash flow) and an earnings-based valuation signal that reflects those losses. Offsetting these are a constructive technical backdrop (longer-term uptrend) and a notably strong earnings call with record sales, raised guidance, and meaningful product milestones, albeit with reimbursement and franchise-transition risks.

Positive Factors

Revenue Momentum

Sustained, double-digit top-line growth and record quarterly sales indicate expanding clinical adoption of core products and effective commercial execution. Over 2-6 months this momentum supports scale benefits, strengthens sales channels, and underpins ability to invest in pipeline and market expansion.

High Gross Margin & Low Leverage

Robust gross margins reflect a high-value, differentiated device franchise while low leverage preserves financial flexibility. Together these durable structural traits allow reinvestment in R&D and commercialization, cushioning the business through product launches and reimbursement cycles over the medium term.

Strategic Product Approval

Regulatory approval of a novel, non‑invasive therapy expands Glaukos’s corneal portfolio and diversifies revenue drivers beyond MIGS devices. This structural product addition enhances long-term growth optionality and can open new payer discussions and clinical pathways over the next several quarters.

Negative Factors

Persistent Losses and Cash Conversion

Ongoing net losses and negative operating cash flow signal that reported earnings aren’t converting to operational liquidity. Over months this can constrain investment pacing, increase reliance on financing or cash reserves, and limit the firm’s ability to scale commercial programs sustainably.

Reimbursement and Access Risk for Epioxa

High list pricing and unclear professional fee pathways create structural uptake risk for Epioxa. Without durable payer coverage and provider reimbursement frameworks, adoption could be muted, limiting revenue realization from this FDA approval and pressuring long-term margin and cash generation.

Corneal Franchise Transition Risk

A franchise transition that produces near-term revenue declines reflects execution and market-shift risk. Persisting transition effects can destabilize the corneal revenue base, complicate forecasting, and require sustained commercial effort to rebuild volumes and payer acceptance over subsequent quarters.

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 W micro-bypass stents that enhance aqueous humor outflow inserted in cataract surgery to treat mild-to-moderate open-angle glaucoma. The company's product pipeline includes iStent Infinite, a three stents product that is designed for use as a standalone procedure in patients with refractory glaucoma; and iDose TR, a targeted injectable implant based on its micro-scale device-platform that is designed to deliver therapeutic levels of medication. The company markets its products through direct sales organization, as well as through distributors in the United States and internationally. Glaukos Corporation was incorporated in 1998 and is headquartered in San Clemente, California.

How the Company Makes Money

Glaukos generates revenue primarily through the sale of its medical devices and surgical products for the treatment of glaucoma. The company's key revenue streams include direct sales of its iStent and iStent inject devices, which are used in minimally invasive surgical procedures. Additionally, Glaukos may receive revenue from partnerships and collaborations with healthcare providers and institutions that utilize its products in clinical settings. The company benefits from a growing patient population with glaucoma and increased adoption of MIGS procedures, which contributes to its earnings. Strategic partnerships with ophthalmic practices and health systems also play a significant role in expanding its market presence and driving sales.

Glaukos Financial Statement Overview

Summary

Glaukos shows potential with revenue growth and a strong gross profit margin. However, profitability issues and negative cash flow highlight significant operational inefficiencies and cash constraints.

Income Statement

Glaukos shows a positive revenue growth trend with a TTM growth rate of 8.52%, indicating potential market expansion. However, the company struggles with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin remains strong at 76.87%, but the persistent negative net income highlights challenges in cost management and operational efficiency.

Balance Sheet

The balance sheet reflects a stable financial structure with a low debt-to-equity ratio of 0.14, suggesting manageable leverage. However, the negative return on equity indicates inefficiencies in generating profits from shareholders' investments. The equity ratio of 76.98% shows a strong equity base, providing a cushion against financial volatility.

Cash Flow

Cash flow analysis reveals a challenging scenario with negative operating cash flow, indicating operational cash constraints. Despite a positive free cash flow growth rate, the company struggles to convert net income into cash, as shown by the negative operating cash flow to net income ratio. The free cash flow to net income ratio above 1 suggests reliance on non-operational cash inflows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	469.82M	383.48M	314.71M	282.86M	294.01M	224.96M
Gross Profit	361.14M	289.45M	239.14M	213.88M	227.38M	133.24M
EBITDA	-38.86M	-95.64M	-82.12M	-48.76M	-1.47M	-83.59M
Net Income	-87.61M	-146.37M	-134.66M	-99.19M	-49.59M	-120.35M
Balance Sheet
Total Assets	999.38M	974.76M	940.41M	1.07B	1.13B	1.01B
Cash, Cash Equivalents and Short-Term Investments	273.71M	318.92M	295.43M	352.69M	414.05M	404.37M
Total Debt	104.31M	105.87M	383.74M	382.91M	383.38M	272.00M
Total Liabilities	229.84M	207.82M	478.65M	544.16M	541.68M	338.05M
Stockholders Equity	769.54M	766.93M	461.77M	530.00M	587.15M	667.45M
Cash Flow
Free Cash Flow	-27.61M	-67.62M	-78.01M	-63.35M	-23.08M	-29.92M
Operating Cash Flow	-21.13M	-61.32M	-57.76M	-33.08M	24.71M	-22.99M
Investing Cash Flow	-49.94M	47.83M	14.10M	44.78M	-58.23M	-205.06M
Financing Cash Flow	69.57M	91.54M	15.04M	6.25M	39.26M	262.54M

Glaukos Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 114.48
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 114.48 is above the 20-day moving average (MA) of 113.35, above the 50-day MA of 104.92, and above the 200-day MA of 94.63, indicating a bullish trend. The MACD of 1.27 indicates Positive momentum. The RSI at 57.28 is Neutral, neither overbought nor oversold. The STOCH value of 57.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GKOS.

Glaukos Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UFPT	75 Outperform	$2.01B	29.83	18.31%	―	29.47%	23.24%
ITGR	65 Neutral	$2.97B	35.70	5.18%	―	7.81%	-26.32%
LIVN	63 Neutral	$3.32B	-15.76	-17.63%	―	8.97%	-1024.86%
TNDM	61 Neutral	$1.42B	-6.91	-109.73%	―	17.87%	-57.03%
GKOS	58 Neutral	$6.00B	―	-12.19%	―	30.38%	47.64%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IRTC	51 Neutral	$5.26B	―	-53.15%	―	25.45%	66.62%

Glaukos Corporate Events

Glaukos Reports Strong Preliminary Q4 and 2025 Sales Growth

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 in international glaucoma sales and $24 million in corneal health revenue. For full-year 2025, net sales are expected to reach approximately $507 million, a 32% increase over 2024, with $299 million in U.S. glaucoma sales (including $136 million from iDose TR), $122 million in international glaucoma sales and $86 million in corneal health sales; the company ended the year with roughly $283 million in cash and no debt, reaffirmed its 2026 revenue guidance of $600 million to $620 million, and plans to report final fourth-quarter and full-year 2025 results on February 17, 2026, underscoring strong execution and momentum in its core glaucoma and corneal health franchises.

The most recent analyst rating on (GKOS) stock is a Buy with a $138.00 price target. To see the full list of analyst forecasts on Glaukos stock, see the GKOS Stock Forecast page.

Glaukos Highlights Innovation in November 2025 Presentation

Glaukos Corporation has announced its November 2025 Investor Presentation, highlighting its commitment to innovation in chronic eye disease treatments. The company emphasizes its strategic focus on commercial excellence and the development of groundbreaking therapies like the iDose TR, which aims to improve patient compliance and outcomes in glaucoma treatment. The presentation underscores Glaukos’s efforts to expand its market presence and enhance its product offerings, which could significantly impact its operations and industry positioning.

The most recent analyst rating on (GKOS) stock is a Hold with a $89.00 price target. To see the full list of analyst forecasts on Glaukos stock, see the GKOS Stock Forecast page.

Glaukos Reports Record Q3 2025 Sales Growth

In its third quarter of 2025, Glaukos reported record net sales of $133.5 million, marking a 38% increase year-over-year. The company raised its 2025 net sales guidance and introduced preliminary 2026 guidance, reflecting strong business momentum and strategic execution. Despite a net loss, the company showed improved financial performance compared to the previous year, with increased sales, gross margins, and reduced operating losses.

The most recent analyst rating on (GKOS) stock is a Buy with a $120.00 price target. To see the full list of analyst forecasts on Glaukos stock, see the GKOS Stock Forecast page.