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Glaukos

GKOS NYSE Health Care Equipment Financials FY2016–FY2025

Glaukos' revenue rose 32.3% to $507 million in fiscal 2025. Its operating margin was −39.3%, down from −31.9% a year earlier. Free cash flow was −$22 million. The diluted share count rose 8.4%.

Last close · Oct 23, 2026

$178.88

1.2%
Value it Compare
Revenue Total sales reported in the income statement.
$507M
32.3% vs prior year
Operating margin Operating income as a share of revenue.
−39.3%
7.4 pts
Net income Profit after all expenses, interest and tax.
−$188M
Free cash flow Cash from operations minus capital spending.
−$22.5M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$10.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Glaukos does

No business description yet.

Legal name
GLAUKOS Corp
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-061944
0001192448

Revenue and margins

Glaukos had $507M of revenue in fiscal 2025, up 32.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$22.5M in fiscal 2025, −4.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Glaukos returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 8.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Glaukos yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 57.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Glaukos can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $424M$120M$93.5M$170M$90.8M
Debt incl. finance leases $353M$354M$354M——
Debt / equity 0.6x0.7x0.8x——
Interest coverage −2.5x−6.0x−9.4x−12.2x−43.1x
Current ratio 7.7x6.1x5.3x6.0x4.7x
Quick ratio 7.3x5.6x4.8x5.2x4.1x
Total assets $1.0B$1.0B$940M$975M$894M
Total liabilities $463M$472M$479M$208M$237M
Shareholders' equity $587M$530M$462M$767M$656M
Net debt (− = net cash) −$70.8M$234M$261M——

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$22.9M

5 insiders

Of sales under plans

40%

$9.0M

DateInsiderTradeSharesPriceValueFiling
Sep 25, 2026 Tomas NavratilChief Development Officer Sold plan 1,615 $154.28 $0.2M Form 4
Sep 16, 2026 Tomas NavratilChief Development Officer Sold plan 1,457 $166.92 $0.2M Form 4
Aug 28, 2026 Tomas NavratilChief Development Officer Sold 13,744 $180.67 $2.5M Form 4
Aug 19, 2026 Gilbert H KlimanDirector Sold 2,500 $190.00 $0.5M Form 4
Aug 11, 2026 Joseph E GilliamPresident & COO Sold 60,000 $179.74 $10.8M Form 4
Aug 7, 2026 Alex R. ThurmanSVP & Chief Financial Officer Sold plan 20,000 $180.13 $3.6M Form 4
Jul 31, 2026 Leana WenDirector Sold 525 $167.63 $0.1M Form 4
Jul 16, 2026 Alex R. ThurmanSVP & Chief Financial Officer Sold plan 10,000 $160.00 $1.6M Form 4
Jul 9, 2026 Alex R. ThurmanSVP & Chief Financial Officer Sold plan 10,000 $155.00 $1.6M Form 4
Jul 6, 2026 Alex R. ThurmanSVP & Chief Financial Officer Sold plan 10,000 $150.00 $1.5M Form 4
Jul 1, 2026 Tomas NavratilChief Development Officer Sold plan 716 $139.06 $0.1M Form 4
Jun 16, 2026 Tomas NavratilChief Development Officer Sold plan 1,537 $130.68 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✕
Cash from operations is positive ✕ ✕ ✕
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ — —
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 3 / 9— / 9— / 9
Accruals ratio −7.9%−8.9%−18.5%
Altman Z'' 0.263.060.74

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Glaukos GKOS $10.5B 32.3% −39.3% −4.4% — — —
Artivion AORT $1.1B 13.6% 7.7% 0.2% 3.9% — 7 Compare →
Inspire Medical Systems INSP $2.1B 13.6% 5.6% 8.6% 14.2% 15.7x 5 Compare →
LeMaitre Vascular LMAT $2.1B 13.5% 27.2% 29.8% 25.5% 29.6x 5 Compare →
CONMED CNMD $1.5B 5.2% 7.5% 11.0% 3.7% 32.6x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $114M $159M $181M $237M $225M $294M $283M $315M $384M $507M
Gross profit $98.2M $138M $156M $198M $133M $227M $214M $239M $290M $283M
Research and development $29.2M $38.9M $49.7M $68.3M $85.4M $101M $123M $139M $136M $151M
Operating income $4.2M −$2.3M −$13.0M −$50.3M −$124M −$32.9M −$82.3M −$129M −$122M −$200M
Interest expense $0.3M — — $2.6M $14.1M $13.4M $13.7M $13.6M $10.0M $4.6M
Pretax income $4.6M $0.0M −$12.4M −$50.0M −$132M −$49.3M −$98.4M −$134M −$146M −$193M
Income tax $0.0M $0.1M $0.6M −$65.5M −$12.0M $0.3M $0.8M $0.9M $0.8M −$5.4M
Net income $4.5M −$0.1M −$13.0M $15.4M −$120M −$49.6M −$99.2M −$135M −$146M −$188M
Diluted EPS $0.12 $0.00 −$0.37 $0.37 −$2.70 −$1.07 −$2.09 −$2.78 −$2.77 −$3.28
Diluted shares 0.04B 0.03B 0.04B 0.04B 0.04B 0.05B 0.05B 0.05B 0.05B 0.06B
Cash flow
Cash from operations $12.3M $26.1M $18.9M −$0.4M −$23.0M $24.7M −$33.1M −$57.8M −$61.3M −$14.8M
Capital expenditure $6.3M $6.3M $10.3M $4.7M $6.9M $47.8M $30.3M $20.2M $6.3M $7.7M
Free cash flow $6.0M $19.8M $8.6M −$5.1M −$29.9M −$23.1M −$63.4M −$78.0M −$67.6M −$22.5M
Depreciation and amortization $4.7M $5.5M $6.3M $6.3M $29.4M $29.7M $31.6M $33.7M $35.6M $38.1M
Stock-based compensation $8.8M $17.6M $25.7M $36.4M $46.5M $30.1M $38.6M $43.5M $50.2M $63.2M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $12.4M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $95.8M $119M $149M $183M $414M $424M $120M $93.5M $170M $90.8M
Total debt — — — — $189M $280M $281M $283M — —
Finance lease liabilities $0.0M $0.0M $0.0M $58.4M $60.7M $72.7M $72.2M $71.5M $70.6M $69.5M
Current assets $120M $150M $177M $263M $469M $486M $444M $396M $450M $475M
Current liabilities $16.9M $26.8M $30.4M $57.7M $49.7M $63.4M $72.4M $74.0M $75.1M $101M
Inventory $6.8M $11.2M $13.3M $42.6M $15.8M $23.0M $37.8M $42.0M $57.7M $63.6M
Property and equipment, net $7.6M $11.8M $19.2M $22.1M $24.0M $69.0M $94.4M $103M $97.9M $113M
Total assets $134M $166M $207M $818M $1.0B $1.0B $1.0B $940M $975M $894M
Total liabilities $17.1M $27.6M $33.1M $145M $338M $463M $472M $479M $208M $237M
Shareholders' equity $117M $138M $174M $673M $667M $587M $530M $462M $767M $656M
Margins
Gross margin 85.9% 86.8% 86.2% 83.7% 59.2% 77.3% 75.6% 76.0% 75.5% 55.7%
Operating margin 3.7% −1.4% −7.2% −21.2% −54.9% −11.2% −29.1% −40.9% −31.9% −39.3%
EBITDA margin 7.8% 2.0% −3.7% −18.6% −41.9% −1.1% −17.9% −30.2% −22.6% −31.8%
Net margin 4.0% −0.1% −7.1% 6.5% −53.5% −16.9% −35.1% −42.8% −38.2% −37.0%
FCF margin 5.3% 12.4% 4.7% −2.2% −13.3% −7.9% −22.4% −24.8% −17.6% −4.4%
Returns
Return on capital — — — — — −5.1% −10.2% −13.7% — —
Return on capital employed 4.0% −1.8% −8.2% −10.7% −14.4% −3.4% −8.6% −14.3% −13.9% −23.6%
Return on equity 4.3% −0.1% −8.3% 3.6% −18.0% −7.9% −17.8% −27.2% −23.8% −26.4%
Return on assets 3.6% −0.1% −7.0% 3.0% −13.2% −4.8% −9.7% −13.9% −15.3% −20.1%
Growth
Revenue growth 59.6% 39.2% 13.8% 30.7% −5.1% 30.7% −3.8% 11.3% 21.9% 32.3%
Net income growth — −102.0% — — −880.3% — — — — —
EPS growth — −100.0% — — −829.7% — — — — —
FCF growth — 228.0% −56.8% −159.6% — — — — — —
Share count change 108.7% −5.7% 2.7% 16.5% 8.2% 4.3% 2.2% 2.1% 8.9% 8.4%
Financial health
Debt / equity — — — — 0.4x 0.6x 0.7x 0.8x — —
Interest coverage 14.9x — — −19.6x −8.8x −2.5x −6.0x −9.4x −12.2x −43.1x
Current ratio 7.1x 5.6x 5.8x 4.6x 9.5x 7.7x 6.1x 5.3x 6.0x 4.7x
Quick ratio 6.7x 5.2x 5.4x 3.8x 9.1x 7.3x 5.6x 4.8x 5.2x 4.1x
Capital allocation
Capex / revenue 5.5% 4.0% 5.7% 2.0% 3.1% 16.3% 10.7% 6.4% 1.6% 1.5%
Stock comp / revenue 7.7% 11.1% 14.2% 15.4% 20.7% 10.3% 13.6% 13.8% 13.1% 12.5%
Payouts / FCF 0.0% 0.0% 0.0% — — — — — — —
Quality scores
Piotroski F-score — — — — — 5.0 1.0 3.0 — —
Altman Z'' 7.8 6.2 6.5 5.4 3.0 2.6 1.6 0.3 3.1 0.7
Accruals ratio −6.2% −17.4% −17.1% 3.1% −10.7% −7.2% −6.4% −7.9% −8.9% −18.5%

Source: SEC EDGAR XBRL filings (CIK 0001192448). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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