Glaukos Corporation (GKOS) AI Stock Analysis

Founded in 1998 and headquartered in San Clemente, California, Glaukos Corporation develops medical technology and pharmaceutical solutions for ophthalmic conditions, including glaucoma, corneal disorders, and retinal diseases. Its core commercial products include the iStent family, such as iStent, iStent inject, and iStent inject W micro-bypass stents, which are implanted during cataract surgery to treat mild-to-moderate open-angle glaucoma. The company is advancing pipeline candidates including iStent Infinite for refractory glaucoma and iDose TR, an injectable micro-scale implant that delivers therapeutic levels of medication to the eye. Glaukos distributes its products globally through direct channels and international distributors.

Revenue increased from $294.0M in FY2021 to $507.4M in FY2025, registering a 5-year revenue CAGR of 17.7%. Top-line growth accelerated to 32.3% in FY2025 following 21.9% growth in FY2024, although revenue dipped 3.8% in FY2022 to $282.9M. Gross margins have remained steady, reporting 77.5% in FY2025. Operating margins were negative across all five years, standing at -17.1% in FY2025, while net loss expanded from -$49.6M in FY2021 to -$187.7M in FY2025. In the latest quarter ended June 30, 2026, quarterly revenue increased 49.5% year-over-year, and trailing twelve-month revenue reached $612.8M with an operating margin of -8.5%.

As of June 30, 2026, Glaukos held $286.2M in cash and short-term investments against $102.8M in total debt, resulting in net cash of $183.4M. Its current ratio was 5.04, and its debt-to-equity ratio stood at 0.15 on shareholders' equity of $682.5M. In FY2025, operating cash flow was -$46.3M and free cash flow was -$54.0M, alongside capital expenditures of $7.7M. Over the trailing five years, the company's share count increased 24.5%.

At a market cap of $9.72B and an enterprise value of $8.87B, Glaukos trades at a price-to-sales multiple of 15.9x and an EV-to-revenue multiple of 14.5x. Its price-to-sales ratio trades at a premium to the median of its US-listed Healthcare peers of 4.1x. The stock closed at $164.84 on October 16, 2026, having generated a 1-year return of 93.2% compared to 16.8% for the S&P 500 (SPY). Over five years, the stock returned 267.8% versus 83.0% for the S&P 500.

Wall Street coverage consists of 10 Strong Buy, 3 Buy, and 1 Hold ratings. The mean price target of $199.31 represents 20.9% upside compared to the last close of $164.84. For the current fiscal year ending December 31, 2026, analysts estimate revenue of $691.7M and an EPS of -$0.29. For the next fiscal year, 13 analysts project revenue of $852.4M and positive EPS of $0.52. Glaukos has beaten EPS estimates in 3 of the last 4 quarters, with the next earnings release scheduled for October 28, 2026.

This page is an AI-written research summary of Glaukos Corporation (GKOS). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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