GLAUKOS Corp (GKOS)

Price$176.91Cached quoteAs of 2026-09-04 16:23 UTC

AI: Overvalued

Price checkThe shares look expensive because investors already pay heavily for future profits.

Using about 58.9 million shares outstanding, the observed quote implies a market value near $10.7 billion. Against the $690 million midpoint of 2026 sales guidance, that is about 15.5 times annual sales, despite continued losses. A simple profit test is demanding: if Glaukos eventually kept 25 cents of each sales dollar as profit and investors paid $30 for each $1 of profit, today's value would still require about $1.4 billion of yearly sales—more than twice current guidance. (marketwatch.com)

Big pictureSales are accelerating fast, but durable profit and cash generation remain unproven.

Revenue rose from $225 million in 2020 to $507 million in 2025, then reached $336 million in the first half of 2026. Second-quarter sales were roughly 50% above the prior year. Yet every full year supplied shows a net loss. Free cash flow—cash left after running and investing in the business—was about negative $22 million in 2025 and negative $4 million in the first half of 2026, although the second quarter alone turned positive near $12 million. Demand is less tied to economic cycles, but procedure adoption can remain uneven.

Business strengthStrong cash reserves and no debt reduce near-term financial risk despite ongoing losses.

June 2026 data show $515.8 million of current assets, meaning assets expected to become cash within a year, against $102.3 million of near-term liabilities—about five times coverage. Glaukos also reported roughly $289 million of cash, short-term investments and restricted cash with no debt. The trade-off is dilution: shares outstanding increased from 45.2 million in 2020 to 58.9 million, about 30%, while stock-based pay reached $63.2 million in 2025 and $48.0 million in 2026's first half. No buybacks or dividends appear in the supplied history. (investors.glaukos.com)

What could change the storyFaster cash profits could justify the price, while reimbursement setbacks could weaken the case.

The bull case is visible in new-product sales: iDose TR produced about $74 million in the second quarter and Epioxa about $11 million, while 2026 sales guidance rose to $680-$700 million. If sales stay near the high end while selling and research costs grow more slowly, sustained positive cash generation could arrive quickly. The bear case is reimbursement: Glaukos disclosed uncertainty around five Medicare contractor policies for iDose plus a temporary Epioxa transition headwind. If adoption slows before losses disappear, a roughly 15-times-sales valuation could compress sharply. (sec.gov)

AI: News

Second-quarter guidance resetRecord sales and a large guidance increase strengthened the case for faster product adoption.

On July 29, Glaukos reported second-quarter sales of $185.6 million, up 50%, and lifted 2026 revenue guidance to $680-$700 million from $620-$635 million. U.S. glaucoma sales rose 64%, helped by about $74 million from iDose TR. Shares were reported about 9.8% higher in after-hours trading following the release. That timing is consistent with a positive investor reaction, but it does not prove the earnings announcement alone caused the move. (investors.glaukos.com)

Epioxa reimbursement goes liveA permanent billing code made Epioxa easier for insurers and clinics to process.

Epioxa's product-specific billing code became effective July 1 after federal authorities assigned it in April. Glaukos later reported reimbursement pathways covering more than 125 million commercially insured lives and treatment sites reaching roughly 85% of the U.S. population. Epioxa generated about $11 million in its first full commercial quarter. The value mechanism is concrete: simpler billing and payment can reduce friction for clinics and support procedure volumes, although the speed and durability of adoption remain uncertain. (investors.glaukos.com)

PRESERFLO study enrollmentA key glaucoma device study finished enrollment, bringing a future U.S. filing closer.

On July 27, Glaukos completed enrollment of at least 110 patients in the U.S.-Canada pivotal study for PRESERFLO MicroShunt. The main test is whether eye pressure falls at least 20% after 12 months without adding medication classes, and Glaukos intends to use the results for a future U.S. marketing submission. Success could broaden its glaucoma portfolio beyond current products. There is no reliable evidence that this announcement alone caused a material share-price move, so price attribution should remain cautious. (investors.glaukos.com)

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Revenue	$507.4M	$383.5M	$314.7M	$282.9M	$294.0M	$225.0M	$237.0M	$181.3M	$159.3M	$114.4M	$71.7M	$45.6M	$20.9M
Gross profit	$282.8M	$289.5M	$239.1M	$213.9M	$227.4M	$133.2M	$198.4M	$156.2M	$138.2M	$98.2M	$58.7M	$34.2M	$18.4M
Gross margin	55.72%	75.48%	75.99%	75.61%	77.34%	59.23%	83.72%	86.17%	86.78%	85.86%	81.89%	74.95%	87.90%
Research & development	$150.6M	$136.4M	$138.8M	$123.3M	$101.0M	$85.4M	$68.3M	$49.7M	$38.9M	$29.2M	$25.0M	$19.2M	$15.5M
Operating expenses	$482.4M	$411.8M	$367.8M	$296.2M	$260.3M	$256.8M	$248.7M	$169.2M	$140.5M	$94.0M	$69.0M	$47.3M	$32.6M
Operating income	−$199.6M	−$122.4M	−$128.7M	−$82.3M	−$32.9M	−$123.6M	−$50.3M	−$13.0M	−$2.3M	$4.2M	−$10.3M	−$13.2M	−$14.2M
Operating margin	−39.33%	−31.91%	−40.89%	−29.10%	−11.18%	−54.92%	−21.22%	−7.17%	−1.43%	3.71%	−14.36%	−28.89%	−67.78%
EBITDA	−$161.5M	−$86.7M	−$95.0M	−$50.7M	−$3.2M	−$94.2M	−$44.0M	−$6.7M	$3.2M	$9.0M	−$6.0M	−$8.9M	−$13.0M
EBITDA margin	−31.83%	−22.61%	−30.20%	−17.94%	−1.09%	−41.86%	−18.56%	−3.72%	2.01%	7.83%	−8.41%	−19.61%	−62.26%
Net income	−$187.7M	−$146.4M	−$134.7M	−$99.2M	−$49.6M	−$120.3M	$15.4M	−$13.0M	−$92,000	$4.5M	−$37.2M	−$12.1M	−$12.6M
Net profit margin	−36.99%	−38.17%	−42.79%	−35.07%	−16.87%	−53.50%	6.51%	−7.14%	−0.06%	3.95%	−51.94%	−26.60%	−60.34%
Basic EPSper basic share	-$3.28	-$2.77	-$2.78	-$2.09	-$1.07	-$2.70	$0.41	-$0.37	$0.00	$0.14	-$2.13	-$5.29	-$6.21
Diluted EPSper diluted share	-$3.28	-$2.77	-$2.78	-$2.09	-$1.07	-$2.70	$0.37	-$0.37	$0.00	$0.12	-$2.13	-$5.29	-$6.21

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

16.21%of listed shares

BlackRock, Inc.9.54M shares · Jun 30, 2026

View holders

Top 20 reported holders of GKOS
Holder	% owned
BlackRock, Inc.	16.21%9.54M shares
Jupiter Topco LLC	8.26%4.86M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.64%3.32M shares
PRIMECAP MANAGEMENT CO/CA/	5.17%3.04M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.33%2.55M shares
STATE STREET CORP	3.93%2.32M shares
Burns Thomas William	≈3.00%1.77M shares
MILLENNIUM MANAGEMENT LLC	2.69%1.58M shares
Holocene Advisors, LP	2.57%1.51M shares
GEODE CAPITAL MANAGEMENT, LLC	2.49%1.46M shares
CITADEL ADVISORS LLC	2.36%1.39M shares
AMERIPRISE FINANCIAL INC	2.23%1.32M shares
ALLIANCEBERNSTEIN L.P.	2.13%1.25M shares
Capital World Investors	1.73%1.02M shares
GOLDMAN SACHS GROUP INC	1.52%897.02K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	1.28%752.64K shares
Invesco Ltd.	1.20%706.88K shares
PRICE T ROWE ASSOCIATES INC /MD/	1.15%679.63K shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC	1.12%661.68K shares
Driehaus Capital Management LLC	1.11%650.57K shares

Percentages use 58.86M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)60$57.75M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4 · 10b5-1	Navratil TomasCHIEF DEVELOPMENT OFFICER	SellCommon Stock	1.5K	$130.68	$200.9K	88.8K
May 14, 2026Form 4	Kliman Gilbert HDirector	SellCommon Stock	5.0K	$140.76	$703.8K	35.5K
May 11, 2026Form 4	Kliman Gilbert HDirector	SellCommon Stock	5.0K	$135.00	$675.0K	35.5K
May 1, 2026Form 4	WEN LEANADirector	SellCommon Stock	1.7K	$143.35	$243.7K	19.7K
May 1, 2026Form 4	Gilliam Joseph EPRESIDENT & COO	SellCommon Stock	19.6K	$143.54	$2.81M	73.4K

Review ownership filings at SEC.gov ↗

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