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Maker of micro-invasive glaucoma surgery (MIGS) devices and emerging corneal health/myopia therapies.
Maker of micro-invasive glaucoma surgery (MIGS) devices and emerging corneal health/myopia therapies.
Sells small implants that surgeons use during eye surgery, per procedure, so revenue follows glaucoma-surgery volumes, mainly in the US. Moving from iStent stents toward iDose TR, an implant that releases the drug for months to years, shifts the company from devices toward a pharma-like product. Corneal-health and myopia treatments are further out.
Moat: narrow (IP / patents, switching costs). Pioneer and share leader in the MIGS device category with strong surgeon relationships.
Headquarters: Aliso Viejo, California, USA · Founded: 1998 · Employees: 1,094
Size Glaukos (GKOS) is a United States Health Care company (Medical Specialties) with a market value of $13.3B, the 656th largest of 3,117 United States companies the cockpit tracks. Shares closed at $224.41 on 6 Nov 2026.
Performance Over six months the shares gained 68.1%, against +28.7% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 46.9% over the last twelve months (peer median +4.6%); the operating margin is -8.9% (peer median 16.1%).
Valuation It trades at 155.4× forward earnings against a peer median of 19.9× (most expensive of 21).
Capital Return on invested capital runs 18.4 points below its cost of capital (8.3% WACC).
Short interest Short interest is 7.4% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $690M | $507M | $383M | $315M | $283M |
| Revenue growth | — | +32% | +22% | +11% | — |
| Gross profit | $560M | $393M | $287M | $237M | $211M |
| EBITDA | -$15.5M | -$44.4M | -$68.2M | -$85.7M | -$66.4M |
| Net income | -$170M | -$188M | -$146M | -$135M | -$99.2M |
| Free cash flow | $19.4M | -$39.1M | -$67.6M | -$78.0M | -$63.3M |
| Capital expenditure | $28.3M | $24.3M | $6.30M | $20.2M | $30.3M |
| Total debt | $102M | $107M | $106M | $385M | $383M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Glaukos GKOS | $13.3B | +68% | +47% | -9% | 155.4× | n/a |
| Alcon ALC.SW | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% |
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Sight Sciences SGHT | $555M | -14% | +9% | -33% | n/a | n/a |
| Santen Pharmaceutical 4536.T | $3.86B | +17% | -1% | 16% | 15.6× | -5.2% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
| Ocular Therapeutix OCUL | $1.45B | -32% | -8% | -603% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GKOS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +39.1% | +10.8% | highest of 21 |
| 6-month return | +68.1% | +28.7% | 2nd highest of 21 |
| Distance from 52-week high | -12.1% | -13.5% | 10th highest of 21 |
| Revenue growth (TTM) | +46.9% | +4.6% | highest of 21 |
| Operating margin | -8.9% | 16.1% | lowest of 21 |
| Forward P/E | 155.4× | 19.9× | most expensive of 21 |
| ROIC minus cost of capital | -18.4 pp | +2.2 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Glaukos GKOS | United States | $13.3B | +68% | +47% | -9% | 155.4× | n/a | n/a |
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Smith & Nephew SN..L | United Kingdom | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% | +5.6% |
| Penumbra PEN | United States | $12.6B | -1% | +17% | 12% | 54.9× | 30.1% | +20.2% |
| bioMerieux BIM.PA | France | $12.4B | +29% | -3% | 15% | 20.9× | 8.9% | +5.5% |
| Olympus 7733.T | Japan | $12.2B | +13% | +8% | 16% | 18.0× | -1.5% | +6.7% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| Cooper Companies (The) COO | United States | $11.9B | +4% | +5% | 19% | 13.8× | 9.4% | +11.0% |
| Align Technology ALGN | United States | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% | +10.3% |
| Demant A/S DEMANT.CO | Denmark | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% | +9.8% |
| Avantor AVTR | United States | $10.5B | +86% | +1% | 8% | 17.7× | 16.1% | +0.5% |
| Qiagen QGEN | United States | $10.4B | +52% | +3% | 25% | 19.8× | 8.8% | +2.2% |
| Bio-Rad Laboratories BIO | United States | $10.3B | +50% | +1% | 9% | 35.7× | 26.5% | +0.3% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| Insulet PODD | United States | $10.2B | -5% | +26% | 18% | 19.5× | 10.3% | +24.5% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Globus Medical GMED | United States | $9.54B | -9% | +20% | 22% | 14.1× | 5.5% | +30.1% |
| Bruker BRKR | United States | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% | +11.6% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |