Glaukos Corporation (GKOS) Stock

Glaukos Corporation (GKOS) is a Healthcare stock trading at $184.68 (as of 2026-08-20), with a market capitalization of $10.89B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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.

Understand Glaukos Corporation: how it makes money

Glaukos develops ophthalmic medical technology and pharmaceutical therapies for glaucoma, corneal disorders, and retinal diseases, and it makes money by selling products such as iStent micro-bypass stents used in cataract surgery and targeted injectable implants like iDose TR.

Glaukos has high gross margin (77.9%), but profitability at the operating level is negative (operating margin -13.2%), so the profit engine depends on scaling sales enough to absorb operating costs, not just on favorable product gross margins.

Revenue by segment (latest quarter)
Glaucoma	$0.1B
I-DOS TR	$0.1B
Corneal Health	$0.0B

Business quality (Weak): Good: includes a single-quarter revenue, gross margin, operating margin, and specific adoption and coverage KPIs. Limitation: no full segment breakdown is provided beyond the candidate net sales lines, and peers are not specified.

Bull case

Care delivery penetration is measurable: Site-of-Care Network Coverage Deployed is 65.0%, indicating Glaukos is expanding where its therapies can be used.
Evidence and coverage support adoption: Peer-Reviewed Publications Supporting I-DOS TR is 22, and Epioxa Payer Coverage U.S. Commercial Lives is 100,000,000, both of which can support broader uptake.

Bear case

Operating profitability remains weak: Gross margin is 77.9%, but operating margin is -13.2%, indicating operating expenses exceed gross profit in the latest quarter.
Reimbursement dynamics may matter: J7355 Reimbursement Pricing Methodology is 6.0 percent, suggesting that payer reimbursement approach and pricing assumptions can influence commercial performance.

Valuation — source: SEC EDGAR (first-party)
Price	$184.68
Market Cap	$10.89B
Price / Book	15.96
Price / Sales	17.56
FCF Yield	-0.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$507.44M
Net Margin	-37.0%
Revenue Growth (YoY)	32.3%
EPS Growth (YoY)	18.4%
FCF Growth (YoY)	-66.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	25.99 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($978.63M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Thomas William Burns
Employees	995
Country	US
IPO Date	2015-06-25

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.