Glaukos Corp

Health Care
Medical/Dental Instruments
www.glaukos.com

Earnings Score
Moat Score
Safety Score

Market Cap $7.26B
PE -49
Debt $56.76M
Cash $104.88M
EV $7.21B
FCF -$81.27M

Earnings

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Sales & Net Margins

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Earnings	-$149.57M
EBIT	-$132.32M
ROE	-22%
ROA	-14%
FCF	-$81.27M
Equity	$668.51M
Growth Stability	-15K%
PE	-48.53
PB	10.86
P/FCF	-89.31
P/S	20.14
Price/Cash	0.01
Debt/Equity	0.08
Debt/FCF	-0.7
Net Margins	-41%
Gross Margins	77%
Op. Margins	-37%
Earnings CAGR	0%
Sales Growth YoY	24%
Sales Growth QoQ	1%
Sales CAGR	17%
FCF CAGR	0%
Equity CAGR	28%
Earnings Stability	0.01
Earnings Growth YoY	-30%

Earnings Growth QoQ	-58%
Sales CAGR 5Y	10%
Equity CAGR 5Y	-5%
Earnings CAGR 3Y	8%
Sales CAGR 3Y	8%
Equity CAGR 3Y	-1%
Market Cap	$7.26B
Revenue	$360.35M
Assets	$926.54M
Total Debt	$56.76M
Cash	$104.88M
Shares Outstanding	51.74M
EV	7.21B
Earnings Score	6%
Moat Score	2%
Safety Score	34%
Final Score	14%
Working Capital	325.6M
Current Ratio	5.54
Gross Profit	$276.06M
Shares Growth 3y	3%
Equity Growth QoQ	1%
Equity Growth YoY	40%

Assets & ROA

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Stockholders Equity & ROE

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Glaukos Corp is an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures designed to transform the treatment of glaucoma. It offers iStent, a micro-bypass stent for insertion in conjunction with cataract surgery for the reduction of intraocular pressure in adult patients with mild-to-moderate open-angle glaucoma. Its product pipeline also consists of an iStent SA trabecular micro-bypass system, a two-stent product that is slightly wider than the iStent Inject and uses a different auto-injection inserter designed for use in a standalone procedure.

SEC Filings

Direct access to Glaukos Corp (GKOS) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Glaukos Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Glaukos Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 0%

Stability 1%

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Glaukos Corp Discounted Cash Flow

Fully customizable DCF calculator online for Glaukos Corp.

Years

Calculation mode

= -$837M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$81M	-$82M	-$82M	-$82M	-$83M	-$83M	-$83M	-$84M	-$84M	-$84M	-$85M	-$848M
DCF		-$74M	-$68M	-$62M	-$56M	-$52M	-$47M	-$43M	-$39M	-$36M	-$33M	-$327M
Value	-$837M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-31%	-53%	4%	-0%	-7%	7%	-53%	-17%	-35%	-43%	-41%
ROA	-	-9%	3%	0%	-6%	-6%	-12%	-3%	-8%	-14%	-14%
ROE	-	-40%	4%	-0%	-7%	2%	-18%	-8%	-19%	-29%	-22%

Bad Net Margins (-40.58%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-6.08	-	-	-	-	-6.33	-12.13	-4.44	-3.63	-0.7
Debt over Equity	-0.17	0.2	-	-	-	-	0.28	0.48	0.53	0.61	0.08
Growth Stability	-	-	-	-	-	-	-15K%	-	-	-	-15K%

Good Debt/FCF ratio (-0.7)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.08)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-15K%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	57%	60%	39%	14%	31%	-5%	31%	-4%	11%	10%
Earnings YoY growth	-	173%	-112%	-102%	14K%	-219%	-880%	-59%	100%	36%	-
Equity YoY growth	-	-163%	23%	18%	26%	287%	-1%	-12%	-10%	-13%	-5%
FCF YoY growth	-	-62%	-297%	218%	-55%	-160%	488%	-23%	175%	23%	-