Glaukos Corp. (GKOS) intrinsic value & 10-year financials
Glaukos Corp. (GKOS) has a Graham intrinsic value of $12.29 per share. At $164.84 on Oct 17, 2026, the stock trades 1241% above that value. Over the last 10 fiscal years revenue grew 18.0% a year to $507.4M, with an average return on invested capital of -16.6%.
- Graham intrinsic value
- $12.29
- Share price (Oct 17, 2026)
- $164.84
- Price vs Graham value
- 1241% above
- Market cap
- $9.4B
- Revenue (FY2025)
- $507.4M
- Revenue growth (10-yr CAGR)
- 18.0%
- ROIC (10-yr avg)
- -16.6%
- Free cash flow (FY2025)
- -$22.5M
GKOS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $507.4M | -$187.7M | -$3.28 | -$22.5M | -39.3% | -28.3% |
| FY2024 | $383.5M | -$146.4M | -$2.77 | -$67.6M | -31.9% | -20.9% |
| FY2023 | $314.7M | -$134.7M | -$2.78 | -$78.0M | -40.9% | -26.2% |
| FY2022 | $282.9M | -$99.2M | -$2.09 | -$63.3M | -29.1% | -15.0% |
| FY2021 | $294.0M | -$49.6M | -$1.07 | -$23.1M | -11.2% | -5.3% |
| FY2020 | $225.0M | -$120.3M | -$2.70 | -$29.9M | -54.9% | -16.8% |
| FY2019 | $237.0M | $15.4M | $0.37 | -$5.1M | -21.2% | -3.7% |
| FY2018 | $181.3M | -$13.0M | -$0.37 | $8.5M | -7.2% | — |
| FY2017 | $159.3M | -$92.0K | $0.00 | $19.2M | -1.4% | — |
| FY2016 | $114.4M | $4.5M | $0.12 | $6.0M | 3.7% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
GLAUKOS Corp is a consistent compounder, expanding top-line revenue at 18.0% annually over the past decade.
GLAUKOS Corp has historically struggled to out-earn its cost of capital, averaging just -16.6% ROIC.
GLAUKOS Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, GLAUKOS Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $12.29 per share.