# Glaukos Corporation (GKOS)

> Source: Nexqual · https://nexqual.com/GKOS · data as of 2026-10-29 16:41 UTC · cite as "Nexqual, Glaukos Corporation (GKOS), nexqual.com/GKOS" · informational, not investment advice.

**Price:** USD 239.16 (+31.82% today) · US market open, as of October 29, 2026 at 16:41 UTC; quotes may be delayed. Prev close 181.43 · day 207.41–241.47 · 52w 80.91–241.47 · market cap $14.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $613M, net income -$188M (-30.7% margin), free cash flow -$12.2M (SEC filings).
- 1 of 80 tracked superinvestors hold GKOS (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 19 Form 4 filings, $29.2M; 8 not under a Rule 10b5-1 plan ($18.3M); 10 by opportunistic insiders (5 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.86 on a 1–5 scale) (14 analysts), mean target USD 199.31 (range 172–225).
- Total return with dividends: 1Y +210.2% vs S&P 500 +13.1%; 5Y +423.2% vs S&P 500 +79.0%.
- Next earnings: 2026-10-28, EPS estimate USD 0.11, revenue estimate $187M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $294M | $283M | $315M | $383M | $507M | $613M |
| Gross profit | $227M | $214M | $239M | $289M | $283M | — |
| Operating income | -$32.9M | -$82.3M | -$129M | -$122M | -$200M | -$193M |
| Net income | -$49.6M | -$99.2M | -$135M | -$146M | -$188M | -$188M |
| EPS (diluted) | -$1.07 | -$2.09 | -$2.78 | -$2.77 | -$3.28 | — |
| Free cash flow | -$23.1M | -$63.3M | -$78.0M | -$67.6M | -$22.5M | -$12.2M |
| Gross margin | 77.3% | 75.6% | 76.0% | 75.5% | 55.7% | — |
| Operating margin | -11.2% | -29.1% | -40.9% | -31.9% | -39.3% | -31.6% |
| Net margin | -16.9% | -35.1% | -42.8% | -38.2% | -37.0% | -30.7% |
| Revenue growth | +30.7% | -3.8% | +11.3% | +21.9% | +32.3% | — |
| Cash + short-term investments | $424M | $120M | $93.5M | $170M | $90.8M | — |
| Total debt | $280M | $281M | $283M | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 23.2x · P/B 20.8x · FCF yield -0.09% · Earnings yield -1.32%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold GKOS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.01% | $673K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
11 of 19 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-05 | Navratil Tomas | CHIEF DEVELOPMENT OFFICER | 1,527 | $251K | 2.2% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-25 | Navratil Tomas | CHIEF DEVELOPMENT OFFICER | 1,615 | $249K | 2.2% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-16 | Navratil Tomas | CHIEF DEVELOPMENT OFFICER | 1,457 | $243K | 2% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-28 | Navratil Tomas | CHIEF DEVELOPMENT OFFICER | 13,744 | $2.5M | 15.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19 | Kliman Gilbert H | Director | 2,500 | $475K | 6.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11 | Gilliam Joseph E | PRESIDENT & COO | 60,000 | $10.8M | 45.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-07 | Thurman Alex R. | SVP & CHIEF FINANCIAL OFFICER | 20,000 | $3.6M | 31.3% | Yes (adopted December 15, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-31 | Wen Leana | Director | 525 | $88K | 2.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-16 | Thurman Alex R. | SVP & CHIEF FINANCIAL OFFICER | 10,000 | $1.6M | 18.6% | Yes (adopted December 15, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-09 | Thurman Alex R. | SVP & CHIEF FINANCIAL OFFICER | 10,000 | $1.6M | 18.6% | Yes (adopted December 15, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-06 | Thurman Alex R. | SVP & CHIEF FINANCIAL OFFICER | 10,000 | $1.5M | 18.6% | Yes (adopted December 15, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Navratil Tomas | CHIEF DEVELOPMENT OFFICER | 716 | $100K | 0.8% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-16 | Navratil Tomas | CHIEF DEVELOPMENT OFFICER | 1,537 | $201K | 1.7% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-14 | Kliman Gilbert H | Director | 5,000 | $704K | 12.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-11 | Kliman Gilbert H | Director | 5,000 | $675K | 12.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Gilliam Joseph E | PRESIDENT & COO | 19,573 | $2.8M | 21% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Wen Leana | Director | 1,700 | $244K | 7.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-30 | Thurman Alex R. | SVP & CHIEF FINANCIAL OFFICER | 10,000 | $1.4M | 18.6% | Yes (adopted December 15, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-10 | Navratil Tomas | CHIEF DEVELOPMENT OFFICER | 2,093 | $246K | 2.3% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 14 analysts; mean target USD 199.31 (low 172, high 225).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-29 | Truist Securities | Target raised | Buy | $215 → $255 |
| 2026-10-29 | Wells Fargo | Target raised | Overweight | $178 → $226 |
| 2026-10-29 | Piper Sandler | Target raised | Overweight | $195 → $240 |
| 2026-10-29 | Stifel | Target raised | Buy | $190 → $225 |
| 2026-10-29 | BTIG | Target raised | Buy | $205 → $234 |
| 2026-10-29 | Needham | Target raised | Buy | $201 → $251 |
| 2026-10-12 | BTIG | Target raised | Buy | $202 → $205 |
| 2026-09-22 | Jefferies | Target raised | Buy | $190 → $210 |
| 2026-08-20 | BTIG | Target raised | Buy | $193 → $202 |
| 2026-07-30 | UBS | Target raised | Neutral | $150 → $172 |
| 2026-07-30 | HC Wainwright & Co. | Target raised | Buy | $168 → $195 |
| 2026-07-30 | Citigroup | Target raised | Buy | $175 → $188 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +210.2% | +423.2% |
| S&P 500 (SPY) | +13.1% | +79.0% |
| Per year | +210.5% | +39.1% |
| Volatility (annualized) | 57.3% | 48.1% |
| Max drawdown | -28.4% (May 2026→Jun 2026) | -53.4% (Jan 2025→Oct 2025) |

## Peers (Medical Devices)
TXG (10x Genomics, Inc.) USD 82.59 -1.23% · GMED (Globus Medical, Inc.) USD 82.99 +2.13% · PODD (Insulet Corporation) USD 151.53 +1.75% · BIO (Bio-Rad Laboratories, Inc.) USD 388.23 +0.81% · BRKR (Bruker Corporation) USD 61.98 -0.03% · PEN (Penumbra, Inc.) USD 320.12 +0.57%

## More
Full page: https://nexqual.com/GKOS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in GKOS's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1192448/000119312526061944/gkos-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Avedro | "SG&A expenses also include amortization of the $14.1 million and $0.4 million customer relationships intangible assets recorded as a result of our acquisitions of Avedro, Inc. (Avedro) and Mobius, respectively, as well a…" |
| Customer | Mobius Therapeutics | "SG&A expenses also include amortization of the $14.1 million and $0.4 million customer relationships intangible assets recorded as a result of our acquisitions of Avedro, Inc. (Avedro) and Mobius, respectively, as well a…" |
| Partner | Attillaps Holdings | "In September 2021, we entered into a licensing agreement with Attillaps Holdings, Inc. (Attillaps) to research, develop, manufacture and commercialize Attillaps' proprietary library of investigational pharmaceutical comp…" |
| Competitor | AbbVie (ABBV) | "In glaucoma, our MIGS offerings primarily compete against Alcon, Sight Sciences, AbbVie, Iantrek, and New World Medical." |
| Competitor | Johnson & Johnson (JNJ) | "Our anterior segment pipeline, if approved, would vastly expand our competition to numerous large companies such as AbbVie Inc., Alcon, Inc. and Johnson & Johnson, as well as some small companies that provide medical tec…" |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Glaucoma | $152.0M | 72.0% | +37.9% |
| Corneal Health | $59.0M | 28.0% | +153.5% |
| Total revenue | $211.0M | 100% | — |

## Revenue by region (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $174.8M | 82.9% | +72.3% |
| Non Us | $36.2M | 17.1% | +12.8% |
| Total revenue | $211.0M | 100% | — |

## Company outlook (8-K filed 2026-10-28)

- "The company expects 2026 net sales to be in the range of $775 million to $785 million based on the latest foreign currency exchange rates. 2027 Preliminary Revenue Guidance The company expects preliminary 2027 net sales to be $1 billion based on the latest foreign currency exchange rates."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.11 | $0.01 | +922.2% | $187.5M | 13 |
| Next quarter (ends 2027-03-31) | $0.02 | $-0.00 | +$0.02 | $187.5M | 8 |
| Current fiscal year (ends 2026-12-31) | $-0.30 | $-0.53 | +$0.23 | $691.7M | 13 |
| Next fiscal year (ends 2027-12-31) | $0.52 | $0.42 | +23.3% | $852.4M | 13 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 85.3% | ±19.2% |
| 2026-12-18 | 50 | 66.1% | ±20.7% |
| 2027-01-15 | 78 | 58.5% | ±22.3% |
| 2027-04-16 | 169 | 53.3% | ±28.0% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Oct 28, 2026 | Quarter ended Sep 30, 2026 | $0.47 | −$0.09 | Beat +$0.56 | +32.0% |
| Jul 29, 2026 | Quarter ended Jun 30, 2026 | −$0.14 | −$0.21 | Beat +33.3% | +11.4% |
| Apr 29, 2026 | Quarter ended Mar 31, 2026 | −$0.18 | −$0.28 | Beat +35.7% | +20.1% |
| Feb 17, 2026 | Quarter ended Dec 31, 2025 | −$0.28 | −$0.20 | Miss −40.0% | +10.5% |
| Jan 13, 2026 | Quarter ended Dec 31, 2025 | −$0.28 | −$0.20 | Miss −40.0% | -5.8% |
| Oct 29, 2025 | — | — | — | — | +12.9% |
| Jul 30, 2025 | — | — | — | — | -8.2% |
| Apr 30, 2025 | — | — | — | — | -11.0% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1192448/000119312526436400/0001193125-26-436400-index.htm |
| 2026-10-28 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1192448/000119312526436147/0001193125-26-436147-index.htm |
| 2026-08-03 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1192448/000119244826000002/0001192448-26-000002-index.htm |
| 2026-07-29 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1192448/000119312526324201/0001193125-26-324201-index.htm |
| 2026-07-29 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1192448/000119312526323729/0001193125-26-323729-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.