At a glance
Glaukos Corp is worth $10.74B. Revenue grew 32.3% to $507.4M in fiscal 2025, at a loss; over 5 years it has grown 17.7% a year. It pays no dividend. The stock returned +133.2% over the past year with dividends reinvested and +31.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.1% in the 2020 crash (S&P 500: 33.7%) and 45.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 13 months after the lows.
The business in plain English
Glaukos is an eye-care company whose devices and drug therapies treat mainly glaucoma and corneal disease. Glaucoma is a group of diseases in which pressure inside the eye can damage the optic nerve and slowly cause blindness. Glaukos pioneered micro-invasive glaucoma surgery: its iStent family of tiny stents is implanted, often during cataract surgery, to restore the eye's natural drainage. In December 2023 the FDA approved iDose TR, an implant that releases the glaucoma drug travoprost inside the eye over an extended period, reducing reliance on daily eye drops.
Its customers are ophthalmologists (eye surgeons), hospitals and outpatient surgery centers, and its US glaucoma procedures are reimbursed by Medicare and major private insurers. The corneal business, called iLink, uses drug formulations activated by ultraviolet light to strengthen a weakened cornea in conditions such as keratoconus, a mostly inherited disease that thins the cornea into a cone shape. The FDA approved Epioxa, a version that leaves the cornea's outer layer in place, in October 2025.
Glaukos reports a single business segment. Of its $507.4 million in revenue for the fiscal year ended December 31, 2025, glaucoma products brought in 83% and corneal health products 17%. The US produced 73.9% of sales and other countries 26.1%. Markets outside the US include parts of Europe, Japan, Australia, Canada and Brazil.
Price history
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GKOS +133.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Glaucoma | $421.1M | 83% |
| Corneal Health | $86.4M | 17% |
By geography
| US | $375.0M | 73.9% |
| Non Us | $132.4M | 26.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $211.0M, up 58% from a year earlier, and net income was $2.0M.
- For fiscal 2025, revenue was $507.4M (+32.3% year over year; +17.7% a year from FY2020 to FY2025) with a -37% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +17.7% good |
|---|---|
| Operating margin | -39.3% weak |
| Free cash flow margin | -4.4% weak |
| Return on equity (FY2025) | -28.6% weak |
| Return on assets (FY2025) | -21% weak |
| Cash and investments | $162.3M (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $225.0M | $-120.3M | $-29.9M |
| FY2021 | $294.0M | $-49.6M | $-23.1M |
| FY2022 | $282.9M | $-99.2M | $-63.3M |
| FY2023 | $314.7M | $-134.7M | $-78.0M |
| FY2024 | $383.5M | $-146.4M | $-67.6M |
| FY2025 | $507.4M | $-187.7M | $-22.5M |
Valuation snapshot
| Market value | $10.74B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Glaukos’s market value went from $1.15B at the end of 2016 to $10.74B on Oct 28, 2026, about 9.3 times as much; since the end of 2025 it is up 66%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.74B | +65.6% |
| 2025 | $6.48B | -21.6% |
| 2024 | $8.27B | +113.1% |
| 2023 | $3.88B | +86.2% |
| 2022 | $2.08B | -0.0% |
| 2021 | $2.08B | -38.4% |
| 2020 | $3.38B | +68.2% |
| 2019 | $2.01B | -0.6% |
| 2018 | $2.02B | +128.3% |
| 2017 | $886.6M | -23.0% |
| 2016 | $1.15B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GKOS price data to Oct 28, 2026 | +60.7% | +133.2% | +39.1% | +31.7% | +18.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +60.7% |
| 2025 | -24.7% |
| 2024 | +88.6% |
| 2023 | +82.0% |
| 2022 | -1.7% |
| 2021 | -41.0% |
| 2020 | +38.2% |
| 2019 | -3.0% |
| 2018 | +119.0% |
| 2017 | -25.2% |
| 2016 | +38.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 59% over that stretch · deepest drop along the way 62.1%, back to its old high 8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 9.9% over that stretch · deepest drop along the way 45.3%, back to its old high 12.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 28 sales ($23.8M), 20 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 11, 2026 | Joseph E Gilliam PRESIDENT & COO | sell | $5.8M |
| Aug 11, 2026 | Joseph E Gilliam PRESIDENT & COO | sell | $5.0M |
| Aug 7, 2026 | Alex R. Thurman SVP & CHIEF FINANCIAL OFFICER | sell (plan) | $3.6M |
| Jul 16, 2026 | Alex R. Thurman SVP & CHIEF FINANCIAL OFFICER | sell (plan) | $1.6M |
| Jul 9, 2026 | Alex R. Thurman SVP & CHIEF FINANCIAL OFFICER | sell (plan) | $1.6M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Mar 31, 2025 |
| JANUS HENDERSON GROUP PLC | 9.2% | Mar 31, 2026 |
| PRIMECAP MANAGEMENT CO/CA/ | 5.88% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.6% | Mar 31, 2026 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
| FMR LLC | 4.5% | Jul 31, 2025 |
| Thomas W. Burns | 4.4% | Dec 31, 2024 |
| Wellington Management Group LLP | 0.8% | Dec 31, 2025 |
ETFs with the most weight in GKOS
| PSCH Invesco S&P SmallCap Health Care ETF | 3.63% |
| MEDI Harbor Health Care ETF | 2.25% |
| XSMO Invesco S&P SmallCap Momentum ETF | 1.62% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.97% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.85% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.81% |
| OASC OneAscent Small Cap Core ETF | 0.54% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.52% |
What could go wrong
- New launches must win over surgeons and insurers. Failure of iDose TR or Epioxa could hurt sales and the stock price. Success depends on surgeon training and adoption, consistent insurance payment, patient outcomes, pricing, how long the effect lasts and enough supply.
- Payment for iDose TR may stay uneven. Medicare pays for iDose TR under a mix of permanent and temporary billing codes, and regional contractors set surgeons' fees. Inconsistent or inadequate payment could discourage doctors and surgery centers from using it.
- Sales hinge on a few products. Glaucoma products brought in 83% of revenue in fiscal 2025. Any manufacturing or supply disruption for the iStent family, iDose TR or Photrexa could cut sales and squeeze profit margins.
- Pipeline products may fail or stall. The pipeline includes a glaucoma shunt in a late-stage (Phase 3) trial, an eyelid cream in Phase 2 and implants for retinal disease. Any could fail, be delayed or never earn back their cost.
- Rivals could copy its technology. If Glaukos can't protect its patents, rivals could offer similar or identical products. It has been involved in patent litigation before, which can be costly and distracting.
- Health policy, tariffs and government shutdowns. Changes to US healthcare law, Medicare payment or tariffs could reduce what Glaukos is paid or raise its costs. Government shutdowns, like one in late 2025, can also slow FDA reviews.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Glaukos pays no dividend and bought back no shares from fiscal 2021 through fiscal 2025. Its share count rose 26.2% instead, from about 46.9 million on November 3, 2021 to about 59.2 million on October 26, 2026, which shrinks existing owners' stakes. For an income investor, any return would come only from price changes, and drawing cash would mean trimming the position.
The price has swung sharply in downturns. In the 2020 COVID crash it fell 62.1% between February 19 and March 20, 2020, then took about eight months to recover. Between the market's January 3 peak and October 12 low in 2022, the stock gained 9.9%, yet it had its own 45.3% drop from April 8 to May 11, 2022 and needed almost 13 months to regain that peak. Its largest fall over about 11 years of price history was 69.6%, as of October 28, 2026. Single stocks like Glaukos carry more risk than diversified funds.
Questions investors ask
Does Glaukos pay a dividend?
No. Glaukos paid no dividends and bought back no shares from fiscal 2021 through fiscal 2025, and it had no dividend yield as of October 28, 2026. The company lost money in each fiscal year from 2020 through 2025, including $187.7 million in fiscal 2025. Its share count has grown instead, rising 26.2% between November 3, 2021 and October 26, 2026. Investors who need regular income from their holdings would get none from this stock.
How does Glaukos make money?
Glaukos earns its revenue from sales of eye-care devices and drug therapies used by eye surgeons, hospitals and outpatient surgery centers. In the US, its glaucoma procedures are reimbursed by Medicare and major private insurers. In fiscal 2025, glaucoma products, including the iStent family of tiny drainage stents and the iDose TR drug implant, produced 83% of its $507.4 million revenue. Corneal health products, such as therapies for the eye disease keratoconus, made up the other 17%. The US accounted for 73.9% of sales.
Is Glaukos profitable?
Not on a full-year basis. Glaukos posted a net loss in every fiscal year from 2020 through 2025, including $187.7 million on $507.4 million of revenue in fiscal 2025. Free cash flow, the cash left after running the business and paying for equipment, was negative $22.5 million that year, a smaller outflow than the $67.6 million in fiscal 2024. In the quarter ended September 30, 2026, it reported a small net income of $2.0 million as revenue rose 58% from a year earlier to $211.0 million.
What is Glaukos iDose TR?
iDose TR is an implant placed inside the eye that continuously releases travoprost, a glaucoma drug, over an extended period. The FDA approved it in December 2023 to lower eye pressure in people with open-angle glaucoma or ocular hypertension (high eye pressure), and Glaukos began a controlled launch in February 2024. It aims to ease a common problem with daily eye drops: patients not using them as prescribed. Its success depends on surgeon adoption and consistent payment from Medicare and insurers.
How volatile is Glaukos stock?
Very volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 50.1%, and its largest peak-to-trough fall over about 11 years of price history was 69.6%. Calendar-year results ranged from a 41% loss in 2021 to a 119% gain in 2018, and the stock fell 24.7% in 2025. It returned 133.2% over the year to October 28, 2026, and an average of 31.7% a year over five years.