Latest Ratios: P/E Ratio -45.9x · EV/EBITDA N/A · ROE -26.4%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.8B | $6.5B | $7.9B | $3.8B | $2.1B | $2.1B | $3.3B | $2.2B | $2.0B | $882M | $1.3B |
| Enterprise Value | $8.9B | $6.5B | $7.8B | $4.1B | $2.3B | $2.3B | $3.5B | $2.3B | $2.0B | $857M | $1.2B |
| P/E Ratio → | -45.93 | — | — | — | — | — | — | 147.22 | — | — | 285.83 |
| P/S Ratio | 17.38 | 12.73 | 20.63 | 12.23 | 7.33 | 7.02 | 14.89 | 9.46 | 10.94 | 5.54 | 10.93 |
| P/B Ratio | 13.13 | 9.84 | 10.31 | 8.34 | 3.91 | 3.51 | 5.02 | 3.33 | 11.41 | 6.38 | 10.66 |
| P/FCF | — | — | — | — | — | — | — | — | 232.05 | 45.94 | 207.35 |
| P/OCF | — | — | — | — | — | 83.50 | — | — | 105.16 | 34.57 | 101.60 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.82 | 20.46 | 13.16 | 8.26 | 7.98 | 15.67 | 9.50 | 10.78 | 5.38 | 10.87 |
| EV / EBITDA | — | — | — | — | — | 1514.34 | — | — | — | 267.84 | 138.80 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | 857364.65 | 293.34 |
| EV / FCF | — | — | — | — | — | — | — | — | 228.56 | 44.66 | 206.28 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.5% | 77.5% | 75.5% | 76.0% | 75.6% | 77.3% | 59.2% | 83.7% | 86.2% | 86.8% | 85.9% |
| Operating Margin | -17.1% | -17.1% | -31.9% | -40.9% | -29.1% | -11.2% | -54.9% | -21.2% | -7.2% | -1.4% | 3.7% |
| Net Profit Margin | -37.0% | -37.0% | -38.2% | -42.8% | -35.1% | -16.9% | -53.5% | 6.5% | -7.1% | -0.1% | 4.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -26.4% | -26.4% | -23.8% | -27.2% | -17.8% | -7.9% | -18.0% | 3.6% | -8.3% | -0.1% | 4.3% |
| ROA | -20.1% | -20.1% | -15.3% | -13.4% | -9.0% | -4.6% | -13.2% | 3.0% | -6.9% | -0.1% | 3.6% |
| ROIC | -9.2% | -9.2% | -12.6% | -12.5% | -7.4% | -2.9% | -12.1% | -9.1% | -7.6% | -1.5% | 3.3% |
| ROCE | -10.3% | -10.3% | -13.9% | -13.8% | -8.0% | -3.3% | -14.4% | -10.7% | -8.2% | -1.8% | 4.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.14 | 0.83 | 0.72 | 0.65 | 0.41 | 0.11 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 247.50 | — | — | — | — | — |
| Net Debt / Equity | — | 0.07 | -0.08 | 0.63 | 0.50 | 0.48 | 0.26 | 0.02 | -0.17 | -0.18 | -0.06 |
| Net Debt / EBITDA | — | — | — | — | — | 182.49 | — | — | — | -7.66 | -0.72 |
| Debt / FCF | — | — | — | — | — | — | — | — | -3.49 | -1.28 | -1.08 |
| Interest Coverage | -18.71 | -18.71 | -13.50 | -8.81 | -6.17 | -2.68 | -8.37 | -18.51 | — | — | 6.98 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.69 | 4.69 | 5.99 | 5.34 | 6.13 | 7.67 | 9.45 | 4.56 | 5.81 | 5.58 | 7.09 |
| Quick Ratio | 4.06 | 4.06 | 5.22 | 4.78 | 5.61 | 7.31 | 9.13 | 3.82 | 5.38 | 5.16 | 6.68 |
| Cash Ratio | 2.75 | 2.75 | 4.25 | 3.99 | 4.87 | 6.53 | 8.14 | 3.02 | 4.63 | 4.44 | 5.65 |
| Asset Turnover | — | 0.57 | 0.39 | 0.33 | 0.26 | 0.26 | 0.22 | 0.29 | 0.88 | 0.96 | 0.85 |
| Inventory Turnover | 1.80 | 1.80 | 1.63 | 1.80 | 1.82 | 2.90 | 5.80 | 0.91 | 1.89 | 1.88 | 2.36 |
| Days Sales Outstanding | — | 78.12 | 57.82 | 46.22 | 46.55 | 41.51 | 58.51 | 59.17 | 37.60 | 38.17 | 45.64 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 0.7% | — | — | 0.3% |
| FCF Yield | — | — | — | — | — | — | — | — | 0.4% | 2.2% | 0.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $57M | $53M | $48M | $47M | $46M | $44M | $41M | $35M | $34M | $36M |
CMS reimbursement policy volatility
Based on reported figures, GKOS trades at a price-to-sales multiple of 16.66, which suggests that investors are pricing in a successful transition to a high-margin pharmaceutical-device hybrid model rather than evaluating the company based on its current lack of GAAP profitability or historical earnings multiples.
The elevated P/S ratio relative to broader medical device peers implies that the market is heavily discounting future cash flows from the iDose TR platform. This valuation appears to hinge on the assumption that the company will achieve significant operating leverage as it scales, a scenario that remains unproven given the persistent negative operating margins.
According to recent financial statements, the company's ROIC remains negative at -2.2% as of 2026Q1, indicating that the significant capital deployed into R&D and commercial infrastructure has yet to generate a positive return on invested capital compared to the company's historical performance.
The persistent negative ROIC reflects the heavy burden of clinical trial costs and the specialized sales force required to maintain the MIGS market position. Until the company can demonstrate a path to positive operating income, the return on capital will likely remain suppressed by the ongoing investment phase.
As reported in quarterly filings, the cash conversion cycle has fluctuated significantly, reaching 179 days in 2026Q1, which suggests that the shift toward a pharmaceutical-style buy-and-bill model is creating friction in inventory management and receivables collection compared to the company's previous pure-play device business.
The high DIO of 170 days indicates that inventory levels are elevated, likely in anticipation of new product launches or as a buffer for the pharmaceutical transition. Investors should monitor whether this working capital intensity persists, as it directly impacts the company's ability to reach cash flow neutrality.
Institutional analysts often misapply traditional EV/EBITDA multiples to GKOS, which obscures the reality that the company is currently in a high-growth, pre-profitability phase where pharmaceutical-like regulatory and reimbursement risks are more material than the manufacturing-based cost efficiencies typically captured by such valuation metrics.
Using EBITDA as a primary valuation tool for GKOS is misleading because it ignores the massive R&D and SG&A investments required to build the iDose TR platform. A more appropriate framework would involve a sum-of-the-parts analysis that separates the mature iStent business from the speculative pharmaceutical-delivery platform.
Includes 30+ ratios · 14 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GKOS stock.
Glaukos Corporation's current P/E ratio is -45.9x. The historical average is 147.2x.
Glaukos Corporation's return on equity (ROE) is -26.4%. The historical average is -14.6%.
Based on historical data, Glaukos Corporation is trading at a P/E of -45.9x. Compare with industry peers and growth rates for a complete picture.
Glaukos Corporation has 77.5% gross margin and -17.1% operating margin.