Glaukos Corporation research snapshot
GKOS AI stock analysis sees Glaukos as a differentiated ophthalmic medical technology and pharmaceutical company where the iDose TR glaucoma therapy and the Epioxa corneal therapy are driving a record growth phase. At the August 3, 2026 data cutoff, the July 31 close was $166.72 and the calculated market capitalization was about $9.83 billion using 58.96 million shares. Q2 2026 net sales rose 50% to a record $185.6 million, GAAP gross margin reached about 82%, and management raised 2026 net sales guidance to $680 million to $700 million. Glaukos still reports GAAP net losses, has negative trailing free cash flow, and trades at roughly 16x trailing sales with an extended chart, so the premium price leaves little room for execution mistakes. This GKOS AI stock analysis uses scenarios rather than a certain price prediction and is for informational use only, not investment advice.
Current price
$166.72
Market cap
$9.83 billion calculated market cap
AI score
63 / 100
Rating
Differentiated ophthalmic platform with record Q2 2026 growth and raised guidance, still loss-making on a GAAP basis with an extended price and a demanding valuation
Trend status
Strong but extended: above the 50-day and 200-day averages, near the all-time closing high, with RSI around 71 in overbought territory
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | Glaukos sells ophthalmic devices and pharmaceuticals for glaucoma, corneal disorders, and retinal disease. Customers pay for products that can improve procedures, reduce treatment burden, or create a new delivery method for chronic eye care. | High |
| Moat | The moat is built from regulatory approvals, clinical evidence, physician training, commercial relationships, patents, and the iStent and iDose platforms. Switching costs are meaningful in procedure workflows, but competing therapies and reimbursement decisions can still weaken pricing power. | Medium-high |
| Management | CEO Thomas Burns has led Glaukos since 2002 and has built multiple ophthalmic businesses. The next management test is turning iDose TR and Epioxa adoption into GAAP profitability and cash generation without excessive equity dilution. | Medium |
| Financial trend | FY2025 revenue rose 32.3% to $507.4 million while GAAP net loss widened to $187.7 million. Q2 2026 net sales rose 50% to a record $185.6 million with about 82% GAAP gross margin, and guidance was raised to $680 million to $700 million, but the quarter still produced an $18.4 million GAAP net loss. | High |
| Valuation | At $166.72, StockAnalysis showed 16.04x trailing sales, 14.38x book value, and a forward P/E near 1,608x because adjusted forward earnings are still tiny. The stock is priced for sustained high growth and a large future profit step-up rather than current earnings power. | High |
| Technical trend | The price was above the 50-day average of $138.19 and the 200-day average of $117.22, with RSI near 71.28 and the close just below the record closing high of $168.52 set on July 30, 2026. Momentum is strong, but the setup is extended. | Medium |
| Risk level | The main risks are product adoption, reimbursement, regulatory approval, clinical outcomes, manufacturing concentration, litigation, future share issuance, operating losses, high short interest, and valuation compression if growth slows. | High |
| AI confidence | Historical facts and calculation outputs have high confidence. Forward profitability, long-term product adoption, and price outcomes have lower confidence because the business has not yet produced sustained GAAP earnings or free cash flow. | High data confidence |
| Investment certainty | Low to medium certainty. The products are differentiated and the near-term data improved, but the investment case depends on future reimbursement and commercial execution being strong enough to support a premium multiple. | Low-medium |
GKOS AI stock forecast
The GKOS AI stock forecast uses a $166.72 reference price and a StockAnalysis 2027 EPS forecast of $0.42 as a forward starting proxy, because current GAAP EPS is negative. Using the financial rigor tool with 60%, 40%, and 10% annual growth assumptions and 150x, 120x, and 80x terminal multiples produced illustrative three-year values of $258.00, $138.30, and $44.70. These are sensitivity outputs, not company guidance or guaranteed targets. The wide spread shows how much the current price depends on future profitability, and the analyst average target of $193.62 sits inside the scenario range.
$210 to $260
More likely if iDose TR adoption keeps expanding across glaucoma procedures, Epioxa continues to gain reimbursement and physician use, revenue stays above the raised 2026 path, and operating leverage creates durable positive cash flow and visible adjusted earnings.
$160 to $200
More likely if the raised 2026 guidance of $680 million to $700 million is met, iDose TR and Epioxa grow but require continued sales and clinical investment, the 2027 EPS forecast begins to materialize, and the market keeps a premium multiple near the current analyst target range of $172 to $215.
$50 to $110
More likely if reimbursement is slower than expected, clinical or regulatory milestones slip, non-iDose products weaken, losses persist, dilution increases, or investors revalue GKOS closer to profitable medtech peers rather than a platform-growth multiple.
GKOS AI technical analysis
GKOS AI technical analysis is strong but extended at the August 3, 2026 data cutoff. The July 31 close was $166.72, above both major moving averages and just below the record closing high of $168.52 set on July 30, 2026. RSI near 71.28 is in conventional overbought territory, and the intraday 52-week high reached $184.00. This is a static snapshot and does not fetch request-time chart data.
| Level | Value | Why it matters |
|---|---|---|
| Reference price | $166.72 | Macrotrends and StockAnalysis reported the July 31, 2026 closing price. The market was closed at the August 3 data cutoff. |
| Near support | $155 to $160 | This is a planning zone below the July 31 close and should be confirmed against fresh daily closes and volume. It is not a guaranteed floor. |
| 50-day moving average | $138.19 | StockAnalysis listed the 50-day average in its August 2026 technical snapshot. A sustained break below it would weaken the intermediate trend. |
| 200-day moving average | $117.22 | StockAnalysis listed the 200-day average in the same snapshot. This is the deeper trend reference and a potential long-term invalidation level. |
| Record closing high | $168.52 | Macrotrends cited $168.52 as the all-time closing high on July 30, 2026, reached after the Q2 report. It is an historical reference, not a forecast. |
| 52-week high | $184.00 | StockAnalysis cited $184.00 as the intraday 52-week high. A breakout needs volume and fundamental confirmation because price is already extended. |
| Momentum | RSI 71.28, overbought | StockAnalysis reported a 14-day RSI near 71.28. Momentum can persist in overbought territory, so RSI alone is not a sell signal. |
| Volume | 20-day average near 864,507 shares | Compare a move through the record high with a fresh completed-session volume reading rather than relying on the static average. |
| Invalidation | Sustained close below $117.22 | A decisive loss of the 200-day average would invalidate the strong long-term trend setup and require a new fundamental review. |
GKOS AI trading strategy
The GKOS AI trading strategy is a rules-based research framework, not personalized advice. Pair it with live chart data, the next earnings release, reimbursement updates, product adoption, cash flow, share count, and a defined invalidation condition.
Watch for a decisive move above the record closing high of $168.52 with volume near or above the 20-day average, followed by evidence that iDose TR and Epioxa adoption support the revenue path. A successful retest can be more informative than a single intraday breakout.
A failed breakout followed by a close below the selected near-support zone should invalidate the short-term trend setup. Do not treat the 52-week high as a guaranteed launch point.
If GKOS pulls back toward $138.19 without a new product, reimbursement, or clinical shock, compare price action with revenue guidance, cash burn, gross margin, and share issuance before treating the pullback as a valuation reset.
Do not average down solely because the price is below a recent high. The 200-day average near $117.22 is a deeper risk reference, not a promise of support.
Track iDose TR procedures and net sales, Epioxa reimbursement and account starts, U.S. and international glaucoma sales, corneal health sales, gross margin, operating loss, free cash flow, R&D, cash runway, diluted shares outstanding, and short interest.
Reduce confidence when revenue growth depends on higher spending without improving cash conversion, when dilution accelerates, or when reimbursement and clinical evidence fail to support the premium valuation.
Investment research summary
Glaukos converts ophthalmic research, regulatory approvals, physician adoption, and commercial support into procedure and pharmaceutical revenue. The customer pays for a treatment that can improve glaucoma management or corneal cross-linking workflow, not for a generic commodity device.
The moat is strongest where clinical evidence, FDA approvals, patents, physician familiarity, reimbursement codes, and product training reinforce each other. It is not a network-effect business, and competitors can challenge Glaukos with alternative devices, drugs, procedures, and pricing.
The thesis fails if iDose TR adoption slows, Epioxa reimbursement does not translate into procedures, clinical or regulatory outcomes disappoint, non-iDose products decline, or the company spends heavily without reaching cash profitability. The largest analytical error would be treating the record Q2 and raised guidance as proof of a fully proven platform.
Thomas Burns has led Glaukos since 2002 and has long ophthalmic operating experience. Management raised 2026 guidance after the Q2 beat, but investors should judge capital allocation by profitable growth, dilution control, litigation discipline, and the conversion of product adoption into free cash flow.
Aging populations, chronic glaucoma, procedure migration, and interest in sustained or dropless therapy support a long-term ophthalmic opportunity. The industry is still shaped by FDA review, clinical evidence, payer coverage, physician habits, hospital budgets, and competitive alternatives.
At about 16x trailing sales and with negative trailing earnings and free cash flow, GKOS has little traditional valuation support. The margin of safety must come from future profitable growth, not current book value or cash flow. The $9.83 billion market value assumes that the new product platforms become materially more profitable than the current financial statements show.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| GKOS reference price | $166.72 regular-session close on July 31, 2026 | Macrotrends and StockAnalysis market data | August 3, 2026 |
| Market capitalization | $9.83 billion calculated as $166.72 times 58.96 million shares. StockAnalysis reported $9.83 billion on August 1, 2026. Financial rigor deviation was 0.00%. | Financial rigor market-cap verification and StockAnalysis | August 3, 2026 |
| Shares outstanding | 58.858 million shares outstanding at June 30, 2026 in the Q2 2026 earnings release balance sheet; StockAnalysis showed 58.96 million. The cross-check variance was 0.09%. | Glaukos Q2 2026 earnings release and StockAnalysis | August 3, 2026 |
| Q2 2026 operating results | Net sales $185.610 million, up 50% year over year, gross margin approximately 82%, non-GAAP gross margin approximately 85%, loss from operations $17.267 million, net loss $18.377 million, and non-GAAP net loss $8.330 million. GAAP diluted EPS was ($0.31) and non-GAAP diluted EPS was ($0.14). | Glaukos Q2 2026 earnings release | August 3, 2026 |
| First half 2026 operating results | Net sales $336.181 million, up 45.7% year over year, net loss $38.160 million, and non-GAAP net loss $18.745 million. GAAP diluted EPS was ($0.65) and non-GAAP diluted EPS was ($0.32). | Glaukos Q2 2026 earnings release | August 3, 2026 |
| FY2025 financial trend | Revenue $507.442 million, gross profit $395.628 million, operating loss $199.6 million, net loss $187.69 million, and standardized free cash flow negative $39.06 million. Revenue increased 32.3% from 2024. | Glaukos 2025 Form 10-K, Macrotrends, and StockAnalysis financials | August 3, 2026 |
| TTM financial trend | Trailing twelve months revenue $612.84 million, gross margin 79.12%, net loss $188.05 million, EPS negative $3.25, operating cash flow negative $0.95 million, capital expenditures $11.25 million, and free cash flow negative $12.20 million. | StockAnalysis financials as of August 2026 | August 3, 2026 |
| Product and geographic mix | Q2 2026 glaucoma net sales were $155.2 million, up 50%, with U.S. glaucoma net sales of $118.5 million, up 64%, and international glaucoma net sales of $36.6 million. TTM glaucoma revenue was $513.84 million and TTM corneal health revenue was $99 million. | Glaukos Q2 2026 earnings release and StockAnalysis | August 3, 2026 |
| Cash and debt | Cash, cash equivalents, short-term investments, and restricted cash were approximately $289.3 million at June 30, 2026, and the company reported no debt in its Q2 release. Standardized StockAnalysis data counted $107.60 million of finance and other lease-related debt, producing a net cash view that depends on debt definition. | Glaukos Q2 2026 earnings release and StockAnalysis | August 3, 2026 |
| 2026 revenue guidance | $680 million to $700 million, raised from the prior $620 million to $635 million range after the Q2 2026 beat. | Glaukos Q2 2026 earnings release | August 3, 2026 |
| Valuation snapshot | At $166.72, financial_rigor.py calculated 16.05x price to sales using $10.39 TTM revenue per share and 14.37x price to book, and earnings and free cash flow ratios were negative because TTM EPS was negative $3.25 and FCF per share was negative $0.21. StockAnalysis showed 16.04x and 14.38x respectively. | StockAnalysis statistics and financial_rigor.py verify-valuation | August 3, 2026 |
| Technical snapshot | 50-day moving average $138.19, 200-day moving average $117.22, RSI 71.28, beta 0.75, 20-day average volume 864,507 shares, 52-week range $73.16 to $184.00, 52-week change +77.27%, and all-time closing high $168.52 on July 30, 2026. | StockAnalysis statistics and Macrotrends stock history | August 3, 2026 |
| Short interest | Short interest was 4.70 million shares, or 7.98% of shares outstanding and 8.28% of float, with a short ratio near 5.41 days to cover. | StockAnalysis statistics | August 3, 2026 |
| Forward forecast reference | StockAnalysis reported a 2026 revenue forecast of $629.98 million, 2027 revenue forecast of $787.59 million, 2026 adjusted EPS forecast of negative $0.51, and 2027 adjusted EPS forecast of $0.42. The analyst consensus was Strong Buy with a $193.62 average target and a $172 to $215 range. | StockAnalysis forecast, S&P Global, and TipRanks data | August 3, 2026 |
| Three-scenario sensitivity | Using the $0.42 2027 EPS forecast as a forward proxy, 60%/40%/10% annual growth, and 150x/120x/80x terminal multiples over three years, financial_rigor.py produced $258.00 bullish, $138.30 base, and $44.70 bearish outputs. These assumptions are illustrative and not company guidance. | financial_rigor.py three-scenario calculation and StockAnalysis forecast | August 3, 2026 |
This GKOS AI stock analysis page is an informational research tool only. It is not investment advice, a recommendation, or a promise of future return. Forecast scenarios are based on available public data as of August 3, 2026 and can be wrong if Glaukos fundamentals, product adoption, reimbursement, regulation, clinical evidence, cash flow, share count, market price, or investor sentiment change.
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