Forensic Analysis · Medical Devices · as of Nov 9, 2026
Glaukos Corp (GKOS)
A forensic read on Glaukos Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.7
Distress distance
Clean
Earnings quality
4
Forensic signals
-26.4%
ROE
32.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Glaukos Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.7, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
78d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 58 to 78 days FY2024→FY2025 (receivables +79% vs revenue +32%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2023–FY2025 the day count ran 46 → 58 → 78 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
-22.0%
FY2025
Return on invested capital.Return on invested capital is -22.0% in the latest fiscal year and slipping across FY2023–FY2025 from -13.2%. After-tax operating profit was ($102M) in FY2023 and ($158M) in FY2025, with operating income at -40.9% of revenue in FY2023, -31.9% in FY2024 and -39.3% in FY2025. The capital base behind it went from $773M in FY2023 to $716M in FY2025 (-7%), while the revenue it carried went from $315M to $507M. FY2025's operating profit carried a $113M asset write-down that alone took about 12.5 points off that year's return, so more than the whole 8.8-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.
+8.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +18% over the last 2 years to FY2025 (+8.7%/yr). The count is growing — 48.4M shares in FY2023, 57.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~15%.
12% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 12% of revenue in FY2025 — about $1.11 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 8.7% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$507.4M
Revenue Growth YoY+32.3%
Revenue CAGR (2yr)+27.0%
Net Margin-37.0%
Free Cash Flow-$22.5M
Return on Equity-26.4%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Glaukos Corp's actual 10-K/10-Q/8-K filings?