Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 10, 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
Safe
Financial health
10.4
Distress distance
Clean
Earnings quality
4
Forensic signals
-54.9
P / E (ttm)
-28.6%
ROE
$10.6B
Market cap
0.00%
Dividend yield
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 (red flags, auditor quality, say on pay, board independence). 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 10.4, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
61d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 48 to 61 days FY2024→FY2025 (receivables +79% vs revenue +32%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Across FY2021–FY2025 the day count ran 43 → 45 → 44 → 48 → 61 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. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 7 consecutive quarters (Dec 2024 +8, Mar 2025 +11, Jun 2025 +12, Sep 2025 +14, Dec 2025 +17, Mar 2026 +11, Jun 2026 +7 days). In the latest of them the receivable balance grew +67% against sales +50%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid.
-22.5%
FY2025
Return on invested capital.Return on invested capital is -22.5% in the latest fiscal year and slipping from -8% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+6.4%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +21% over the last 3 years to FY2025 (+6.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~6.4% 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 FY2022 has been diluted ~17%.
12% of rev
FY2025
Stock-based comp load.
Key fundamentals
Latest Revenue$507.4M
Revenue Growth YoY+32.3%
Revenue CAGR (3yr)+21.5%
Net Margin-37.0%
Free Cash Flow-$22.5M
Return on Equity-28.6%
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?
Stock-based compensation ran 12% of revenue in FY2025 — about $1.11 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 6.5% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.