Glaukos Corporation

GKOS

HealthcareMedical - DevicesNYSE

$133.52

Market Cap: $7.84B

Glaukos Corporation (GKOS) Valuation Summary

Updated May 11, 2026 07:51

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.34 – $36.16	$1.33	-99.0%
Revenue DCF 10Y	$2.35 – $69.07	$16.67	-87.5%
▸ Trading Multiples
EV/Revenue	$21.01 – $35.79	$28.08	-79.0%

Valuation History

DCF Analysis

Glaukos Corporation (GKOS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$16.67

Market Price

$133.52

Upside / Downside

-87.5%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -17.1% to a target of 13.2% over 5 years, discounted at a WACC of 8.5%, Glaukos Corporation (GKOS) has an intrinsic value of $16.67 per share (range: $2.35 – $69.07).

Key Assumptions

Current Operating Margin

-17.1%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.3%

Target CapEx/Rev

16.3%

D&A/Revenue

10.9%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	631	24.3%	-11.0%	-70	-70	69	(52)	-1	-52	-50
2027	796	26.2%	-5.0%	-40	-40	87	(73)	38	-64	-57
2028	1,011	27.0%	1.1%	11	9	110	(101)	50	-32	-26
2029	1,322	30.8%	7.1%	94	75	144	(144)	72	2	1
2030	1,550	17.2%	13.2%	204	162	169	(183)	53	94	65
2031	1,747	12.7%	13.2%	230	182	190	(222)	46	104	67
2032	1,934	10.8%	13.2%	255	202	210	(263)	44	105	62
2033	2,105	8.8%	13.2%	278	219	229	(306)	40	103	56
2034	2,249	6.9%	13.2%	297	234	245	(347)	34	99	49
2035	2,360	4.9%	13.2%	311	246	257	(385)	26	92	42

Enterprise Value Bridge

Sum of PV(FCFF)210

Terminal Value (Gordon Growth at 3.0%)1,719

PV of Terminal Value792

Enterprise Value1,002

(–) Net Debt49

Equity Value953

(÷) Shares Outstanding57

Fair Value per Share$16.67

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-4	$10	$30	$49	$69
7.5%	$-4	$7	$22	$37	$52
8.5%	$-4	$5	$17	$29	$41
9.5%	$-4	$3	$13	$23	$33
10.5%	$-4	$2	$11	$19	$27

Current price: $133.52. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Glaukos Corporation (GKOS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$1.33

Market Price

$133.52

Upside / Downside

-99.0%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-17.1%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.3%

Target CapEx/Rev

16.3%

D&A/Revenue

10.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	631	24.3%	-11.0%	-70	-70	69	(57)	-1	-57	-55
2027	796	26.2%	-5.0%	-40	-40	87	(87)	38	-78	-69
2028	1,011	27.0%	1.1%	11	9	110	(129)	50	-60	-49
2029	1,322	30.8%	7.1%	94	75	144	(192)	72	-46	-34
2030	1,550	17.2%	13.2%	204	162	169	(253)	53	24	17

Enterprise Value Bridge

Sum of PV(FCFF)-191

Terminal Value (Gordon Growth at 3.0%)455

PV of Terminal Value315

Enterprise Value125

(–) Net Debt49

Equity Value76

(÷) Shares Outstanding57

Fair Value per Share$1.33

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-7	$-6	$5	$21	$36
7.5%	$-7	$-5	$3	$15	$26
8.5%	$-7	$-5	$1	$11	$20
9.5%	$-7	$-5	$0	$8	$16
10.5%	$-6	$-5	$-0	$6	$13

Current price: $133.52. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$28.08

Market Price

$133.52

Upside / Downside

-79.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Glaukos Corporation (GKOS) has a fair value of $28.08 based on 9 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Glaukos CorporationGKOS	7,636	15.1x	12.2x
Arrowhead Pharmaceuticals, Inc.ARWR	10,179	12.4x	22.7x
Bruker CorporationBRKR	6,722	2.5x	2.4x
Alkermes plcALKS	5,832	3.2x	2.6x
Teleflex IncorporatedTFX	5,829	4.1x	3.6x
Bausch + Lomb CorporationBLCO	5,769	2.1x	2.1x
Oscar Health, Inc.OSCR	5,525	0.3x	0.3x
iRhythm Technologies, Inc.IRTC	3,965	6.0x	6.0x
Merit Medical Systems, Inc.MMSI	3,655	2.7x	2.5x
TransMedics Group, Inc.TMDX	2,519	4.1x	4.2x
Industry Median		3.2x	2.6x
(*) Revenue		507	631
= Enterprise Value		1,644	1,666
(-) Net Debt		49	49
Equity Value		1,595	1,617
(/) Outstanding shares		57	57
Fair Price		$28	$28

Selected Fair Value (avg of trailing + forward)

$28.08

-79.0%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.34 – $36.16

$1.33

-99.0%

Revenue DCF 10Y

$2.35 – $69.07

$16.67

-87.5%

▸ Trading Multiples

EV/Revenue

$21.01 – $35.79

$28.08

-79.0%

DCF Analysis

Glaukos Corporation (GKOS) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$16.67

Market Price

$133.52

Upside / Downside

-87.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-17.1%

Target Operating Margin

13.2%

WACC

8.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

7.3%

Target CapEx/Rev

16.3%

D&A/Revenue

10.9%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	631	24.3%	-11.0%	-70	-70	69	(52)	-1	-52	-50
2027	796	26.2%	-5.0%	-40	-40	87	(73)	38	-64	-57
2028	1,011	27.0%	1.1%	11	9	110	(101)	50	-32	-26
2029	1,322	30.8%	7.1%	94	75	144	(144)	72	2	1
2030	1,550	17.2%	13.2%	204	162	169	(183)	53	94	65
2031	1,747	12.7%	13.2%	230	182	190	(222)	46	104	67
2032	1,934	10.8%	13.2%	255	202	210	(263)	44	105	62
2033	2,105	8.8%	13.2%	278	219	229	(306)	40	103	56
2034	2,249	6.9%	13.2%	297	234	245	(347)	34	99	49
2035	2,360	4.9%	13.2%	311	246	257	(385)	26	92	42

Enterprise Value Bridge

Sum of PV(FCFF)210

Terminal Value (Gordon Growth at 3.0%)1,719

PV of Terminal Value792

Enterprise Value1,002

(–) Net Debt49

Equity Value953

(÷) Shares Outstanding57

Fair Value per Share$16.67

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.2%	10.2%	13.2%	16.2%	19.2%
6.5%	$-4	$10	$30	$49	$69
7.5%	$-4	$7	$22	$37	$52
8.5%	$-4	$5	$17	$29	$41
9.5%	$-4	$3	$13	$23	$33
10.5%	$-4	$2	$11	$19	$27

Current price: $133.52. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 23.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$28.08

Market Price

$133.52

Upside / Downside

-79.0%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Glaukos Corporation (GKOS) has a fair value of $28.08 based on 9 comparable companies in the Medical - Devices industry.

EV/Revenue Valuation — Medical - Devices

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Glaukos CorporationGKOS	7,636	15.1x	12.2x
Arrowhead Pharmaceuticals, Inc.ARWR	10,179	12.4x	22.7x
Bruker CorporationBRKR	6,722	2.5x	2.4x
Alkermes plcALKS	5,832	3.2x	2.6x
Teleflex IncorporatedTFX	5,829	4.1x	3.6x
Bausch + Lomb CorporationBLCO	5,769	2.1x	2.1x
Oscar Health, Inc.OSCR	5,525	0.3x	0.3x
iRhythm Technologies, Inc.IRTC	3,965	6.0x	6.0x
Merit Medical Systems, Inc.MMSI	3,655	2.7x	2.5x
TransMedics Group, Inc.TMDX	2,519	4.1x	4.2x
Industry Median		3.2x	2.6x
(*) Revenue		507	631
= Enterprise Value		1,644	1,666
(-) Net Debt		49	49
Equity Value		1,595	1,617
(/) Outstanding shares		57	57
Fair Price		$28	$28

Selected Fair Value (avg of trailing + forward)

$28.08

-79.0%