GLAUKOS Corp

GKOSdata completeness 88%13 fiscal years on file

The thesis, from the filings

GLAUKOS Corp earns about -19% on invested capital, but has diluted owners by 23% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$294M¹	$282.9M²	$314.7M³	$383.5M³	$507.4M³
Net income	−$49.6M⁴	−$99.2M⁵	−$134.7M⁶	−$146.4M⁶	−$187.7M⁶
Operating cash flow	$24.7M⁷	−$33.1M⁸	−$57.8M⁹	−$61.3M⁹	−$14.8M⁹
Capital expenditure	$47.8M¹⁰	$30.3M¹¹	$20.2M¹²	$6.3M¹²	$7.67M¹²
Free cash flow (derived)	−$23.1M⁷	−$63.3M⁸	−$78M⁹	−$67.6M⁹	−$22.5M⁹
Total debt	—	—	—	—	—
Cash & equivalents	$100.7M¹³	$119.5M¹⁴	$93.5M¹⁵	$169.6M¹⁵	$90.8M¹⁵
Diluted shares	46.4M	47.4M	48.4M	52.8M	57.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$114.73

your share of equity

Profit it earned you last year

−$32.82

Free cash flow it threw off

−$3.93

Debt you’d be carrying

—

10 shares is a claim on $114.73 of net worth that earned you −$32.82 and generated −$3.93 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-19% avg · 5y

FY21 -6%FY22 -16%FY23 -26%FY24 -19%FY25 -27%

It earned an average -19% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+23% shares · 5y

Share count is up 23% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001558370-24-001630 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0001558370-25-001402 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001193125-26-061944 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2021-12-31 · accession 0001558370-24-001630 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001558370-25-001402 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001193125-26-061944 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001558370-24-001630 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001558370-25-001402 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001193125-26-061944 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001558370-24-001630 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001558370-25-001402 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001193125-26-061944 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0001558370-24-001630 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001558370-25-001402 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001193125-26-061944 (CashAndCashEquivalentsAtCarryingValue)