The company has significantly improved its capital structure by reducing total debt to $103.1M in 2026Q1, down from $385.0M in 2023Q4, resulting in a conservative debt-to-equity ratio of 0.15.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 485.75M | 474.98M | 449.79M | 395.46M | 443.86M | 486.13M | 469.44M | 262.88M | 176.57M | 149.46M | 120.02M | 104.14M | 10.55M | 11.96M | 3.52M |
| Cash & Short-Term Investments | 276.69M | 278.76M | 318.92M | 295.43M | 352.69M | 414.05M | 404.37M | 173.98M | 140.49M | 119.01M | 95.76M | 91.12M | 2.3M | 6.73M | 1.73M |
| Cash Only | 104.25M | 90.81M | 169.63M | 93.47M | 119.53M | 100.71M | 96.6M | 62.43M | 29.82M | 24.51M | 6.49M | 21.57M | 2.3M | 6.73M | 1.73M |
| Short-Term Investments | 172.44M | 187.95M | 149.29M | 201.96M | 233.17M | 313.34M | 307.77M | 111.55M | 110.67M | 94.51M | 89.27M | 69.55M | 0 | 0 | 0 |
| Accounts Receivable | 119.69M | 108.61M | 60.74M | 39.85M | 36.07M | 33.44M | 36.06M | 38.42M | 18.67M | 16.66M | 14.3M | 7.55M | 5.4M | 2.89M | 552K |
| Days Sales Outstanding | 67.85 | 78.12 | 57.82 | 46.22 | 46.55 | 41.51 | 58.51 | 59.17 | 37.6 | 38.17 | 45.64 | 38.43 | 43.22 | 50.4 | 82.95 |
| Inventory | 62.38M | 63.56M | 57.68M | 41.99M | 37.84M | 23.01M | 15.81M | 42.58M | 13.28M | 11.22M | 6.84M | 4.1M | 2.26M | 1.85M | 915K |
| Days Inventory Outstanding | 192.13 | 203.11 | 223.9 | 202.78 | 200.23 | 126.06 | 62.91 | 402.74 | 193.34 | 194.59 | 154.42 | 115.14 | 72.18 | 266.8 | 201.8 |
| Other Current Assets | 26.99M | 24.05M | 12.46M | 18.19M | 17.25M | 15.63M | 13.21M | 0 | 4.12M | 2.57M | 80K | 80K | 60K | 60K | 323K |
| Total Non-Current Assets | 407.57M | 418.5M | 524.96M | 544.95M | 630.31M | 642.7M | 536.06M | 555.52M | 30.4M | 16.38M | 14.35M | 12.52M | 15.47M | 18.92M | 1.6M |
| Property, Plant & Equipment | 182.26M | 184.18M | 169.94M | 174.54M | 166.83M | 146.13M | 95.46M | 91.81M | 19.15M | 11.79M | 7.59M | 2.15M | 1.95M | 1.87M | 1.6M |
| Fixed Asset Turnover | 3.01x | 2.76x | 2.26x | 1.80x | 1.70x | 2.01x | 2.36x | 2.58x | 9.46x | 13.50x | 15.07x | 33.29x | 23.38x | 11.23x | 1.52x |
| Goodwill | 66.71M | 66.71M | 66.13M | 66.13M | 66.13M | 66.13M | 66.13M | 66.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 133.03M | 141.92M | 263.44M | 282.96M | 307.87M | 332.78M | 357.69M | 382.61M | 0 | 3.15M | 6.57M | 10.22M | 13.47M | 16.98M | 0 |
| Long-Term Investments | 11.5M | 3.83M | 0 | 0 | 7.08M | 9.42M | 9.57M | 0 | 8.78M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 25.58M | 21.86M | 25.45M | 21.32M | 10.61M | 9.11M | 7.21M | 14.97M | 11.04M | 1.2M | 188K | 149K | 42K | 77K | -1.6M |
| Total Assets | 893.33M | 893.49M | 974.76M | 940.41M | 1.07B | 1.13B | 1.01B | 818.4M | 206.97M | 165.84M | 134.37M | 116.66M | 26.02M | 30.88M | 5.17M |
| Asset Turnover | 0.58x | 0.57x | 0.39x | 0.33x | 0.26x | 0.26x | 0.22x | 0.29x | 0.88x | 0.96x | 0.85x | 0.61x | 1.75x | 0.68x | 0.47x |
| Asset Growth % | -0.7% | -8.34% | 3.65% | -12.45% | -4.84% | 12.26% | 22.86% | 295.42% | 24.8% | 23.42% | 15.18% | 348.33% | -15.73% | 497.81% | - |
| Total Current Liabilities | 89.42M | 101.28M | 75.13M | 74.01M | 72.36M | 63.36M | 49.7M | 57.7M | 30.36M | 26.79M | 16.94M | 20.36M | 20.19M | 5.47M | 14.12M |
| Accounts Payable | 19.15M | 24.62M | 13.03M | 13.44M | 14.4M | 7.33M | 4.37M | 5.78M | 6.29M | 6.24M | 2.97M | 3.63M | 3.3M | 3.33M | 2.14M |
| Days Payables Outstanding | 58.41 | 78.68 | 50.57 | 64.91 | 76.21 | 40.17 | 17.39 | 54.68 | 91.5 | 108.27 | 66.94 | 101.9 | 105.43 | 480.19 | 471.74 |
| Short-Term Debt | 0 | 0 | 2.47M | 0 | 430K | 1.01M | 1.19M | 0 | 0 | 0 | 0 | 8.93M | 10.38M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 0 | 0 | 0 |
| Other Current Liabilities | 70.26M | 76.65M | 0 | 20.59M | 35.83M | 33.81M | 29.6M | 13.53M | 115K | 95K | 883K | 516K | 2.65M | 33K | 11.98M |
| Current Ratio | 5.43x | 4.69x | 5.99x | 5.34x | 6.13x | 7.67x | 9.45x | 4.56x | 5.81x | 5.58x | 7.09x | 5.11x | 0.52x | 2.19x | 0.25x |
| Quick Ratio | 4.73x | 4.06x | 5.22x | 4.78x | 5.61x | 7.31x | 9.13x | 3.82x | 5.38x | 5.16x | 6.68x | 4.91x | 0.41x | 1.85x | 0.18x |
| Cash Conversion Cycle | 201.58 | 202.55 | 231.15 | 184.08 | 170.57 | 127.4 | 104.02 | 407.23 | 139.43 | 124.49 | 133.12 | 51.67 | 9.97 | -162.99 | -187 |
| Total Non-Current Liabilities | 132.98M | 136.06M | 132.7M | 404.63M | 471.8M | 478.32M | 288.35M | 87.43M | 2.75M | 846K | 159K | 1.11M | 166.74M | 174.45M | 0 |
| Long-Term Debt | 103.06M | 35.77M | 0 | 282.77M | 281.4M | 280.03M | 189.42M | 0 | 0 | 0 | 0 | 765K | 8.97M | 17.5M | 0 |
| Capital Lease Obligations | 313.21M | 103.88M | 103.4M | 100.97M | 101.08M | 102.35M | 81.39M | 72.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 14.71M | 441K | 6.93M | 7.14M | 79.05M | 86.45M | 10.51M | 9.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 29.49M | -4.03M | 22.37M | 13.75M | 10.28M | 9.49M | 7.03M | 5.17M | 2.75M | 846K | 159K | 343K | 157.77M | 156.95M | 0 |
| Total Liabilities | 222.4M | 237.33M | 207.82M | 478.65M | 544.16M | 541.68M | 338.05M | 145.13M | 33.11M | 27.63M | 17.1M | 21.47M | 186.93M | 179.92M | 14.12M |
| Total Debt | 103.06M | 139.64M | 105.87M | 383.74M | 382.91M | 383.38M | 272M | 72.63M | 0 | 0 | 0 | 9.7M | 19.35M | 17.5M | 0 |
| Net Debt | -1.19M | 48.83M | -63.75M | 290.27M | 263.38M | 282.68M | 175.4M | 10.2M | -29.82M | -24.51M | -6.49M | -11.88M | 17.05M | 10.77M | -1.73M |
| Debt / Equity | 0.15x | 0.21x | 0.14x | 0.83x | 0.72x | 0.65x | 0.41x | 0.11x | - | - | - | 0.10x | - | - | - |
| Debt / EBITDA | -2.58x | - | - | - | - | 247.50x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.03x | - | - | - | - | 182.49x | - | - | - | -7.66x | -0.72x | - | - | - | - |
| Interest Coverage | -18.69x | -18.71x | -13.50x | -8.81x | -6.17x | -2.68x | -8.37x | -18.51x | - | - | 6.98x | -35.05x | -15.03x | -45.32x | - |
| Total Equity | 670.93M | 656.15M | 766.93M | 461.77M | 530M | 587.15M | 667.45M | 673.27M | 173.86M | 138.2M | 117.27M | 95.19M | -160.9M | -149.04M | -9.04M |
| Equity Growth % | 3.52% | -14.44% | 66.09% | -12.88% | -9.73% | -12.03% | -0.86% | 287.25% | 25.8% | 17.85% | 23.2% | 159.16% | -7.96% | -1548.15% | - |
| Book Value per Share | 11.56 | 11.47 | 14.54 | 9.53 | 11.17 | 12.65 | 15.00 | 16.36 | 4.92 | 4.02 | 3.22 | 5.45 | -6.47 | -5.99 | -4.55 |
| Total Shareholders' Equity | 670.93M | 656.15M | 766.93M | 461.77M | 530M | 587.15M | 667.45M | 673.27M | 173.86M | 138.2M | 117.27M | 95.19M | -151.3M | -141.3M | -2.89M |
| Common Stock | 58K | 58K | 56K | 49K | 48K | 47K | 45K | 44K | 36K | 35K | 34K | 32K | 6K | 5K | 5K |
| Retained Earnings | -952.91M | -933.13M | -745.44M | -599.07M | -464.41M | -365.21M | -310.06M | -189.71M | -205.13M | -192.18M | -192.09M | -196.61M | -159.37M | -147.25M | -134.61M |
| Treasury Stock | 0 | -132K | -132K | -132K | -132K | -132K | -132K | -132K | -132K | -132K | -132K | -132K | -132K | -132K | 0 |
| Accumulated OCI | 2.64M | 3.3M | 2.62M | 1.17M | -2.98M | 15K | 1M | 1.33M | 738K | -591K | 648K | 51K | 44K | 2K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.61M | -7.74M | -6.16M |
CMS reimbursement policy volatility
According to recent financial statements, GKOS has successfully reduced its total debt from $385.0M in 2023Q4 to $103.1M by 2026Q1, signaling a deliberate shift toward a more conservative capital structure as the company navigates the commercialization phase of its pharmaceutical-device hybrid platform.
The reduction in debt obligations appears to be a strategic move to lower interest expenses and improve financial flexibility during a period of high R&D investment. This trajectory suggests management is prioritizing balance sheet stability to mitigate risks associated with the ongoing transition to the iDose TR model.
Based on reported figures, the company's debt-to-equity ratio has compressed from 0.83 in 2023Q4 to 0.15 in 2026Q1, indicating that the firm has substantially lowered its reliance on external financing to fund its operations and clinical trial requirements over the past ten quarters.
The sharp decline in leverage suggests that the company is moving away from debt-heavy financing, which may reduce refinancing risk in the current interest rate environment. Investors should monitor whether this lower leverage profile is sustainable given the persistent operating losses and the capital-intensive nature of the business.
As reported in quarterly filings, GKOS maintains a current ratio of 5.43 as of 2026Q1, providing a substantial liquidity cushion that appears adequate to support near-term operational needs despite the company's ongoing cash burn and the high costs associated with its specialized direct sales force.
The high current ratio suggests that the company is well-positioned to meet its short-term obligations without immediate reliance on external capital markets. However, the reliance on cash reserves to fund operations warrants continued scrutiny as the company scales its pharmaceutical-device hybrid business model.
Data from recent SEC filings reveals that the company's equity base is heavily impacted by an accumulated deficit of $952.9M as of 2026Q1, which reflects the long-term cost of aggressive R&D and commercial expansion efforts that have yet to translate into consistent GAAP profitability.
The persistent negative retained earnings indicate that the company has historically prioritized growth over immediate bottom-line results, which may continue to weigh on equity quality. Investors should consider how future earnings growth will be required to reverse this trend and improve the overall health of the shareholder equity position.
Quick answers to the most common questions about buying GKOS stock.
As of 2025, Glaukos Corporation (GKOS) had total assets of $893.5M including $475.0M in current assets.
Glaukos Corporation (GKOS) carries total debt of $139.6M, offset by $278.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Glaukos Corporation (GKOS) has total shareholders' equity (book value) of $656.2M ($11.47 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Glaukos Corporation (GKOS) reported a current ratio of 4.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.