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The Moat Index

GLAUKOS Corp

GKOS · Healthcare · $9.0B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

37/ 100
No moat

The four filters

Pricing power87

Median gross margin 76.7% over 10y, stable.

Returns on capital0

Median ROIC -11.5%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -43x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$156.83
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

14 years of fundamentals

The business, in plain English

GLAUKOS Corp booked $507.4M of revenue in FY2025 in the Healthcare sector and kept 55.7% of it as gross profit — a high-margin business by that measure. After every other cost, −37.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $20.9M (FY2013) to $507.4M (FY2025) — about 30.4% a year compounded over 12 years.

It earned −27.9% on invested capital in FY2025, with a median of −9.8% across 11 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $9.7M of total debt in FY2015. Balance-Sheet Safety scores it 28/100.

The share count rose 2255.1% between FY2014 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (87/100) and Returns on Capital the weakest (0/100), which is how GKOS lands at 37/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2012–FY2025 · 14 fiscal years, normalized from GKOS’s SEC filings

RevenueSales, as filed$507.4M FY2025
$0$200M$400M2012201720222025
Gross marginRevenue kept after cost of goods55.7% FY2025
0%50%2012201720222025
Return on invested capitalOperating profit on the capital employed−27.9% FY2025
−20%0%2012201720222025
Owner earningsCash an owner could take out−$157.3M FY2025
−$100M$02012201720222025

Gaps in a line mean that item isn’t in GKOS’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale36.5 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — GKOS has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#282 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #280TBPH THERAVANCE BIOPHARMA, INC.36.6No moat
  2. #281AEHR AEHR TEST SYSTEMS36.5No moat
  3. #283SCNX Scienture Holdings, Inc.36.5No moat
  4. #284LQDA LIQUIDIA CORPORATION36.5No moat

Compare GKOS with its nearest peers →All Healthcare companies on the Index →

Common questions about GKOS

Does GLAUKOS Corp have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores GLAUKOS Corp (GKOS) 36.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 87, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has GKOS's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 36.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell GKOS. See the disclaimer.

GLAUKOS Corp (GKOS) Moat Score — The Moat Index · Buy Like Buffett