Glaukos Corporation — Earnings Quality Grade F
GKOS · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 20 days (58 → 78)
AR outpaced revenue for 2 consecutive years
Revenue 32.3%, CFFO 75.9%. Cash follows revenue
Expense Quality
Inventory 10.2% vs COGS 139.0%. Normal
CapEx growth 285.3% is >2x revenue growth 32.3%
SG&A/Gross Profit = 117.3%, exceeds 70%
Gross margin swung -19.8pp (75.5% → 55.7%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.0B)
Accruals ratio = -19.4%. Low accruals
Cash $0.3B covers debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 32% of equity
Interest coverage = -43.1x (<2x). Financial stress
Other assets 1.0% vs revenue 32.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Goodwill+Intangibles change -37% YoY. Normal
Manipulation Score
M-Score = -2.84 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25