Glaukos Corporation (GKOS) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, GKOS scores 58 out of 100, grading D+ with the verdict "Roarable Sell — Weak Fundamentals / Trim." The five pillars are:

• Fundamental Cash Engine (10 / 20): Per the RQD rating, this pillar reflects ROIC of -13.7% and an FCF yield of -0.16%. For an investor, this is the weakest signal: the business is not currently generating returns on invested capital or free cash flow to support its valuation from operations.
• Whale 13F Flow (19 / 20): This is the strongest pillar, reflecting institutional accumulation and options positioning. For an investor, this indicates large holders have been building positions, which can support price momentum, though it does not by itself validate the fundamentals.
• Insider Conviction (5 / 20): Per the RQD rating, this pillar reflects a cluster of SEC Form 4 and Congressional PTR flow scored low. Recent news also references insider selling (see Catalysts), so the insider signal is a weak support for the thesis.
• Macro Regime Fit (10 / 20): Per the RQD rating, beta of 1.04 and sector sensitivity place the stock near market-level volatility with limited defensive offset.
• Forensic Balance Sheet (14 / 20): Per the RQD rating, Altman Z 26, Piotroski F 5/9, and Debt/Equity 0.15 indicate a comparatively sound balance sheet relative to its earnings profile.

Taken together, the upside drivers are institutional accumulation and a balance sheet with low leverage. The valuation tradeoff is significant: the stock trades at a forward P/E of 34 while reporting negative trailing EPS and negative operating margin, so price is leaning on forward expectations rather than current cash generation. The weak cash-engine pillar is the central caution a prospective investor should weigh against the strong flow signals.

Glaukos Corporation (GKOS) is a NYSE-listed issuer in the Health Care sector, within the Medical/Dental Instruments industry, per the profile. The source data does not itemize its products, customers, or revenue model beyond sector classification and reported revenue. Per the SEC financials, FY 2025 revenue was $507.4M, indicating a revenue-generating medical instruments business. Not available in source data for additional detail on product lines or customer segments.

Per the SEC financials, revenue grew from $314.7M in FY 2023 to $507.4M in FY 2025, while operating and net losses persisted in each period. Per the market data, gross margin is 55.7%, operating margin is -39.3%, and net margin is -37%, with ROIC at -13.7%. Per the RQD rating, the Altman Z-Score is 26 and the Piotroski F-Score is 5/9. Per the RQD rating, Debt/Equity is 0.15, and per the SEC financials, cash declined from $169.6M in FY 2024 to $90.8M in FY 2025.

• What is the trailing P/E, given that the market data shows it as not available while EPS (TTM) is -3.17?
• How do the Q3 adjusted EPS figure of $0.47 and the trailing GAAP EPS of -3.17 reconcile, and what drove the gap versus the FactSet estimate?
• What explains the drop in cash from $169.6M to $90.8M and the negative FY 2025 free cash flow of $-22.5M?
• What is the source and composition of the FY 2023 debt figure of $1847.4M, which is far above later periods?
• What is the identity and size of the institutional holders and the insider selling referenced in the news wire, since the holders section is empty?