Glaukos (GKOS) is back in focus after raising its 2026 net sales guidance to a range of US$620 million to US$635 million and reporting first quarter sales of US$150.57 million.

The stock has recently pulled back 3.1% on a 1-day share price return, but that comes after a 22.7% year to date share price return and a 56.4% 1-year total shareholder return. This suggests momentum has been building around the updated guidance and first quarter revenue figures.

If Glaukos has you looking closer at healthcare and eye care treatments, it can be useful to see how other related companies are trading through our 33 healthcare AI stocks

So with Glaukos trading around US$135.85 and an updated fair value estimate near US$151.08, is the stock still offering a margin of safety, or has the recent rally already priced in the company’s future growth?

Most Popular Narrative: 10.1% Undervalued

Glaukos is trading at $135.85 against a widely followed fair value estimate of about $151.08, which frames the recent pullback as a valuation talking point.

Glaukos' pipeline diversification into corneal health (Epioxa approval expected in late 2025/early 2026), novel glaucoma devices, and early-stage retinal programs is described as positioning the company to benefit from increased diagnostic rates and expanding access to ophthalmic interventions globally, providing avenues for top-line growth and risk mitigation against single-product dependency.

Want to see what is baked into that fair value gap? The narrative focuses on revenue expansion, rising margins, and a richer earnings multiple. The exact mix may surprise you.

Result: Fair Value of $151.08 (UNDERVALUED)

However, that fair value gap depends heavily on smooth iDose and Epioxa uptake, and any setback in reimbursement or competitive pressure could quickly challenge the current narrative.

Another Way To Look At Valuation

The SWS DCF model points to a future cash flow value of about $300.21 per share, compared with the current price of $135.85, which screens as deeply undervalued. That is a very different message to the closer analyst target of $151.08. Which story do you trust more?

Next Steps

All this optimism around guidance and fair value raises a clear question: Do you agree with the upbeat tone or see more caution ahead? Act while the information is fresh by reviewing the company's potential upsides in the 2 key rewards

Looking for more investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.