Glaukos (Glaukos) Free Cash Flow

: $-78.0 Mil (TTM As of Dec. 2023)

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Glaukos's total free cash flow for the months ended in Dec. 2023 was $-14.9 Mil. Its total free cash flow for the trailing twelve months (TTM) ended in Dec. 2023 was $-78.0 Mil.

Glaukos's Free Cash Flow per Share for the months ended in Dec. 2023 was $-0.30. Its free cash flow per share for the trailing twelve months (TTM) ended in Dec. 2023 was $-1.62.

During the past 3 years, the average Free Cash Flow per Share Growth Rate was -33.80% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Free Cash Flow Growth Rate using Free Cash Flow per Share data.

During the past 11 years, Glaukos's highest 3-Year average Free Cash Flow per Share Growth Rate was -33.80% per year. The lowest was -120.80% per year. And the median was -77.30% per year.

Glaukos Free Cash Flow Historical Data

The historical data trend for Glaukos's Free Cash Flow can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Glaukos Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Free Cash Flow

-5.09

-29.92

-23.08

-63.35

-78.01

Glaukos Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Free Cash Flow																-12.36	-37.67	-13.93	-11.53	-14.88

Glaukos Free Cash Flow Calculation

Free Cash Flow is considered one of the most important parameters to measure a company's earnings power by value investors because it is not subject to estimates of Depreciation, Depletion and Amortization (DDA). However, when we look at the Free Cash Flow, we should look from a long term perspective, because any year's Free Cash Flow can be drastically affected by the spending on Property, Plant, & Equipment (PPE) of the business in that year. Over the long term, Free Cash Flow should give pretty good picture on the real earnings power of the company.

Glaukos's Free Cash Flow for the fiscal year that ended in Dec. 2023 is calculated as

Free Cash Flow (A: Dec. 2023 )	=	Cash Flow from Operations	+	Capital Expenditure
	=	-57.758	+	-20.248
	=	-78.0

Glaukos's Free Cash Flow for the quarter that ended in Dec. 2023 is calculated as

Free Cash Flow (Q: Dec. 2023 )	=	Cash Flow from Operations	+	Capital Expenditure
	=	-10.665	+	-4.214
	=	-14.9

Free Cash Flow for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $-78.0 Mil.

Glaukos (NYSE:GKOS) Free Cash Flow Explanation

Free Cash Flow is very close to Warren Buffett's definition of Owner's Earnings, except that in Warren Buffett's Owner's Earnings, the spending for Property, Plant, and Equipment is only for maintenance (replacement), while in the Free Cash Flow calculation, the cost of new Property, Plant, and Equipment due to business expansion is also deducted. There, Free Cash Flow is more conservative than Owner's Earnings.

In Don Yacktman's calculation of forward rate of return, he uses Free Cash Flow for the calculation. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation.

This is what Yacktman said in his March 2012 interview - when the S&P 500 was at 1400:

If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.

The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).

For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over seven years. The reason we use seven years is because research shows that seven years is the length of the typical business cycle.

Therefore, as of Dec23, Glaukos's Forward Rate of Return (Yacktman) % is

Forward Rate of Return (Yacktman) % (Dec23)	=	Normalized Free Cash Flow	/	Price	+	5-Year EBITDA Growth Rate
	=	0	/	79.49	+	0
	=	0.00 %

Be Aware

Free Cash Flow within a report period can be affected by management's decisions of capital spending. Therefore, it is important to look at long term when it comes to Free Cash Flow.

Glaukos Free Cash Flow Related Terms

Thank you for viewing the detailed overview of Glaukos's Free Cash Flow provided by GuruFocus.com. Please click on the following links to see related term pages.

Glaukos (Glaukos) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » Glaukos Corp (NYSE:GKOS) » Definitions » Free Cash Flow

Comparable Companies

Traded in Other Exchanges

6GJ:Germany

Address

One Glaukos Way, Aliso Viejo, CA, USA, 92656

Website

https://www.glaukos.com

Glaukos Corp is an ophthalmic medical technology company focused on the development and commercialization of breakthrough products and procedures designed to transform the treatment of glaucoma. It offers iStent, a micro-bypass stent for insertion in conjunction with cataract surgery for the reduction of intraocular pressure in adult patients with mild-to-moderate open-angle glaucoma. Its product pipeline also consists of an iStent SA trabecular micro-bypass system, a two-stent product that is slightly wider than the iStent Inject and uses a different auto-injection inserter designed for use in a standalone procedure.

Executives

Alex R. Thurman	officer: SVP & Chief Financial Officer	C/O GLAUKOS CORPORATION, 229 AVENIDA FABRICANTE, SAN CLEMENTE CA 92672
Joseph E Gilliam	officer: CFO, SVP Corporate Development	C/O GLAUKOS CORPORATION, 229 AVENIDA FABRICANTE, SAN CLEMENTE CA 92677
Thomas William Burns	director, 10 percent owner, officer: Chief Executive Officer	C/O GLAUKOS CORPORATION,, 26051 MERIT CIRCLE, SUITE 103, LAGUNA HILLS CA 92653
Marc Stapley	director	9885 TOWNE CENTRE DRIVE, SAN DIEGO CA 92121
Gilbert H Kliman	director	C/O INTERWEST PARTNERS, 467 FIRST STREET SUITE 201, LOS ALTOS CA 94022
Tomas Navratil	officer: Chief Development Officer	C/O GLAUKOS CORPORATION, 229 AVENIDA FABRICANTE, SAN CLEMENTE CA 92672
Leana Wen	director	C/O GLAUKOS CORPORATION, 229 AVENIDA FABRICANTE, SAN CLEMENTE CA 92672
Denice Torres	director	3 RABBIT RUN DRIVE, NEW HOPE PA 18938
Chris M. Calcaterra	officer: Chief Commercial Officer	C/O GLAUKOS CORPORATION, 26051 MERIT CIRCLE, SUITE 103, LAGUNA HILLS CA 92653
Link William J Phd	director, 10 percent owner	ONE SANSOME STREET, SUITE 1650, SAN FRANCISCO CA 94104
Jonathan Silverstein	director	601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022
Orbimed Advisors Llc	director	601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022
Richard L Harrison	officer: Treasurer, CFO & Secretary	26051 MERIT CIRCLE, SUITE 103, LAGUNA HILLS CA 92653
Samuel D Isaly	director	601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022
Orbimed Capital Gp Iii Llc	director	601 LEXINGTON AVENUE, 54TH FLOOR, NEW YORK NY 10022