Glaukos Corp (GKOS)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	-120,129	-114,592	-111,431	-124,645	-84,709	-75,767	-42,074	-13,815	-35,895	-28,476	-50,673	-83,902	-123,553	-141,858	-141,921	-100,964	-50,292	-18,698	-13,220	-11,228
Long-term debt	US$ in thousands	282,773	282,430	282,087	281,743	281,400	281,056	280,713	280,370	280,026	279,683	—	—	189,416	186,676	183,999	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	461,766	477,659	488,811	508,514	530,005	548,554	562,477	597,564	587,151	601,049	584,325	589,774	667,449	661,563	662,424	641,299	673,272	190,116	187,805	185,489
Return on total capital		-16.13%	-15.08%	-14.45%	-15.77%	-10.44%	-9.13%	-4.99%	-1.57%	-4.14%	-3.23%	-8.67%	-14.23%	-14.42%	-16.72%	-16.77%	-15.74%	-7.47%	-9.84%	-7.04%	-6.05%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $-120,129K ÷ ($282,773K + $461,766K)
= -16.13%

Glaukos Corporation's return on total capital has shown a declining trend over the past eight quarters, with negative figures reported consistently. The company's return on total capital deteriorated from -6.45% in Q1 2022 to -15.18% in Q4 2023. This signifies that the company is not generating sufficient returns on the total capital invested in its operations. The downward trajectory indicates potential inefficiencies and challenges in utilizing capital effectively to generate profits. Glaukos Corporation may need to analyze its capital allocation strategies and operational efficiency to improve its return on total capital and enhance overall financial performance.