Glaukos Corp (GKOS)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	282,773	281,400	280,026	189,416	—
Total stockholders’ equity	US$ in thousands	461,766	530,005	587,151	667,449	673,272
Debt-to-capital ratio		0.38	0.35	0.32	0.22	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $282,773K ÷ ($282,773K + $461,766K)
= 0.38

The debt-to-capital ratio of Glaukos Corporation has been increasing steadily over the past five years, indicating a higher reliance on debt to finance its operations and investments. In 2019, the ratio was relatively low at 0.08, but it has been trending upwards since then, reaching 0.43 in 2023. This suggests that a significant portion of Glaukos Corporation's capital structure is comprised of debt compared to equity.

A higher debt-to-capital ratio can indicate increased financial risk for the company, as higher levels of debt could lead to higher interest payments and potential liquidity challenges. On the other hand, it may also signify that the company is leveraging its capital structure efficiently to fund growth opportunities.

It is essential for investors and stakeholders to closely monitor Glaukos Corporation's ability to manage its debt levels effectively and generate sufficient cash flows to meet its debt obligations. Additional analysis of the company's interest coverage ratio and debt maturity profile would provide further insight into its financial health and risk management strategies.