The Short Answer
Glaukos stock (GKOS) has a qualitative business verdict that is HALAL and passes the known filing-based financial ratios, but the overall screen remains incomplete. Glaukos is an ophthalmic medical-technology and pharmaceutical company.
Medical-device and pharmaceutical-therapy development is generally permissible at the activity level. The March 31, 2026 filing reports debt/assets of 7.58% and liquidity/assets of 30.97%, below the examined limits; product activity remains qualitative.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-15.
67.743 / 893.326
276.685 / 893.326
223.94 / 893.326
2.431 / 150.571
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 7.58%, liquidity/assets is 30.97%, receivables-plus-cash/assets is 25.07% and disclosed interest income is 1.61%; activity remains qualitative.
- Financial
- Pass
- Overall
- Incomplete
Known debt, liquidity and receivables-plus-cash ratios are below the examined MSCI limits; this is not an index-membership claim and activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and identifiable liquidity/assets are below the examined Malaysia limits; this is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored; filing-based asset ratios remain documented.
Business-activity disclosure
Glaukos develops micro-invasive ophthalmic devices and pharmaceutical therapies for glaucoma and corneal disease. The core medical-device and therapeutic-development activity is generally permissible, but the filing does not provide a universal prohibited-revenue numerator for product or customer end uses.
Limitation: No universal prohibited-activity revenue numerator or scholar-specific purification percentage is disclosed; product and clinical-use allocation remains qualitative.
Purification
The filing discloses $2.431 million of interest income; ZakatInvest does not prescribe a fixed scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from Glaukos's March 31, 2026 Form 10-Q.
- Interest-bearing debt uses the $67.743 million finance-lease liability; no conventional notes or borrowings are reported and operating leases are excluded.
- Cash and cash equivalents are $104.249 million and short-term investments are $172.436 million; net accounts receivable are $119.691 million.
- First-quarter net sales are $150.571 million and disclosed interest income is $2.431 million (1.61% of revenue).
- Ophthalmic-device and pharmaceutical-therapy activity is retained as qualitative analysis; no universal prohibited-revenue numerator is disclosed.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
Sharia Screening Methodology
Islamic scholars use several criteria to screen stocks:
- Business activity screen: Is the company's primary business halal?
- Debt ratio: Total debt / market cap must be under 33%
- Interest income: Interest income / total revenue must be under 5%
- Haram revenue: Revenue from haram sources must be under 5%
- Receivables ratio: Total receivables / total assets must be under 49–70% (varies by board)
Glaukos' Business Activity
Glaukos develops and sells:
- Glaucoma devices: Micro-invasive glaucoma-surgery (MIGS) implant devices
- Corneal health: Cross-linking therapy for keratoconus and corneal disorders
- Pharmaceutical pipeline: Drug-delivery and pharmaceutical candidates for eye disease
These are general-purpose healthcare and medical-technology businesses — developing devices and therapies that treat eye disease. This is permissible at the activity level.
Concerns to Be Aware Of
1. Leverage and Convertible Debt
The filing reports a $67.743 million finance-lease liability and no conventional notes or borrowings. The filing-based debt/assets ratio is 7.58%; a licensed market-cap denominator is not calculated here.
2. Liquidity and Interest-Income Ratios
Glaukos reports $104.249 million of cash and $172.436 million of short-term investments. Together they are 30.97% of assets, below the examined one-third limit; disclosed interest income is 1.61% of quarterly revenue, while instrument-level permissibility remains a methodology question.
3. Emerging-Growth Profile
Glaukos is an emerging-growth company that is not yet consistently profitable, reinvests heavily in R&D, and depends on regulatory approvals and clinical-trial outcomes. The stock can be highly volatile. These are business, regulatory, and valuation considerations rather than Sharia screen concerns.
Filing-Based Ratios (March 31, 2026)
Using Glaukos' latest Form 10-Q (USD millions):
- Debt / total assets: 7.58%
- Cash + securities / total assets: 30.97%
- Receivables + cash / total assets: 25.07%
- Disclosed interest income / revenue: 1.61%
Methodology Interpretation
These are ZakatInvest calculations from the cited filing, not claims of current index membership or an official scholar ruling:
- FTSE-style: Known financial ratios pass; activity remains qualitative.
- MSCI-style: Known financial ratios pass; this is not an index-membership claim.
- Malaysia-style: Known debt and liquidity ratios pass; this is not an official classification.
Bottom Line
Glaukos (GKOS) has a generally permissible ophthalmic-device and therapy business and passes the known filing-based ratios. Because no universal prohibited-revenue numerator is disclosed, the overall result remains incomplete rather than a universal halal certification; consult the methodology you follow.
For Muslim investors seeking medical-technology exposure, GKOS sits alongside other halal-screened names like Inspire Medical (INSP) and Edwards Lifesciences (EW).
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