Is Glaukos Corp. overvalued or undervalued?

As of 7 May 2020, the valuation grade for Glaukos Corp. moved from attractive to risky, indicating a shift in perception regarding its financial health and market position. The company appears to be overvalued given its high Price to Book Value of 6.96 and negative EV to EBIT and EV to EBITDA ratios of -49.44 and -80.62, respectively. Additionally, the latest ROCE and ROE are concerning at -21.81% and -15.86%, suggesting inefficiencies in generating returns.
In comparison to its peers, Glaukos Corp. has a significantly lower P/E ratio of -56.81, while Masimo Corp. shows a P/E of 179.74, and Globus Medical, Inc. presents a more favorable P/E of 18.37, highlighting the disparity in valuation. The company's recent stock performance has been underwhelming, with a year-to-date return of -42.75% compared to the S&P 500's positive return of 12.22%, reinforcing the notion that Glaukos Corp. is currently overvalued in the market.