A Business at a Glance
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HARROW, INC.
HROW
$1.4B
Mkt Cap
$38.45
-8.19%
HARROW, INC. (HROW) has a 5-year average return on invested capital (ROIC) of 5.1%. This is below average and may indicate limited pricing power.
HARROW, INC. (HROW) has a market capitalization of $1.4B. It is classified as a small-cap stock.
HARROW, INC. (HROW) does not currently pay a regular dividend.
HARROW, INC. (HROW) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
HARROW, INC. (HROW) reported annual revenue of $272 million in its most recent fiscal year, based on SEC EDGAR filings.
HARROW, INC. (HROW) has a net profit margin of -1.9%. The company is currently unprofitable.
HARROW, INC. (HROW) generated $43 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ITEM 1. BUSINESS We are a leading provider of ophthalmic disease management solutions in North America, and were founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For over a decade, we have partnered with U.S. eyecare professionals to develop a comprehensive portfolio of high-quality products used to manage ophthalmic conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma, and a range of other ocular surface conditions and retina diseases. By prioritizing clinical value – to the provider and the patient – Harrow empowers professionals to enhance patient outcomes and preserve vision.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 272M | 272M | 200M | 130M | 89M | 72M |
| Net Income | -5.1M | -5.1M | -17M | -24M | -14M | -18M |
| EPS | $-0.14 | $-0.14 | $-0.49 | $-0.75 | $-0.51 | $-0.69 |
| Free Cash Flow | 43M | 43M | -24M | 2.4M | -892K | 3.3M |
| ROIC | 10.1% | 11.7% | 3.3% | - | 2.6% | 2.9% |
| Gross Margin | 75.1% | 75.1% | 75.3% | 69.6% | 71.3% | 74.9% |
| Debt/Equity | 4.93 | 4.93 | 3.91 | 3.59 | 5.79 | 9.69 |
| Dividends/Share | $0.00 | - | - | - | - | $0.00 |
| Operating Income | 31M | 31M | 8.8M | - | 1.9M | 1.6M |
| Operating Margin | 11.2% | 11.2% | 4.4% | - | 2.2% | 2.2% |
| ROE | -9.8% | -8.4% | -24.9% | -49.6% | -72.5% | -96.1% |
| Shares Outstanding | 37M | 37M | 36M | 33M | 28M | 27M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | 9.7M | 20M | 27M | 41M | 51M | 49M | 72M | 89M | 130M | 200M | 272M | 272M |
| Gross Margin | N/A | 46.4% | 50.7% | 49.6% | 60.1% | 67.3% | 70.4% | 74.9% | 71.3% | 69.6% | 75.3% | 75.1% | 75.1% |
| R&D | 237K | 332K | 739K | 413K | 825K | 2.1M | 2.4M | 11M | 3.1M | 6.7M | 12M | 21M | 21M |
| SG&A | 8.1M | 13M | 18M | 25M | 29M | 33M | 31M | 41M | 58M | 83M | 129M | 153M | 153M |
| EBIT | -10M | -15M | -16M | -12M | -5.2M | -4.8M | 385K | 1.6M | 1.9M | N/A | 8.8M | 31M | 31M |
| Op. Margin | N/A | -152.6% | -79.6% | -45.4% | -12.6% | -9.4% | 0.8% | 2.2% | 2.2% | N/A | 4.4% | 11.2% | 11.2% |
| Net Income | -10M | -16M | -19M | -12M | 15M | 168K | -3.4M | -18M | -14M | -24M | -17M | -5.1M | -5.1M |
| Net Margin | N/A | -163.6% | -95.7% | -44.8% | 35.3% | 0.3% | -6.9% | -25.5% | -15.9% | -18.7% | -8.8% | -1.9% | -1.9% |
| Non-Recurring | 0 | 0 | 239K | -354K | -393K | 1.8M | 404K | 290K | 69K | 548K | 253K | -13K | -13K |
| Returns on Capital | |||||||||||||
| ROIC | -78.6% | N/M | -179.1% | -59.3% | 39.4% | 0.4% | 0.9% | 2.9% | 2.6% | N/A | 3.3% | 11.7% | 10.1% |
| ROE | -87.0% | -470.0% | -296.8% | -264.9% | 106.9% | 0.6% | -12.2% | -96.1% | -72.5% | -49.6% | -24.9% | -8.4% | -9.8% |
| ROA | -77.8% | -130.5% | -92.3% | -46.8% | 39.9% | 0.3% | -5.8% | -23.7% | -11.0% | -10.4% | -5.0% | -1.3% | -1.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -7.1M | -11M | -11M | -8.8M | 687K | 950K | -1.1M | 5.1M | 1.7M | 3.8M | -22M | 44M | 44M |
| Free Cash Flow | -7.2M | -12M | -18M | -9.6M | -1.1M | -518K | -2.0M | 3.3M | -892K | 2.4M | -24M | 43M | 43M |
| Owner Earnings | -9.7M | -15M | -16M | -15M | -6.2M | -6.2M | -5.8M | -2.4M | -7.7M | -13M | -42M | 29M | 29M |
| CapEx | 174K | 995K | 6.9M | 772K | 1.8M | 1.5M | 862K | 1.8M | 2.6M | 1.5M | 1.6M | 887K | 887K |
| Maint. CapEx | 45K | 300K | 1.4M | 2.8M | 4.4M | 5.4M | 1.9M | 1.7M | 1.5M | 1.5M | 1.9M | 1.9M | 1.9M |
| Growth CapEx | 129K | 695K | 5.5M | 0 | 0 | 0 | 0 | 69K | 1.1M | 0 | 0 | 0 | 0 |
| D&A | 45K | 300K | 1.4M | 2.8M | 4.4M | 5.4M | 1.9M | 1.7M | 1.5M | 1.5M | 1.9M | 1.9M | 1.9M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 257.4% | 154.5% | N/A | 35.1% | 152.3% | 38.0% | N/A | 2.0% | 2.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 130K | 203K | 0 | 0 | 0 | 0 | 127K | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | 0.2% | 0.4% | N/A | N/A | N/A | N/A | 0.1% | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 2.6M | 3.4M | 3.7M | 2.9M | 2.5M | 1.8M | 2.8M | 5.7M | 8.0M | 16M | 18M | 13M | 13M |
| Debt Repayment | 10K | 25K | 267K | 626K | 691K | 0 | 0 | 0 | 0 | 0 | 0 | 1.6M | 1.6M |
| Balance Sheet | |||||||||||||
| Net Debt | -8.3M | 5.5M | 2.9M | 19M | 20M | 14M | 23M | 59M | 58M | 171M | 225M | 186M | 186M |
| Cash & Equiv. | 8.2M | 2.7M | 8.9M | 4.0M | 6.8M | 4.7M | 4.1M | 42M | 96M | 74M | 47M | 73M | 73M |
| Long-Term Debt | N/A | 8.3M | 7.9M | 23M | 23M | 26K | 20M | 103M | 152M | 247M | 263M | 250M | 250M |
| Debt/Equity | 0.00 | -6.02 | 1.85 | 8.97 | 1.08 | 0.69 | 1.00 | 9.69 | 5.79 | 3.59 | 3.91 | 4.93 | 4.93 |
| Interest Coverage | -2670.3 | -13.4 | -5.7 | -4.0 | -1.9 | -1.9 | 0.2 | 0.3 | 0.3 | N/A | 0.4 | 1.3 | 1.3 |
| Equity | 8.1M | -1.4M | 6.4M | 2.6M | 25M | 28M | 27M | 11M | 28M | 71M | 70M | 52M | 52M |
| Total Assets | 10M | 14M | 27M | 24M | 49M | 59M | 57M | 98M | 157M | 312M | 389M | 399M | 399M |
| Total Liabilities | 2.1M | 16M | 21M | 21M | 25M | 32M | 31M | 87M | 130M | 242M | 320M | 347M | 347M |
| Intangibles | 611K | 3.1M | 3.0M | 2.9M | 3.1M | 2.3M | 1.9M | 16M | 24M | 160M | 185M | 175M | 175M |
| Retained Earnings | -42M | -58M | -77M | -89M | -74M | -74M | -77M | -95M | -109M | -134M | -151M | -157M | -157M |
| Working Capital | 7.5M | 499K | 4.8M | 3.0M | 21M | 24M | 30M | 51M | 100M | 90M | 98M | 115M | 115M |
| Current Assets | 9.1M | 5.9M | 15M | 8.8M | 33M | 36M | 41M | 61M | 118M | 139M | 190M | 212M | 212M |
| Current Liabilities | 1.6M | 5.4M | 9.9M | 5.8M | 12M | 12M | 11M | 9.7M | 19M | 49M | 91M | 96M | 96M |
| Per Share Data | |||||||||||||
| EPS | -1.11 | -1.66 | -1.50 | -0.60 | 0.61 | 0.01 | -0.13 | -0.69 | -0.51 | -0.75 | -0.49 | -0.14 | -0.14 |
| Owner EPS | -1.07 | -1.55 | -1.28 | -0.73 | -0.26 | -0.37 | -0.22 | -0.09 | -0.28 | -0.41 | -1.17 | 0.80 | 0.80 |
| Book Value | 0.89 | -0.14 | 0.51 | 0.13 | 1.03 | 1.65 | 1.05 | 0.42 | 1.00 | 2.17 | 1.95 | 1.43 | 1.43 |
| Cash Flow/Share | -0.77 | -1.16 | -0.88 | -0.44 | 0.03 | 0.06 | -0.04 | 0.19 | 0.06 | 0.12 | -0.62 | 1.19 | -0.09 |
| Dividends/Share | N/A | 0.01 | 0.02 | N/A | N/A | N/A | N/A | 0.00 | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 9.1M | 9.6M | 12.7M | 20.0M | 24.0M | 16.8M | 25.8M | 26.8M | 27.6M | 32.5M | 35.7M | 36.7M | 36.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 8.5 | 788.0 | N/A | N/A | N/A | N/A | N/A | N/A | -274.6 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 71.7 | N/A | 152.3 | N/A | 42.8 | 32.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 390.1 | 159.5 | 199.3 | N/A | 149.6 | 63.4 | 52.3 |
| Price/Book | 8.4 | N/A | 4.8 | 11.8 | 5.0 | 4.8 | 5.5 | 21.0 | 13.8 | 5.1 | 17.2 | 35.1 | 26.9 |
| Price/Sales | N/A | 7.5 | 2.5 | 1.9 | 1.6 | 2.0 | 3.0 | 3.3 | 2.7 | 4.3 | 4.7 | 4.6 | 5.2 |
| FCF Yield | -10.5% | -17.8% | -58.3% | -31.1% | -0.9% | -0.4% | -1.3% | 1.4% | -0.2% | 0.7% | -2.0% | 2.3% | 3.0% |
| Market Cap | 69M | 68M | 31M | 31M | 124M | 132M | 151M | 236M | 380M | 363M | 1.2B | 1.8B | 1.4B |
| Avg. Price | 7.24 | 7.58 | 3.87 | 2.56 | 2.74 | 5.96 | 5.63 | 8.88 | 8.59 | 17.07 | 26.03 | 34.04 | 38.45 |
| Year-End Price | 7.55 | 7.12 | 2.44 | 1.54 | 5.19 | 7.88 | 5.83 | 8.83 | 13.76 | 11.14 | 33.50 | 50.09 | 38.45 |
HARROW, INC. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 33.3x vs a median of 57.3x. The company's 5-year average ROIC is 5.1% with a gross margin of 73.2%. At current prices, the estimated annualized return to fair value is +91.6%.
HARROW, INC. (HROW) has a debt-to-equity ratio of 4.93. This indicates higher leverage, which may increase financial risk.
HARROW, INC. (HROW) reported earnings per share (EPS) of $-0.14 in its most recent fiscal year.
HARROW, INC. (HROW) has a return on equity (ROE) of -8.4%. A negative ROE may indicate losses or negative equity.
HARROW, INC. (HROW) has a 5-year average gross margin of 73.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for HARROW, INC. (HROW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HARROW, INC. (HROW) has a book value per share of $1.43, based on its most recent annual SEC filing.