HARROW, INC. HROW
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
Last close
38.54
2026-09-04
Market cap
$1.44B
2026-06-30 share count
52-week range
28.54 - 54.85
Valuation FY2025 figures against the last close
P/S5.3x
P/E—
P/FCF33.6x
EV/EBITDA51.0x
Dividend yield—
Diluted EPS-0.14
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $272.3M | $199.6M | $130.2M | $88.6M | $72.5M | $48.9M | $51.2M | $41.4M | $26.8M | $19.9M |
| Cost of revenue | $67.9M | $49.2M | $39.6M | $25.4M | $18.2M | $14.5M | $16.7M | $16.5M | $13.5M | — |
| Gross profit | $204.4M | $150.4M | $90.6M | $63.2M | $54.3M | $34.4M | $34.4M | $24.9M | $13.3M | $10.1M |
| R&D | $20.9M | $12.2M | $6.7M | $3.0M | $11.1M | $2.4M | $2.1M | $825.0K | $413.0K | $739.0K |
| SG&A | $152.9M | $129.1M | $83.1M | $58.2M | $41.3M | $31.2M | $33.1M | $29.2M | $25.0M | $17.6M |
| Total operating expenses | $173.9M | $141.5M | $90.1M | $61.3M | $52.6M | $34.0M | $39.2M | $30.1M | $25.4M | — |
| Operating income | $30.5M | $8.8M | $431.0K | $1.9M | $1.6M | $385.0K | -$4.8M | -$5.2M | -$12.2M | -$15.9M |
| Interest expense | $24.2M | $22.8M | $21.3M | $7.2M | $5.4M | $2.2M | $2.5M | $2.7M | $3.0M | $2.8M |
| Pre-tax income | -$1.4M | -$17.3M | -$23.7M | -$14.0M | -$17.9M | -$3.4M | -$117.0K | $14.6M | -$12.9M | -$19.2M |
| Income tax | $3.8M | $161.0K | $701.0K | $75.0K | $133.0K | $4.0K | $8.0K | — | $935.0K | $111.0K |
| Net income | -$5.1M | -$17.5M | -$24.4M | -$14.1M | -$18.0M | -$3.4M | $168.0K | $14.6M | -$12.0M | -$19.1M |
| EPS, basic | -0.14 | -0.49 | -0.75 | -0.51 | -0.69 | -0.13 | 0.01 | 0.67 | -0.60 | — |
| EPS, diluted | -0.14 | -0.49 | -0.75 | -0.51 | -0.69 | -0.13 | 0.01 | 0.61 | -0.60 | -1.50 |
| Shares, diluted (wtd. avg.) | $36.8M | $35.7M | $32.6M | $27.5M | $26.8M | $25.9M | $26.5M | $23.8M | $20.0M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $72.9M | $47.2M | $74.1M | $96.3M | $42.2M | $4.1M | $4.7M | $6.8M | $4.2M | $9.1M |
| Short-term investments | — | — | $8.7M | $5.6M | $8.5M | — | — | — | — | — |
| Receivables | $110.9M | $116.4M | $36.3M | $6.2M | $4.5M | $2.7M | $2.0M | $1.9M | $1.5M | $2.9M |
| Inventory | $13.5M | $10.7M | $10.9M | $6.5M | $4.2M | $4.0M | $3.3M | $1.8M | $2.2M | $1.8M |
| Total current assets | $211.8M | $189.7M | $139.5M | $118.3M | $60.7M | $41.0M | $36.0M | $32.8M | $8.8M | $14.8M |
| Property, plant and equipment | $3.3M | $3.7M | $3.5M | $3.5M | $3.1M | $3.9M | $5.4M | $6.4M | $6.2M | $7.3M |
| Goodwill | $332.0K | $332.0K | $332.0K | $332.0K | $332.0K | $332.0K | $332.0K | $2.2M | $2.2M | $2.2M |
| Other intangibles | $175.2M | $184.9M | $159.9M | $23.7M | $15.8M | $1.9M | $2.3M | $3.1M | $2.9M | $3.0M |
| Total assets | $399.5M | $389.0M | $312.2M | $157.4M | $98.3M | $57.5M | $59.1M | $49.5M | $23.9M | $27.2M |
| Accounts payable | $35.4M | $38.8M | $24.6M | $13.8M | $6.3M | $3.9M | $7.7M | $6.2M | $3.9M | $3.5M |
| Total current liabilities | $96.3M | $91.3M | $49.3M | $18.6M | $9.7M | $10.8M | $12.3M | $11.9M | $5.8M | $9.9M |
| Long-term debt | $250.0M | $262.7M | $246.7M | $151.8M | $103.0M | $20.0M | — | $23.5M | $23.5M | — |
| Total liabilities | $347.4M | $319.7M | $241.8M | $130.1M | $87.4M | $30.6M | $31.7M | $24.7M | $21.3M | $20.8M |
| Retained earnings | -$156.5M | -$151.4M | -$133.9M | -$109.5M | -$95.4M | -$77.4M | -$74.0M | -$74.2M | -$88.8M | -$76.9M |
| Total equity | $52.4M | $69.7M | $70.4M | $27.2M | $10.9M | $26.8M | $27.4M | $24.8M | $2.6M | $6.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $43.9M | -$22.2M | $3.8M | $1.7M | $5.1M | -$1.1M | $950.0K | $687.0K | -$8.8M | -$11.2M |
| Depreciation and amortisation | $1.3M | $1.3M | $1.1M | $1.3M | $1.6M | $1.7M | $1.9M | — | $1.4M | $1.1M |
| Stock-based compensation | $12.5M | $17.6M | $15.7M | $8.0M | $5.7M | $2.8M | $1.8M | $2.5M | $2.9M | $3.7M |
| Capital expenditure | $887.0K | $1.6M | $1.5M | $2.6M | $1.8M | $862.0K | $1.5M | $1.8M | $772.0K | $6.9M |
| Investing cash flow | -$5.5M | -$33.2M | -$152.6M | -$1.7M | -$18.7M | -$981.0K | -$1.8M | -$2.2M | -$961.0K | -$7.3M |
| Financing cash flow | -$12.7M | $28.5M | $126.5M | $54.1M | $51.5M | $1.4M | -$1.0M | $4.1M | $4.9M | $24.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-018912.
Others in SIC 2834
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|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |