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Ocular Therapeutix (OCUL) Financials

Ocular Therapeutix logo
$8.22 +0.19 (+2.37%)
Closing price 04:00 PM Eastern
Extended Trading
$8.34 +0.12 (+1.42%)
As of 05:31 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Ocular Therapeutix

Annual Income Statements for Ocular Therapeutix

This table shows Ocular Therapeutix's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -40 -45 -63 -60 -86 -156 -6.55 -71 -81 -194 -266
Consolidated Net Income / (Loss)		 -40 -45 -63 -60 -86 -156 -6.55 -71 -81 -194 -266
Net Income / (Loss) Continuing Operations		 -40 -45 -63 -60 -87 -156 -6.55 -71 -81 -194 -266
Total Pre-Tax Income 		-40 -45 -63 -60 -86 -156 -6.55 -71 -81 -194 -266
Total Operating Income		 -38 -43 -62 -59 -86 -63 -78 -79 -82 -172 -270
Total Gross Profit		 1.43 1.44 1.47 1.53 1.90 15 39 47 53 58 45
Total Revenue		 1.75 1.89 1.92 1.99 4.23 17 44 51 58 64 52
Operating Revenue		 1.75 1.89 1.92 1.99 4.23 17 44 51 58 64 52
Total Cost of Revenue		 0.32 0.44 0.46 0.47 2.33 2.08 4.41 4.54 5.28 5.63 6.57
Operating Cost of Revenue		 0.32 0.44 0.46 0.47 2.33 2.08 4.41 4.54 5.28 5.63 6.57
Total Operating Expenses		 40 45 63 61 88 78 117 126 136 230 315
Selling, General & Admin Expense		 9.17 11 16 19 22 23 32 32 34 61 64
Marketing Expense		 3.85 6.70 17 4.94 24 27 35 40 41 42 54
Research & Development Expense		 27 27 31 37 41 29 50 53 61 128 197
Other Operating Expenses / (Income)		 - - - - - 0.00 0.00 0.00 0.00 0.00 0.00
Total Other Income / (Expense), net		 -1.55 -1.38 -1.46 -0.86 -0.57 -93 71 7.62 1.65 -22 4.05
Interest Expense		 1.72 1.68 1.89 1.74 6.10 6.77 6.67 7.02 -2.85 42 12
Interest & Investment Income		 0.17 0.30 0.42 0.88 1.23 0.17 0.03 0.80 3.98 20 18
Other Income / (Expense), net		 0.01 -0.00 0.01 - 4.30 -86 78 14 -5.19 -0.48 -2.47
Basic Earnings per Share		 ($1.71) ($1.80) ($2.20) ($1.57) ($1.91) ($2.56) ($0.09) ($0.92) ($1.01) ($1.22) ($1.42)
Weighted Average Basic Shares Outstanding		 23.24M 24.82M 28.82M 38.12M 45.27M 60.75M 76.39M 76.88M 79.83M 158.27M 187.24M
Diluted Earnings per Share		 ($1.71) ($1.80) ($2.20) ($1.57) ($1.91) ($2.56) ($0.98) ($0.97) ($1.02) ($1.22) ($1.42)
Weighted Average Diluted Shares Outstanding		 23.24M 24.82M 28.82M 38.12M 45.27M 60.75M 82.16M 82.64M 85.60M 158.27M 187.24M
Weighted Average Basic & Diluted Shares Outstanding		 23.24M 24.82M 28.82M 38.12M 45.27M 60.75M 76.75M 77.51M 148.63M 159.02M 217.69M

Quarterly Income Statements for Ocular Therapeutix

This table shows Ocular Therapeutix's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -0.52 -29 -65 -44 -36 -48 -64 -68 -69 -65 -89
Consolidated Net Income / (Loss)		 -0.52 -29 -65 -44 -36 -48 -64 -68 -69 -65 -89
Net Income / (Loss) Continuing Operations		 -0.52 -29 -65 -44 -36 -48 -64 -68 -69 -64 -89
Total Pre-Tax Income 		-0.52 -29 -65 -44 -36 -48 -64 -68 -69 -65 -89
Total Operating Income		 -19 -20 -32 -44 -46 -51 -64 -68 -69 -70 -93
Total Gross Profit		 14 13 13 15 14 16 9.44 12 13 12 9.46
Total Revenue		 15 15 15 16 15 17 11 13 15 13 11
Operating Revenue		 15 15 15 16 15 17 11 13 15 13 11
Total Cost of Revenue		 1.38 1.39 1.33 1.51 1.56 1.23 1.26 1.94 1.77 1.59 1.33
Operating Cost of Revenue		 1.38 1.39 1.33 1.51 1.56 1.23 1.26 1.94 1.77 1.59 1.33
Total Operating Expenses		 33 33 45 59 60 66 73 79 81 81 103
Selling, General & Admin Expense		 8.58 8.02 14 20 12 15 16 14 16 18 20
Marketing Expense		 9.32 9.25 10 9.99 11 11 14 14 13 13 17
Research & Development Expense		 15 16 21 29 37 41 43 51 52 51 66
Total Other Income / (Expense), net		 19 -9.17 -33 -0.19 9.51 2.19 -0.14 -0.17 -0.72 5.08 4.73
Interest Expense		 -11 4.15 32 3.20 3.22 3.11 2.98 3.02 3.00 2.83 2.78
Interest & Investment Income		 1.21 1.46 3.92 6.04 5.65 4.67 3.83 3.46 3.73 7.35 6.05
Other Income / (Expense), net		 6.72 -6.48 -5.15 -3.03 7.08 0.62 -0.98 -0.61 -1.45 0.57 1.46
Basic Earnings per Share		 ($0.01) ($0.35) ($0.49) ($0.26) ($0.22) ($0.25) ($0.38) ($0.39) ($0.38) ($0.27) ($0.40)
Weighted Average Basic Shares Outstanding		 79.37M 79.83M 132.02M 165.82M 166.99M 158.27M 169.40M 172.59M 183.92M 187.24M 224.10M
Diluted Earnings per Share		 ($0.25) ($0.12) ($0.49) ($0.26) ($0.22) ($0.25) ($0.38) ($0.39) ($0.38) ($0.27) ($0.40)
Weighted Average Diluted Shares Outstanding		 85.14M 85.60M 132.02M 165.82M 166.99M 158.27M 169.40M 172.59M 183.92M 187.24M 224.10M
Weighted Average Basic & Diluted Shares Outstanding		 79.42M 148.63M 154.89M 155.92M 157.22M 159.02M 159.30M 174.00M 213.05M 217.69M 218.96M

Annual Cash Flow Statements for Ocular Therapeutix

This table details how cash moves in and out of Ocular Therapeutix's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -6.61 3.65 135 137 -4.48 174 -64 -62 94 196 345
Net Cash From Operating Activities		 -34 -34 -50 -49 -78 -54 -66 -60 -70 -135 -205
Net Cash From Continuing Operating Activities		 -34 -34 76 71 -78 -54 -66 -60 -70 -135 -205
Net Income / (Loss) Continuing Operations		 -40 -45 63 60 -86 -156 -6.55 -71 -81 -194 -266
Consolidated Net Income / (Loss)		 -40 -45 -63 -60 -86 -156 -6.55 -71 -81 -194 -266
Depreciation Expense		 0.75 0.88 1.63 2.29 2.53 2.77 2.42 2.11 2.98 3.79 4.32
Amortization Expense		 0.45 0.56 0.43 0.40 3.68 4.42 4.63 4.85 6.11 3.73 3.40
Non-Cash Adjustments To Reconcile Net Income		 4.30 7.19 7.31 7.48 4.35 93 -62 -0.05 8.58 61 45
Changes in Operating Assets and Liabilities, net		 0.50 2.08 3.55 0.59 -1.76 1.49 -3.88 4.52 -7.17 -9.55 8.05
Net Cash From Investing Activities		 -39 37 27 -1.89 -2.24 -0.84 -1.19 -3.72 -6.09 -1.29 -12
Net Cash From Continuing Investing Activities		 -39 37 27 -1.89 -2.24 -0.84 -1.19 -3.72 -6.09 -1.29 -12
Purchase of Property, Plant & Equipment		 -1.78 -1.92 -8.25 -1.89 -2.24 -0.84 -1.19 -3.72 -6.09 -1.29 -12
Sale of Property, Plant & Equipment		 0.01 0.00 0.01 - - - - - 0.00 0.00 0.13
Net Cash From Financing Activities		 66 0.59 32 69 75 228 2.85 1.45 170 332 562
Net Cash From Continuing Financing Activities		 66 0.59 32 69 75 228 2.85 1.45 170 332 562
Repayment of Debt		 -2.26 -0.52 -1.89 -5.66 0.00 -3.20 -4.17 0.00 -33 0.00 0.00
Issuance of Debt		 1.90 0.00 3.70 12 37 0.00 3.72 0.00 202 0.00 540
Issuance of Common Equity		 66 0.91 30 62 38 225 0.99 0.94 0.85 317 1.59
Other Financing Activities, net		 0.21 0.20 0.69 0.40 0.08 5.79 2.59 0.51 0.55 15 21
Cash Interest Paid		 1.25 1.30 1.46 1.52 2.30 2.35 1.93 2.15 5.46 22 9.03

Quarterly Cash Flow Statements for Ocular Therapeutix

This table details how cash moves in and out of Ocular Therapeutix's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 44 85 287 -23 -32 -35 -42 41 -46 392 -70
Net Cash From Operating Activities		 -7.73 -22 -34 -25 -37 -39 -45 -55 -51 -54 -66
Net Cash From Continuing Operating Activities		 -7.73 -22 -34 -25 -37 -39 -45 -55 -51 -54 -66
Net Income / (Loss) Continuing Operations		 -0.52 -29 -65 -44 -36 -48 -64 -68 -69 -65 -89
Consolidated Net Income / (Loss)		 -0.52 -29 -65 -44 -36 -48 -64 -68 -69 -65 -89
Depreciation Expense		 0.89 0.96 0.92 0.96 0.96 0.95 0.98 1.03 1.07 1.25 1.28
Amortization Expense		 2.07 1.55 1.97 0.57 0.62 0.58 1.44 0.71 0.76 0.50 1.38
Non-Cash Adjustments To Reconcile Net Income		 -17 12 41 14 0.58 6.30 11 9.99 13 11 19
Changes in Operating Assets and Liabilities, net		 6.99 -8.10 -13 3.27 -2.23 1.13 5.67 0.85 3.82 -2.04 1.05
Net Cash From Investing Activities		 -0.26 -0.46 -0.26 -0.74 -0.09 -0.20 -1.93 -1.12 -5.99 -2.84 -4.66
Net Cash From Continuing Investing Activities		 -0.26 -0.46 -0.26 -0.74 -0.09 -0.20 -1.93 -1.12 -5.99 -2.84 -4.66
Purchase of Property, Plant & Equipment		 -0.26 -0.46 -0.26 -0.74 -0.09 -0.20 -1.93 -1.25 -5.99 -2.84 -4.66
Net Cash From Financing Activities		 52 108 321 2.20 4.18 4.51 4.18 98 10 449 0.29
Net Cash From Continuing Financing Activities		 52 108 321 2.20 4.18 4.51 4.18 98 10 449 0.29
Other Financing Activities, net		 0.06 0.01 4.87 1.70 4.18 3.99 4.18 3.07 10 2.94 0.29
Cash Interest Paid		 1.34 2.60 13 2.63 2.60 3.34 2.14 2.31 2.34 2.24 2.19

Annual Balance Sheets for Ocular Therapeutix

This table presents Ocular Therapeutix's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 110 75 55 73 79 262 205 149 252 458 808
Total Current Assets		 107 70 43 56 60 246 191 130 232 441 782
Cash & Equivalents		 31 33 42 54 54 228 164 102 196 392 737
Accounts Receivable		 0.19 0.25 0.23 0.20 2.55 12 21 21 26 32 31
Inventories, net		 0.13 0.11 0.12 0.22 0.95 1.20 1.25 1.97 2.31 3.04 3.56
Prepaid Expenses		 1.59 1.39 1.45 1.71 2.23 4.65 4.75 4.03 7.79 13 11
Plant, Property, & Equipment, net		 3.10 3.31 10 10 10 8.10 6.96 9.86 12 9.39 20
Total Noncurrent Assets		 0.23 1.73 1.61 6.61 8.42 7.61 6.63 9.81 8.09 7.56 6.25
Other Noncurrent Operating Assets		 - - - - 6.66 5.84 4.87 8.04 8.09 7.56 6.25
Total Liabilities & Shareholders' Equity		 110 75 55 73 79 262 205 149 252 458 808
Total Liabilities		 21 23 29 37 82 186 117 114 161 143 154
Total Current Liabilities		 5.38 8.30 13 9.16 12 27 26 31 35 41 51
Accounts Payable		 1.96 2.12 3.57 2.97 3.27 2.71 4.59 5.12 4.39 4.18 4.15
Accrued Expenses		 3.38 4.64 4.31 6.19 7.64 14 20 24 29 35 44
Other Current Liabilities		 - - - - 1.13 1.36 1.62 1.60 1.59 1.93 2.82
Total Noncurrent Liabilities		 15 15 16 28 70 159 91 83 126 101 103
Long-Term Debt		 15 14 12 25 49 41 51 54 75 69 71
Noncurrent Deferred Revenue		 0.07 0.54 3.39 - 0.00 12 13 13 14 14 14
Other Noncurrent Operating Liabilities		 - - - 3.22 21 106 26 15 37 19 18
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 90 52 26 36 -3.63 76 88 35 91 315 654
Total Preferred & Common Equity		 90 52 26 36 -3.63 76 88 35 91 315 654
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 90 52 26 36 -3.63 76 88 35 91 315 654
Common Stock		 219 226 263 333 380 615 634 652 789 1,206 1,811
Retained Earnings		 -129 -174 -237 -297 -384 -539 -546 -617 -698 -891 -1,157

Quarterly Balance Sheets for Ocular Therapeutix

This table presents Ocular Therapeutix's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 159 129 123 162 539 517 490 406 451 411 733
Total Current Assets		 146 107 101 141 520 499 473 388 433 387 706
Cash & Equivalents		 121 79 67 111 483 460 427 350 391 345 667
Accounts Receivable		 20 21 27 24 27 30 30 25 30 31 24
Inventories, net		 1.55 2.27 2.20 2.26 2.57 2.55 2.41 3.27 3.04 3.49 3.74
Prepaid Expenses		 3.32 4.75 4.59 4.86 7.67 6.12 13 9.52 8.79 7.95 11
Plant, Property, & Equipment, net		 7.20 12 13 12 11 11 10 11 10 17 18
Total Noncurrent Assets		 5.77 9.39 9.02 8.63 7.67 7.62 7.31 7.44 7.50 6.95 8.11
Other Noncurrent Operating Assets		 4.00 7.63 7.25 6.87 7.67 7.62 7.31 7.44 7.50 6.95 8.11
Total Liabilities & Shareholders' Equity		 159 129 123 162 539 517 490 406 451 411 733
Total Liabilities		 112 119 119 155 131 139 138 140 145 153 151
Total Current Liabilities		 29 30 32 35 24 30 36 38 43 49 48
Accounts Payable		 5.31 5.44 3.57 3.98 6.45 3.69 4.00 4.63 5.89 6.26 8.03
Accrued Expenses		 22 22 25 29 16 24 30 31 34 40 36
Other Current Liabilities		 1.74 1.82 1.71 1.88 1.54 1.66 1.72 2.16 2.63 2.76 3.17
Total Noncurrent Liabilities		 83 89 87 119 107 109 102 102 102 103 103
Long-Term Debt		 53 55 53 74 66 67 68 69 70 71 72
Noncurrent Deferred Revenue		 14 13 14 14 14 14 14 14 14 14 14
Other Noncurrent Operating Liabilities		 16 21 20 31 26 28 20 19 19 19 17
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 46 9.71 3.09 7.85 408 378 352 266 306 258 582
Total Preferred & Common Equity		 46 9.71 3.09 7.85 408 378 352 266 306 258 582
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 46 9.71 3.09 7.85 408 378 352 266 306 258 582
Common Stock		 648 657 671 676 1,170 1,184 1,195 1,221 1,329 1,351 1,827
Retained Earnings		 -601 -647 -668 -668 -762 -806 -843 -955 -1,023 -1,092 -1,246

Annual Metrics And Ratios for Ocular Therapeutix

This table displays calculated financial ratios and metrics derived from Ocular Therapeutix's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 126.68% 7.83% 1.91% 3.48% 112.41% 311.71% 150.08% 18.32% 13.49% 9.03% -18.47%
EBITDA Growth		 -37.69% -13.25% -42.92% 5.73% -33.40% -88.41% 105.03% -910.92% -35.66% -109.91% -60.72%
EBIT Growth		 -38.69% -13.45% -42.91% 4.52% -37.86% -82.87% 100.06% -76,350.59% -35.11% -96.71% -58.18%
NOPAT Growth		 -40.98% -13.43% -42.92% 4.53% -45.14% 26.75% -24.17% -0.79% -4.74% -108.52% -57.19%
Net Income Growth		 -38.75% -12.47% -41.79% 5.38% -44.01% -80.19% 95.79% -984.05% -13.65% -139.68% -37.43%
EPS Growth		 36.43% -5.26% -22.22% 28.64% -21.66% -34.03% 61.72% 1.02% -5.15% -19.61% -16.39%
Operating Cash Flow Growth		 -64.63% -0.76% -48.45% 2.47% -57.59% 30.97% -22.40% 9.07% -17.84% -91.75% -52.13%
Free Cash Flow Firm Growth		 -55.53% -2.65% -63.22% 13.35% -22.79% 200.25% -366.35% 49.46% 36.53% -234.30% -30.98%
Invested Capital Growth		 71.10% -414.35% 145.50% -101.29% -80,815.38% -890.52% 74.57% 44.60% -103.70% 72.40% -38.30%
Revenue Q/Q Growth		 -3.79% 4.14% 27.44% -17.46% 70.79% 41.37% 12.86% 3.55% 1.26% 3.71% -6.87%
EBITDA Q/Q Growth		 -6.39% -6.05% -0.24% -8.62% 1.77% -72.36% 109.57% -26.09% -17.39% -17.39% -7.74%
EBIT Q/Q Growth		 -7.67% -5.34% -0.39% -8.37% 0.23% -66.39% 100.10% -22.58% -16.51% -15.74% -7.60%
NOPAT Q/Q Growth		 -7.69% -5.34% -0.40% -8.37% -5.04% 10.10% -4.99% -1.70% -0.84% -21.61% -7.65%
Net Income Q/Q Growth		 -7.24% -5.14% -0.44% -7.72% -11.08% -62.05% 92.58% -19.70% -20.40% -10.99% -6.51%
EPS Q/Q Growth		 -259.81% -4.05% 3.08% 1.26% -1.06% -50.59% 51.49% 6.73% 6.42% -11.93% -1.43%
Operating Cash Flow Q/Q Growth		 -9.79% 2.92% -5.81% -7.10% -8.11% 19.80% -15.72% -3.12% -8.49% -14.42% -7.80%
Free Cash Flow Firm Q/Q Growth		 0.00% 1.90% -6.46% -4.97% -2.83% 270.42% -260.47% 9.49% 14.69% -16.24% -11.26%
Invested Capital Q/Q Growth		 -726.09% -702.17% 6.87% -101.08% -35.22% -278.06% 38.22% 36.57% 2.19% -11.77% 28.33%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 81.77% 76.52% 76.24% 76.63% 45.00% 88.03% 89.88% 91.18% 90.96% 91.17% 87.35%
EBITDA Margin		 -2,113.54% -2,219.87% -3,113.26% -2,835.93% -1,781.10% -815.08% 16.39% -112.35% -134.29% -258.53% -509.65%
Operating Margin		 -2,182.69% -2,296.03% -3,220.12% -2,970.75% -2,029.86% -361.13% -179.30% -152.74% -140.96% -269.57% -519.75%
EBIT Margin		 -2,182.29% -2,296.08% -3,219.86% -2,970.75% -1,928.08% -856.38% 0.20% -125.87% -149.84% -270.33% -524.51%
Profit (Net Income) Margin		 -2,271.31% -2,369.00% -3,296.20% -3,013.97% -2,043.34% -894.31% -15.06% -137.95% -138.14% -303.67% -511.90%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.99%
Interest Burden Percent		 104.08% 103.18% 102.37% 101.45% 105.98% 104.43% -7,709.41% 109.60% 92.19% 112.33% 97.61%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% -8,293.11% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% -8,232.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 8,099.70% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -53.61% -63.14% -162.21% -193.41% -535.72% -429.55% -7.99% -115.16% -127.64% -95.21% -54.85%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -4,607.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -40.52% -46.78% -94.99% -92.03% -107.39% -87.51% 0.04% -36.60% -43.64% -48.52% -43.05%
Return on Assets (ROA)		 -42.17% -48.26% -97.24% -93.37% -113.81% -91.39% -2.81% -40.11% -40.23% -54.51% -42.01%
Return on Common Equity (ROCE)		 -53.61% -63.14% -162.21% -193.41% -535.72% -429.55% -7.99% -115.16% -127.64% -95.21% -54.85%
Return on Equity Simple (ROE_SIMPLE)		 -44.37% -85.95% -242.42% -167.19% 2,379.39% -204.53% -7.45% -200.79% -88.59% -61.36% 0.00%
Net Operating Profit after Tax (NOPAT)		 -27 -30 -43 -41 -60 -44 -55 -55 -58 -120 -189
NOPAT Margin		 -1,527.88% -1,607.22% -2,254.09% -2,079.53% -1,420.90% -252.79% -125.51% -106.92% -98.67% -188.70% -363.83%
Net Nonoperating Expense Percent (NNEP)		 -17.32% -19.93% -50.50% -60.94% -123.01% -119.29% 32.62% -19.42% -26.97% -32.95% -15.55%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -61.60% -34.73% -31.33% -26.05%
Cost of Revenue to Revenue		 18.23% 23.48% 23.77% 23.37% 55.00% 11.97% 10.12% 8.82% 9.04% 8.83% 12.65%
SG&A Expenses to Revenue		 523.71% 583.15% 806.50% 944.02% 523.35% 131.35% 73.25% 62.58% 58.07% 95.18% 123.92%
R&D to Revenue		 1,520.63% 1,434.29% 1,605.82% 1,855.03% 972.11% 164.88% 115.08% 103.82% 104.47% 200.30% 379.39%
Operating Expenses to Revenue		 2,264.46% 2,372.55% 3,296.36% 3,047.39% 2,074.85% 449.16% 269.18% 243.93% 231.93% 360.75% 607.10%
Earnings before Interest and Taxes (EBIT)		 -38 -43 -62 -59 -82 -149 0.09 -65 -88 -172 -272
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -37 -42 -60 -56 -75 -142 7.13 -58 -78 -165 -265
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.59 4.00 5.01 4.56 0.00 19.42 6.07 6.12 3.89 4.26 3.95
Price to Tangible Book Value (P/TBV)		 2.59 4.00 5.01 4.56 0.00 19.42 6.07 6.12 3.89 4.26 3.95
Price to Revenue (P/Rev)		 132.43 110.36 68.12 82.19 44.93 84.92 12.27 4.20 6.06 21.07 49.79
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 106.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 81.12 82.53 55.89 67.48 43.72 74.66 9.68 3.26 3.99 15.99 36.97
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 59.05 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 4,955.81 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 26.15 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.17 0.30 0.69 0.69 -13.58 0.65 0.58 1.53 0.82 0.22 0.11
Long-Term Debt to Equity		 0.17 0.27 0.48 0.69 -13.58 0.54 0.58 1.53 0.82 0.22 0.11
Financial Leverage		 -1.01 -1.02 -1.02 -0.98 -1.33 -2.58 -1.80 -1.33 -1.35 -1.09 -1.02
Leverage Ratio		 1.27 1.31 1.67 2.07 4.71 4.70 2.84 2.87 3.17 1.75 1.31
Compound Leverage Factor		 1.32 1.35 1.71 2.10 4.99 4.91 -219.29 3.15 2.92 1.96 1.27
Debt to Total Capital		 14.56% 23.12% 40.79% 40.86% 107.95% 39.43% 36.89% 60.42% 45.12% 17.85% 9.83%
Short-Term Debt to Total Capital		 0.00% 2.29% 12.56% 0.00% 0.00% 6.60% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 14.56% 20.83% 28.24% 40.86% 107.95% 32.83% 36.89% 60.42% 45.12% 17.85% 9.83%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 85.44% 76.88% 59.21% 59.14% -7.95% 60.57% 63.11% 39.58% 54.88% 82.15% 90.17%
Debt to EBITDA		 -0.41 -0.37 -0.30 -0.44 -0.66 -0.35 7.21 -0.93 -0.95 -0.42 -0.27
Net Debt to EBITDA		 2.43 1.25 0.39 0.52 0.07 1.26 -15.80 0.83 1.54 1.96 2.51
Long-Term Debt to EBITDA		 -0.41 -0.34 -0.21 -0.44 -0.66 -0.29 7.21 -0.93 -0.95 -0.42 -0.27
Debt to NOPAT		 -0.57 -0.52 -0.42 -0.60 -0.82 -1.13 -0.94 -0.98 -1.30 -0.57 -0.38
Net Debt to NOPAT		 3.36 1.73 0.54 0.71 0.09 4.06 2.06 0.88 2.10 2.69 3.52
Long-Term Debt to NOPAT		 -0.57 -0.46 -0.29 -0.60 -0.82 -0.94 -0.94 -0.98 -1.30 -0.57 -0.38
Altman Z-Score		 5.05 1.30 -6.31 -4.93 -8.07 1.08 0.19 -4.94 -2.53 2.87 8.13
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 19.89 8.42 3.23 6.14 5.00 9.23 7.26 4.13 6.66 10.66 15.39
Quick Ratio		 19.57 8.24 3.11 5.92 4.74 9.01 7.04 3.94 6.36 10.26 15.11
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -28 -29 -47 -40 -50 50 -132 -67 -42 -142 -186
Operating Cash Flow to CapEx		 -1,905.31% -1,773.66% -612.02% -2,605.98% -3,466.40% -6,367.90% -5,489.95% -1,604.39% -1,153.84% -10,456.29% -1,724.60%
Free Cash Flow to Firm to Interest Expense		 -16.13 -16.99 -24.62 -23.21 -8.12 7.34 -19.84 -9.52 0.00 -3.42 -15.70
Operating Cash Flow to Interest Expense		 -19.57 -20.24 -26.68 -28.31 -12.72 -7.91 -9.83 -8.49 0.00 -3.24 -17.31
Operating Cash Flow Less CapEx to Interest Expense		 -20.60 -21.38 -31.04 -29.39 -13.08 -8.04 -10.01 -9.02 0.00 -3.27 -18.32
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.02 0.03 0.03 0.06 0.10 0.19 0.29 0.29 0.18 0.08
Accounts Receivable Turnover		 6.71 8.52 8.08 9.32 3.08 2.35 2.61 2.43 2.46 2.18 1.65
Inventory Turnover		 2.39 3.59 3.89 2.74 3.97 1.93 3.60 2.82 2.47 2.11 1.99
Fixed Asset Turnover		 0.72 0.59 0.28 0.19 0.41 1.91 5.78 6.13 5.41 6.03 3.57
Accounts Payable Turnover		 0.19 0.22 0.16 0.14 0.75 0.70 1.21 0.93 1.11 1.31 1.58
Days Sales Outstanding (DSO)		 54.44 42.84 45.17 39.16 118.69 155.20 140.00 150.48 148.34 167.73 221.45
Days Inventory Outstanding (DIO)		 152.75 101.76 93.85 133.05 91.92 188.81 101.52 129.60 147.87 173.38 183.33
Days Payable Outstanding (DPO)		 1,872.48 1,677.93 2,271.07 2,565.20 489.26 523.67 302.41 390.53 328.71 277.84 231.25
Cash Conversion Cycle (CCC)		 -1,665.30 -1,533.33 -2,132.05 -2,393.00 -278.65 -179.66 -60.89 -110.44 -32.50 63.28 173.53
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -0.43 -2.22 1.01 -0.01 -11 -104 -26 -15 -30 -8.25 -11
Invested Capital Turnover		 -1.82 -1.42 -3.18 3.99 -0.80 -0.30 -0.67 -2.50 -2.62 -3.34 -5.28
Increase / (Decrease) in Invested Capital		 1.06 -1.79 3.23 -1.02 -11 -94 78 12 -15 22 -3.16
Enterprise Value (EV)		 142 156 107 134 185 1,299 421 168 233 1,019 1,921
Market Capitalization		 232 208 131 164 190 1,478 534 216 354 1,343 2,586
Book Value per Share		 $3.62 $2.09 $0.89 $0.87 ($0.08) $1.07 $1.15 $0.46 $1.15 $2.01 $3.07
Tangible Book Value per Share		 $3.62 $2.09 $0.89 $0.87 ($0.08) $1.07 $1.15 $0.46 $1.15 $2.01 $3.07
Total Capital		 105 68 44 61 46 126 139 89 166 384 726
Total Debt		 15 16 18 25 49 50 51 54 75 69 71
Total Long-Term Debt		 15 14 12 25 49 41 51 54 75 69 71
Net Debt		 -90 -53 -24 -29 -5.13 -179 -113 -48 -121 -324 -666
Capital Expenditures (CapEx)		 1.77 1.92 8.25 1.89 2.24 0.84 1.19 3.72 6.09 1.29 12
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3.46 -5.00 -6.08 -7.03 -6.30 -0.27 0.80 -4.07 1.38 7.53 -5.74
Debt-free Net Working Capital (DFNWC)		 102 63 35 47 48 228 165 98 197 400 731
Net Working Capital (NWC)		 102 62 30 47 48 219 165 98 197 400 731
Net Nonoperating Expense (NNE)		 13 14 20 19 26 112 -48 16 23 73 77
Net Nonoperating Obligations (NNO)		 -90 -54 -25 -36 -6.89 -180 -114 -50 -121 -324 -666
Total Depreciation and Amortization (D&A)		 1.20 1.44 2.05 2.68 6.21 7.19 7.05 6.96 9.09 7.52 7.72
Debt-free, Cash-free Net Working Capital to Revenue		 -197.66% -264.86% -316.17% -353.17% -148.95% -1.56% 1.84% -7.90% 2.36% 11.82% -11.04%
Debt-free Net Working Capital to Revenue		 5,806.00% 3,346.42% 1,843.89% 2,363.52% 1,138.89% 1,308.89% 379.03% 190.76% 337.66% 627.14% 1,407.72%
Net Working Capital to Revenue		 5,806.00% 3,264.33% 1,555.54% 2,363.52% 1,138.89% 1,261.25% 379.03% 190.76% 337.66% 627.14% 1,407.72%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.71) ($1.80) ($2.20) ($1.57) ($1.91) ($2.56) ($0.09) ($0.92) ($1.01) ($1.22) ($1.42)
Adjusted Weighted Average Basic Shares Outstanding		 24.75M 28.76M 37.28M 42.84M 52.58M 76.07M 76.39M 76.88M 79.83M 158.27M 187.24M
Adjusted Diluted Earnings per Share		 ($1.71) ($1.80) ($2.20) ($1.57) ($1.91) ($2.56) ($0.98) ($0.97) ($1.02) ($1.22) ($1.42)
Adjusted Weighted Average Diluted Shares Outstanding		 24.75M 28.76M 37.28M 42.84M 52.58M 76.07M 82.16M 82.64M 85.60M 158.27M 187.24M
Adjusted Basic & Diluted Earnings per Share		 ($1.71) ($1.80) ($2.20) ($1.57) ($1.91) ($2.56) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 23.24M 24.82M 28.82M 38.12M 45.27M 60.75M 76.75M 77.51M 148.63M 159.02M 217.69M
Normalized Net Operating Profit after Tax (NOPAT)		 -27 -30 -43 -41 -60 -44 -55 -55 -58 -120 -189
Normalized NOPAT Margin		 -1,527.88% -1,607.22% -2,254.09% -2,079.53% -1,420.90% -252.79% -125.51% -106.92% -98.67% -188.70% -363.83%
Pre Tax Income Margin		 -2,271.31% -2,369.00% -3,296.20% -3,013.97% -2,043.34% -894.31% -15.06% -137.95% -138.14% -303.67% -511.96%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -22.15 -25.79 -32.73 -34.00 -13.36 -22.02 0.01 -9.23 0.00 -4.15 -23.02
NOPAT to Interest Expense		 -15.51 -18.05 -22.91 -23.80 -9.84 -6.50 -8.19 -7.84 0.00 -2.90 -15.97
EBIT Less CapEx to Interest Expense		 -23.18 -26.93 -37.09 -35.08 -13.73 -22.14 -0.17 -9.76 0.00 -4.18 -24.03
NOPAT Less CapEx to Interest Expense		 -16.54 -19.19 -27.27 -24.88 -10.21 -6.62 -8.37 -8.37 0.00 -2.93 -16.97
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4.20% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Ocular Therapeutix

This table displays calculated financial ratios and metrics derived from Ocular Therapeutix's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 217,691,779.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 217,691,779.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.41
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 26.04% 5.16% 10.47% 8.26% 2.28% 15.41% -27.59% -18.14% -5.71% -22.44% 0.81%
EBITDA Growth		 54.49% -93.84% -23.64% -157.17% -291.84% -101.65% -84.40% -47.52% -82.95% -39.29% -42.80%
EBIT Growth		 44.91% -87.90% -26.30% -139.81% -211.58% -88.32% -76.49% -46.41% -80.22% -38.52% -41.59%
NOPAT Growth		 10.82% -3.55% -40.21% -111.91% -139.40% -152.26% -102.16% -55.18% -49.35% -37.93% -46.03%
Net Income Growth		 97.87% -88.01% -113.89% -111.67% -6,972.29% -65.60% 1.23% -54.91% -90.22% -33.62% -38.34%
EPS Growth		 19.35% 36.84% -25.64% 0.00% 12.00% -108.33% 22.45% -50.00% -72.73% -8.00% -5.26%
Operating Cash Flow Growth		 41.29% -32.41% -69.66% -23.55% -372.83% -75.60% -31.82% -122.72% -38.75% -37.59% -47.73%
Free Cash Flow Firm Growth		 82.72% 104.68% -103.45% -14.71% -820.23% -4,903.50% -29.60% -83.45% 28.60% 19.95% -72.26%
Invested Capital Growth		 -32.11% -103.70% 47.57% -49.89% 75.85% 72.40% -69.19% -3.02% -115.68% -38.30% 10.21%
Revenue Q/Q Growth		 -0.69% -1.85% -0.19% 11.28% -6.18% 10.75% -37.38% 25.81% 8.06% -8.90% -18.60%
EBITDA Q/Q Growth		 45.65% -151.99% -41.08% -33.09% 17.19% -29.68% -29.02% -6.47% -2.70% 1.27% -32.27%
EBIT Q/Q Growth		 35.74% -112.34% -38.61% -26.78% 16.51% -28.34% -29.91% -5.17% -2.77% 1.35% -32.79%
NOPAT Q/Q Growth		 6.59% -4.35% -57.70% -37.87% -5.52% -9.95% -26.38% -5.83% -1.56% -1.55% -33.80%
Net Income Q/Q Growth		 97.51% -5,562.79% -121.93% 32.49% 16.64% -32.60% -32.37% -5.87% -2.37% 6.86% -37.06%
EPS Q/Q Growth		 3.85% 52.00% -308.33% 46.94% 15.38% -13.64% -52.00% -2.63% 2.56% 28.95% -48.15%
Operating Cash Flow Q/Q Growth		 61.48% -190.40% -50.92% 26.81% -47.40% -7.85% -13.29% -23.66% 8.17% -6.95% -21.65%
Free Cash Flow Firm Q/Q Growth		 73.00% 119.73% -2,620.24% 14.59% -116.64% -3.01% 32.01% -20.90% 15.68% -15.49% -46.31%
Invested Capital Q/Q Growth		 -208.31% 2.19% 71.24% -72.85% 50.32% -11.77% -76.29% -5.24% -4.01% 28.33% -14.45%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 90.87% 90.64% 91.02% 90.82% 89.88% 92.80% 88.20% 85.56% 87.80% 87.97% 87.68%
EBITDA Margin		 -63.19% -162.24% -229.33% -274.27% -242.09% -283.47% -584.02% -494.23% -469.73% -509.08% -827.27%
Operating Margin		 -127.41% -135.45% -214.00% -265.13% -298.20% -296.06% -597.47% -502.57% -472.35% -526.50% -865.46%
EBIT Margin		 -82.83% -179.21% -248.88% -283.54% -252.33% -292.41% -606.61% -507.12% -482.30% -522.23% -851.97%
Profit (Net Income) Margin		 -3.42% -197.41% -438.93% -266.27% -236.58% -283.25% -598.74% -503.86% -477.30% -487.95% -821.62%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.96% 100.00%
Interest Burden Percent		 4.13% 110.15% 176.37% 93.91% 93.76% 96.87% 98.70% 99.36% 98.96% 93.48% 96.44%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -247.99% -127.64% -55.19% -72.67% -96.89% -95.21% -57.19% -63.41% -81.83% -54.85% -68.55%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -29.79% -52.19% -44.62% -54.17% -47.50% -52.49% -76.59% -59.35% -59.70% -42.86% -77.89%
Return on Assets (ROA)		 -1.23% -57.49% -78.70% -50.87% -44.54% -50.84% -75.59% -58.96% -59.09% -40.05% -75.11%
Return on Common Equity (ROCE)		 -247.99% -127.64% -55.19% -72.67% -96.89% -95.21% -57.19% -63.41% -81.83% -54.85% -68.55%
Return on Equity Simple (ROE_SIMPLE)		 -853.92% 0.00% -28.25% -36.63% -49.52% 0.00% -72.47% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -14 -22 -31 -32 -35 -45 -47 -48 -49 -65
NOPAT Margin		 -89.18% -94.81% -149.80% -185.59% -208.74% -207.24% -418.23% -351.80% -330.64% -368.55% -605.82%
Net Nonoperating Expense Percent (NNEP)		 24.00% -17.75% -19.30% -6.54% -2.16% -5.84% -5.54% -5.73% -6.73% -3.20% -5.32%
Return On Investment Capital (ROIC_SIMPLE)		 - -8.45% -4.66% - - -9.22% -13.35% -12.60% -14.62% -6.73% -10.00%
Cost of Revenue to Revenue		 9.13% 9.36% 8.98% 9.18% 10.12% 7.20% 11.80% 14.44% 12.20% 12.03% 12.32%
SG&A Expenses to Revenue		 56.92% 54.21% 95.76% 119.65% 79.32% 85.47% 152.81% 106.59% 110.16% 133.28% 185.50%
R&D to Revenue		 99.59% 109.41% 140.35% 175.52% 240.22% 239.94% 400.61% 379.53% 360.00% 383.40% 613.94%
Operating Expenses to Revenue		 218.27% 226.08% 305.03% 355.95% 388.08% 388.86% 685.67% 588.13% 560.15% 614.47% 953.14%
Earnings before Interest and Taxes (EBIT)		 -12 -27 -37 -47 -39 -50 -65 -68 -70 -69 -92
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -9.53 -24 -34 -45 -37 -48 -62 -67 -68 -67 -89
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 31.74 3.89 3.32 2.81 3.85 4.26 4.38 4.83 7.88 3.95 3.17
Price to Tangible Book Value (P/TBV)		 31.74 3.89 3.32 2.81 3.85 4.26 4.38 4.83 7.88 3.95 3.17
Price to Revenue (P/Rev)		 4.32 6.06 22.60 17.34 22.08 21.07 19.54 26.09 36.46 49.79 35.43
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 3.68 3.99 15.64 10.92 16.23 15.99 14.84 20.42 31.55 36.97 24.01
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 9.41 0.82 0.16 0.18 0.19 0.22 0.26 0.23 0.27 0.11 0.12
Long-Term Debt to Equity		 9.41 0.82 0.16 0.18 0.19 0.22 0.26 0.23 0.27 0.11 0.12
Financial Leverage		 -1.99 -1.35 -1.06 -1.07 -1.11 -1.09 -1.03 -1.04 -1.04 -1.02 -1.03
Leverage Ratio		 5.93 3.17 1.60 1.68 1.81 1.75 1.40 1.42 1.48 1.31 1.34
Compound Leverage Factor		 0.25 3.49 2.82 1.58 1.70 1.69 1.38 1.41 1.46 1.22 1.30
Debt to Total Capital		 90.39% 45.12% 14.01% 15.09% 16.15% 17.85% 20.65% 18.60% 21.47% 9.83% 11.02%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 90.39% 45.12% 14.01% 15.09% 16.15% 17.85% 20.65% 18.60% 21.47% 9.83% 11.02%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 9.61% 54.88% 85.99% 84.91% 83.85% 82.15% 79.35% 81.40% 78.53% 90.17% 88.98%
Debt to EBITDA		 -1.11 -0.95 -0.78 -0.60 -0.48 -0.42 -0.36 -0.33 -0.29 -0.27 -0.25
Net Debt to EBITDA		 0.55 1.54 4.90 3.49 2.56 1.96 1.45 1.50 1.12 2.51 2.04
Long-Term Debt to EBITDA		 -1.11 -0.95 -0.78 -0.60 -0.48 -0.42 -0.36 -0.33 -0.29 -0.27 -0.25
Debt to NOPAT		 -1.29 -1.30 -1.04 -0.84 -0.69 -0.57 -0.48 -0.44 -0.40 -0.38 -0.34
Net Debt to NOPAT		 0.64 2.10 6.51 4.90 3.63 2.69 1.96 2.01 1.56 3.52 2.84
Long-Term Debt to NOPAT		 -1.29 -1.30 -1.04 -0.84 -0.69 -0.57 -0.48 -0.44 -0.40 -0.38 -0.34
Altman Z-Score		 -3.91 -1.73 5.21 3.29 4.41 3.75 2.36 3.59 4.83 8.96 5.68
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.03 6.66 21.39 16.64 13.01 10.66 10.22 10.09 7.85 15.39 14.81
Quick Ratio		 3.83 6.36 20.97 16.35 12.58 10.26 9.89 9.82 7.62 15.11 14.49
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -6.02 1.19 -30 -26 -55 -57 -39 -47 -40 -46 -67
Operating Cash Flow to CapEx		 -2,985.33% -4,891.94% -13,289.02% -3,342.59% -41,077.53% -19,519.31% -2,310.97% -4,436.79% -846.40% -1,910.85% -1,415.55%
Free Cash Flow to Firm to Interest Expense		 0.00 0.29 -0.94 -8.00 -17.18 -18.37 -13.00 -15.55 -13.17 -16.12 -24.06
Operating Cash Flow to Interest Expense		 0.00 -5.41 -1.06 -7.76 -11.34 -12.69 -14.97 -18.32 -16.90 -19.15 -23.76
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -5.52 -1.07 -7.99 -11.37 -12.76 -15.62 -18.73 -18.89 -20.15 -25.44
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.36 0.29 0.18 0.19 0.19 0.18 0.13 0.12 0.12 0.08 0.09
Accounts Receivable Turnover		 2.66 2.46 2.51 2.12 2.28 2.18 2.30 1.87 1.83 1.65 2.10
Inventory Turnover		 2.58 2.47 2.23 2.36 2.48 2.11 1.90 2.15 2.11 1.99 1.90
Fixed Asset Turnover		 5.86 5.41 5.10 5.15 5.45 6.03 5.37 5.31 4.13 3.57 3.56
Accounts Payable Turnover		 1.06 1.11 0.91 1.54 1.45 1.31 1.00 1.25 1.21 1.58 1.05
Days Sales Outstanding (DSO)		 137.20 148.34 145.38 171.88 159.87 167.73 158.39 195.32 199.57 221.45 173.84
Days Inventory Outstanding (DIO)		 141.40 147.87 163.79 154.89 147.15 173.38 191.72 169.99 173.18 183.33 192.53
Days Payable Outstanding (DPO)		 345.59 328.71 402.49 236.72 252.03 277.84 363.52 291.48 301.55 231.25 347.69
Cash Conversion Cycle (CCC)		 -66.98 -32.50 -93.33 90.05 54.99 63.28 -13.41 73.83 71.21 173.53 18.68
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -31 -30 -8.60 -15 -7.38 -8.25 -15 -15 -16 -11 -13
Invested Capital Turnover		 -2.15 -2.62 -4.79 -4.93 -3.24 -3.34 -5.15 -3.76 -4.79 -5.28 -3.77
Increase / (Decrease) in Invested Capital		 -7.43 -15 7.80 -4.95 23 22 -5.95 -0.45 -8.54 -3.16 1.49
Enterprise Value (EV)		 213 233 936 667 997 1,019 885 1,157 1,760 1,921 1,249
Market Capitalization		 249 354 1,353 1,059 1,357 1,343 1,166 1,478 2,034 2,586 1,844
Book Value per Share		 $0.10 $1.15 $2.75 $2.44 $2.26 $2.01 $1.67 $1.92 $1.48 $3.07 $2.67
Tangible Book Value per Share		 $0.10 $1.15 $2.75 $2.44 $2.26 $2.01 $1.67 $1.92 $1.48 $3.07 $2.67
Total Capital		 82 166 474 445 420 384 335 376 329 726 654
Total Debt		 74 75 66 67 68 69 69 70 71 71 72
Total Long-Term Debt		 74 75 66 67 68 69 69 70 71 71 72
Net Debt		 -37 -121 -417 -393 -359 -324 -280 -321 -274 -666 -595
Capital Expenditures (CapEx)		 0.26 0.46 0.26 0.74 0.09 0.20 1.93 1.25 5.99 2.84 4.66
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -4.36 1.38 12 8.92 9.43 7.53 0.09 -0.69 -7.09 -5.74 -8.39
Debt-free Net Working Capital (DFNWC)		 106 197 496 469 437 400 350 390 338 731 658
Net Working Capital (NWC)		 106 197 496 469 437 400 350 390 338 731 658
Net Nonoperating Expense (NNE)		 -13 15 43 13 4.29 13 19 20 21 16 23
Net Nonoperating Obligations (NNO)		 -38 -121 -417 -393 -359 -324 -280 -321 -274 -666 -595
Total Depreciation and Amortization (D&A)		 2.96 2.51 2.89 1.53 1.58 1.53 2.42 1.73 1.83 1.74 2.66
Debt-free, Cash-free Net Working Capital to Revenue		 -7.55% 2.36% 20.87% 14.60% 15.35% 11.82% 0.15% -1.22% -12.70% -11.04% -16.12%
Debt-free Net Working Capital to Revenue		 183.99% 337.66% 828.04% 766.99% 710.67% 627.14% 586.40% 689.04% 605.35% 1,407.72% 1,265.06%
Net Working Capital to Revenue		 183.99% 337.66% 828.04% 766.99% 710.67% 627.14% 586.40% 689.04% 605.35% 1,407.72% 1,265.06%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.01) ($0.35) ($0.49) ($0.26) ($0.22) ($0.25) ($0.38) ($0.39) ($0.38) ($0.27) ($0.40)
Adjusted Weighted Average Basic Shares Outstanding		 79.37M 79.83M 132.02M 165.82M 166.99M 158.27M 169.40M 172.59M 183.92M 187.24M 224.10M
Adjusted Diluted Earnings per Share		 ($0.25) ($0.12) ($0.49) ($0.26) ($0.22) ($0.25) ($0.38) ($0.39) ($0.38) ($0.27) ($0.40)
Adjusted Weighted Average Diluted Shares Outstanding		 85.14M 85.60M 132.02M 165.82M 166.99M 158.27M 169.40M 172.59M 183.92M 187.24M 224.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 79.42M 148.63M 154.89M 155.92M 157.22M 159.02M 159.30M 174.00M 213.05M 217.69M 218.96M
Normalized Net Operating Profit after Tax (NOPAT)		 -13 -14 -22 -31 -32 -35 -45 -47 -48 -49 -65
Normalized NOPAT Margin		 -89.18% -94.81% -149.80% -185.59% -208.74% -207.24% -418.23% -351.80% -330.64% -368.55% -605.82%
Pre Tax Income Margin		 -3.42% -197.40% -438.93% -266.27% -236.58% -283.25% -598.74% -503.86% -477.30% -488.17% -821.62%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -6.39 -1.15 -14.59 -12.07 -16.08 -21.75 -22.63 -23.37 -24.42 -33.09
NOPAT to Interest Expense		 0.00 -3.38 -0.69 -9.55 -9.99 -11.40 -14.99 -15.70 -16.02 -17.24 -23.53
EBIT Less CapEx to Interest Expense		 0.00 -6.50 -1.16 -14.82 -12.10 -16.15 -22.40 -23.04 -25.36 -25.43 -34.77
NOPAT Less CapEx to Interest Expense		 0.00 -3.49 -0.70 -9.78 -10.01 -11.46 -15.64 -16.11 -18.02 -18.24 -25.21
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

OCULAR THERAPEUTIX, INC (OCUL) has shown a mix of strong gross profitability and persistent cash burn from operations, supported by a large 2025 financing push. The company’s quarterly data across 2022-2025 highlights robust gross margins, ongoing heavy R&D investment, and a notable shift in liquidity from financing activity in late 2025.

  • Significant liquidity boost in Q4 2025 from financing activities: Issuance of debt totaling $445.56 million and a net cash from financing activities of about $449.38 million.
  • Robust gross margins in 2025: Q4 2025 gross profit of $11.656 million on $13.25 million revenue (~88% gross margin), with similar margins in other 2025 quarters.
  • Strong cash position maintained in 2025: cash and cash equivalents generally in the mid-to-high $300M range (Q3 2025: ~$344.8M; Q2 2025: ~$391.1M; Q1 2025: ~$349.7M).
  • Revenue in 2025 fluctuated between roughly $10.7M and $14.6M per quarter (Q1 2025: $10.70M; Q2 2025: $13.46M; Q3 2025: $14.55M; Q4 2025: $13.25M), indicating no clear year-over-year growth trend.
  • R&D spending remained very high (approximately $42M–$53M per quarter in 2025), underscoring continued pipeline investment rather than immediate profitability.
  • Share count shows dilution pressure, with weighted average basic/diluted shares around 160–218 million across 2025 quarters (Q1 2025 ~159.3M; Q4 2025 ~217.7M), which can impact per-share metrics.
  • Net income remains negative across 2025, with Q4 2025 net income attributable to common shareholders about -$64.65 million and basic/diluted EPS around -$0.27.
  • Operating cash flow is negative in every 2025 quarter: Q4 -$54.25 million; Q3 -$50.73 million; Q2 -$55.24 million; Q1 -$44.67 million, indicating ongoing cash burn from core operations.
  • High operating expenses persist: total operating expenses in Q4 2025 were about $81.42 million, led by roughly $50.8 million in R&D and substantial SGA/marketing outlays.
  • Reliance on financing activities to fund operations: although Q4 2025 financing was large, the company’s near-term cash flow from operations does not cover its operating cash needs, highlighting financing as a driver of liquidity rather than operating profitability.
05/21/26 05:32 PM ETAI Generated. May Contain Errors.

Ocular Therapeutix Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ocular Therapeutix's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Ocular Therapeutix's net income appears to be on an upward trend, with a most recent value of -$265.94 million in 2025, rising from -$39.75 million in 2015. The previous period was -$193.51 million in 2024. View Ocular Therapeutix's forecast to see where analysts expect Ocular Therapeutix to go next.

Ocular Therapeutix's total operating income in 2025 was -$270.02 million, based on the following breakdown:
  • Total Gross Profit: $45.38 million
  • Total Operating Expenses: $315.39 million

Over the last 10 years, Ocular Therapeutix's total revenue changed from $1.75 million in 2015 to $51.95 million in 2025, a change of 2,868.6%.

Ocular Therapeutix's total liabilities were at $153.75 million at the end of 2025, a 7.8% increase from 2024, and a 642.1% increase since 2015.

In the past 10 years, Ocular Therapeutix's cash and equivalents has ranged from $30.78 million in 2015 to $737.06 million in 2025, and is currently $737.06 million as of their latest financial filing in 2025.

Over the last 10 years, Ocular Therapeutix's book value per share changed from 3.62 in 2015 to 3.07 in 2025, a change of -15.2%.


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Financial statements for NASDAQ:OCUL last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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