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Ocular Therapeutix (OCUL) Financials

Ocular Therapeutix logo
$9.99 -0.15 (-1.48%)
Closing price 09/18/2026 04:00 PM Eastern
Extended Trading
$10.10 +0.11 (+1.06%)
As of 09/18/2026 07:30 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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -29 -65 -44 -36 -48 -64 -68 -69 -65 -89 -79
Consolidated Net Income / (Loss)		 -29 -65 -44 -36 -48 -64 -68 -69 -65 -89 -79
Net Income / (Loss) Continuing Operations		 -29 -65 -44 -36 -48 -64 -68 -69 -64 -89 -79
Total Pre-Tax Income 		-29 -65 -44 -36 -48 -64 -68 -69 -65 -89 -79
Total Operating Income		 -20 -32 -44 -46 -51 -64 -68 -69 -70 -93 -82
Total Gross Profit		 13 13 15 14 16 9.44 12 13 12 9.46 11
Total Revenue		 15 15 16 15 17 11 13 15 13 11 13
Operating Revenue		 15 15 16 15 17 11 13 15 13 11 13
Total Cost of Revenue		 1.39 1.33 1.51 1.56 1.23 1.26 1.94 1.77 1.59 1.33 2.01
Operating Cost of Revenue		 1.39 1.33 1.51 1.56 1.23 1.26 1.94 1.77 1.59 1.33 2.01
Total Operating Expenses		 33 45 59 60 66 73 79 81 81 103 94
Selling, General & Admin Expense		 8.02 14 20 12 15 16 14 16 18 20 22
Marketing Expense		 9.25 10 9.99 11 11 14 14 13 13 17 17
Research & Development Expense		 16 21 29 37 41 43 51 52 51 66 54
Total Other Income / (Expense), net		 -9.17 -33 -0.19 9.51 2.19 -0.14 -0.17 -0.72 5.08 4.73 3.35
Interest Expense		 4.15 32 3.20 3.22 3.11 2.98 3.02 3.00 2.83 2.78 2.79
Interest & Investment Income		 1.46 3.92 6.04 5.65 4.67 3.83 3.46 3.73 7.35 6.05 5.45
Other Income / (Expense), net		 -6.48 -5.15 -3.03 7.08 0.62 -0.98 -0.61 -1.45 0.57 1.46 0.69
Basic Earnings per Share		 ($0.35) ($0.49) ($0.26) ($0.22) ($0.25) ($0.38) ($0.39) ($0.38) ($0.27) ($0.40) ($0.35)
Weighted Average Basic Shares Outstanding		 79.83M 132.02M 165.82M 166.99M 158.27M 169.40M 172.59M 183.92M 187.24M 224.10M 224.95M
Diluted Earnings per Share		 ($0.12) ($0.49) ($0.26) ($0.22) ($0.25) ($0.38) ($0.39) ($0.38) ($0.27) ($0.40) ($0.35)
Weighted Average Diluted Shares Outstanding		 85.60M 132.02M 165.82M 166.99M 158.27M 169.40M 172.59M 183.92M 187.24M 224.10M 224.95M
Weighted Average Basic & Diluted Shares Outstanding		 148.63M 154.89M 155.92M 157.22M 159.02M 159.30M 174.00M 213.05M 217.69M 218.96M 219.62M

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 85 287 -23 -32 -35 -42 41 -46 392 -70 -68
Net Cash From Operating Activities		 -22 -34 -25 -37 -39 -45 -55 -51 -54 -66 -67
Net Cash From Continuing Operating Activities		 -22 -34 -25 -37 -39 -45 -55 -51 -54 -66 -67
Net Income / (Loss) Continuing Operations		 -29 -65 -44 -36 -48 -64 -68 -69 -65 -89 -79
Consolidated Net Income / (Loss)		 -29 -65 -44 -36 -48 -64 -68 -69 -65 -89 -79
Depreciation Expense		 0.96 0.92 0.96 0.96 0.95 0.98 1.03 1.07 1.25 1.28 1.85
Amortization Expense		 1.55 1.97 0.57 0.62 0.58 1.44 0.71 0.76 0.50 1.38 0.64
Non-Cash Adjustments To Reconcile Net Income		 12 41 14 0.58 6.30 11 9.99 13 11 19 14
Changes in Operating Assets and Liabilities, net		 -8.10 -13 3.27 -2.23 1.13 5.67 0.85 3.82 -2.04 1.05 -4.82
Net Cash From Investing Activities		 -0.46 -0.26 -0.74 -0.09 -0.20 -1.93 -1.12 -5.99 -2.84 -4.66 -3.37
Net Cash From Continuing Investing Activities		 -0.46 -0.26 -0.74 -0.09 -0.20 -1.93 -1.12 -5.99 -2.84 -4.66 -3.37
Purchase of Property, Plant & Equipment		 -0.46 -0.26 -0.74 -0.09 -0.20 -1.93 -1.25 -5.99 -2.84 -4.66 -3.37
Net Cash From Financing Activities		 108 321 2.20 4.18 4.51 4.18 98 10 449 0.29 2.58
Net Cash From Continuing Financing Activities		 108 321 2.20 4.18 4.51 4.18 98 10 449 0.29 2.58
Other Financing Activities, net		 0.01 4.87 1.70 4.18 3.99 4.18 3.07 10 2.94 0.29 1.68
Cash Interest Paid		 2.60 13 2.63 2.60 3.34 2.14 2.31 2.34 2.24 2.19 2.17

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 129 123 162 539 517 490 406 451 411 733 671
Total Current Assets		 107 101 141 520 499 473 388 433 387 706 644
Cash & Equivalents		 79 67 111 483 460 427 350 391 345 667 599
Accounts Receivable		 21 27 24 27 30 30 25 30 31 24 30
Inventories, net		 2.27 2.20 2.26 2.57 2.55 2.41 3.27 3.04 3.49 3.74 3.83
Prepaid Expenses		 4.75 4.59 4.86 7.67 6.12 13 9.52 8.79 7.95 11 12
Plant, Property, & Equipment, net		 12 13 12 11 11 10 11 10 17 18 19
Total Noncurrent Assets		 9.39 9.02 8.63 7.67 7.62 7.31 7.44 7.50 6.95 8.11 7.43
Other Noncurrent Operating Assets		 7.63 7.25 6.87 7.67 7.62 7.31 7.44 7.50 6.95 8.11 7.43
Total Liabilities & Shareholders' Equity		 129 123 162 539 517 490 406 451 411 733 671
Total Liabilities		 119 119 155 131 139 138 140 145 153 151 151
Total Current Liabilities		 30 32 35 24 30 36 38 43 49 48 49
Accounts Payable		 5.44 3.57 3.98 6.45 3.69 4.00 4.63 5.89 6.26 8.03 7.00
Accrued Expenses		 22 25 29 16 24 30 31 34 40 36 39
Other Current Liabilities		 1.82 1.71 1.88 1.54 1.66 1.72 2.16 2.63 2.76 3.17 3.12
Total Noncurrent Liabilities		 89 87 119 107 109 102 102 102 103 103 102
Long-Term Debt		 55 53 74 66 67 68 69 70 71 72 73
Noncurrent Deferred Revenue		 13 14 14 14 14 14 14 14 14 14 14
Other Noncurrent Operating Liabilities		 21 20 31 26 28 20 19 19 19 17 15
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		 9.71 3.09 7.85 408 378 352 266 306 258 582 520
Total Preferred & Common Equity		 9.71 3.09 7.85 408 378 352 266 306 258 582 520
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		 9.71 3.09 7.85 408 378 352 266 306 258 582 520
Common Stock		 657 671 676 1,170 1,184 1,195 1,221 1,329 1,351 1,827 1,844
Retained Earnings		 -647 -668 -668 -762 -806 -843 -955 -1,023 -1,092 -1,246 -1,324

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 217,691,779.00 218,960,358.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 217,691,779.00 218,960,358.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.41 -0.36
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.16% 10.47% 8.26% 2.28% 15.41% -27.59% -18.14% -5.71% -22.44% 0.81% 0.12%
EBITDA Growth		 -93.84% -23.64% -157.17% -291.84% -101.65% -84.40% -47.52% -82.95% -39.29% -42.80% -18.66%
EBIT Growth		 -87.90% -26.30% -139.81% -211.58% -88.32% -76.49% -46.41% -80.22% -38.52% -41.59% -19.29%
NOPAT Growth		 -3.55% -40.21% -111.91% -139.40% -152.26% -102.16% -55.18% -49.35% -37.93% -46.03% -21.39%
Net Income Growth		 -88.01% -113.89% -111.67% -6,972.29% -65.60% 1.23% -54.91% -90.22% -33.62% -38.34% -16.15%
EPS Growth		 36.84% -25.64% 0.00% 12.00% -108.33% 22.45% -50.00% -72.73% -8.00% -5.26% 10.26%
Operating Cash Flow Growth		 -32.41% -69.66% -23.55% -372.83% -75.60% -31.82% -122.72% -38.75% -37.59% -47.73% -21.79%
Free Cash Flow Firm Growth		 104.68% -103.45% -14.71% -820.23% -4,903.50% -29.60% -83.45% 28.60% 19.95% -72.26% -42.82%
Invested Capital Growth		 -103.70% 47.57% -49.89% 75.85% 72.40% -69.19% -3.02% -115.68% -38.30% 10.21% 62.09%
Revenue Q/Q Growth		 -1.85% -0.19% 11.28% -6.18% 10.75% -37.38% 25.81% 8.06% -8.90% -18.60% 24.94%
EBITDA Q/Q Growth		 -151.99% -41.08% -33.09% 17.19% -29.68% -29.02% -6.47% -2.70% 1.27% -32.27% 11.54%
EBIT Q/Q Growth		 -112.34% -38.61% -26.78% 16.51% -28.34% -29.91% -5.17% -2.77% 1.35% -32.79% 11.39%
NOPAT Q/Q Growth		 -4.35% -57.70% -37.87% -5.52% -9.95% -26.38% -5.83% -1.56% -1.55% -33.80% 12.03%
Net Income Q/Q Growth		 -5,562.79% -121.93% 32.49% 16.64% -32.60% -32.37% -5.87% -2.37% 6.86% -37.06% 11.11%
EPS Q/Q Growth		 52.00% -308.33% 46.94% 15.38% -13.64% -52.00% -2.63% 2.56% 28.95% -48.15% 12.50%
Operating Cash Flow Q/Q Growth		 -190.40% -50.92% 26.81% -47.40% -7.85% -13.29% -23.66% 8.17% -6.95% -21.65% -1.94%
Free Cash Flow Firm Q/Q Growth		 119.73% -2,620.24% 14.59% -116.64% -3.01% 32.01% -20.90% 15.68% -15.49% -46.31% -0.24%
Invested Capital Q/Q Growth		 2.19% 71.24% -72.85% 50.32% -11.77% -76.29% -5.24% -4.01% 28.33% -14.45% 55.56%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 90.64% 91.02% 90.82% 89.88% 92.80% 88.20% 85.56% 87.80% 87.97% 87.68% 85.08%
EBITDA Margin		 -162.24% -229.33% -274.27% -242.09% -283.47% -584.02% -494.23% -469.73% -509.08% -827.27% -585.74%
Operating Margin		 -135.45% -214.00% -265.13% -298.20% -296.06% -597.47% -502.57% -472.35% -526.50% -865.46% -609.34%
EBIT Margin		 -179.21% -248.88% -283.54% -252.33% -292.41% -606.61% -507.12% -482.30% -522.23% -851.97% -604.23%
Profit (Net Income) Margin		 -197.41% -438.93% -266.27% -236.58% -283.25% -598.74% -503.86% -477.30% -487.95% -821.62% -584.51%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 99.96% 100.00% 100.00%
Interest Burden Percent		 110.15% 176.37% 93.91% 93.76% 96.87% 98.70% 99.36% 98.96% 93.48% 96.44% 96.74%
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)		 -127.64% -55.19% -72.67% -96.89% -95.21% -57.19% -63.41% -81.83% -54.85% -68.55% -72.99%
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)		 -52.19% -44.62% -54.17% -47.50% -52.49% -76.59% -59.35% -59.70% -42.86% -77.89% -56.03%
Return on Assets (ROA)		 -57.49% -78.70% -50.87% -44.54% -50.84% -75.59% -58.96% -59.09% -40.05% -75.11% -54.20%
Return on Common Equity (ROCE)		 -127.64% -55.19% -72.67% -96.89% -95.21% -57.19% -63.41% -81.83% -54.85% -68.55% -72.99%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -28.25% -36.63% -49.52% 0.00% -72.47% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -14 -22 -31 -32 -35 -45 -47 -48 -49 -65 -57
NOPAT Margin		 -94.81% -149.80% -185.59% -208.74% -207.24% -418.23% -351.80% -330.64% -368.55% -605.82% -426.54%
Net Nonoperating Expense Percent (NNEP)		 -17.75% -19.30% -6.54% -2.16% -5.84% -5.54% -5.73% -6.73% -3.20% -5.32% -5.03%
Return On Investment Capital (ROIC_SIMPLE)		 -8.45% -4.66% - - -9.22% -13.35% -12.60% -14.62% -6.73% -10.00% -9.70%
Cost of Revenue to Revenue		 9.36% 8.98% 9.18% 10.12% 7.20% 11.80% 14.44% 12.20% 12.03% 12.32% 14.92%
SG&A Expenses to Revenue		 54.21% 95.76% 119.65% 79.32% 85.47% 152.81% 106.59% 110.16% 133.28% 185.50% 164.45%
R&D to Revenue		 109.41% 140.35% 175.52% 240.22% 239.94% 400.61% 379.53% 360.00% 383.40% 613.94% 401.77%
Operating Expenses to Revenue		 226.08% 305.03% 355.95% 388.08% 388.86% 685.67% 588.13% 560.15% 614.47% 953.14% 694.42%
Earnings before Interest and Taxes (EBIT)		 -27 -37 -47 -39 -50 -65 -68 -70 -69 -92 -81
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -24 -34 -45 -37 -48 -62 -67 -68 -67 -89 -79
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.89 3.32 2.81 3.85 4.26 4.38 4.83 7.88 3.95 3.17 4.13
Price to Tangible Book Value (P/TBV)		 3.89 3.32 2.81 3.85 4.26 4.38 4.83 7.88 3.95 3.17 4.13
Price to Revenue (P/Rev)		 6.06 22.60 17.34 22.08 21.07 19.54 26.09 36.46 49.79 35.43 41.31
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)		 3.99 15.64 10.92 16.23 15.99 14.84 20.42 31.55 36.97 24.01 31.21
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		 0.82 0.16 0.18 0.19 0.22 0.26 0.23 0.27 0.11 0.12 0.14
Long-Term Debt to Equity		 0.82 0.16 0.18 0.19 0.22 0.26 0.23 0.27 0.11 0.12 0.14
Financial Leverage		 -1.35 -1.06 -1.07 -1.11 -1.09 -1.03 -1.04 -1.04 -1.02 -1.03 -1.03
Leverage Ratio		 3.17 1.60 1.68 1.81 1.75 1.40 1.42 1.48 1.31 1.34 1.36
Compound Leverage Factor		 3.49 2.82 1.58 1.70 1.69 1.38 1.41 1.46 1.22 1.30 1.31
Debt to Total Capital		 45.12% 14.01% 15.09% 16.15% 17.85% 20.65% 18.60% 21.47% 9.83% 11.02% 12.28%
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		 45.12% 14.01% 15.09% 16.15% 17.85% 20.65% 18.60% 21.47% 9.83% 11.02% 12.28%
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		 54.88% 85.99% 84.91% 83.85% 82.15% 79.35% 81.40% 78.53% 90.17% 88.98% 87.72%
Debt to EBITDA		 -0.95 -0.78 -0.60 -0.48 -0.42 -0.36 -0.33 -0.29 -0.27 -0.25 -0.24
Net Debt to EBITDA		 1.54 4.90 3.49 2.56 1.96 1.45 1.50 1.12 2.51 2.04 1.73
Long-Term Debt to EBITDA		 -0.95 -0.78 -0.60 -0.48 -0.42 -0.36 -0.33 -0.29 -0.27 -0.25 -0.24
Debt to NOPAT		 -1.30 -1.04 -0.84 -0.69 -0.57 -0.48 -0.44 -0.40 -0.38 -0.34 -0.33
Net Debt to NOPAT		 2.10 6.51 4.90 3.63 2.69 1.96 2.01 1.56 3.52 2.84 2.39
Long-Term Debt to NOPAT		 -1.30 -1.04 -0.84 -0.69 -0.57 -0.48 -0.44 -0.40 -0.38 -0.34 -0.33
Altman Z-Score		 -1.73 5.21 3.29 4.41 3.75 2.36 3.59 4.83 8.96 5.68 6.51
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		 6.66 21.39 16.64 13.01 10.66 10.22 10.09 7.85 15.39 14.81 13.11
Quick Ratio		 6.36 20.97 16.35 12.58 10.26 9.89 9.82 7.62 15.11 14.49 12.79
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1.19 -30 -26 -55 -57 -39 -47 -40 -46 -67 -67
Operating Cash Flow to CapEx		 -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% -1,997.98%
Free Cash Flow to Firm to Interest Expense		 0.29 -0.94 -8.00 -17.18 -18.37 -13.00 -15.55 -13.17 -16.12 -24.06 -23.99
Operating Cash Flow to Interest Expense		 -5.41 -1.06 -7.76 -11.34 -12.69 -14.97 -18.32 -16.90 -19.15 -23.76 -24.09
Operating Cash Flow Less CapEx to Interest Expense		 -5.52 -1.07 -7.99 -11.37 -12.76 -15.62 -18.73 -18.89 -20.15 -25.44 -25.30
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.29 0.18 0.19 0.19 0.18 0.13 0.12 0.12 0.08 0.09 0.09
Accounts Receivable Turnover		 2.46 2.51 2.12 2.28 2.18 2.30 1.87 1.83 1.65 2.10 1.72
Inventory Turnover		 2.47 2.23 2.36 2.48 2.11 1.90 2.15 2.11 1.99 1.90 1.95
Fixed Asset Turnover		 5.41 5.10 5.15 5.45 6.03 5.37 5.31 4.13 3.57 3.56 3.48
Accounts Payable Turnover		 1.11 0.91 1.54 1.45 1.31 1.00 1.25 1.21 1.58 1.05 1.04
Days Sales Outstanding (DSO)		 148.34 145.38 171.88 159.87 167.73 158.39 195.32 199.57 221.45 173.84 212.72
Days Inventory Outstanding (DIO)		 147.87 163.79 154.89 147.15 173.38 191.72 169.99 173.18 183.33 192.53 186.77
Days Payable Outstanding (DPO)		 328.71 402.49 236.72 252.03 277.84 363.52 291.48 301.55 231.25 347.69 350.55
Cash Conversion Cycle (CCC)		 -32.50 -93.33 90.05 54.99 63.28 -13.41 73.83 71.21 173.53 18.68 48.94
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -30 -8.60 -15 -7.38 -8.25 -15 -15 -16 -11 -13 -5.81
Invested Capital Turnover		 -2.62 -4.79 -4.93 -3.24 -3.34 -5.15 -3.76 -4.79 -5.28 -3.77 -4.93
Increase / (Decrease) in Invested Capital		 -15 7.80 -4.95 23 22 -5.95 -0.45 -8.54 -3.16 1.49 9.51
Enterprise Value (EV)		 233 936 667 997 1,019 885 1,157 1,760 1,921 1,249 1,624
Market Capitalization		 354 1,353 1,059 1,357 1,343 1,166 1,478 2,034 2,586 1,844 2,150
Book Value per Share		 $1.15 $2.75 $2.44 $2.26 $2.01 $1.67 $1.92 $1.48 $3.07 $2.67 $2.38
Tangible Book Value per Share		 $1.15 $2.75 $2.44 $2.26 $2.01 $1.67 $1.92 $1.48 $3.07 $2.67 $2.38
Total Capital		 166 474 445 420 384 335 376 329 726 654 593
Total Debt		 75 66 67 68 69 69 70 71 71 72 73
Total Long-Term Debt		 75 66 67 68 69 69 70 71 71 72 73
Net Debt		 -121 -417 -393 -359 -324 -280 -321 -274 -666 -595 -526
Capital Expenditures (CapEx)		 0.46 0.26 0.74 0.09 0.20 1.93 1.25 5.99 2.84 4.66 3.37
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1.38 12 8.92 9.43 7.53 0.09 -0.69 -7.09 -5.74 -8.39 -3.39
Debt-free Net Working Capital (DFNWC)		 197 496 469 437 400 350 390 338 731 658 595
Net Working Capital (NWC)		 197 496 469 437 400 350 390 338 731 658 595
Net Nonoperating Expense (NNE)		 15 43 13 4.29 13 19 20 21 16 23 21
Net Nonoperating Obligations (NNO)		 -121 -417 -393 -359 -324 -280 -321 -274 -666 -595 -526
Total Depreciation and Amortization (D&A)		 2.51 2.89 1.53 1.58 1.53 2.42 1.73 1.83 1.74 2.66 2.49
Debt-free, Cash-free Net Working Capital to Revenue		 2.36% 20.87% 14.60% 15.35% 11.82% 0.15% -1.22% -12.70% -11.04% -16.12% -6.51%
Debt-free Net Working Capital to Revenue		 337.66% 828.04% 766.99% 710.67% 627.14% 586.40% 689.04% 605.35% 1,407.72% 1,265.06% 1,143.53%
Net Working Capital to Revenue		 337.66% 828.04% 766.99% 710.67% 627.14% 586.40% 689.04% 605.35% 1,407.72% 1,265.06% 1,143.53%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.35) ($0.49) ($0.26) ($0.22) ($0.25) ($0.38) ($0.39) ($0.38) ($0.27) ($0.40) ($0.35)
Adjusted Weighted Average Basic Shares Outstanding		 79.83M 132.02M 165.82M 166.99M 158.27M 169.40M 172.59M 183.92M 187.24M 224.10M 224.95M
Adjusted Diluted Earnings per Share		 ($0.12) ($0.49) ($0.26) ($0.22) ($0.25) ($0.38) ($0.39) ($0.38) ($0.27) ($0.40) ($0.35)
Adjusted Weighted Average Diluted Shares Outstanding		 85.60M 132.02M 165.82M 166.99M 158.27M 169.40M 172.59M 183.92M 187.24M 224.10M 224.95M
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		 148.63M 154.89M 155.92M 157.22M 159.02M 159.30M 174.00M 213.05M 217.69M 218.96M 219.62M
Normalized Net Operating Profit after Tax (NOPAT)		 -14 -22 -31 -32 -35 -45 -47 -48 -49 -65 -57
Normalized NOPAT Margin		 -94.81% -149.80% -185.59% -208.74% -207.24% -418.23% -351.80% -330.64% -368.55% -605.82% -426.54%
Pre Tax Income Margin		 -197.40% -438.93% -266.27% -236.58% -283.25% -598.74% -503.86% -477.30% -488.17% -821.62% -584.51%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -6.39 -1.15 -14.59 -12.07 -16.08 -21.75 -22.63 -23.37 -24.42 -33.09 -29.16
NOPAT to Interest Expense		 -3.38 -0.69 -9.55 -9.99 -11.40 -14.99 -15.70 -16.02 -17.24 -23.53 -20.59
EBIT Less CapEx to Interest Expense		 -6.50 -1.16 -14.82 -12.10 -16.15 -22.40 -23.04 -25.36 -25.43 -34.77 -30.37
NOPAT Less CapEx to Interest Expense		 -3.49 -0.70 -9.78 -10.01 -11.46 -15.64 -16.11 -18.02 -18.24 -25.21 -21.79
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’s latest statements show a well-funded but heavily loss-making biotechnology company. Revenue remains relatively stable, while research and development spending, operating losses and cash burn have increased substantially. The company’s balance sheet has strengthened since 2023 through equity and debt financing, but that funding has come with significant shareholder dilution and higher financial risk.

  • Large cash balance provides near-term financial flexibility. Cash and equivalents were $598.6 million at June 30, 2026, compared with $391.1 million a year earlier and $110.6 million at September 30, 2023. Based on the latest quarterly operating cash burn of $67.3 million, the cash balance represents roughly nine quarters of coverage before considering changes in spending, financing or investment income.
  • Liquidity remains strong. Current assets of $644.4 million substantially exceeded current liabilities of $49.2 million, producing a current ratio of approximately 13.1. This gives Ocular Therapeutix considerable capacity to fund research programs and operating needs in the near term.
  • Revenue continues to produce a high gross margin. Second-quarter 2026 revenue was $13.5 million and gross profit was $11.5 million, representing an approximately 85% gross margin. Although the margin was below the roughly 91% reported in the second quarter of 2024, product revenue has consistently generated a sizable contribution before operating expenses.
  • Investment income is helping offset borrowing costs. In Q2 2026, interest and investment income of $5.4 million exceeded interest expense of $2.8 million. This benefit is supported by the company’s substantial cash holdings, although it could decline if cash balances fall or interest rates decrease.

Key items to monitor:

  • Revenue has been broadly stagnant over the period provided. Q2 revenue increased only modestly from $12.3 million in 2022 to $13.5 million in 2026, while revenue was $14.8 million in Q1 2024 and $14.5 million in Q3 2025. The figures do not yet show a consistent, accelerating growth trend.
  • The company is investing heavily in development. Research and development expense reached $54.1 million in Q2 2026, up from $13.1 million in Q2 2022. This spending could support future product growth, but investors will need to see successful development and commercialization before it translates into stronger earnings or cash flow.
  • Financing has been an important source of liquidity. Ocular Therapeutix generated $449.4 million from financing activities in Q4 2025, including $445.6 million of debt issuance. Cash increased sharply during that quarter, but the subsequent return to negative cash flow means the company remains dependent on its existing capital base and potentially future financing.
  • Operating losses have expanded sharply. The Q2 2026 operating loss was $82.1 million, compared with $20.0 million in Q2 2022 and $31.6 million in Q1 2024. Net loss widened to $78.8 million, or $0.35 per share, from a $18.8 million loss, or $0.24 per share, in Q2 2022.
  • Cash burn is accelerating. Net cash used in operating activities increased to $67.3 million in Q2 2026 from $10.9 million in Q2 2022 and $44.7 million in Q1 2025. Capital expenditures added another $3.4 million in Q2 2026, resulting in a total quarterly cash decline of $68.1 million.
  • Shareholder dilution has been substantial. Weighted-average basic shares outstanding rose to approximately 225.0 million in Q2 2026 from 76.8 million in Q2 2022. The increase reflects the company’s reliance on equity financing and means future operating improvements will be spread across a much larger share base.
  • Accumulated losses continue to erode equity. Retained earnings were negative $1.32 billion at June 30, 2026, compared with negative $577.1 million at June 30, 2022. Long-term debt also increased to $72.8 million from $52.7 million over the same period, adding to the company’s future financial obligations.

Overall, Ocular Therapeutix has materially improved its liquidity compared with 2022 and 2023, but the improvement has largely come from external financing rather than profitable operations. For investors, the most important catalysts are evidence of sustained revenue growth, better operating expense leverage and a meaningful reduction in quarterly cash burn.

09/19/26 11:35 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. See where experts think Ocular Therapeutix is headed by visiting Ocular Therapeutix's forecast page.

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 8/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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