HROWNasdaqPharmaceutical PreparationsFiscal year ends December 31
HARROW, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 10, 2026
$27.68+0.40 (+1.47%)
Close on Oct 19, 2026
- Market cap
- $1.03B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
75.1%+4.6 pts over 5 years
Operating margin
11.2%+10.4 pts over 5 years
Net margin
-1.9%+5.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +36.4% | +45.4% | +41.0% | +39.6% | |
| Gross profit | +35.9% | +47.9% | +42.8% | +46.4% | |
| Operating income | +245.9% | +151.5% | +139.8% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -756.4% | -12.2% | -8.4% | |
| Return on assets | -92.3% | -5.8% | -1.3% | |
| Current ratio | 1.49 | 3.79 | 2.20 | |
| Debt to equity | 1.23 | 0.46 | 4.64 | |
| Net debt to EBITDA | 0.08× | 3.97× | 5.35× | |
| Interest coverage | – | – | 1.3× | |
| Inventory turnover | 6.0× | 4.0× | 5.6× | |
| Capex to revenue | 34.5% | 1.8% | 0.3% | |
| Diluted shares | 13M | 26M | 37M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Harrow generated $76.69M from operations and spent $8.33M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$76.69M
Used
$8.33M
Capital expenditure$8.33M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.9%
×Asset turnover0.69×
×Equity multiplier6.46×
=Return on equity, FY2025-8.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1.9% | 0.69× | 6.46× | -8.4% |
| FY2024 | -8.8% | 0.57× | 4.99× | -24.9% |
| FY2023 | -18.7% | 0.55× | 4.77× | -49.6% |
| FY2022 | -15.9% | 0.69× | 6.58× | -72.5% |
| FY2021 | -24.8% | 0.93× | 4.05× | -93.6% |
| FY2020 | -6.9% | 0.84× | 2.12× | -12.2% |
| FY2019 | 0.3% | 0.94× | 2.07× | 0.6% |
| FY2018 | 35.3% | 1.13× | 2.68× | 106.9% |
| FY2017 | -44.8% | 1.05× | 5.66× | -264.9% |
| FY2016 | -95.7% | 0.96× | 8.20× | -756.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$5.14M
- Cash generatingOperating cash flow above zero$43.86M
- Return on assets improvedROA up on the prior year-5.6% → -1.3%
- Earnings backed by cashOperating cash flow above net income$43.86M vs -$5.14M
- Less leverageLong-term debt to assets fell56.4% → 60.9%
- Better liquidityCurrent ratio rose2.08 → 2.20
- No dilutionShare count did not rise36M → 37M
- Gross margin improvedGross margin up on the prior year75.33% → 75.05%
- More efficientAsset turnover rose0.64 → 0.70