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Harrow, Inc.

HROW Healthcare Drug Manufacturers Specialty & Generic

Harrow, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $272.3 million, up 36.4% from fiscal 2024.

Revenue
+10.9%
EPS
−428.6%
Free cash flow
−838.8%
Total debt
+659.7%

Quarter to June 2026, against a year earlier

25.95 0.09 −0.35%
Market cap
$976.2M
P/E
0.0×
Fwd P/E
−264×
Dividend yield
—
F-score
6/9
Altman Z
3.84
Beneish M
−3.04
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.47
Sold, $m 9.63
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 4 — — — — — —
Sell — 1 1 1 — — — — 1 — — —
Insider Ownership 14.86%

Capital & Financial Ratios $m

Size
Market Cap 976.19
Revenue ttm 275.59
Net income ttm (37.23)
Free cash flow ttm (13.08)
Net debt Q 208.49
Valuation
P/E 0.00
Forward P/E (264.00) (negative: loss-making)
Price / sales 3.53
Forward P/S Powerpack
Price / FCF 0.00
Price / book 65.54 (above 6: high)
Financial health
Current ratio Q 2.24 (at or above 1.5: strong)
Debt / equity Q 19.70 (above 2: weak)
Interest coverage Q (1.76)
Growth
Revenue growth Q +10.85% (above 0%: growing)
Operating income growth Q −196.48% (below 0%: shrinking)
EPS, this year +40.48% (at or above 15%: strong)
EPS, next year A +2,628.01% (at or above 15%: strong)
Revenue, next year A +28.57% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +15.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.3×, against a ten-year median of 3.5×; over the ten years it ranged from 1.4× in 2017 to 10.2× in 2024.
P/S against its own 10 years 52.51%
10-year low 10-year high
P/B against its own 10 years 91.83%
10-year low 10-year high
EV/Sales against its own 10 years 65.35%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 83 47 73 84
Receivables 36 116 111 119
Inventory 11 11 14 17
Other — — — —
139 190 212 229
2023 2024 2025 Q'26
Payables 25 41 42 34
ST’ Debt — — — —
Other — — — —
49 91 96 102

Compound Annual Growth %

10y 5y 3y
Sales 39.56% 40.99% 45.39%
Cash Flow 0.00% 0.00% 195.21%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 14.19% 24.12%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.23 Actual −0.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.22 0.33 Beat by 0.11
Q4 FY25 0.40 0.26 Miss by 0.14
Q1 FY26 −0.43 −0.63 Miss by 0.20
Q2 FY26 −0.23 −0.34 Miss by 0.11
Q3 FY26 0.17 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.74) (0.46) — — —
’25 (0.50) 0.13 0.03 0.17 (0.14)
’24 (0.38) (0.18) (0.12) 0.19 (0.49)
’23 (0.22) (0.14) (0.13) (0.26) (0.75)
’22 (0.09) (0.23) (0.24) 0.04 (0.51)
’21 0.01 (0.11) (0.31) (0.27) (0.69)
’20 (0.50) (0.01) 0.33 0.04 (0.13)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 44 71 — — —
’25 48 64 72 89 272
’24 35 49 49 67 200
’23 26 33 34 36 130
’22 22 23 23 20 89
’21 15 18 19 20 72
’20 12 8 14 15 49
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (9) (10) — — —
’25 20 (1) 17 8 44
’24 (5) (3) 3 (18) (22)
’23 (8) 5 (1) 9 4
’22 1 5 0 (4) 2
’21 3 5 (2) (1) 5
’20 (1) (3) 3 (1) (1)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (27) (10) — — —
’25 19 (1) 16 8 43
’24 (5) (3) 2 (55) (61)
’23 (139) 3 (21) 8 (149)
’22 1 5 (1) (4) 0
’21 3 4 (2) (16) (11)
’20 (1) (3) 2 (1) (2)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 20 27 41 51 49 72 89 130 200 272 276 +33.7% 350 536 724 +38.5%
Gross margin, % 50.70 49.56 60.07 67.26 70.41 74.87 71.35 69.55 75.33 75.05 73.28 +24.3 pt
EBT (19) (13) 15 0 (3) (18) (14) (24) (17) (1) (33) (25.4%)
EBT margin, % (96.27) (48.26) 35.35 (0.23) (6.99) (24.66) (15.81) (18.21) (8.68) (0.50) (12.13) +95.8 pt
Net income (19) (12) 15 0 (3) (18) (14) (24) (17) (5) (37) (13.6%)
Per share, $
Per share, $ Revenue 1.56 1.34 1.89 2.02 1.89 2.71 3.23 3.99 5.60 7.41 7.38 +18.9%
Earnings (1.50) (0.60) 0.67 0.01 (0.13) (0.69) (0.51) (0.75) (0.49) (0.14) (0.99) (23.2%)
Cash flow (0.88) (0.44) 0.03 0.04 (0.04) 0.19 0.06 0.12 (0.62) 1.19 0.17 n/m
Capex (0.56) (0.05) (0.10) (0.07) (0.04) (0.59) (0.06) (4.68) (1.08) (0.03) (0.52) (27.8%)
Free cash flow (1.44) (0.49) (0.07) (0.03) (0.08) (0.41) 0.00 (4.56) (1.71) 1.16 (0.35) n/m
Book value 0.50 0.13 1.13 1.08 1.04 0.41 0.99 2.16 1.94 1.42 0.40 +12.2%
Shares, m 13 20 22 25 26 27 27 33 36 37 37 +12.5%
Valuation, ×
Valuation, × P/E 0.00 0.00 8.62 389.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 39.8
P/S 1.58 1.29 3.01 3.85 3.63 3.19 4.58 2.99 5.99 6.61 3.53 3.7
P/B 4.89 13.25 5.04 7.19 6.62 21.15 14.90 5.54 17.26 34.58 65.54 13.0
EV/Sales 1.59 1.69 2.62 3.55 3.30 3.53 4.65 3.82 6.87 7.25 4.30 3.9
EV/FCF (1.73) (4.62) (71.54) (205.57) (77.45) (23.63) (10,844.38) (3.34) (22.54) 46.20 (90.61) (1,120.9)
Cash, $m
Cash, $m Operating cash flow (11) (9) 1 1 (1) 5 2 4 (22) 44 6 n/m
Capex (7) (1) (2) (2) (1) (16) (2) (153) (39) (1) (19) (18.7%)
Free cash flow (18) (10) (2) (1) (2) (11) 0 (149) (61) 43 (13) n/m
Balance, $m
Balance, $m Working capital 5 3 21 24 30 51 100 90 98 115 127 +42.2%
Net debt 5 11 (13) (15) (16) 21 2 103 172 170 208 +49.3%
Shareholders’ equity 6 3 25 27 27 11 27 70 69 52 15 +26.2%
Returns, %
Returns, % ROA (92.26) (46.85) 39.87 0.31 (5.76) (23.72) (11.02) (10.40) (4.99) (1.30) (9.77) +91.0 pt
ROIC (89.71) (55.40) (27.77) (25.14) 2.32 3.16 4.06 0.16 2.28 8.58 (0.77) +98.3 pt
ROE (756.37) (264.95) 106.88 0.64 (12.38) (97.88) (73.80) (50.00) (25.03) (8.47) (116.07) +747.9 pt
People
People Employees 144 128 134 133 125 182 217 315 382 373 — +11.2%
Revenue/emp, $m 0.14 0.21 0.31 0.38 0.39 0.40 0.41 0.41 0.52 0.73 — +20.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Harrow, Inc. vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ALVO Alvotech $1.8B — (loss-making) 111× +2,310.95% (above 0%: growing) −99.51% (below 0%: shrinking) −496.58% (below 0%: shrinking) 56.47% 9.14% Compare
ANIP ANI Pharmaceuticals, Inc. $1.6B 13.3× 14.3× +27.64% (above 0%: growing) +29.41% (above 0%: growing) +85.49% (above 0%: growing) 61.64% 18.01% Compare
PCRX Pacira BioSciences, Inc. $1.5B 38.4× 56.6× −1.59% (below 0%: shrinking) +500.00% (above 0%: growing) −18.47% (below 0%: shrinking) 0.00% 12.61% Compare
PAHC Phibro Animal Health Corporation $1.4B 14.0× 12.6× +6.29% (above 0%: growing) +12.31% (above 0%: growing) +262.08% (above 0%: growing) 33.23% 12.83% Compare
CRON Cronos Group Inc. $1.4B 21.9× 19.5× +74.61% (above 0%: growing) −42.86% (below 0%: shrinking) +179.64% (above 0%: growing) 50.88% 14.23% Compare
ETON Eton Pharmaceuticals, Inc. $1.4B 26.8× 48.0× +157.91% (above 0%: growing) n/m +172.55% (above 0%: growing) 76.48% 39.73% Compare
AMPH Amphastar Pharmaceuticals, Inc. $1.2B 12.3× 12.8× +8.22% (above 0%: growing) +134.21% (above 0%: growing) −29.38% (below 0%: shrinking) 47.99% 24.46% Compare
HROW Harrow, Inc. $976.2M — (loss-making) — (loss-making) +10.85% (above 0%: growing) n/m −838.78% (below 0%: shrinking) 71.27% (15.58%)
COLL Collegium Pharmaceutical, Inc. $819.1M 20.5× 21.3× +3.33% (above 0%: growing) −31.00% (below 0%: shrinking) +10.24% (above 0%: growing) 57.97% 13.28% Compare
Median of peers $1.4B 20.5× 20.4× +17.93% +12.31% +47.87% 53.68% 13.76%

All 84 Drug Manufacturers Specialty & Generic stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 23.61m 33.13m 714.00
2024 1.36m 21.47m 489.00
2023 15.26m 3.11m 163.00
2022 1.20m 9.51m 215.00
2021 7.32m 8.69m 126.00

Ownership

Directors and executive officers, together 12.80%
Opaleye L.P. and related persons 9.88%
Private Capital Management LLC 9.74%
Mark L. Baum 9.65%
BlackRock, Inc. 5.96%
Daniel Kaufman 5.04%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Harrow, Inc. (HROW) Latest News

26 Oct

Impact 3 · · GlobeNewswire

18 Oct

Impact 3 · · Simply Wall St.

9 Oct

Impact 3 · · Zacks

7 Oct

Impact 4 · · Simply Wall St.

5 Oct

Impact 4 · · GlobeNewswire

30 Sep

Impact 4 · · GlobeNewswire

20 Aug

Impact 3 ·
Impact 3 ·

17 Aug

Impact 4 · · The Motley Fool transcript

13 Aug

Impact 4 ·

12 Aug

Impact 4 ·

11 Aug

Impact 4 · transcript
Impact 4 · · Moby transcript
Impact 3 · · MarketBeat

10 Aug

Impact 3 ·

6 Aug

Impact 4 ·

20 Jul

Impact 3 ·
Impact 3 ·

1 Jul

Impact 4 ·
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12 Jun

Impact 3 ·

11 Jun

Impact 4 ·

10 Jun

Impact 4 · · GlobeNewswire

15 May

Impact 3 · · Simply Wall St.

14 May

Impact 3 ·

12 May

Impact 4 · · MarketBeat
Impact 3 ·
Impact 3 · · Moby

11 May

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
stockrow.com/HROW · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com