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. In the quarter to June 2026, revenue grew 10.9%, EPS fell 428.6%, free cash flow fell 838.8% and total debt rose 659.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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Harrow, Inc. (HROW) Altman Z-score
Harrow, Inc.'s Altman Z-score for fiscal 2025 is 3.84, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.84 | 1.25 |
| FY2024 | 2.59 | 1.52 |
| FY2023 | 1.07 | (1.18) |
| FY2022 | 2.26 | 0.62 |
| FY2021 | 1.64 | (1.45) |
| FY2020 | 3.10 | 0.04 |
| FY2019 | 3.06 | 1.13 |
| FY2018 | 1.93 | 6.57 |
| FY2017 | −4.65 | (0.64) |
| FY2016 | −4.01 | 1.88 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.29 | — | 0.35 | |
| Retained earnings / total assets | (0.39) | — | −0.55 | |
| EBIT / total assets | 0.08 | — | 0.25 | |
| Market value of equity / total liabilities | 5.19 | — | 3.11 | |
| Sales / total assets | 0.68 | — | 0.68 | |
| Altman Z-score | Safe zone | 3.84 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.29 | ||
Z and Z″ put Harrow, Inc. in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CRON Cronos Group Inc. compare | 12.7× |
| HROW Harrow, Inc. | 3.8× |
| ETON Eton Pharmaceuticals, Inc. compare | 3.6× |
| PAHC Phibro Animal Health Corporation compare | 2.9× |
| AMPH Amphastar Pharmaceuticals, Inc. compare | 2.5× |
| ANIP ANI Pharmaceuticals, Inc. compare | 2.3× |
| PCRX Pacira BioSciences, Inc. compare | 2.0× |
| COLL Collegium Pharmaceutical, Inc. compare | 1.6× |
| XERS Xeris Biopharma Holdings, Inc. compare | 1.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets