Ocugen, Inc.
OCGN Healthcare Biotechnology
Ocugen, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.4 million, up 8.83% from fiscal 2024. In the quarter to June 2026, revenue grew 8.38%, EPS fell 40.0%, free cash flow fell 13.4% and total debt fell 93.8%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Ocugen, Inc. (OCGN) Piotroski F-score
Ocugen, Inc.'s Piotroski F-score for fiscal 2025 is 2 out of 9: 2 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 2 | 0.00 |
| FY2024 | 2 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (107.73%) | (73.55%) | Fail | 0 |
| Positive operating cash flow | (56.96m) | (42.14m) | Fail | 0 |
| Rising return on assets | (107.73%) | (73.55%) | Fail | 0 |
| Cash flow above net income | 10.88m | 11.91m | Pass | 1 |
| Falling long-term leverage | 0.44 | 0.37 | Fail | 0 |
| Rising current ratio | 1.06 | 2.86 | Fail | 0 |
| No new shares issued | 300,168,000 | 270,995,000 | Fail | 0 |
| Rising gross margin | 100.00% | 100.00% | Fail | 0 |
| Rising asset turnover | 0.07 | 0.06 | Pass | 1 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 2 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| FULC Fulcrum Therapeutics, Inc. compare | 5 |
| IPSC Century Therapeutics, Inc. compare | 4 |
| EYPT EyePoint, Inc. compare | 3 |
| OCGN Ocugen, Inc. | 2 |
| ABEO Abeona Therapeutics Inc. compare | — |
| PRLD Prelude Therapeutics Incorporated compare | — |
| NAUT Nautilus Biotechnology, Inc. compare | — |
| CABA Cabaletta Bio, Inc. compare | — |
| PALI Palisade Bio, Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover