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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.

0.78 0.03 −3.70%
Market cap
$275.9M
P/E
0.0×
Fwd P/E
−5.7×
Dividend yield
—
F-score
2/9
Altman Z
−13.40
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.03
Total sells 1.09
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — 1 — — — —
Sell — — — — — — — — — — 1 1
Insider Ownership 2.37%

Capital & Financial Ratios $m

Market Cap 275.93
Revenue 4.58
Net Income (81.81)
Free Cash Flow (61.02)
Net Debt (98.30)
Current Ratio 0.80 (below 1: weak)
Debt/Equity (0.11) (negative: negative equity)
P/E ratio 0.00
Fwd P/E (5.67) (negative: loss-making)
P/S ratio 57.68 (above 10: high)
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth (12.32%) (below 0%: weak)
Next Y EPS Growth (4.52%) (below 0%: weak)
Next Y revenue growth 12.33% (at or above 10%: strong)
Next 5Y EPS Growth 50.74% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 36.2×, against a ten-year median of 54.7×; over the ten years it ranged from 9.6× in 2023 to 132× in 2026.
P/S against its own 10 years 41.30%
10-year low 10-year high
EV/Sales against its own 10 years 19.57%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 39 59 19 100
Receivables — — — —
Inventory — — — —
Other — — — —
43 62 24 107
2023 2024 2025 Q'26
Payables 3 4 6 5
ST’ Debt — 1 1 0
Other — — — 34
17 22 23 133

Compound Annual Growth %

10y 5y 3y
Sales — — 21.05%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Revenue $m

Mar Jun Sep Dec Year
’26 2 1 — — —
’25 1 1 2 0 4
’24 1 1 1 1 4
’23 0 0 4 1 6
’22 — — — — 2
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (22) (12) — — —
’25 (19) (11) (13) (14) (57)
’24 (11) (10) (11) (10) (42)
’23 (18) (19) (14) (11) (62)
’22 (15) (14) (14) (17) (60)
’21 (5) (22) (8) (13) (48)
’20 (5) (3) (3) (4) (15)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (22) (12) — — —
’25 (19) (11) (13) (14) (57)
’24 (13) (10) (12) (10) (46)
’23 (20) (22) (17) (14) (73)
’22 (15) (15) (15) (19) (65)
’21 (6) (22) (8) (13) (49)
’20 (5) (3) (3) (5) (15)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 (0.06) (0.07) — — —
’25 (0.05) (0.05) (0.07) (0.06) (0.23)
’24 (0.05) (0.06) (0.05) (0.05) (0.20)
’23 (0.07) (0.10) (0.05) (0.04) (0.26)
’22 (0.09) (0.09) (0.10) (0.10) (0.38)
’21 (0.04) (0.13) (0.05) (0.07) (0.30)
’20 (0.07) (0.19) (0.07) 0.00 (0.31)
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

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 83.40 87.00 4.80 0.24 0.17 1.40 1.09 0.35 0.49 0.52

Analyst estimates 2026–2028

Powerpack
High 268.20 144.00 201.00 21.60 3.05 18.77 4.90 1.55 2.11 1.90
People
People Employees 47 45 49 16 15 56 84 65 95 116
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.09 0.04 0.04
Income, $m
Income, $m Revenue — — — — 0 — 2 6 4 4
Gross margin, % — — — — 100.00 — 100.00 100.00 100.00 100.00
EBT (16) (26) (18) (20) (22) (58) (87) (63) (54) (68)
EBT margin, % 0.00 0.00 0.00 0.00 (50,748.84) 0.00 (3,488.91) (1,045.03) (1,333.02) (1,537.41)
Net income (16) (26) (18) (20) (22) (58) (87) (63) (54) (68)
Depreciation 2 2 0 0 0 0 0 1 2 4
Per share, $
Per share, $ Revenue 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.02 0.02 0.01
Earnings (58.08) (59.28) (3.67) (1.46) (0.31) (0.30) (0.38) (0.26) (0.20) (0.23)
Cash flow (108.09) (60.80) (2.34) (1.22) (0.13) (0.25) (0.28) (0.25) (0.16) (0.19)
Capex (1.34) (0.73) (0.02) 0.00 0.00 0.00 (0.02) (0.04) (0.01) 0.00
Free cash flow (109.43) (61.53) (2.36) (1.22) (0.13) (0.25) (0.30) (0.30) (0.17) (0.19)
Book value 56.98 (29.76) (2.56) 0.79 0.19 0.49 0.34 0.17 0.11 (0.04)
Shares, m 0 0 5 14 112 195 215 244 271 300
Valuation, ×
Valuation, × P/E — — — — 0.00 — 0.00 0.00 0.00 0.00
P/S — — — — 0.00 — 0.00 26.72 54.13 91.83
P/B — — — — 9.53 — 3.63 3.98 7.41 0.00
EV/Sales — — — — 0.00 — 0.00 20.85 46.77 94.14
EV/FCF — — — — (12.21) — (2.79) (1.74) (4.17) (7.27)
Cash, $m
Cash, $m Operating cash flow (26) (23) (12) (17) (15) (48) (60) (62) (42) (57)
Capex 0 0 0 0 0 (1) (4) (10) (3) 0
Free cash flow (26) (23) (12) (17) (15) (49) (65) (73) (46) (57)
Balance, $m
Balance, $m Working capital 27 4 (12) 11 22 96 70 26 40 1
Total debt 1 0 9 1 2 2 2 3 29 29
Net debt (31) (8) 7 (6) (22) (93) (89) (37) (30) 10
Shareholders’ equity 14 (11) (13) 11 22 96 74 41 30 (12)
Returns, %
Returns, % ROA (38.05) (95.51) (270.14) (210.19) (155.57) (87.68) (80.98) (72.85) (73.55) (107.73)
ROIC 0.00 0.00 0.00 (183.70) 0.00 (1,410.09) 0.00 (1,049.64) 0.00 0.00
ROE (66.39) (1,957.29) 151.97 2,394.06 (211.05) (99.46) (102.24) (110.14) (154.01) (776.89)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Ocugen, Inc. vs peers in Biotechnology (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
FULC Fulcrum Therapeutics, Inc. $280.0M — (loss-making) — (loss-making) +27,018.64% (above 0%: growing) n/m −13.05% (below 0%: shrinking) 100.00% 0.00% Compare
OCGN Ocugen, Inc. $275.9M — (loss-making) — (loss-making) +8.38% (above 0%: growing) n/m −13.42% (below 0%: shrinking) 100.00% (1,105.11%)
NAUT Nautilus Biotechnology, Inc. $274.9M — (loss-making) — — n/m −3.16% (below 0%: shrinking) 92.11% (8,296.32%) Compare
IPSC Century Therapeutics, Inc. $271.6M — (loss-making) — (loss-making) +12,667.72% (above 0%: growing) n/m +26.66% (above 0%: growing) 100.00% 0.00% Compare
EYPT EyePoint, Inc. $270.7M — (loss-making) — (loss-making) −90.49% (below 0%: shrinking) n/m +0.41% (above 0%: growing) 100.00% (19,207.10%) Compare
PALI Palisade Bio, Inc. $268.4M 2.2× — (loss-making) +19,900.00% (above 0%: growing) n/m −318.44% (below 0%: shrinking) 100.00% (2,339.60%) Compare
ABEO Abeona Therapeutics Inc. $265.9M — (loss-making) — (loss-making) +225.14% (above 0%: growing) n/m +17.11% (above 0%: growing) 63.30% (119.97%) Compare
PRLD Prelude Therapeutics Incorporated $265.0M — (loss-making) — (loss-making) +42.60% (above 0%: growing) n/m +40.32% (above 0%: growing) 100.00% (270.93%) Compare
CABA Cabaletta Bio, Inc. $262.8M — (loss-making) — — n/m −35.72% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $269.5M — — +6,446.43% — −1.38% 100.00% (195.45%)

All 614 Biotechnology stocks →

Ocugen, Inc. (OCGN) key facts

  • Strength: Ocugen, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.4 million, up 8.83% from fiscal 2024.
  • Ocugen, Inc. (OCGN) is a Biotechnology company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, OCGN traded at $0.78, a market capitalization of $275.9 million.
  • Return on equity was −776.9% and debt-to-equity -0.11.
  • Its Piotroski F-score is 2 out of 9 and its Altman Z-score is −13.40 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Ocugen, Inc. (OCGN) Latest News

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stockrow.com/OCGN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com