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Ocular Therapeutix, Inc.

OCUL Healthcare Biotechnology

Ocular Therapeutix, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $52.0 million, down 18.5% from fiscal 2024.

Revenue
+0.12%
EPS
+10.3%
Free cash flow
−25.4%
Total debt
+4.13%

Quarter to June 2026, against a year earlier

6.62 0.19 +2.95%
Market cap
$1.4B
P/E
0.0×
Fwd P/E
−4.7×
Dividend yield
—
F-score
4/9
Altman Z
6.91
Beneish M
−2.92
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.46
Sold, $m 2.54
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — 10 — — 4 1 — 5 — 1 —
Insider Ownership 10.75%

Capital & Financial Ratios $m

Size
Market Cap 1,410.00
Revenue ttm 52.05
Net income ttm (301.45)
Free cash flow ttm (255.10)
Net debt Q (525.85)
Valuation
P/E 0.00
Forward P/E (4.67) (negative: loss-making)
Price / sales 28.61 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.86
Financial health
Current ratio Q 13.11 (at or above 1.5: strong)
Debt / equity Q 0.14 (at or below 0.5: strong)
Interest coverage Q (29.41)
Growth
Revenue growth Q +0.12% (above 0%: growing)
Operating income growth Q −21.39% (below 0%: shrinking)
EPS, this year −5.38% (below 0%: weak)
EPS, next year A +1.01%
Revenue, next year A +1.71%
EPS, past 5 yrs —
EPS, next 5 yrs A +9.07%

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 18.5×, against a ten-year median of 33.5×; over the ten years it ranged from 2.8× in 2023 to 125× in 2016.
P/S against its own 10 years 36.00%
10-year low 10-year high
P/B against its own 10 years 10.99%
10-year low 10-year high
EV/Sales against its own 10 years 32.51%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 196 392 737 599
Receivables 26 32 31 30
Inventory 2 3 4 4
Other — — — —
232 441 782 644
2023 2024 2025 Q'26
Payables 4 4 4 7
ST’ Debt — — — —
Other — — — —
35 41 51 49

Compound Annual Growth %

10y 5y 3y
Sales 40.36% 24.45% 0.29%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 22.00% 53.77% 164.45%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.40 Actual −0.35

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.39 −0.37 Beat by 0.02
Q4 FY25 −0.33 −0.29 Beat by 0.04
Q1 FY26 −0.32 −0.41 Miss by 0.09
Q2 FY26 −0.40 −0.35 Beat by 0.05
Q3 FY26 −0.36 — Reports 9 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.40) (0.35) — — —
’25 (0.38) (0.39) (0.38) (0.29) (1.42)
’24 (0.49) (0.26) (0.22) (0.29) (1.22)
’23 (0.39) (0.26) (0.01) (0.35) (1.02)
’22 (0.15) (0.25) (0.31) (0.17) (0.97)
’21 0.04 (0.10) 0.03 (0.04) (0.08)
’20 (0.41) (0.64) (0.21) (1.21) (2.56)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 11 13 — — —
’25 11 13 15 13 52
’24 15 16 15 17 64
’23 13 15 15 15 58
’22 13 12 12 14 51
’21 7 12 12 12 44
’20 3 2 6 7 17
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (66) (67) — — —
’25 (45) (55) (51) (54) (205)
’24 (34) (25) (37) (39) (135)
’23 (20) (20) (8) (22) (70)
’22 (19) (11) (13) (17) (60)
’21 (17) (20) (13) (15) (66)
’20 (19) (15) (14) (6) (54)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (71) (71) — — —
’25 (47) (56) (57) (57) (217)
’24 (34) (26) (37) (40) (136)
’23 (23) (22) (8) (23) (76)
’22 (19) (11) (14) (19) (63)
’21 (18) (20) (13) (16) (67)
’20 (19) (15) (14) (6) (54)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
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 2 2 2 4 17 44 51 58 64 52 52 +44.5% 53 102 277 +74.8%
Gross margin, % 76.52 76.24 76.63 45.00 88.03 89.88 91.18 90.96 91.17 87.35 87.11 +10.8 pt
EBT (45) (63) (60) (86) (156) (7) (71) (81) (194) (266) (301) +21.9%
EBT margin, % (2,369.00) (3,296.20) (3,013.97) (2,043.34) (894.31) (15.06) (137.95) (138.14) (303.67) (511.90) (579.10) +1,857.1 pt
Net income (45) (63) (60) (86) (156) (7) (71) (81) (194) (266) (301) +21.9%
Per share, $
Per share, $ Revenue 0.08 0.07 0.05 0.09 0.29 0.57 0.67 0.73 0.40 0.28 0.23 +15.5%
Earnings (1.80) (2.20) (1.57) (1.91) (2.56) (0.09) (0.92) (1.01) (1.22) (1.42) (1.42) (2.6%)
Cash flow (1.37) (1.75) (1.29) (1.71) (0.88) (0.86) (0.78) (0.88) (0.85) (1.09) (1.06) (2.5%)
Capex (0.08) (0.29) (0.05) (0.05) (0.01) (0.02) (0.05) (0.08) (0.01) (0.06) (0.07) (2.2%)
Free cash flow (1.45) (2.04) (1.34) (1.76) (0.90) (0.87) (0.82) (0.96) (0.86) (1.16) (1.13) (2.5%)
Book value 2.10 0.91 0.94 (0.08) 1.25 1.15 0.46 1.14 1.99 3.49 2.31 +5.8%
Shares, m 25 29 38 45 61 76 77 80 158 187 205 +25.2%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 109.42 72.08 76.23 42.31 72.26 12.23 4.17 6.57 21.21 43.75 28.61 46.0
P/B 3.97 5.30 4.23 0.00 16.53 6.05 6.06 4.21 4.29 3.47 2.86 5.4
EV/Sales 80.77 56.97 61.52 41.09 61.53 9.64 3.23 4.50 16.13 30.94 18.51 36.6
EV/FCF (4.24) (1.87) (2.39) (2.18) (19.68) (6.29) (2.62) (3.45) (7.56) (7.42) (3.78) (5.8)
Cash, $m
Cash, $m Operating cash flow (34) (50) (49) (78) (54) (66) (60) (70) (135) (205) (238) +22.1%
Capex (2) (8) (2) (2) (1) (1) (4) (6) (1) (12) (17) +22.5%
Free cash flow (36) (59) (51) (80) (54) (67) (63) (76) (136) (217) (255) +22.1%
Balance, $m
Balance, $m Working capital 62 30 47 48 219 165 98 197 400 731 595 +31.6%
Net debt (54) (29) (29) (5) (187) (113) (48) (121) (324) (666) (526) +32.2%
Shareholders’ equity 52 26 36 (4) 76 88 35 91 315 654 520 +32.5%
Returns, %
Returns, % ROA (48.26) (97.24) (93.37) (113.81) (91.39) (2.81) (40.11) (40.23) (54.51) (42.01) (53.70) +6.3 pt
ROIC 0.00 0.00 (559.74) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE (63.14) (162.21) (193.41) (535.72) (429.55) (7.99) (115.16) (127.64) (95.21) (54.85) (72.99) +8.3 pt
People
People Employees 118 119 167 161 181 228 274 267 274 325 — +11.9%
Revenue/emp, $m 0.02 0.02 0.01 0.03 0.10 0.19 0.19 0.22 0.23 0.16 — +29.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Ocular Therapeutix, 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
ADRX ADARx Pharmaceuticals, Inc. $1.5B — — — — — — — Compare
IMCR Immunocore Holdings PLC Sponsored ADR $1.5B — (loss-making) — (loss-making) −1.42% (below 0%: shrinking) n/m +440.97% (above 0%: growing) 99.34% (13.31%) Compare
QURE uniQure N.V. $1.5B — (loss-making) — (loss-making) +40.39% (above 0%: growing) n/m +27.66% (above 0%: growing) 95.46% (1,019.63%) Compare
TYRA Tyra Biosciences, Inc. $1.4B — (loss-making) — — n/m −31.34% (below 0%: shrinking) 0.00% 0.00% Compare
OCUL Ocular Therapeutix, Inc. $1.4B — (loss-making) — (loss-making) +0.12% (above 0%: growing) n/m −25.35% (below 0%: shrinking) 85.08% (609.34%)
AAPG Ascentage Pharma Group International - Unsponsored ADR $1.4B — — — — +17.74% (above 0%: growing) — — Compare
KRSA Korsana Biosciences, Inc. $1.4B — (loss-making) — (loss-making) −43.24% (below 0%: shrinking) n/m −184.69% (below 0%: shrinking) 100.00% 0.00% Compare
ANAB AnaptysBio, Inc. $1.4B — (loss-making) 220× −7.98% (below 0%: shrinking) n/m −141.60% (below 0%: shrinking) 100.00% (135.53%) Compare
GPCR Structure Therapeutics Inc. Sponsored ADR $1.4B — (loss-making) — — n/m −119.15% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $1.4B — — −4.70% — −31.34% 97.40% (6.65%)

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together 3.10%
FMR LLC 14.50%
Avoro Life Sciences Fund LLC 5.80%
Summer Road LLC 5.50%
Deep Track Biotechnology Master Fund Ltd 5.10%
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

Ocular Therapeutix, Inc. (OCUL) Latest News

29 Oct

Impact 3 · · GlobeNewswire

20 Oct

Impact 4 · · MarketBeat

13 Oct

Impact 3 · · StockStory

12 Oct

Impact 3 · · StockStory

9 Oct

Impact 3 · · StockStory

2 Oct

Impact 3 · · Simply Wall St.

1 Oct

Impact 3 · · StockStory
Impact 3 · · GlobeNewswire

23 Sep

Impact 4 · · Insider Monkey

22 Sep

Impact 4 · · MarketBeat

15 Sep

Impact 4 ·

3 Sep

Impact 3 ·

22 Aug

Impact 4 ·
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17 Aug

Impact 3 · · Stocktwits
Impact 3 · · Stocktwits

4 Aug

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3 Aug

Impact 3 · · Stocktwits
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23 Jul

Impact 3 ·

22 Jul

Impact 4 · · MarketBeat

25 Jun

Impact 4 · · Insider Monkey

24 Jun

Impact 3 · · StockStory

17 Jun

Impact 4 ·
Impact 3 ·
Impact 3 · · Stocktwits

4 Jun

Impact 3 · · GlobeNewswire

7 May

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