stockrowOcular 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
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Ocular Therapeutix, Inc. (OCUL) Altman Z-score
Ocular Therapeutix, Inc.'s Altman Z-score for fiscal 2025 is 6.91, 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 | 6.91 | 4.00 |
| FY2024 | 2.91 | 5.37 |
| FY2023 | −2.45 | 2.80 |
| FY2022 | −5.25 | (4.18) |
| FY2021 | −1.07 | (2.53) |
| FY2020 | 1.46 | 9.79 |
| FY2019 | −8.33 | (3.21) |
| FY2018 | −5.12 | 1.25 |
| FY2017 | −6.37 | (7.66) |
| FY2016 | 1.29 | (3.36) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.91 | — | 1.09 | |
| Retained earnings / total assets | (1.43) | — | −2.00 | |
| EBIT / total assets | (0.33) | — | −1.10 | |
| Market value of equity / total liabilities | 14.78 | — | 8.87 | |
| Sales / total assets | 0.06 | — | 0.06 | |
| Altman Z-score | Safe zone | 6.91 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.49 | ||
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 |
|---|---|
| OCUL Ocular Therapeutix, Inc. | 6.9× |
| IMCR Immunocore Holdings PLC Sponsored ADR compare | 1.5× |
| ANAB AnaptysBio, Inc. compare | 0.8× |
| AAPG Ascentage Pharma Group International - Unsponsored ADR compare | 0.8× |
| QURE uniQure N.V. compare | −0.8× |
| KRSA Korsana Biosciences, Inc. compare | −36.3× |
| ADRX ADARx Pharmaceuticals, Inc. compare | — |
| TYRA Tyra Biosciences, Inc. compare | — |
| GPCR Structure Therapeutics Inc. Sponsored ADR compare | — |
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