What is Harrow, Inc.'s earnings per share (EPS)?

Harrow, Inc. (HROW) reported diluted earnings per share of -$0.14 for fiscal year 2025. This represents a 71.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Harrow, Inc. (HROW) Financials

HROW

Trailing 12 months to June 30, 2026

Revenue $275.6M +21.1% YoY

Net Income -$37.2M -264.0% YoY

EPS (Diluted) -$0.99 -230.0% YoY

Free Cash Flow $5.0M +97.3% YoY

Market Cap $1.1B as of Oct 10, 2026

Price / Sales 4.0x on $275.6M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 72.4x on $15.2M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HROW SEC filings page.

Harrow, Inc. (HROW) reported $275.6M in revenue over the twelve months to Jun 30, 2026, up 21.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HROW FY2025 2026-10-03

Harrow’s 2025 growth finally converted into operating cash and wider operating margins, but heavy debt still absorbs much of the economics.

The move from negative operating cash flow and free cash flow in FY2024 to positive amounts in FY2025, despite a continuing net loss, indicates a sharp improvement in cash conversion rather than accounting profitability alone. Because operating cash flow and free cash flow were nearly identical in FY2025, the year’s cash generation was not mainly being consumed by capital investment.

Revenue reached $272.3M in FY2025 while gross margin held near 75.0%, pointing to a stable high-margin core rather than a mix-driven gross-margin jump. Operating margin reached 11.2% from 4.4%, showing that operating costs absorbed growth more efficiently.

Long-term debt stood at $250M against $52.4M of equity, so the financing structure remains heavily debt-weighted and interest expense can prevent operating gains from becoming net profit. A 2.2x current ratio shows near-term assets exceed near-term obligations, but does not remove the balance sheet’s longer-term leverage.

Financial Health Signals

Financial Health Score 52/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Harrow, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Harrow, Inc. has an operating margin of 11.2%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 52/100, indicating healthy but not exceptional operating efficiency. This is up from 4.4% the prior year.

Growth

Harrow, Inc.'s revenue surged 36.4% year-over-year to $272.3M, reflecting rapid business expansion. This strong growth earns a score of 94/100.

Leverage

Harrow, Inc. has elevated debt relative to equity (D/E of 4.77), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 10/100, reflecting increased financial risk.

Liquidity

Harrow, Inc.'s current ratio of 2.20 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Harrow, Inc. has a free cash flow margin of 15.8%, earning a moderate score of 44/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Harrow, Inc. posts a -9.8% return on equity (ROE), meaning it loses $10 for every $100 of shareholders' equity. This results in a returns score of 45/100. This is up from -25.1% the prior year.

Altman Z-Score Grey Zone

2.63

Harrow, Inc. scores 2.63, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($1.1B) relative to total liabilities ($347.4M). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

6/9

Harrow, Inc. passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

N/A

Harrow, Inc. reported a net loss of $5.1M while generating $43.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

1.26x

Harrow, Inc. earns $1.26 in operating income for every $1 of interest expense ($30.5M vs $24.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$70.7M

YoY+10.9%

QoQ+59.9%

5Y CAGR+31.3%

10Y CAGR+30.6%

Harrow, Inc. generated $70.7M in revenue in Q2 2026. This represents an increase of 10.9% from the same quarter a year earlier. Against the prior quarter it is up 59.9%.

EBITDA

-$10.5M

YoY-189.7%

QoQ+51.2%

Harrow, Inc.'s EBITDA was -$10.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 189.7% from the same quarter a year earlier. Against the prior quarter it is up 51.2%.

Net Income

-$17.3M

YoY-445.7%

QoQ+37.4%

Harrow, Inc. reported -$17.3M in net income in Q2 2026. This represents a decrease of 445.7% from the same quarter a year earlier. Against the prior quarter it is up 37.4%.

EPS (Diluted)

-$0.46

YoY-453.8%

QoQ+37.8%

Harrow, Inc. earned -$0.46 per diluted share (EPS) in Q2 2026. This represents a decrease of 453.8% from the same quarter a year earlier. Against the prior quarter it is up 37.8%.

Cash & Balance Sheet

Free Cash Flow

-$10.2M

YoY-957.4%

QoQ-11.5%

Harrow, Inc. recorded an outflow of $10.2M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 957.4% from the same quarter a year earlier. Against the prior quarter it is down 11.5%.

Cash & Debt

$83.9M

YoY+58.4%

QoQ-11.4%

5Y CAGR+2.9%

10Y CAGR+31.5%

Harrow, Inc. held $83.9M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

37M

YoY+1.3%

QoQ+0.6%

5Y CAGR+6.9%

10Y CAGR+11.0%

Harrow, Inc. had 37M shares outstanding in Q2 2026. This represents an increase of 1.3% from the same quarter a year earlier. Against the prior quarter it is up 0.6%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

71.3%

YoY-3.3pp

QoQ+10.1pp

5Y change-4.4pp

10Y change+15.5pp

Harrow, Inc.'s gross margin was 71.3% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 3.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.1 percentage points.

Operating Margin

-15.6%

YoY-33.5pp

QoQ+34.4pp

5Y change-38.6pp

10Y change+66.1pp

Harrow, Inc.'s operating margin was -15.6% in Q2 2026, reflecting core business profitability. This is down 33.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 34.4 percentage points.

Net Margin

-24.4%

YoY-32.3pp

QoQ+38.0pp

5Y change-10.8pp

10Y change+70.1pp

Harrow, Inc.'s net profit margin was -24.4% in Q2 2026, showing the share of revenue converted to profit. This is down 32.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 38.0 percentage points.

Return on Equity

-113.6%

YoY-123.7pp

QoQ-17.5pp

5Y change-102.9pp

10Y change-30.9pp

Harrow, Inc.'s ROE was -113.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 123.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 17.5 percentage points.

Capital Allocation

R&D Spending

$8.1M

YoY+181.5%

QoQ+36.9%

5Y CAGR+80.2%

10Y CAGR+59.4%

Harrow, Inc. invested $8.1M in research and development in Q2 2026. This represents an increase of 181.5% from the same quarter a year earlier. Against the prior quarter it is up 36.9%.

Capital Expenditures

$491K

YoY+195.8%

QoQ+153.1%

5Y CAGR-15.6%

10Y CAGR-17.5%

Harrow, Inc. invested $491K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 195.8% from the same quarter a year earlier. Against the prior quarter it is up 153.1%.

Share Buybacks

Not reported for Q2 2026.

HROW Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HROW quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$275.6M	$272.3M+36.4%	$199.6M+53.3%	$130.2M+47.0%	$88.6M+22.2%	$72.5M+48.3%	$48.9M-4.5%	$51.2M+23.7%	$41.4M+54.5%	$26.8M+34.3%	$19.9M+105.2%	$9.7M+485.3%	$1.7M+16500.0%	$10K	N/A	N/A
Cost of Revenue	$73.6M	$67.9M+38.0%	$49.2M+24.2%	$39.6M+56.2%	$25.4M+39.4%	$18.2M+25.9%	$14.5M-13.6%	$16.7M+1.4%	$16.5M+22.3%	$13.5M	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$202.0M	$204.4M+35.9%	$150.4M+66.1%	$90.6M+43.3%	$63.2M+16.5%	$54.3M+57.7%	$34.4M0.0%	$34.4M+38.5%	$24.9M+87.3%	$13.3M+31.2%	$10.1M+124.2%	$4.5M+695.4%	$567K+5570.0%	$10K	N/A	N/A
R&D Expenses	$29.0M	$20.9M+71.2%	$12.2M+83.9%	$6.7M+118.1%	$3.0M-72.5%	$11.1M+359.3%	$2.4M+15.8%	$2.1M+152.5%	$825K+99.8%	$413K-44.1%	$739K+122.6%	$332K+40.1%	$237K-85.3%	$1.6M+24.5%	$1.3M+1064.0%	$112K
SG&A Expenses	$175.7M	$152.9M+18.5%	$129.1M+55.3%	$83.1M+42.7%	$58.2M+41.0%	$41.3M+32.2%	$31.2M-5.6%	$33.1M+13.1%	$29.2M+16.9%	$25.0M+42.4%	$17.6M+40.5%	$12.5M+54.6%	$8.1M+33.0%	$6.1M+104.0%	$3.0M	N/A
Operating Income	-$2.7M	$30.5M+245.9%	$8.8M+1946.9%	$431K-77.5%	$1.9M+18.9%	$1.6M+319.2%	$385K+108.0%	-$4.8M+8.1%	-$5.2M+57.1%	-$12.2M+23.4%	-$15.9M-7.2%	-$14.8M-46.1%	-$10.1M-32.0%	-$7.7M-83.9%	-$4.2M	N/A
EBITDA	N/A	$32.4M+203.9%	$10.7M+444.2%	$2.0M-42.3%	$3.4M+2.0%	$3.3M+47.1%	$2.3M+179.2%	-$2.9M+20.8%	-$3.6M+66.5%	-$10.8M+27.4%	-$14.8M-1.8%	-$14.6M-44.1%	-$10.1M-31.6%	-$7.7M-83.9%	-$4.2M	N/A
Interest Expense	$23.0M	$24.2M+6.1%	$22.8M+6.9%	$21.3M+194.4%	$7.2M+33.3%	$5.4M+343.1%	-$2.2M+10.6%	-$2.5M+8.4%	-$2.7M+9.8%	-$3.0M-9.1%	-$2.8M-150.4%	-$1.1M-29257.9%	$4K	N/A	$25K-67.1%	$75K
Income Tax	N/A	$3.8M+2242.2%	$161K-77.0%	$701K+834.7%	$75K-43.6%	$133K+3225.0%	$4K-50.0%	$8K	N/A	-$935K-742.3%	-$111K-2320.0%	$5K+66.7%	$3K	N/A	$2K	$0
Net Income	-$37.2M	-$5.1M+70.6%	-$17.5M+28.4%	-$24.4M-73.3%	-$14.1M+21.8%	-$18.0M-436.4%	-$3.4M-2098.2%	$168K-98.9%	$14.6M+222.0%	-$12.0M+37.2%	-$19.1M-20.1%	-$15.9M-57.1%	-$10.1M-32.4%	-$7.6M-42.0%	-$5.4M	N/A
EPS (Basic)	N/A	-$0.14+71.4%	-$0.49+34.7%	-$0.75-47.1%	-$0.51+26.1%	-$0.69-430.8%	-$0.13-1400.0%	$0.01-98.5%	$0.67+211.7%	-$0.60	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	-$0.99	-$0.14+71.4%	-$0.49+34.7%	-$0.75-47.1%	-$0.51	N/A	-$0.13	$0.01-98.4%	$0.61+201.7%	-$0.60	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	37M+3.1%	36M+9.3%	33M+18.8%	27M	N/A	26M	26M+11.1%	24M+18.9%	20M	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$70.7M+10.9%	$44.2M-7.6%	$89.1M+33.3%	$71.6M+45.4%	$63.7M+30.2%	$47.8M+38.3%	$66.8M+83.8%	$49.3M+43.8%
Cost of Revenue	$20.3M+25.1%	$17.2M+10.5%	$18.5M+30.7%	$17.7M+47.4%	$16.2M+29.4%	$15.5M+47.1%	$14.1M+25.1%	$12.0M+19.4%
Gross Profit	$50.4M+6.0%	$27.0M-16.3%	$70.6M+34.0%	$53.9M+44.8%	$47.5M+30.5%	$32.3M+34.4%	$52.7M+110.3%	$37.2M+53.9%
R&D Expenses	$8.1M+181.5%	$5.9M+94.8%	$11.7M+146.5%	$3.3M+46.2%	$2.9M-6.1%	$3.0M+40.8%	$4.8M+42.5%	$2.3M+60.0%
SG&A Expenses	$53.3M+60.4%	$43.2M+6.7%	$43.3M+24.5%	$35.9M+6.6%	$33.2M+4.5%	$40.5M+40.6%	$34.8M+32.7%	$33.6M+60.0%
Operating Income	-$11.0M-196.5%	-$22.1M-96.6%	$15.6M+20.9%	$14.7M+1016.4%	$11.4M+645.7%	-$11.2M-62.1%	$12.9M+364.6%	$1.3M-24.3%
EBITDA	-$10.5M-189.7%	-$21.6M-100.8%	$16.4M+19.8%	$15.1M+801.5%	$11.8M+542.1%	-$10.8M-65.7%	$13.7M+242.6%	$1.7M-63.8%
Interest Expense	$6.3M-2.3%	$5.5M-16.1%	$5.2M-18.7%	$6.0M+9.3%	$6.4M+17.1%	$6.5M+20.9%	$6.4M+24.4%	$5.5M-3.9%
Income Tax	$0	$25K	N/A	N/A	$0-100.0%	N/A	N/A	$20K-98.7%
Net Income	-$17.3M-445.7%	-$27.6M-55.2%	$6.6M-2.2%	$1.0M+124.2%	$5.0M+177.2%	-$17.8M-31.1%	$6.8M+174.1%	-$4.2M+3.9%
EPS (Basic)	-$0.46-428.6%	-$0.74-48.0%	$0.18-5.3%	$0.03+125.0%	$0.14+177.8%	-$0.50-31.6%	$0.19+170.4%	-$0.12+7.7%
EPS (Diluted)	-$0.46-453.8%	-$0.74-48.0%	$0.18-5.3%	$0.03+125.0%	$0.13+172.2%	-$0.50	$0.19+170.4%	-$0.12+7.7%
Diluted Shares (Avg)	37M-3.9%	37M+3.9%	N/A	39M+8.9%	39M+9.1%	36M	N/A	36M+4.2%

HROW Balance Sheet

HROW quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$399.5M+2.7%	$389.0M+24.6%	$312.2M+98.4%	$157.4M+60.1%	$98.3M+71.1%	$57.5M-2.7%	$59.1M+19.5%	$49.5M+106.8%	$23.9M-12.2%	$27.2M+92.8%	$14.1M+38.0%	$10.2M-35.0%	$15.8M+47.2%	$10.7M+6551.5%	$161K
Current Assets	$211.8M+11.7%	$189.7M+36.0%	$139.5M+17.9%	$118.3M+94.9%	$60.7M+48.0%	$41.0M+13.7%	$36.0M+9.7%	$32.8M+273.0%	$8.8M-40.3%	$14.8M+151.2%	$5.9M-35.1%	$9.1M-42.4%	$15.7M+47.1%	$10.7M+6543.7%	$161K
Cash & Equivalents	$72.9M+54.4%	$47.2M-36.2%	$74.1M-23.0%	$96.3M+128.3%	$42.2M+928.2%	$4.1M-13.6%	$4.7M-30.5%	$6.8M+70.1%	$4.0M-54.6%	$8.9M+229.7%	$2.7M-67.3%	$8.2M-47.3%	$15.6M+55.2%	$10.0M+6766.2%	$146K
Short-Term Investments	$0	$0-100.0%	$8.7M+55.3%	$5.6M-34.3%	$8.5M-70.1%	$28.5M	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$13.5M+26.4%	$10.7M-1.5%	$10.9M+66.1%	$6.5M+55.1%	$4.2M+6.4%	$4.0M+20.0%	$3.3M+80.0%	$1.8M-18.5%	$2.2M+22.2%	$1.8M+30.4%	$1.4M+278.6%	$373K	N/A	N/A	N/A
Accounts Receivable	$110.9M-4.7%	$116.4M+220.9%	$36.3M+480.3%	$6.2M+39.8%	$4.5M+67.9%	$2.7M+32.5%	$2.0M+5.0%	$1.9M+25.2%	$1.5M-47.7%	$2.9M+247.7%	$840K+937.0%	$81K	N/A	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%	$332K-85.1%	$2.2M0.0%	$2.2M0.0%	$2.2M-9.7%	$2.5M+642.8%	$332K	N/A	N/A	N/A
Total Liabilities	$347.4M+8.7%	$319.7M+32.2%	$241.8M+85.8%	$130.1M+48.9%	$87.4M+185.2%	$30.6M-3.2%	$31.7M+28.2%	$24.7M+16.0%	$21.3M+2.3%	$20.8M+34.2%	$15.5M+641.7%	$2.1M+221.5%	$651K-8.3%	$710K-61.9%	$1.9M
Current Liabilities	$96.3M+5.4%	$91.3M+85.1%	$49.3M+164.8%	$18.6M+91.6%	$9.7M-10.0%	$10.8M-12.1%	$12.3M+3.2%	$11.9M+106.1%	$5.8M-41.7%	$9.9M+84.3%	$5.4M+244.5%	$1.6M+139.8%	$651K-8.3%	$710K-61.9%	$1.9M
Non-Current Liabilities	$251.1M+10.0%	$228.3M+18.7%	$192.4M+72.6%	$111.5M+43.6%	$77.7M+291.4%	$19.8M+2.4%	$19.4M+51.4%	$12.8M-17.6%	$15.5M+42.3%	$10.9M+7.6%	$10.1M+1806.4%	$532K	$0	$0	$0
Long-Term Debt	$250.0M-4.8%	$262.7M+6.5%	$246.7M	N/A	N/A	$20.0M	N/A	$23.5M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$52.4M-24.7%	$69.7M-1.6%	$70.8M+156.4%	$27.6M+144.5%	$11.3M-58.5%	$27.2M-1.9%	$27.7M+12.0%	$24.8M+846.5%	$2.6M-59.3%	$6.4M+564.4%	-$1.4M-117.0%	$8.2M-46.1%	$15.1M+51.2%	$10.0M+688.0%	-$1.7M
Retained Earnings	-$156.5M-3.4%	-$151.4M-13.1%	-$133.9M-22.3%	-$109.5M-14.8%	-$95.4M-23.3%	-$77.4M-4.5%	-$74.0M+0.2%	-$74.2M+16.5%	-$88.8M-15.6%	-$76.9M-33.0%	-$57.8M-38.0%	-$41.9M-31.9%	-$31.7M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$416.8M+20.8%	$419.5M+15.2%	$399.5M+2.7%	$363.1M+3.3%	$345.0M+12.5%	$364.2M+23.2%	$389.0M+24.6%	$351.5M+22.9%
Current Assets	$229.3M+48.0%	$226.4M+33.5%	$211.8M+11.7%	$177.6M+20.8%	$154.9M+11.1%	$169.5M+35.1%	$189.7M+36.0%	$147.1M+33.4%
Cash & Equivalents	$83.9M+58.4%	$94.6M+41.8%	$72.9M+54.4%	$74.3M+2.3%	$53.0M-25.4%	$66.7M-2.6%	$47.2M-36.2%	$72.6M+10.7%
Short-Term Investments	$0	$0	$0	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%
Inventory	$16.9M+46.4%	$16.5M+53.9%	$13.5M+26.4%	$12.8M+26.4%	$11.6M+22.6%	$10.7M-0.9%	$10.7M-1.5%	$10.2M+13.8%
Accounts Receivable	$118.6M+50.4%	$101.3M+31.4%	$110.9M-4.7%	$77.6M+44.4%	$78.8M+51.6%	$77.1M+166.1%	$116.4M+220.9%	$53.7M+191.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%
Total Liabilities	$402.0M+35.9%	$391.2M+27.0%	$347.4M+8.7%	$316.4M+7.7%	$295.7M+19.0%	$308.1M+30.9%	$319.7M+32.2%	$293.9M+39.5%
Current Liabilities	$102.2M-58.9%	$91.4M-51.1%	$96.3M+5.4%	$65.4M-31.2%	$248.9M+364.8%	$187.0M+347.8%	$91.3M+85.1%	$95.0M+399.3%
Non-Current Liabilities	$299.8M+539.9%	$299.8M+147.6%	$251.1M+10.0%	$251.0M+26.2%	$46.9M-76.0%	$121.1M-37.5%	$228.3M+18.7%	$198.9M+3.8%
Long-Term Debt	N/A	$300.0M+16.8%	$250.0M-4.8%	N/A	$250.6M+6.1%	$256.9M+5.5%	$262.7M+6.5%	$230.7M
Total Equity	$15.2M-69.4%	$28.7M-49.1%	$52.4M-24.7%	$47.0M-18.9%	$49.7M-15.2%	$56.5M-6.8%	$69.7M-1.6%	$58.0M-23.5%
Retained Earnings	-$201.4M-22.7%	-$184.1M-8.8%	-$156.5M-3.4%	-$163.2M-3.2%	-$164.2M-6.6%	-$169.2M-14.7%	-$151.4M-13.1%	-$158.2M-26.8%

HROW Cash Flow Statement

HROW quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$6.3M	$43.9M+297.6%	-$22.2M-678.2%	$3.8M+125.2%	$1.7M-66.5%	$5.1M+562.0%	-$1.1M-215.8%	$950K+38.3%	$687K+107.8%	-$8.8M+21.5%	-$11.2M-0.6%	-$11.1M-57.9%	-$7.1M-59.0%	-$4.4M-133.5%	-$1.9M-552.9%	-$291K
Depreciation & Amortization	N/A	$1.9M+3.5%	$1.9M+20.9%	$1.5M+3.6%	$1.5M-14.0%	$1.7M-8.7%	$1.9M-2.9%	$1.9M+20.4%	$1.6M+14.8%	$1.4M+32.8%	$1.1M+313.7%	$255K+589.2%	$37K+553.8%	$6K+92.2%	$3K+771.0%	$338
Stock-Based Compensation	N/A	$12.5M-29.0%	$17.6M+12.3%	$15.7M+96.8%	$8.0M+38.8%	$5.7M+107.0%	$2.8M+55.1%	$1.8M-28.0%	$2.5M-15.5%	$2.9M-19.9%	$3.7M+6.7%	$3.4M+31.6%	$2.6M-16.6%	$3.1M+45.4%	$2.2M+1115.5%	$177K
Capital Expenditures	$1.2M	$887K-44.4%	$1.6M+9.2%	$1.5M-43.8%	$2.6M+45.4%	$1.8M+107.2%	$862K-41.3%	$1.5M-17.0%	$1.8M+129.0%	$772K-88.8%	$6.9M+592.2%	-$995K+471.8%	$174K+769.9%	$20K+29.1%	$15K	$0
Free Cash Flow	$5.0M	$43.0M+280.6%	-$23.8M-1099.9%	$2.4M+366.8%	-$892K-127.1%	$3.3M+268.0%	-$2.0M-278.8%	-$518K+52.1%	-$1.1M+88.7%	-$9.6M+47.1%	-$18.1M-49.1%	-$12.1M-67.9%	-$7.2M-62.2%	-$4.5M-132.7%	-$1.9M-558.2%	-$291K
Investing Cash Flow	-$23.7M	-$5.5M+83.5%	-$33.2M+78.3%	-$152.6M-8652.3%	-$1.7M+90.7%	-$18.7M-1804.8%	-$981K+46.5%	-$1.8M+16.6%	-$2.2M-128.8%	-$961K+86.8%	-$7.3M-42.1%	-$5.1M-463.7%	-$910K-1199.9%	-$70K-351.9%	-$15K	$0
Financing Cash Flow	$48.4M	-$12.7M-144.6%	$28.5M-77.5%	$126.5M+133.7%	$54.1M+5.2%	$51.5M+3491.8%	$1.4M+242.4%	-$1.0M-124.4%	$4.1M-16.2%	$4.9M-80.0%	$24.7M+129.6%	$10.7M+1694.2%	$599K-94.0%	$10.1M-14.8%	$11.8M+7994.0%	$146K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$13K+6706.3%	$191	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$9.8M-1114.8%	-$9.0M-145.7%	$8.4M+147.3%	$16.6M+462.1%	-$803K+70.8%	$19.7M+525.0%	-$17.8M-304.5%	$3.0M+344.3%
Depreciation & Amortization	$460K+32.6%	$455K-2.2%	$464K-0.9%	$326K-7.1%	$347K+15.3%	$465K+7.6%	$468K+7.6%	$351K-87.8%
Stock-Based Compensation	N/A	$3.8M-15.8%	N/A	$3.3M-25.4%	$875K-79.5%	$4.6M+9.3%	N/A	$4.4M-2.0%
Capital Expenditures	$491K+195.8%	$194K+14.1%	$341K-38.6%	$210K-65.2%	$166K-51.7%	$170K+84.8%	$555K+186.1%	$604K+16.2%
Free Cash Flow	-$10.2M-957.4%	-$9.2M-147.1%	$8.1M+144.0%	$16.4M+597.8%	-$969K+68.6%	$19.5M+513.1%	-$18.3M-315.6%	$2.3M+235.8%
Investing Cash Flow	-$534K-82.3%	-$18.2M-8486.3%	-$4.7M+87.4%	-$225K+62.3%	-$293K-105.7%	-$212K-92.7%	-$37.6M-18402.5%	-$597K+97.0%
Financing Cash Flow	-$466K+96.3%	$48.9M+212560.9%	-$5.0M-116.8%	$5.0M+788.5%	-$12.7M-17452.1%	$23K+102.8%	$30.0M+166683.3%	-$721K-101.1%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

HROW Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HROW quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	75.0%-0.3pp	75.3%+5.8pp	69.5%-1.8pp	71.4%-3.5pp	74.9%+4.5pp	70.4%+3.1pp	67.3%+7.2pp	60.1%+10.5pp	49.6%-1.1pp	50.7%+4.3pp	46.4%+12.3pp	34.2%-65.8pp	100.0%	N/A	N/A
Operating Margin	11.2%+6.8pp	4.4%+4.1pp	0.3%-1.8pp	2.2%-0.1pp	2.2%+1.4pp	0.8%+10.2pp	-9.4%+3.2pp	-12.6%+32.8pp	-45.4%+34.2pp	-79.6%	-152.6%	-611.3%	-76868.8%	N/A	N/A
Net Margin	-1.9%+6.9pp	-8.8%+10.0pp	-18.8%-2.8pp	-15.9%+8.9pp	-24.9%-18.0pp	-6.9%-7.2pp	0.3%-35.0pp	35.4%+80.1pp	-44.8%+50.9pp	-95.7%	-163.6%	-609.5%	-76431.2%	N/A	N/A
Return on Equity	-9.8%+15.3pp	-25.1%+9.4pp	-34.5%+16.5pp	-51.0%+108.5pp	-159.5%-147.2pp	-12.3%-13.0pp	0.6%-58.5pp	59.1%+517.4pp	-458.3%-161.6pp	-296.8%	N/A	-124.2%-73.6pp	-50.6%+3.3pp	-53.8%	N/A
Return on Assets	-1.3%+3.2pp	-4.5%+3.3pp	-7.8%+1.1pp	-8.9%+9.4pp	-18.3%-12.5pp	-5.8%-6.1pp	0.3%-29.3pp	29.6%+79.7pp	-50.1%+19.9pp	-70.0%+42.5pp	-112.5%-13.7pp	-98.8%-50.3pp	-48.5%+1.8pp	-50.3%	N/A
Current Ratio	2.20+0.1x	2.08-0.8x	2.83-3.5x	6.35+0.1x	6.24+2.4x	3.79+0.9x	2.93+0.2x	2.76+1.2x	1.530.0x	1.49+0.4x	1.09-4.7x	5.81-18.4x	24.18+9.1x	15.07+15.0x	0.09
Debt-to-Equity	4.77+1.0x	3.77+0.3x	3.49-1.2x	4.72-3.0x	7.74+7.0x	0.74-0.4x	1.14+0.2x	0.95-7.2x	8.15+4.9x	3.24	N/A	0.26+0.2x	0.040.0x	0.07	N/A
Asset Turnover	0.68+0.2x	0.51+0.1x	0.42-0.1x	0.56-0.2x	0.74-0.1x	0.850.0x	0.870.0x	0.84-0.3x	1.12+0.4x	0.730.0x	0.69+0.5x	0.16+0.2x	0.00	N/A	N/A
FCF Margin	15.8%+27.7pp	-11.9%-13.8pp	1.8%+2.8pp	-1.0%-5.6pp	4.5%+8.6pp	-4.0%-3.0pp	-1.0%+1.6pp	-2.6%+33.1pp	-35.8%+55.0pp	-90.8%	-124.9%	-435.6%	-44589.5%	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	71.3%-3.3pp	61.2%-6.4pp	79.3%+0.4pp	75.3%-0.3pp	74.5%+0.2pp	67.5%-1.9pp	78.8%+9.9pp	75.6%+5.0pp
Operating Margin	-15.6%-33.5pp	-50.0%-26.5pp	17.5%-1.8pp	20.6%+17.9pp	17.9%+14.8pp	-23.5%-3.5pp	19.3%+32.7pp	2.7%-2.4pp
Net Margin	-24.4%-32.3pp	-62.4%-25.3pp	7.4%-2.7pp	1.4%+10.0pp	7.8%+21.1pp	-37.2%+2.1pp	10.1%+35.3pp	-8.6%+4.2pp
Return on Equity	-113.6%-123.7pp	-96.2%-64.7pp	12.6%+2.9pp	2.2%+9.4pp	10.1%+21.1pp	-31.5%-9.1pp	9.7%+22.7pp	-7.3%-1.5pp
Return on Assets	-4.1%-5.6pp	-6.6%-1.7pp	1.7%-0.1pp	0.3%+1.5pp	1.5%+3.6pp	-4.9%-0.3pp	1.7%+4.7pp	-1.2%+0.3pp
Current Ratio	2.24+1.6x	2.48+1.6x	2.20+0.1x	2.72+1.2x	0.62-2.0x	0.91-2.1x	2.08-0.8x	1.55-4.2x
Debt-to-Equity	26.45+21.4x	10.45+5.9x	4.77+1.0x	6.73+2.8x	5.05+1.0x	4.55+0.5x	3.77+0.3x	3.98+1.2x
Asset Turnover	0.170.0x	0.110.0x	0.22+0.1x	0.20+0.1x	0.180.0x	0.130.0x	0.17+0.1x	0.140.0x
FCF Margin	-14.5%-13.0pp	-20.8%-61.5pp	9.1%+36.5pp	22.9%+18.1pp	-1.5%+4.8pp	40.8%+54.4pp	-27.4%-50.8pp	4.8%+9.8pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Harrow, Inc. HROW	FY2025	$272.3M	-$5.1M	-1.9%	$1.1B	52/100
Amphastar Pharmaceuticals, Inc. AMPH	FY2025	$719.9M	$98.1M	13.6%	$1.1B	70/100
Avadel Pharmaceuticals plc AVDL	FY2024	$169.1M	-$48.8M	-28.9%	$2.1B	53/100
BGM Group Ltd. BGM	FY2025	$37.9M	-$19.9M	-52.6%	$143.6M	28/100
Phibro Animal Health Corporation PAHC	FY2026	$1.5B	$99.7M	6.6%	$1.6B	60/100
BioCryst Pharmaceuticals Inc BCRX	FY2025	$874.8M	$263.9M	30.2%	$2.2B	74/100

Where Harrow, Inc. Ranks

Frequently Asked Questions

What is Harrow, Inc.'s annual revenue?

Harrow, Inc. (HROW) reported $272.3M in total revenue for fiscal year 2025. This represents a 36.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Harrow, Inc.'s revenue growing?

Harrow, Inc. (HROW) revenue grew by 36.4% year-over-year, from $199.6M to $272.3M in fiscal year 2025.

Is Harrow, Inc. profitable?

No, Harrow, Inc. (HROW) reported a net income of -$5.1M in fiscal year 2025, with a net profit margin of -1.9%.

What is Harrow, Inc.'s EBITDA?

Harrow, Inc. (HROW) had EBITDA of $32.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Harrow, Inc. have?

As of fiscal year 2025, Harrow, Inc. (HROW) had $72.9M in cash and equivalents against $250.0M in long-term debt.

What is Harrow, Inc.'s gross margin?

Harrow, Inc. (HROW) had a gross margin of 75.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Harrow, Inc.'s operating margin?

Harrow, Inc. (HROW) had an operating margin of 11.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Harrow, Inc.'s net profit margin?

Harrow, Inc. (HROW) had a net profit margin of -1.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Harrow, Inc.'s return on equity (ROE)?

Harrow, Inc. (HROW) has a return on equity of -9.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Harrow, Inc.'s free cash flow?

Harrow, Inc. (HROW) generated $43.0M in free cash flow during fiscal year 2025. This represents a 280.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Harrow, Inc.'s operating cash flow?

Harrow, Inc. (HROW) generated $43.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Harrow, Inc.'s total assets?

Harrow, Inc. (HROW) had $399.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Harrow, Inc.'s capital expenditures?

Harrow, Inc. (HROW) invested $887K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Harrow, Inc. spend on research and development?

Harrow, Inc. (HROW) invested $20.9M in research and development during fiscal year 2025.

How many shares does Harrow, Inc. have outstanding?

Harrow, Inc. (HROW) had 37M shares outstanding as of fiscal year 2025.

What is Harrow, Inc.'s current ratio?

Harrow, Inc. (HROW) had a current ratio of 2.20 as of fiscal year 2025, which is generally considered healthy.

What is Harrow, Inc.'s debt-to-equity ratio?

Harrow, Inc. (HROW) had a debt-to-equity ratio of 4.77 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Harrow, Inc.'s return on assets (ROA)?

Harrow, Inc. (HROW) had a return on assets of -1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Harrow, Inc.'s P/E ratio?

Harrow, Inc. (HROW) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $1.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Harrow, Inc.'s price-to-sales ratio?

Harrow, Inc. (HROW) trades at 4.0x sales, its market capitalization divided by revenue of $275.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.1B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Harrow, Inc.'s Altman Z-Score?

Harrow, Inc. (HROW) has an Altman Z-Score of 2.63, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Harrow, Inc.'s Piotroski F-Score?

Harrow, Inc. (HROW) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Harrow, Inc.'s earnings high quality?

Harrow, Inc. (HROW) reported a net loss of $5.1M while generating $43.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Harrow, Inc. cover its interest payments?

Harrow, Inc. (HROW) has an interest coverage ratio of 1.26x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Harrow, Inc.?

Harrow, Inc. (HROW) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.