Harrow Health Inc Financials
This page shows Harrow Health Inc (HROW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 27 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).
Receivables release and high gross margins turned rapid sales growth into cash, while interest-heavy leverage kept earnings below breakeven.
The swing in operating cash flow from-$22.2M to$43.9M was not just a profit story: revenue rose while accounts receivable fell, meaning the earlier sales surge had been tied up in working capital and was finally collected. With capex at only$887K , the business looks light on physical reinvestment; once collections normalized, cash conversion improved much faster than net income.
A gross margin near
Leverage still sets the ceiling on reported earnings: interest expense of
Financial Health Signals
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 Health 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.
Harrow Health 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 53/100, indicating healthy but not exceptional operating efficiency. This is up from 4.4% the prior year.
Harrow Health Inc's revenue surged 36.4% year-over-year to $272.3M, reflecting rapid business expansion. This strong growth earns a score of 93/100.
Harrow Health 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.
Harrow Health Inc's current ratio of 2.20 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.
Harrow Health Inc has a free cash flow margin of 15.8%, earning a moderate score of 46/100. The company generates positive cash flow after capital investments, but with room for improvement.
Harrow Health Inc's ROE of -9.8% shows moderate profitability relative to equity, earning a score of 46/100. This is up from -25.1% the prior year.
Harrow Health Inc scores 3.50, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.6B) relative to total liabilities ($347.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Harrow Health 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.
For every $1 of reported earnings, Harrow Health Inc generates $-8.54 in operating cash flow ($43.9M OCF vs -$5.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Harrow Health Inc earns $1.3 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
Earnings & Revenue
Harrow Health Inc generated $272.3M in revenue in fiscal year 2025. This represents an increase of 36.4% from the prior year.
Harrow Health Inc's EBITDA was $32.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 203.9% from the prior year.
Harrow Health Inc reported -$5.1M in net income in fiscal year 2025. This represents an increase of 70.6% from the prior year.
Harrow Health Inc earned $-0.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 71.4% from the prior year.
Cash & Balance Sheet
Harrow Health Inc generated $43.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 280.6% from the prior year.
Harrow Health Inc held $72.9M in cash against $250.0M in long-term debt as of fiscal year 2025.
Harrow Health Inc had 37M shares outstanding in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Margins & Returns
Harrow Health Inc's gross margin was 75.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.
Harrow Health Inc's operating margin was 11.2% in fiscal year 2025, reflecting core business profitability. This is up 6.8 percentage points from the prior year.
Harrow Health Inc's net profit margin was -1.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6.9 percentage points from the prior year.
Harrow Health Inc's ROE was -9.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 15.3 percentage points from the prior year.
Capital Allocation
Harrow Health Inc invested $20.9M in research and development in fiscal year 2025. This represents an increase of 71.2% from the prior year.
Harrow Health Inc invested $887K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 44.4% from the prior year.
HROW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $44.2M-50.4% | $89.1M+24.4% | $71.6M+12.4% | $63.7M+33.3% | $47.8M-28.4% | $66.8M+35.7% | $49.3M+0.6% | $48.9M |
| Cost of Revenue | $17.2M-7.1% | $18.5M+4.3% | $17.7M+9.1% | $16.2M+4.5% | $15.5M+9.8% | $14.1M+17.6% | $12.0M-4.2% | $12.5M |
| Gross Profit | $27.0M-61.7% | $70.6M+31.0% | $53.9M+13.5% | $47.5M+47.1% | $32.3M-38.7% | $52.7M+41.5% | $37.2M+2.3% | $36.4M |
| R&D Expenses | $5.9M-49.7% | $11.7M+252.8% | $3.3M+15.9% | $2.9M-5.2% | $3.0M-36.4% | $4.8M+109.2% | $2.3M-25.5% | $3.1M |
| SG&A Expenses | $43.2M-0.2% | $43.3M+20.8% | $35.9M+7.9% | $33.2M-18.0% | $40.5M+16.5% | $34.8M+3.4% | $33.6M+5.7% | $31.8M |
| Operating Income | -$22.1M-241.6% | $15.6M+5.7% | $14.7M+29.3% | $11.4M+201.6% | -$11.2M-187.1% | $12.9M+876.5% | $1.3M-13.7% | $1.5M |
| Interest Expense | $5.5M+6.0% | $5.2M-14.1% | $6.0M-5.8% | $6.4M-2.1% | $6.5M+2.7% | $6.4M+15.4% | $5.5M+1.0% | $5.5M |
| Income Tax | $25K | N/A | N/A | N/A | N/A | N/A | $20K-96.9% | $655K |
| Net Income | -$27.6M-516.6% | $6.6M+549.6% | $1.0M-79.6% | $5.0M+128.1% | -$17.8M-362.4% | $6.8M+260.6% | -$4.2M+34.8% | -$6.5M |
| EPS (Diluted) | $-0.74 | N/A | $0.03-76.9% | $0.13+126.0% | $-0.50 | N/A | $-0.12+33.3% | $-0.18 |
HROW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $419.5M+5.0% | $399.5M+10.0% | $363.1M+5.2% | $345.0M-5.3% | $364.2M-6.4% | $389.0M+10.6% | $351.5M+14.6% | $306.6M |
| Current Assets | $226.4M+6.9% | $211.8M+19.2% | $177.6M+14.7% | $154.9M-8.6% | $169.5M-10.6% | $189.7M+29.0% | $147.1M+5.5% | $139.4M |
| Cash & Equivalents | $94.6M+29.8% | $72.9M-1.8% | $74.3M+40.3% | $53.0M-20.6% | $66.7M+41.2% | $47.2M-34.9% | $72.6M+2.3% | $71.0M |
| Inventory | $16.5M+22.0% | $13.5M+5.4% | $12.8M+11.1% | $11.6M+7.8% | $10.7M+0.1% | $10.7M+5.4% | $10.2M+7.8% | $9.4M |
| Accounts Receivable | $101.3M-8.7% | $110.9M+42.9% | $77.6M-1.6% | $78.8M+2.3% | $77.1M-33.8% | $116.4M+116.6% | $53.7M+3.4% | $52.0M |
| Goodwill | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K0.0% | $332K |
| Total Liabilities | $391.2M+12.6% | $347.4M+9.8% | $316.4M+7.0% | $295.7M-4.0% | $308.1M-3.6% | $319.7M+8.8% | $293.9M+18.3% | $248.5M |
| Current Liabilities | $91.4M-5.0% | $96.3M+47.3% | $65.4M-73.7% | $248.9M+33.1% | $187.0M+104.7% | $91.3M-3.9% | $95.0M+77.4% | $53.6M |
| Long-Term Debt | $300.0M+20.0% | $250.0M | N/A | $250.6M-2.4% | $256.9M-2.2% | $262.7M+13.9% | $230.7M-2.4% | $236.3M |
| Total Equity | $28.7M-45.3% | $52.4M+11.5% | $47.0M-5.3% | $49.7M-12.0% | $56.5M-19.0% | $69.7M+20.1% | $58.0M-0.9% | $58.5M |
| Retained Earnings | -$184.1M-17.6% | -$156.5M+4.1% | -$163.2M+0.6% | -$164.2M+3.0% | -$169.2M-11.7% | -$151.4M+4.3% | -$158.2M-2.7% | -$153.9M |
HROW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.0M-206.9% | $8.4M-49.3% | $16.6M+2165.8% | -$803K-104.1% | $19.7M+210.6% | -$17.8M-702.5% | $3.0M+207.5% | -$2.7M |
| Capital Expenditures | $194K-43.1% | $341K+62.4% | $210K+26.5% | $166K-2.4% | $170K-69.4% | $555K-8.1% | $604K+75.6% | $344K |
| Free Cash Flow | -$9.2M-213.8% | $8.1M-50.7% | $16.4M+1790.2% | -$969K-105.0% | $19.5M+206.3% | -$18.3M-881.2% | $2.3M+176.0% | -$3.1M |
| Investing Cash Flow | -$18.2M-284.8% | -$4.7M-2002.2% | -$225K+23.2% | -$293K-38.2% | -$212K+99.4% | -$37.6M-6191.5% | -$597K-111.7% | $5.1M |
| Financing Cash Flow | $48.9M+1069.7% | -$5.0M-201.6% | $5.0M+139.2% | -$12.7M-55173.9% | $23K-99.9% | $30.0M+4258.8% | -$721K-1087.7% | $73K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HROW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.2%-18.1pp | 79.3%+4.0pp | 75.3%+0.7pp | 74.5%+7.0pp | 67.5%-11.3pp | 78.8%+3.2pp | 75.6%+1.2pp | 74.4% |
| Operating Margin | -50.0%-67.5pp | 17.5%-3.1pp | 20.6%+2.7pp | 17.9%+41.4pp | -23.5%-42.8pp | 19.3%+16.6pp | 2.7%-0.5pp | 3.1% |
| Net Margin | -62.4%-69.9pp | 7.4%+6.0pp | 1.4%-6.4pp | 7.8%+45.0pp | -37.2%-47.3pp | 10.1%+18.7pp | -8.6%+4.7pp | -13.2% |
| Return on Equity | -96.2%-108.8pp | 12.6%+10.5pp | 2.2%-7.9pp | 10.1%+41.6pp | -31.5%-41.2pp | 9.7%+17.0pp | -7.3%+3.8pp | -11.1% |
| Return on Assets | -6.6%-8.2pp | 1.7%+1.4pp | 0.3%-1.2pp | 1.5%+6.3pp | -4.9%-6.6pp | 1.7%+2.9pp | -1.2%+0.9pp | -2.1% |
| Current Ratio | 2.48+0.3 | 2.20-0.5 | 2.72+2.1 | 0.62-0.3 | 0.91-1.2 | 2.08+0.5 | 1.55-1.1 | 2.60 |
| Debt-to-Equity | 10.45+5.7 | 4.77-2.0 | 6.73+1.7 | 5.05+0.5 | 4.55+0.8 | 3.77-0.2 | 3.98-0.1 | 4.04 |
| FCF Margin | -20.8%-29.8pp | 9.1%-13.8pp | 22.9%+24.4pp | -1.5%-42.3pp | 40.8%+68.2pp | -27.4%-32.2pp | 4.8%+11.1pp | -6.3% |
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Frequently Asked Questions
What is Harrow Health Inc's annual revenue?
Harrow Health 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 Health Inc's revenue growing?
Harrow Health Inc (HROW) revenue grew by 36.4% year-over-year, from $199.6M to $272.3M in fiscal year 2025.
Is Harrow Health Inc profitable?
No, Harrow Health Inc (HROW) reported a net income of -$5.1M in fiscal year 2025, with a net profit margin of -1.9%.
What is Harrow Health Inc's EBITDA?
Harrow Health Inc (HROW) had EBITDA of $32.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Harrow Health Inc have?
As of fiscal year 2025, Harrow Health Inc (HROW) had $72.9M in cash and equivalents against $250.0M in long-term debt.
What is Harrow Health Inc's gross margin?
Harrow Health 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 Health Inc's operating margin?
Harrow Health 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 Health Inc's net profit margin?
Harrow Health 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 Health Inc's return on equity (ROE)?
Harrow Health 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 Health Inc's free cash flow?
Harrow Health 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 Health Inc's operating cash flow?
Harrow Health Inc (HROW) generated $43.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Harrow Health Inc's total assets?
Harrow Health Inc (HROW) had $399.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Harrow Health Inc's capital expenditures?
Harrow Health Inc (HROW) invested $887K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Harrow Health Inc spend on research and development?
Harrow Health Inc (HROW) invested $20.9M in research and development during fiscal year 2025.
What is Harrow Health Inc's current ratio?
Harrow Health Inc (HROW) had a current ratio of 2.20 as of fiscal year 2025, which is generally considered healthy.
What is Harrow Health Inc's debt-to-equity ratio?
Harrow Health 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 Health Inc's return on assets (ROA)?
Harrow Health 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 Health Inc's Altman Z-Score?
Harrow Health Inc (HROW) has an Altman Z-Score of 3.50, placing it in the Safe Zone (low bankruptcy 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 Health Inc's Piotroski F-Score?
Harrow Health 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 Health Inc's earnings high quality?
Harrow Health Inc (HROW) has an earnings quality ratio of -8.54x, considered mixed quality. 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 Health Inc cover its interest payments?
Harrow Health Inc (HROW) has an interest coverage ratio of 1.3x, 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 Health Inc?
Harrow Health 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.