What is Harrow Health's earnings per share (EPS)?

Harrow Health (HROWL) 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 Health Financials

HROWL

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Harrow Health (HROWL) 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).

Rhea AI HROWL FY2025 2026-04-22

Core operations have crossed into cash-generating scale, but heavy financing costs still keep HROWL near accounting break-even.

Between FY2024 and FY2025, operating cash flow flipped from -$22.2M to $43.9M as receivables stopped consuming cash and operating income rose to $30.5M; that combination says the business did not just sell more, it turned gross profit into cash.

With gross margin holding near 75.0% in both FY2024 and FY2025 while operating margin climbed from 4.4% to 11.2%, the improvement looks more like expense absorption and discipline than a simple richer product mix. More of each added sales dollar is now reaching operating profit instead of being consumed by overhead.

The balance sheet is still debt-heavy: liabilities of $347.4M sit against equity of $52.4M, and interest expense of $24.2M nearly erased FY2025 operating profit. Cash of $72.9M and a current ratio of 2.2x support near-term liquidity, but the capital structure still explains why better operations have not yet translated into net income.

Financial Health Signals

Financial health score pending refresh

We are recalculating Harrow Health's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Neutral

6/9

Harrow Health 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

-8.54x

For every $1 of reported earnings, Harrow Health 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.

Interest Coverage At Risk

1.3x

Harrow Health 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

Export CSV

Earnings & Revenue

Revenue

$272.3M

YoY+36.4%

5Y CAGR+41.0%

10Y CAGR+39.6%

Harrow Health generated $272.3M in revenue in fiscal year 2025. This represents an increase of 36.4% from the prior year.

EBITDA

$32.4M

YoY+203.9%

5Y CAGR+70.3%

Harrow Health'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.

Net Income

-$5.1M

YoY+70.6%

Harrow Health reported -$5.1M in net income in fiscal year 2025. This represents an increase of 70.6% from the prior year.

EPS (Diluted)

$-0.14

YoY+71.4%

Harrow Health 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

Free Cash Flow

$43.0M

YoY+280.6%

Harrow Health 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.

Cash & Debt

$72.9M

YoY+54.4%

5Y CAGR+77.8%

10Y CAGR+39.1%

Harrow Health held $72.9M in cash against $250.0M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

37M

YoY+4.5%

5Y CAGR+7.7%

10Y CAGR+14.3%

Harrow Health had 37M shares outstanding in fiscal year 2025. This represents an increase of 4.5% from the prior year.

Margins & Returns

Gross Margin

75.0%

YoY-0.3pp

5Y CAGR+4.6pp

10Y CAGR+28.6pp

Harrow Health'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.

Operating Margin

11.2%

YoY+6.8pp

5Y CAGR+10.4pp

10Y CAGR+163.8pp

Harrow Health'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.

Net Margin

-1.9%

YoY+6.9pp

5Y CAGR+5.0pp

10Y CAGR+161.8pp

Harrow Health'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.

Return on Equity

-9.8%

YoY+15.3pp

5Y CAGR+2.5pp

Harrow Health'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

R&D Spending

$20.9M

YoY+71.2%

5Y CAGR+54.1%

10Y CAGR+51.4%

Harrow Health invested $20.9M in research and development in fiscal year 2025. This represents an increase of 71.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$887K

YoY-44.4%

5Y CAGR+0.6%

Harrow Health 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.

HROWL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$272.3M+36.4%	$199.6M+53.3%	$130.2M+47.0%	$88.6M+22.2%	$72.5M+48.3%	$48.9M
Cost of Revenue	$67.9M+38.0%	$49.2M+24.2%	$39.6M+56.2%	$25.4M+39.4%	$18.2M+25.9%	$14.5M
Gross Profit	$204.4M+35.9%	$150.4M+66.1%	$90.6M+43.3%	$63.2M+16.5%	$54.3M+57.7%	$34.4M
R&D Expenses	$20.9M+71.2%	$12.2M+83.9%	$6.7M+118.1%	$3.0M-72.5%	$11.1M+359.3%	$2.4M
SG&A Expenses	$152.9M+18.5%	$129.1M+55.3%	$83.1M+42.7%	$58.2M+41.0%	$41.3M+32.2%	$31.2M
Operating Income	$30.5M+245.9%	$8.8M+1946.9%	$431K-77.5%	$1.9M+18.9%	$1.6M+319.2%	$385K
Interest Expense	$24.2M+6.1%	$22.8M+6.9%	$21.3M+194.4%	$7.2M+33.3%	$5.4M+343.1%	-$2.2M
Income Tax	$3.8M+2242.2%	$161K-77.0%	$701K+834.7%	$75K-43.6%	$133K+3225.0%	$4K
Net Income	-$5.1M+70.6%	-$17.5M+28.4%	-$24.4M-73.3%	-$14.1M+21.8%	-$18.0M-436.4%	-$3.4M
EPS (Diluted)	$-0.14+71.4%	$-0.49+34.7%	$-0.75-47.1%	$-0.51	N/A	$-0.13

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

HROWL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$399.5M+2.7%	$389.0M+24.6%	$312.2M+98.4%	$157.4M+60.1%	$98.3M+71.1%	$57.5M
Current Assets	$211.8M+11.7%	$189.7M+36.0%	$139.5M+17.9%	$118.3M+94.9%	$60.7M+48.0%	$41.0M
Cash & Equivalents	$72.9M+54.4%	$47.2M-36.2%	$74.1M-23.0%	$96.3M+128.3%	$42.2M+928.2%	$4.1M
Inventory	$13.5M+26.4%	$10.7M-1.5%	$10.9M+66.1%	$6.5M+55.1%	$4.2M+6.4%	$4.0M
Accounts Receivable	$110.9M-4.7%	$116.4M+220.9%	$36.3M+480.3%	$6.2M+39.8%	$4.5M+67.9%	$2.7M
Goodwill	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%	$332K0.0%	$332K
Total Liabilities	$347.4M+8.7%	$319.7M+32.2%	$241.8M+85.8%	$130.1M+48.9%	$87.4M+185.2%	$30.6M
Current Liabilities	$96.3M+5.4%	$91.3M+85.1%	$49.3M+164.8%	$18.6M+91.6%	$9.7M-10.0%	$10.8M
Long-Term Debt	$250.0M-4.8%	$262.7M+6.5%	$246.7M	N/A	N/A	$20.0M
Total Equity	$52.4M-24.7%	$69.7M-1.6%	$70.8M+156.4%	$27.6M+144.5%	$11.3M-58.5%	$27.2M
Retained Earnings	-$156.5M-3.4%	-$151.4M-13.1%	-$133.9M-22.3%	-$109.5M-14.8%	-$95.4M-23.3%	-$77.4M

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

HROWL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$43.9M+297.6%	-$22.2M-678.2%	$3.8M+125.2%	$1.7M-66.5%	$5.1M+562.0%	-$1.1M
Capital Expenditures	$887K-44.4%	$1.6M+9.2%	$1.5M-43.8%	$2.6M+45.4%	$1.8M+107.2%	$862K
Free Cash Flow	$43.0M+280.6%	-$23.8M-1099.9%	$2.4M+366.8%	-$892K-127.1%	$3.3M+268.0%	-$2.0M
Investing Cash Flow	-$5.5M+83.5%	-$33.2M+78.3%	-$152.6M-8652.3%	-$1.7M+90.7%	-$18.7M-1804.8%	-$981K
Financing Cash Flow	-$12.7M-144.6%	$28.5M-77.5%	$126.5M+133.7%	$54.1M+5.2%	$51.5M+3491.8%	$1.4M
Dividends Paid	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

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

HROWL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	75.0%-0.3pp	75.3%+5.8pp	69.5%-1.8pp	71.4%-3.5pp	74.9%+4.5pp	70.4%
Operating Margin	11.2%+6.8pp	4.4%+4.1pp	0.3%-1.8pp	2.2%-0.1pp	2.2%+1.4pp	0.8%
Net Margin	-1.9%+6.9pp	-8.8%+10.0pp	-18.8%-2.8pp	-15.9%+8.9pp	-24.9%-18.0pp	-6.9%
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%
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%
Current Ratio	2.20+0.1	2.08-0.8	2.83-3.5	6.35+0.1	6.24+2.4	3.79
Debt-to-Equity	4.77+1.0	3.77+0.3	3.49-1.2	4.72-3.0	7.74+7.0	0.74
FCF Margin	15.8%+27.7pp	-11.9%-13.8pp	1.8%+2.8pp	-1.0%-5.6pp	4.5%+8.6pp	-4.0%

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%

Frequently Asked Questions

What is Harrow Health's annual revenue?

Harrow Health (HROWL) 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's revenue growing?

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

Is Harrow Health profitable?

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

What is Harrow Health's EBITDA?

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

How much debt does Harrow Health have?

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

What is Harrow Health's gross margin?

Harrow Health (HROWL) 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's operating margin?

Harrow Health (HROWL) 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's net profit margin?

Harrow Health (HROWL) 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's return on equity (ROE)?

Harrow Health (HROWL) 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's free cash flow?

Harrow Health (HROWL) 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's operating cash flow?

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

What are Harrow Health's total assets?

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

What are Harrow Health's capital expenditures?

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

How much does Harrow Health spend on research and development?

Harrow Health (HROWL) invested $20.9M in research and development during fiscal year 2025.

How many shares does Harrow Health have outstanding?

Harrow Health (HROWL) had 37M shares outstanding as of fiscal year 2025.

What is Harrow Health's current ratio?

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

What is Harrow Health's debt-to-equity ratio?

Harrow Health (HROWL) 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's return on assets (ROA)?

Harrow Health (HROWL) 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's Piotroski F-Score?

Harrow Health (HROWL) 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's earnings high quality?

Harrow Health (HROWL) 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 cover its interest payments?

Harrow Health (HROWL) 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.