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

Ocular Therapeutix, Inc. (OCUL) reported diluted earnings per share of -$1.42 for fiscal year 2025. This represents a -16.4% 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.

Ocular Therapeutix, Inc. (OCUL) Financials

OCUL

Trailing 12 months to June 30, 2026

Revenue $52.1M -8.1% YoY

Net Income -$301.4M -39.1% YoY

EPS (Diluted) -$1.40 -10.2% YoY

Free Cash Flow -$255.1M -42.2% YoY

Market Cap $1.6B as of Oct 6, 2026

Price / Sales 31.0x on $52.1M 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 3.1x on $520.0M 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 6, 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 3, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the OCUL SEC filings page.

Ocular Therapeutix, Inc. (OCUL) reported $52.1M in revenue over the twelve months to Jun 30, 2026, down 8.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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 OCUL FY2025 2026-10-03

The balance sheet expanded through financing while operating losses deepened, making capital raising—not sales growth—the central operating constraint.

Debt-to-equity fell to 0.2x in FY2025 even as total assets expanded by $350.1M from FY2024, indicating the balance-sheet expansion was not debt-led. Yet operating cash flow reached -$204.9M while financing cash flow supplied $561.7M, so reported liquidity reflects external funding more than internally generated cash.

Gross margin slipped from 91.2% to 87.4% between FY2024 and FY2025, so the revenue base still carries substantial product-level margin. But operating loss reached $270.0M as R&D rose to $197.1M, showing investment spending—not gross production cost—is driving the reported deficit.

Revenue fell from $63.7M to $52.0M between FY2024 and FY2025, reversing the prior growth pattern. Operating cash flow was -$204.9M in FY2025, far below the period's gross profit of $45.4M, showing accounting gross profit does not fund the company's current investment load.

Financial Health Signals

Financial Health Score 53/100

Scored as: Emerging companies peer group

Scored against emerging 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 Ocular Therapeutix, 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.

Cash Runway

Ocular Therapeutix, Inc. held $737.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $204.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Ocular Therapeutix, Inc. scores 65/100 among other emerging companies.

Dilution

Ocular Therapeutix, Inc. had 218M shares outstanding at the end of fiscal year 2025, against 159M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Ocular Therapeutix, Inc. scores 35/100 among other emerging companies.

R&D Intensity

Ocular Therapeutix, Inc. spent $197.1M on research and development in fiscal year 2025, which was 61.2% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Ocular Therapeutix, Inc. scores 84/100 among other emerging companies.

Revenue Progress

Ocular Therapeutix, Inc. reported revenue of $52.0M in fiscal year 2025, against $63.7M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Ocular Therapeutix, Inc. scores 36/100 among other emerging companies.

Burn Trend

Ocular Therapeutix, Inc.'s operations used $204.9M of cash in fiscal year 2025, against $134.7M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Ocular Therapeutix, Inc. scores 12/100 among other emerging companies.

Balance Sheet

Ocular Therapeutix, Inc.'s cash, cash equivalents and investments came to $737.1M at the end of fiscal year 2025, against $153.7M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Ocular Therapeutix, Inc. scores 88/100 among other emerging companies.

Altman Z-Score Safe

4.33

Ocular Therapeutix, Inc. scores 4.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.6B) relative to total liabilities ($153.7M). 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.

Piotroski F-Score Partial

3/8

Ocular Therapeutix, Inc. passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Ocular Therapeutix, Inc. reported a net loss of $265.9M while operations used $204.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Ocular Therapeutix, Inc. reported an operating loss of $270.0M against $11.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$13.5M

YoY+0.1%

QoQ+24.9%

5Y CAGR+2.8%

10Y CAGR+40.8%

Ocular Therapeutix, Inc. generated $13.5M in revenue in Q2 2026. This represents an increase of 0.1% from the same quarter a year earlier. Against the prior quarter it is up 24.9%.

EBITDA

-$80.3M

YoY-20.5%

QoQ+12.8%

Ocular Therapeutix, Inc.'s EBITDA was -$80.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.5% from the same quarter a year earlier. Against the prior quarter it is up 12.8%.

Net Income

-$78.8M

YoY-16.1%

QoQ+11.1%

Ocular Therapeutix, Inc. reported -$78.8M in net income in Q2 2026. This represents a decrease of 16.1% from the same quarter a year earlier. Against the prior quarter it is up 11.1%.

EPS (Diluted)

-$0.35

YoY+10.3%

QoQ+12.5%

Ocular Therapeutix, Inc. earned -$0.35 per diluted share (EPS) in Q2 2026. This represents an increase of 10.3% from the same quarter a year earlier. Against the prior quarter it is up 12.5%.

Cash & Balance Sheet

Free Cash Flow

-$70.6M

YoY-25.1%

QoQ0.0%

Ocular Therapeutix, Inc. recorded an outflow of $70.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 25.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Cash & Debt

$598.6M

YoY+53.1%

QoQ-10.2%

5Y CAGR+25.6%

10Y CAGR+28.7%

Ocular Therapeutix, Inc. held $598.6M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

220M

YoY+26.2%

QoQ+0.3%

5Y CAGR+23.5%

10Y CAGR+24.4%

Ocular Therapeutix, Inc. had 220M shares outstanding in Q2 2026. This represents an increase of 26.2% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

85.1%

YoY-0.5pp

QoQ-2.6pp

5Y change-5.6pp

Ocular Therapeutix, Inc.'s gross margin was 85.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.6 percentage points.

Return on Equity

-15.2%

YoY+7.0pp

QoQ+0.1pp

5Y change-4.6pp

Ocular Therapeutix, Inc.'s ROE was -15.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 7.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

R&D Spending

$54.1M

YoY+6.0%

QoQ-18.2%

5Y CAGR+31.3%

Ocular Therapeutix, Inc. invested $54.1M in research and development in Q2 2026. This represents an increase of 6.0% from the same quarter a year earlier. Against the prior quarter it is down 18.2%.

Capital Expenditures

$3.4M

YoY+170.4%

QoQ-27.8%

5Y CAGR+92.0%

10Y CAGR+30.1%

Ocular Therapeutix, Inc. invested $3.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 170.4% from the same quarter a year earlier. Against the prior quarter it is down 27.8%.

Share Buybacks

Not reported for Q2 2026.

OCUL 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.

OCUL 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
Revenue	$52.1M	$52.0M-18.5%	$63.7M+9.0%	$58.4M+13.5%	$51.5M+18.3%	$43.5M+150.1%	$17.4M+311.7%	$4.2M+112.4%	$2.0M+3.5%	$1.9M+1.9%	$1.9M+7.8%	$1.8M+126.7%	$772K	N/A	$10K
Cost of Revenue	$6.7M	$6.6M+16.9%	$5.6M+6.5%	$5.3M+16.3%	$4.5M+3.0%	$4.4M+111.5%	$2.1M-10.4%	$2.3M+400.0%	$465K+1.8%	$457K+3.2%	$443K+38.9%	$319K+250.5%	$91K	N/A	$7K
Gross Profit	$45.3M	$45.4M-21.9%	$58.1M+9.3%	$53.2M+13.2%	$47.0M+20.0%	$39.1M+155.3%	$15.3M+705.5%	$1.9M+24.7%	$1.5M+4.0%	$1.5M+1.5%	$1.4M+0.9%	$1.4M+110.1%	$681K	N/A	$3K
R&D Expenses	$223.5M	$197.1M+54.4%	$127.6M+109.0%	$61.1M+14.2%	$53.5M+6.7%	$50.1M+74.5%	$28.7M-30.2%	$41.1M+11.3%	$36.9M+19.5%	$30.9M+14.1%	$27.1M+1.7%	$26.6M+40.9%	$18.9M+79.5%	$10.5M-8.9%	$11.5M
SG&A Expenses	$75.8M	$64.4M+6.1%	$60.7M+78.7%	$33.9M+5.3%	$32.2M+1.1%	$31.9M+39.5%	$22.9M+3.3%	$22.1M+17.8%	$18.8M+21.1%	$15.5M+40.9%	$11.0M+20.1%	$9.2M+32.6%	$6.9M+292.6%	$1.8M+19.2%	$1.5M
Operating Income	-$313.9M	-$270.0M-57.2%	-$171.8M-108.5%	-$82.4M-4.7%	-$78.7M-0.8%	-$78.0M-24.2%	-$62.8M+26.8%	-$85.8M-45.1%	-$59.1M+4.5%	-$61.9M-42.9%	-$43.3M-13.4%	-$38.2M-41.0%	-$27.1M-110.0%	-$12.9M+5.6%	-$13.7M
EBITDA	N/A	-$265.7M-58.2%	-$168.0M-111.6%	-$79.4M-3.7%	-$76.5M-1.2%	-$75.6M-25.9%	-$60.1M+27.9%	-$83.3M-46.5%	-$56.8M+5.7%	-$60.3M-42.1%	-$42.4M-13.4%	-$37.4M-41.0%	-$26.5M-112.4%	-$12.5M+5.8%	-$13.3M
Interest Expense	$11.4M	$11.8M+1234.3%	$887K-92.2%	$11.3M+61.5%	$7.0M+5.3%	$6.7M-1.4%	$6.8M+10.9%	$6.1M+250.8%	$1.7M-8.1%	$1.9M+12.6%	$1.7M-2.6%	$1.7M+54.1%	$1.1M+153.7%	$441K+17.0%	$377K
Income Tax	N/A	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$301.4M	-$265.9M-37.4%	-$193.5M-139.7%	-$80.7M-13.7%	-$71.0M-984.1%	-$6.6M+95.8%	-$155.6M-80.2%	-$86.4M-44.0%	-$60.0M+5.4%	-$63.4M-41.8%	-$44.7M-12.5%	-$39.7M-38.7%	-$28.6M-115.1%	-$13.3M+5.5%	-$14.1M
EPS (Basic)	N/A	-$1.42-16.4%	-$1.22-20.8%	-$1.01-9.8%	-$0.92-922.2%	-$0.09+96.5%	-$2.56-34.0%	-$1.91	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	-$1.40	-$1.42-16.4%	-$1.22	-$1.02	-$0.97	-$0.98	-$2.56-34.0%	-$1.91	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	187M+18.3%	158M	86M	83M	82M	61M+34.2%	45M	N/A	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	$13.5M+0.1%	$10.8M+0.8%	$13.3M-22.4%	$14.5M-5.7%	$13.5M-18.1%	$10.7M-27.6%	$17.1M+15.4%	$15.4M+2.3%
Cost of Revenue	$2.0M+3.4%	$1.3M+5.3%	$1.6M+29.6%	$1.8M+13.6%	$1.9M+28.8%	$1.3M-4.8%	$1.2M-11.3%	$1.6M+13.4%
Gross Profit	$11.5M-0.4%	$9.5M+0.2%	$11.7M-26.5%	$12.8M-7.9%	$11.5M-22.9%	$9.4M-29.8%	$15.9M+18.2%	$13.9M+1.2%
R&D Expenses	$54.1M+6.0%	$66.2M+54.5%	$50.8M+23.9%	$52.4M+41.3%	$51.1M+77.0%	$42.9M+106.7%	$41.0M+153.1%	$37.1M+146.7%
SG&A Expenses	$22.2M+54.5%	$20.0M+22.4%	$17.7M+21.0%	$16.0M+31.0%	$14.3M-27.1%	$16.3M+15.6%	$14.6M+82.0%	$12.2M+42.5%
Operating Income	-$82.1M-21.4%	-$93.3M-46.0%	-$69.8M-37.9%	-$68.7M-49.3%	-$67.6M-55.2%	-$63.9M-102.2%	-$50.6M-152.3%	-$46.0M-139.4%
EBITDA	-$80.3M-20.5%	-$92.1M-46.3%	-$68.5M-38.1%	-$67.6M-50.2%	-$66.6M-56.2%	-$62.9M-105.0%	-$49.6M-159.9%	-$45.0M-145.8%
Interest Expense	$2.8M-7.4%	$2.8M-6.9%	$2.8M+129.6%	$3.0M-6.9%	$3.0M-5.6%	$3.0M-26.3%	-$9.6M-330.8%	$3.2M-5.9%
Net Income	-$78.8M-16.1%	-$88.6M-38.3%	-$64.7M-33.6%	-$69.4M-90.2%	-$67.8M-54.9%	-$64.1M+1.2%	-$48.4M-65.6%	-$36.5M-6972.3%
EPS (Basic)	-$0.35+10.3%	-$0.40-5.3%	-$0.27+3.6%	-$0.38-72.7%	-$0.39-50.0%	-$0.38+22.4%	-$0.28+20.0%	-$0.22-2100.0%
EPS (Diluted)	-$0.35+10.3%	-$0.40-5.3%	-$0.27+3.6%	-$0.38-72.7%	-$0.39-50.0%	-$0.38+22.4%	-$0.28-12.0%	-$0.22
Diluted Shares (Avg)	225M+30.3%	224M+32.3%	N/A	184M+10.1%	173M+4.1%	169M+28.3%	N/A	167M

Not reported in any period shown, so not listed: Income Tax.

OCUL Balance Sheet

OCUL 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
Total Assets	$808.1M+76.5%	$457.9M+81.7%	$252.1M+68.8%	$149.3M-27.1%	$204.9M-21.8%	$261.9M+232.6%	$78.7M+7.8%	$73.0M+31.8%	$55.4M-26.0%	$74.9M-32.1%	$110.3M+41.1%	$78.2M+308.4%	$19.1M	N/A
Current Assets	$782.1M+77.4%	$441.0M+89.9%	$232.2M+79.2%	$129.6M-32.2%	$191.3M-22.3%	$246.2M+309.1%	$60.2M+7.1%	$56.2M+29.7%	$43.3M-38.0%	$69.9M-34.7%	$107.0M+40.4%	$76.2M+322.9%	$18.0M	N/A
Cash & Equivalents	$737.1M+88.0%	$392.1M+100.2%	$195.8M+91.4%	$102.3M-37.7%	$164.2M-28.0%	$228.1M+318.9%	$54.4M+0.7%	$54.1M+30.2%	$41.5M+26.1%	$32.9M+7.0%	$30.8M-17.7%	$37.4M+113.6%	$17.5M-26.6%	$23.9M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$35.2M-52.6%	$74.3M+98.4%	$37.4M	$0	$0
Inventory	$3.6M+17.2%	$3.0M+31.9%	$2.3M+16.8%	$2.0M+57.9%	$1.3M+4.1%	$1.2M+25.9%	$954K+339.6%	$217K+77.9%	$122K+8.0%	$113K-15.7%	$134K+0.8%	$133K	$0	N/A
Accounts Receivable	$30.6M-5.4%	$32.4M+23.7%	$26.2M+22.8%	$21.3M+0.9%	$21.1M+72.5%	$12.3M+380.8%	$2.5M+1167.7%	$201K-11.1%	$226K-9.6%	$250K+29.5%	$193K-41.3%	$329K+31.6%	$250K	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$153.7M+7.8%	$142.6M-11.4%	$160.9M+41.3%	$113.9M-2.5%	$116.9M-37.1%	$185.8M+125.5%	$82.4M+121.6%	$37.2M+26.9%	$29.3M+27.7%	$22.9M+10.7%	$20.7M+6.3%	$19.5M-75.2%	$78.6M	N/A
Current Liabilities	$50.8M+22.9%	$41.4M+18.5%	$34.9M+11.2%	$31.4M+19.2%	$26.3M-1.2%	$26.7M+121.7%	$12.0M+31.3%	$9.2M-31.8%	$13.4M+61.8%	$8.3M+54.3%	$5.4M-8.4%	$5.9M+75.8%	$3.3M	N/A
Non-Current Liabilities	$102.9M+1.7%	$101.2M-19.7%	$126.0M+52.7%	$82.5M-8.9%	$90.6M-43.1%	$159.1M+126.2%	$70.3M+151.1%	$28.0M+76.6%	$15.9M+8.4%	$14.6M-4.6%	$15.3M+12.6%	$13.6M-81.9%	$75.3M	N/A
Total Equity	$654.3M+107.5%	$315.3M+246.0%	$91.1M+157.6%	$35.4M-59.8%	$88.0M+15.6%	$76.1M+2196.3%	-$3.6M-110.1%	$35.9M+37.2%	$26.1M-49.7%	$52.0M-41.9%	$89.6M+52.6%	$58.7M+198.7%	-$59.5M-27.6%	-$46.6M
Retained Earnings	-$1.2B-29.8%	-$891.1M-27.7%	-$697.6M-13.1%	-$616.8M-13.0%	-$545.8M-1.2%	-$539.3M-40.6%	-$383.6M-29.1%	-$297.2M-25.3%	-$237.3M-36.5%	-$173.9M-34.6%	-$129.2M-44.4%	-$89.4M-47.1%	-$60.8M	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	$671.3M+48.7%	$732.5M+80.5%	$808.1M+76.5%	$410.9M-16.2%	$451.3M-12.7%	$405.9M-24.7%	$457.9M+81.7%	$490.4M+202.0%
Current Assets	$644.4M+48.7%	$706.0M+82.1%	$782.1M+77.4%	$387.0M-18.2%	$433.4M-13.1%	$387.7M-25.4%	$441.0M+89.9%	$473.0M+234.9%
Cash & Equivalents	$598.6M+53.1%	$666.7M+90.7%	$737.1M+88.0%	$344.8M-19.3%	$391.1M-14.9%	$349.7M-27.6%	$392.1M+100.2%	$427.2M+286.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$3.8M+25.9%	$3.7M+14.3%	$3.6M+17.2%	$3.5M+45.0%	$3.0M+19.3%	$3.3M+27.0%	$3.0M+31.9%	$2.4M+6.6%
Accounts Receivable	$30.3M-0.5%	$24.3M-3.5%	$30.6M-5.4%	$30.8M+1.8%	$30.4M+0.6%	$25.2M-5.0%	$32.4M+23.7%	$30.2M+28.2%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$151.3M+4.0%	$151.0M+7.8%	$153.7M+7.8%	$152.7M+10.3%	$145.4M+4.3%	$140.0M+6.9%	$142.6M-11.4%	$138.3M-10.5%
Current Liabilities	$49.2M+14.5%	$47.7M+25.7%	$50.8M+22.9%	$49.3M+35.6%	$42.9M+43.2%	$37.9M+56.1%	$41.4M+18.5%	$36.4M+3.7%
Non-Current Liabilities	$102.1M-0.4%	$103.3M+1.2%	$102.9M+1.7%	$103.4M+1.3%	$102.5M-6.3%	$102.1M-4.3%	$101.2M-19.7%	$102.0M-14.6%
Total Equity	$520.0M+70.0%	$581.6M+118.7%	$654.3M+107.5%	$258.2M-26.6%	$305.9M-19.0%	$265.9M-34.8%	$315.3M+246.0%	$352.0M+4382.6%
Retained Earnings	-$1.3B-29.5%	-$1.2B-30.4%	-$1.2B-29.8%	-$1.1B-29.6%	-$1.0B-26.9%	-$955.1M-25.3%	-$891.1M-27.7%	-$842.7M-26.1%

Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.

OCUL Cash Flow Statement

OCUL 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
Operating Cash Flow	-$238.2M	-$204.9M-52.1%	-$134.7M-91.8%	-$70.2M-17.8%	-$59.6M+9.1%	-$65.5M-22.4%	-$53.6M+31.0%	-$77.6M-57.6%	-$49.2M+2.5%	-$50.5M-48.4%	-$34.0M-0.8%	-$33.7M-64.6%	-$20.5M-62.1%	-$12.6M-0.5%	-$12.6M
Depreciation & Amortization	N/A	$4.3M+14.2%	$3.8M+26.9%	$3.0M+41.4%	$2.1M-12.9%	$2.4M-12.7%	$2.8M+9.6%	$2.5M+10.7%	$2.3M+40.7%	$1.6M+84.4%	$881K+16.8%	$754K+37.8%	$547K+35.4%	$404K0.0%	$404K
Stock-Based Compensation	N/A	$43.2M+30.4%	$33.1M+85.7%	$17.8M+5.1%	$17.0M+13.3%	$15.0M+98.9%	$7.5M-14.0%	$8.8M+17.1%	$7.5M+2.2%	$7.3M+22.9%	$6.0M+28.4%	$4.6M+75.5%	$2.6M+455.5%	$476K+95.9%	$243K
Capital Expenditures	$16.9M	$12.0M+832.5%	$1.3M-78.8%	$6.1M+63.8%	$3.7M+211.1%	$1.2M+42.0%	$841K-62.4%	$2.2M+18.5%	$1.9M-77.1%	$8.3M+330.0%	$1.9M+7.9%	$1.8M+41.1%	$1.3M+225.6%	$387K+90.6%	$203K
Free Cash Flow	-$255.1M	-$216.9M-59.5%	-$136.0M-78.1%	-$76.3M-20.5%	-$63.3M+5.1%	-$66.7M-22.7%	-$54.4M+31.8%	-$79.8M-56.1%	-$51.1M+13.0%	-$58.7M-63.5%	-$35.9M-1.1%	-$35.5M-63.3%	-$21.8M-66.9%	-$13.0M-1.9%	-$12.8M
Investing Cash Flow	-$16.9M	-$11.9M-822.4%	-$1.3M+78.8%	-$6.1M-63.8%	-$3.7M-211.1%	-$1.2M-42.0%	-$841K+62.4%	-$2.2M-18.5%	-$1.9M-107.0%	$27.0M-27.3%	$37.1M+196.1%	-$38.6M	N/A	N/A	N/A
Financing Cash Flow	$462.6M	$561.7M+69.1%	$332.1M+95.6%	$169.8M+11580.1%	$1.5M-49.0%	$2.9M-98.7%	$228.0M+202.6%	$75.3M+9.8%	$68.6M+114.4%	$32.0M+5371.5%	$585K-99.1%	$65.7M	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	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	-$67.3M-21.8%	-$66.0M-47.7%	-$54.2M-37.6%	-$50.7M-38.7%	-$55.2M-122.7%	-$44.7M-31.8%	-$39.4M-75.6%	-$36.6M-372.8%
Depreciation & Amortization	$1.9M+80.4%	$1.3M+30.8%	$1.2M+31.1%	$1.1M+11.5%	$1.0M+7.3%	$981K+6.6%	$951K-0.7%	$959K+7.8%
Stock-Based Compensation	$14.6M+51.4%	$15.6M+49.0%	N/A	$11.7M+76.0%	$9.7M-14.3%	$10.5M+31.1%	N/A	$6.6M+47.2%
Capital Expenditures	$3.4M+170.4%	$4.7M+141.2%	$2.8M+1305.4%	$6.0M+6633.7%	$1.2M+67.8%	$1.9M+658.0%	$202K-56.0%	$89K-65.6%
Free Cash Flow	-$70.6M-25.1%	-$70.7M-51.6%	-$57.1M-44.0%	-$56.7M-54.8%	-$56.5M-121.1%	-$46.6M-36.5%	-$39.6M-73.0%	-$36.6M-358.6%
Investing Cash Flow	-$3.4M-202.0%	-$4.7M-141.2%	-$2.8M-1305.4%	-$6.0M-6633.7%	-$1.1M-50.3%	-$1.9M-658.0%	-$202K+56.0%	-$89K+65.6%
Financing Cash Flow	$2.6M-97.4%	$294K-93.0%	$449.4M+9857.4%	$10.4M+147.9%	$97.8M+4353.8%	$4.2M-98.7%	$4.5M-95.8%	$4.2M-92.0%

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

OCUL 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.

OCUL 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
Gross Margin	87.4%-3.8pp	91.2%+0.2pp	91.0%-0.2pp	91.2%+1.3pp	89.9%+1.9pp	88.0%+43.0pp	45.0%-31.6pp	76.6%+0.4pp	76.2%-0.3pp	76.5%-5.2pp	81.8%-6.4pp	88.2%	N/A	30.0%
Operating Margin	-519.8%	-269.6%	-141.0%	-152.7%	-179.3%	-361.1%	-2029.9%	-2970.8%	-3220.1%	-2296.0%	-2182.7%	-3509.6%	N/A	-136710.0%
Net Margin	-511.9%	-303.7%	-138.1%	-137.9%	-15.1%	-894.3%	-2043.3%	-3014.0%	-3296.2%	-2369.0%	-2271.3%	-3710.9%	N/A	-140930.0%
Return on Equity	-40.6%+20.7pp	-61.4%+27.2pp	-88.6%+112.2pp	-200.8%-193.3pp	-7.4%+197.1pp	-204.5%	N/A	-167.2%+75.2pp	-242.4%-156.5pp	-86.0%-41.6pp	-44.4%+4.4pp	-48.8%	N/A	N/A
Return on Assets	-32.9%+9.3pp	-42.3%-10.2pp	-32.0%+15.6pp	-47.6%-44.4pp	-3.2%+56.2pp	-59.4%+50.3pp	-109.7%-27.6pp	-82.1%+32.2pp	-114.3%-54.7pp	-59.7%-23.6pp	-36.0%+0.6pp	-36.6%+32.9pp	-69.5%	N/A
Current Ratio	15.39+4.7x	10.66+4.0x	6.66+2.5x	4.13-3.1x	7.26-2.0x	9.23+4.2x	5.00-1.1x	6.14+2.9x	3.23-5.2x	8.42-11.5x	19.89+6.9x	12.97+7.6x	5.39	N/A
Debt-to-Equity	0.23-0.2x	0.45-1.3x	1.77-1.5x	3.22+1.9x	1.33-1.1x	2.44	N/A	1.04-0.1x	1.12+0.7x	0.44+0.2x	0.23-0.1x	0.33	N/A	N/A
Asset Turnover	0.06-0.1x	0.14-0.1x	0.23-0.1x	0.34+0.1x	0.21+0.1x	0.070.0x	0.050.0x	0.030.0x	0.030.0x	0.030.0x	0.020.0x	0.01	N/A	N/A
FCF Margin	-417.5%	-213.4%	-130.6%	-123.0%	-153.4%	-312.6%	-1888.2%	-2568.6%	-3053.8%	-1903.5%	-2029.8%	-2818.1%	N/A	-127880.0%

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	85.1%-0.5pp	87.7%-0.5pp	88.0%-4.8pp	87.8%-2.1pp	85.6%-5.3pp	88.2%-2.8pp	92.8%+2.2pp	89.9%-1.0pp
Operating Margin	-609.3%	-865.5%	-526.5%	-472.3%	-502.6%	-597.5%	-296.1%	-298.2%
Net Margin	-584.5%	-821.6%	-488.0%	-477.3%	-503.9%	-598.7%	-283.3%	-236.6%
Return on Equity	-15.2%+7.0pp	-15.2%+8.8pp	-9.9%+5.5pp	-26.9%-16.5pp	-22.2%-10.6pp	-24.1%-8.2pp	-15.3%+16.7pp	-10.4%-3.8pp
Return on Assets	-11.7%+3.3pp	-12.1%+3.7pp	-8.0%+2.6pp	-16.9%-9.4pp	-15.0%-6.6pp	-15.8%-3.7pp	-10.6%+1.0pp	-7.4%-7.1pp
Current Ratio	13.11+3.0x	14.81+4.6x	15.39+4.7x	7.85-5.2x	10.09-6.5x	10.22-11.2x	10.66+4.0x	13.01+9.0x
Debt-to-Equity	0.29-0.2x	0.26-0.3x	0.23-0.2x	0.59+0.2x	0.48+0.1x	0.53+0.2x	0.45-1.3x	0.39-19.3x
Asset Turnover	0.020.0x	0.010.0x	0.020.0x	0.040.0x	0.030.0x	0.030.0x	0.040.0x	0.03-0.1x
FCF Margin	-524.2%	-655.1%	-430.9%	-390.0%	-419.7%	-435.6%	-232.0%	-237.6%

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

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
Ocular Therapeutix, Inc. OCUL	FY2025	$52.0M	-$265.9M	N/A	$1.6B	53/100
Tarsus Pharmaceuticals, Inc. TARS	FY2025	$451.4M	-$66.0M	-14.6%	$3.5B	49/100
Beam Therapeutics Inc. BEAM	FY2025	$139.7M	-$80.0M	-57.2%	$2.7B	54/100
Liquidia Corporation LQDA	FY2025	$158.3M	-$68.9M	-43.5%	$2.5B	61/100
Belite Bio, Inc BLTE	FY2025	N/A	-$77.6M	N/A	$6.4B	—
Travere Therapeutics, Inc. TVTX	FY2025	$490.7M	-$25.5M	-5.2%	$5.4B	71/100

Where Ocular Therapeutix, Inc. Ranks

Frequently Asked Questions

What is Ocular Therapeutix, Inc.'s annual revenue?

Ocular Therapeutix, Inc. (OCUL) reported $52.0M in total revenue for fiscal year 2025. This represents a -18.5% 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 Ocular Therapeutix, Inc.'s revenue growing?

Ocular Therapeutix, Inc. (OCUL) revenue declined by 18.5% year-over-year, from $63.7M to $52.0M in fiscal year 2025.

Is Ocular Therapeutix, Inc. profitable?

No, Ocular Therapeutix, Inc. (OCUL) reported a net income of -$265.9M in fiscal year 2025.

What is Ocular Therapeutix, Inc.'s EBITDA?

Ocular Therapeutix, Inc. (OCUL) had EBITDA of -$265.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Ocular Therapeutix, Inc.'s gross margin?

Ocular Therapeutix, Inc. (OCUL) had a gross margin of 87.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

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

Ocular Therapeutix, Inc. (OCUL) has a return on equity of -40.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ocular Therapeutix, Inc.'s free cash flow?

Ocular Therapeutix, Inc. (OCUL) recorded an outflow of $216.9M in free cash flow during fiscal year 2025. This represents a -59.5% 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 Ocular Therapeutix, Inc.'s operating cash flow?

Ocular Therapeutix, Inc. (OCUL) recorded an outflow of $204.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Ocular Therapeutix, Inc.'s total assets?

Ocular Therapeutix, Inc. (OCUL) had $808.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ocular Therapeutix, Inc.'s capital expenditures?

Ocular Therapeutix, Inc. (OCUL) invested $12.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

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

Ocular Therapeutix, Inc. (OCUL) invested $197.1M in research and development during fiscal year 2025.

How many shares does Ocular Therapeutix, Inc. have outstanding?

Ocular Therapeutix, Inc. (OCUL) had 218M shares outstanding as of fiscal year 2025.

What is Ocular Therapeutix, Inc.'s current ratio?

Ocular Therapeutix, Inc. (OCUL) had a current ratio of 15.39 as of fiscal year 2025, which is generally considered healthy.

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

Ocular Therapeutix, Inc. (OCUL) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Ocular Therapeutix, Inc. (OCUL) had a return on assets of -32.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

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

Ocular Therapeutix, Inc. (OCUL) 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 $1.6B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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

Ocular Therapeutix, Inc. (OCUL) trades at 31.0x sales, its market capitalization divided by revenue of $52.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $1.6B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Ocular Therapeutix, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Ocular Therapeutix, Inc. (OCUL) held $737.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $204.9M over that year. Dividing the one by the other, the reported balance equals about 43 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

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

Ocular Therapeutix, Inc. (OCUL) has an Altman Z-Score of 4.33, 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 Ocular Therapeutix, Inc.'s Piotroski F-Score?

Ocular Therapeutix, Inc. (OCUL) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Ocular Therapeutix, Inc.'s earnings high quality?

Ocular Therapeutix, Inc. (OCUL) reported a net loss of $265.9M while operations used $204.9M of cash. With neither figure positive, 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 Ocular Therapeutix, Inc. cover its interest payments?

Ocular Therapeutix, Inc. (OCUL) reported an operating loss of $270.0M against $11.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 Ocular Therapeutix, Inc.?

Ocular Therapeutix, Inc. (OCUL) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.