Harrow Health, Inc.
HROWHealthcare|Drug Manufacturers - Specialty & Generic|US
$26.89
+0.85 (+3.26%)
Cash / Share
$2.25
Financials
Financial Snapshot
Market Cap
$1.01B
Enterprise Value
$1.22B
Revenue (TTM)
$275.6M
Net Income (TTM)
-$37.2M
Cash & Investments
$83.9M
Net Cash
-$216.9M
Free Cash Flow (TTM)
$5.7M
Operating CF (TTM)
$6.3M
Debt/Equity
19.79
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $8.9M | $4.0M | $28.1M | $29.9M | $32.7M | $50.7M | $101.9M | $82.8M | $47.2M | $72.9M | $83.9M | |
| Operating Cash Flow | -$11.2M | -$8.8M | $687.0K | $950.0K | -$1.1M | $5.1M | $1.7M | $3.8M | -$22.2M | $43.9M | $6.3M | |
| Free Cash Flow | -$18.4M | -$9.9M | -$1.5M | -$887.0K | -$2.1M | -$23.4M | -$6.1M | -$148.7M | -$60.9M | $42.8M | $5.7M | |
| Capital Expenditure | -$7.1M | -$1.1M | -$2.2M | -$1.8M | -$994.0K | -$28.5M | -$7.8M | -$152.6M | -$38.7M | -$1.1M | -$566.0K | |
| Financing Cash Flow | $24.7M | $4.9M | $4.1M | -$1.0M | $1.4M | $51.5M | $54.1M | $126.5M | $28.5M | -$12.7M | $48.3M |
R&D Spending
R&D (TTM)
$20.6M
R&D Intensity
7.5%
R&D Growth vs Prior
+60.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.9M | $26.8M | $41.4M | $51.2M | $48.9M | $72.5M | $88.6M | $130.2M | $199.6M | $272.3M | $275.6M | |
| R&D Expense | $739.0K | $413.0K | $825.0K | $2.1M | $2.4M | $11.1M | $3.0M | $6.7M | $12.2M | $12.8M | $20.6M | |
| R&D % of Revenue | 3.7% | 1.5% | 2.0% | 4.1% | 4.9% | 15.3% | 3.4% | 5.1% | 6.1% | 4.7% | 7.5% | |
| SG&A | $25.0M | $25.0M | $29.2M | $33.1M | $0.00 | $39.8M | $0.00 | $0.00 | $0.00 | $152.9M | $139.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.9M | $26.8M | $41.4M | $51.2M | $48.9M | $72.5M | $88.6M | $130.2M | $199.6M | $272.3M | $275.6M | |
| Cost of Revenue | $9.8M | $13.5M | $16.5M | $16.7M | $14.5M | $18.2M | $25.4M | $39.6M | $49.2M | $67.9M | $73.6M | |
| Gross Profit | $10.1M | $13.3M | $24.9M | $34.4M | $34.4M | $54.3M | $63.2M | $90.6M | $150.4M | $204.4M | $202.0M | |
| R&D | $739.0K | $413.0K | $825.0K | $2.1M | $2.4M | $11.1M | $3.0M | $6.7M | $12.2M | $12.8M | $20.6M | |
| SG&A | $25.0M | $25.0M | $29.2M | $33.1M | $0.00 | $39.8M | $0.00 | $0.00 | $0.00 | $152.9M | $139.8M | |
| Operating Income | -$15.9M | -$12.2M | -$5.2M | -$4.8M | $385.0K | $1.6M | $1.9M | $431.0K | $8.8M | $38.6M | $5.7M | |
| Interest Expense | $2.8M | $3.0M | $2.7M | $2.5M | $2.2M | $5.4M | $7.2M | $21.3M | $22.8M | $24.2M | $23.0M | |
| Pretax Income | -$19.2M | -$12.9M | $14.6M | -$117.0K | -$3.4M | -$17.9M | -$14.0M | -$23.7M | -$17.3M | -$1.7M | -$33.4M | |
| Net Income | -$19.1M | -$12.0M | $14.6M | $168.0K | -$3.4M | -$18.0M | -$14.1M | -$24.4M | -$17.5M | -$5.1M | -$37.2M | |
| EPS (Diluted) | -1.50 | -0.60 | 0.61 | 0.01 | -0.13 | -0.69 | -0.51 | -0.75 | -0.49 | -0.14 | -0.99 | |
| EBITDA | -$14.2M | -$10.4M | -$3.4M | $1.9M | $3.5M | $5.8M | -$3.1M | $13.2M | $23.6M | $42.1M | $11.2M | |
| Shares Out. (M) | 12.74 | 20.03 | 23.81 | 26.47 | 25.89 | 26.76 | 27.46 | 32.62 | 35.65 | 36.76 | 37.35 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.9M | $4.0M | $6.6M | $4.7M | $4.1M | $42.2M | $96.3M | $74.1M | $47.2M | $72.9M | $83.9M | |
| Short-Term Investments | $0.00 | $0.00 | $21.4M | $25.2M | $28.6M | $8.5M | $5.6M | $8.7M | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $14.8M | $8.8M | $32.8M | $36.8M | $41.0M | $60.7M | $118.3M | $139.1M | $189.7M | $211.8M | $229.3M | |
| Total Assets | $27.2M | $23.9M | $49.5M | $59.1M | $57.5M | $98.3M | $157.4M | $311.8M | $389.0M | $399.5M | $416.8M | |
| Total Current Liabilities | $9.9M | $5.8M | $11.9M | $12.3M | $10.8M | $9.7M | $18.6M | $49.3M | $91.3M | $96.3M | $102.2M | |
| Long-Term Debt | $7.9M | $14.0M | $12.0M | $12.2M | $12.4M | $71.7M | $104.2M | $183.2M | $219.5M | $243.2M | $292.4M | |
| Total Liabilities | $20.8M | $21.3M | $24.7M | $31.7M | $30.6M | $87.4M | $130.1M | $241.8M | $319.7M | $347.4M | $402.0M | |
| Stockholders' Equity | $6.4M | $2.6M | $24.8M | $27.7M | $27.2M | $11.3M | $27.6M | $70.4M | $69.7M | $52.4M | $15.2M | |
| Retained Earnings | -$76.9M | -$88.8M | -$74.2M | -$74.0M | -$77.4M | -$95.4M | -$109.5M | -$133.9M | -$151.4M | -$156.5M | -$201.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$11.2M | -$8.8M | $687.0K | $950.0K | -$1.1M | $5.1M | $1.7M | $3.8M | -$22.2M | $43.9M | $6.3M | |
| Capital Expenditure | -$7.1M | -$1.1M | -$2.2M | -$1.8M | -$994.0K | -$28.5M | -$7.8M | -$152.6M | -$38.7M | -$1.1M | -$566.0K | |
| Free Cash Flow | -$18.4M | -$9.9M | -$1.5M | -$887.0K | -$2.1M | -$23.4M | -$6.1M | -$148.7M | -$60.9M | $42.8M | $5.7M | |
| Investing Cash Flow | -$7.3M | -$961.0K | -$2.2M | -$1.8M | -$981.0K | -$18.7M | -$1.7M | -$152.6M | -$33.2M | -$5.5M | -$23.7M | |
| Financing Cash Flow | $24.7M | $4.9M | $4.1M | -$1.0M | $1.4M | $51.5M | $54.1M | $126.5M | $28.5M | -$12.7M | $48.3M | |
| Issuance of Stock | $20.5M | $4.1M | $642.0K | $769.0K | $0.00 | $65.0K | $22.7M | $64.5M | $1.1M | $467.0K | $342.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$11.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$267.0K | $893.0K | -$691.0K | -$1.5M | $3.0M | $71.1M | $31.7M | $74.6M | $29.8M | $11.8M | $60.7M | |
| Stock Based Comp. | $3.7M | $2.9M | $2.6M | $2.0M | $2.8M | $5.7M | $8.0M | $15.7M | $17.6M | $12.5M | $7.1M | |
| Net Change in Cash | $6.2M | -$4.8M | $2.6M | -$1.9M | -$648.0K | $37.9M | $54.1M | -$22.2M | -$26.8M | $25.7M | $30.9M |
Dilution Tracker
Shares outstanding grew 42.0% over 5 years — significant dilution
Shares Outstanding
37M
5-Year Share Growth
+42.0%
Stock Issuance (TTM)
$342.0K
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 12.74 | 20.03 | 23.81 | 26.47 | 25.89 | 26.76 | 27.46 | 32.62 | 35.65 | 36.76 | 37.35 | |
| Change vs Prior % | — | 57.2% | 18.9% | 11.1% | -2.2% | 3.3% | 2.6% | 18.8% | 9.3% | 3.1% | 1.6% | |
| Stock Issuance | $20.5M | $4.1M | $642.0K | $769.0K | $0.00 | $65.0K | $22.7M | $64.5M | $1.1M | $467.0K | $342.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$11.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.7M | $2.9M | $2.6M | $2.0M | $2.8M | $5.7M | $8.0M | $15.7M | $17.6M | $12.5M | $7.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 50.7% | 49.6% | 60.1% | 67.3% | 70.4% | 74.9% | 71.3% | 69.6% | 75.3% | 75.1% | 73.3% | |
| Operating Margin % | -79.6% | -45.4% | -12.6% | -9.4% | 0.8% | 2.2% | 2.2% | 0.3% | 4.4% | 14.2% | 2.1% | |
| Net Margin % | -95.7% | -44.8% | 35.3% | 0.3% | -6.9% | -24.8% | -15.9% | -18.7% | -8.8% | -1.9% | -13.5% | |
| EBITDA Margin % | -71.1% | -38.8% | -8.2% | 3.7% | 7.1% | 7.9% | -3.5% | 10.1% | 11.8% | 15.5% | 4.1% | |
| FCF Margin % | -92.0% | -36.9% | -3.7% | -1.7% | -4.3% | -32.3% | -6.8% | -114.2% | -30.5% | 15.7% | 2.1% | |
| ROE % | -296.8% | -458.3% | 59.1% | 0.6% | -12.3% | -159.6% | -51.0% | -34.7% | -25.1% | -9.8% | -103.9% | |
| ROA % | -70.1% | -50.1% | 29.6% | 0.3% | -5.8% | -18.3% | -9.0% | -7.8% | -4.5% | -1.3% | -8.9% | |
| ROIC % | -71.0% | -60.2% | -12.6% | -9.7% | 0.8% | 1.8% | 1.4% | 0.2% | 3.0% | 12.7% | 1.8% | |
| R&D / Revenue % | 3.7% | 1.5% | 2.0% | 4.1% | 4.9% | 15.3% | 3.4% | 5.1% | 6.1% | 4.7% | 7.5% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 105.2% | 34.3% | 54.5% | 23.7% | -4.5% | 48.3% | 22.2% | 47.0% | 53.3% | 36.4% | |
| Gross Profit | 124.2% | 31.2% | 87.3% | 38.5% | -0.0% | 57.7% | 16.5% | 43.3% | 66.1% | 35.9% | |
| Operating Income | -7.2% | 23.4% | 57.1% | 8.1% | 108.0% | 319.2% | 18.9% | -77.5% | 1946.9% | 337.6% | |
| Net Income | -20.1% | 37.2% | 222.0% | -98.9% | -2098.2% | -436.4% | 21.8% | -73.3% | 28.4% | 70.6% | |
| EPS (Diluted) | 9.6% | 60.0% | 201.7% | -98.4% | -1400.0% | -430.8% | 26.1% | -47.1% | 34.7% | 71.4% | |
| Operating Cash Flow | -0.6% | 21.5% | 107.8% | 38.3% | -215.8% | 562.0% | -66.5% | 125.2% | -678.2% | 297.6% | |
| Free Cash Flow | -48.9% | 46.2% | 84.7% | 41.5% | -136.1% | -1018.9% | 74.1% | -2350.8% | 59.1% | 170.2% | |
| R&D Expense | 122.6% | -44.1% | 99.8% | 152.5% | 15.8% | 359.3% | -72.5% | 118.1% | 83.9% | 5.0% | |
| SG&A Expense | 31.3% | 0.3% | 16.9% | 13.2% | -100.0% | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | |
| Total Assets | 92.8% | -12.2% | 106.8% | 19.5% | -2.7% | 71.1% | 60.1% | 98.1% | 24.8% | 2.7% | |
| Book Value / Share | 449.0% | -74.1% | 762.6% | -4.1% | -4.3% | -60.6% | 142.8% | 116.4% | -9.4% | -27.1% | |
| Debt | 58.8% | 12.0% | -0.5% | 37.7% | 12.1% | 231.3% | 44.0% | 69.7% | 20.1% | 10.1% | |
| Diluted Shares | 33.1% | 57.2% | 18.9% | 11.1% | -2.2% | 3.3% | 2.6% | 18.8% | 9.3% | 3.1% |
Valuation
P/E (TTM)At Loss
P/S3.66
10Y Low / Med / High1.27 / 3.63 / 6.61
P/B66.08
10Y Low / Med / High4.95 / 12.99 / 34.35
EV/EBITDA109.49
10Y Low / Med / High36.63 / 56.45 / 111.77
EV/Revenue4.44
10Y Low / Med / High1.69 / 4.03 / 7.27
P/FCF177.29
Intrinsic Value Models (per share)
Cash / Share
$2.25
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1.67 | -2.83 | 8.49 | 778.00 | -52.77 | -12.52 | -28.94 | -14.93 | -68.47 | -350.00 | -27.09 | |
| P/S Ratio | 1.60 | 1.27 | 3.01 | 3.85 | 3.63 | 3.19 | 4.58 | 2.81 | 5.99 | 6.61 | 3.66 | |
| P/B Ratio | 4.95 | 12.99 | 5.04 | 7.11 | 6.53 | 20.48 | 14.69 | 5.19 | 17.17 | 34.35 | 66.08 | |
| EV/EBITDA | -2.59 | -4.35 | -39.51 | 111.77 | 56.45 | 46.36 | -135.81 | 36.63 | 58.35 | 47.00 | 109.49 | |
| EV/Revenue | 1.84 | 1.69 | 3.22 | 4.17 | 4.03 | 3.68 | 4.76 | 3.70 | 6.90 | 7.27 | 4.44 |
Analyst Estimates & Quality
Altman Z-Score
1.77
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $349.8M | $526.4M | $708.7M |
| Net Income | $8.0M | $98.7M | $144.8M |
| EPS | $-0.08 | $2.11 | $3.94 |
| # Analysts (EPS) | 4 | 4 | 2 |
Revenue Segments
By Product
| Segment | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| License Revenues | $28.0K | — | — | — | — | — |
| Other Revenues | — | $392.0K | $3.4M | $5.1M | — | $394.0K |
| Other Revenue | — | — | — | — | $915.0K | — |
| Product Sales Net | — | — | — | — | — | $271.9M |