Harrow (HROW) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Harrow

NasdaqGM•Healthcare•Drug Manufacturers - Specialty & Generic

$33.08-0.05(<0.01%)After hours

Market Cap

$1.24B

P/S

4.5x

P/B

81.3x

Harrow, Inc., an eyecare pharmaceutical company, engages in the discovery, development, and commercialization of ophthalmic pharmaceutical products in the United States. It operates through Branded and ImprimisRx segments. The company offers ImprimisRx, an ophthalmology-focused compounded medications. It also provides IHEEZO, a chloroprocaine hydrochloride ophthalmic gel; ophthalmic solutions, including IOPIDINE, VEVYE, and ZERVIATE, as well as BYQLOVI; MAXITROL eye drops; ILEVRO and NEVANAC, a non-steroidal and anti-inflammatory eye drop for pain and inflammation associated with cataract surgery; BYOOVIZ, a LUCENTIS biosimilar indicated for the treatment of patients with Neovascular (Wet) age-related macular degeneration (AMD), macular edema following retinal vein occlusion (RVO), and myopic choroidal neovascularization (mCNV); VIGAMOX, a fluoroquinolone antibiotic eye drop for the treatment of bacterial conjunctivitis; OPUVIZ, an EYLEA biosimilar indicated for the treatment of patients with Wet AMD, macular edema following RVO, diabetic macular edema (DME), and diabetic retinopathy (DR); MAXIDEX and FLAREX, a steroid eye drop for steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the globe and the eye; TRIESENCE, a steroid injection for the treatment of ophthalmic diseases and for visualization during vitrectomy; and NATACYN, a sterile, antifungal drug for the treatment of fungal blepharitis, conjunctivitis, and keratitis. In addition, it offers TOBRADEX ST, a tobramycin and dexamethasone ophthalmic suspension; VERKAZIA cyclosporine ophthalmic emulsion; NEVANAC, a non-steroidal, anti-inflammatory eye drop; and FRESHKOTE preservative free (PF) is a lubricant eye drop. The company was formerly known as Harrow Health, Inc. and changed its name to Harrow, Inc. in September 2023. Harrow, Inc. was founded in 1998 and is headquartered in Nashville, Tennessee.

How this company scores

WeakMetricSide Score: 44/100

Grade capped at D — Interest coverage below 1× (-0.1x) — earnings cannot cover interest. Strongest: Growth (17/25); weakest: Balance Sheet & Red Flags (1/25).

Profitability11/25

Growth17/25

Balance Sheet & Red Flags1/25

Cash & Earnings Quality15/25

Strengths

Growing revenueRising free cash flowLong cash runwayConsistent growth

Grade capped at D

Interest coverage below 1× (-0.1x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 4.5x5y range 2.3x – 9.5x

Currently near its 20-quarter median.

P/B · 81.3x5y range 5.6x – 258.9x

Currently above its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 267.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $1.24B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $275.59M
Q. Revenue: $70.66M
TTM EBITDA: $106,000
TTM Op. Income: $-2.75M
Q. Op. Income: $-11.01M
TTM Net Income: $-37.23M
Q. Net Income: $-17.27M
EPS: $-0.46
Shares Out.: $37.35M

$275.59M in TTM revenue grew 21.1% YoY, reaching $70.66M last quarter. TTM EBITDA of $106,000 and TTM operating income of $-2.75M show growth is flowing through to the bottom line. However, net income is negative at $37.23M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is up 21% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 71.3%
EBITDA Margin: -14.9%
Op. Margin: -15.6%
Net Margin: -24.4%

Op. margin of -15.6% is down 33.5% YoY — costs are rising relative to revenue. Net margin at -24.4% and gross margin of 71.3% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 187% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 4.5x
P/B Ratio: 81.3x

P/S of 4.5x and P/B of 81.3x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $416.82M
Cash: $83.89M
Long-Term Debt: $292.38M
Book Value: $15.20M
D/E Ratio: 19.2
Debt/EBITDA: N/A

With $416.82M in assets and $292.38M in long-term debt, D/E is 19.2and book value is $15.20M — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-9.76M
TTM Free Cash Flow: $5.02M
FCF Margin: 1.8%
FCF / Net Income: -0.1

TTM FCF of $5.02M on $-9.76M in operating cash flow. The FCF / Net Income ratio of -0.1x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.