Ocugen (OCGN) Stock Fundamentals, Analysis & Risk Signals

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

Ocugen

NasdaqCM•Healthcare•Biotechnology

$1.36+0.01(0.01%)Market closed

Market Cap

$359.00M

P/S

78.4x

Ocugen, Inc., a biopharmaceutical company, focuses on discovering, developing, and commercializing novel gene and cell therapies, biologic, and vaccines that improve patients' health. The company's pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, currently under Phase 3 trials for the treatment of retinitis pigmentosa and Phase 1/2 trials for the treatment of leber congenital amaurosis; OCU410, a gene therapy under phase 1/2 for the treatment of dry age-related macular degeneration (AMD); and OCU410ST, a gene therapy under phase 1/2 for the treatment of Stargardt disease. It is involved in the development of OCU200, a novel recombinant fusion protein for the treatment of diabetic macular edema, diabetic retinopathy, and wet age-related macular degeneration; and NeoCart, an autologous chondrocyte-derived neocartilage for the repair of knee cartilage injuries in adult. In addition, the company is developing OCU500, a COVID-19 vaccine; OCU510, a seasonal quadrivalent flu vaccine; and OCU520, a combination quadrivalent seasonal flu and COVID-19 vaccine. It has collaboration agreements with National Institute of Allergy and Infectious Diseases for early clinical studies for the OCU500 program; and a strategic partnership with CanSino Biologics Inc. for manufacturing its modifier gene therapy pipeline product candidates. The company was founded in 2013 and is headquartered in Malvern, Pennsylvania.

How this company scores

WeakMetricSide Score: 27/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Profitability (9/25); weakest: Growth (5/25).

Profitability9/25

Growth5/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality6/25

Strengths

Net cash positionImproving margins

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (-3.8x) — 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 · 78.4x5y range 24.5x – 128.4x

Currently above its 11-quarter median.

P/B · 98.7x5y range 1.8x – 124.8x

Currently above its 18-quarter median.

Watch items

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

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

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

Price & Volume

Market Cap $359.00M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $4.58M
Q. Revenue: $1.49M
TTM EBITDA: $-64.95M
TTM Op. Income: $-68.90M
Q. Op. Income: $-16.44M
TTM Net Income: $-81.81M
Q. Net Income: $-24.88M
EPS: $-0.07
Shares Out.: $338.68M

$4.58M in TTM revenue declined 3.7% YoY, reaching $1.49M last quarter. TTM EBITDA of $-64.95M and TTM operating income of $-68.90M show growth is flowing through to the bottom line. However, net income is negative at $81.81M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -1064.8%
Op. Margin: -1105.1%
Net Margin: -1671.8%

Op. margin of -1105.1% is down 100.4% YoY — costs are rising relative to revenue. Net margin at -1671.8% Over the past year, operating margin is down 10% — 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: 78.4x
P/B Ratio: N/A

P/S of 78.4x and P/B of 0.0x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

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

Total Assets: $124.21M
Cash: $100.05M
Long-Term Debt: $1.73M
Book Value: $-16.56M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

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

Op. Cash Flow: $-12.20M
TTM Free Cash Flow: $-61.02M
FCF Margin: -1332.4%
FCF / Net Income: 0.7

TTM FCF of $-61.02M on $-12.20M in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 6 consecutive quarters — a weakening trend.