Ocular Therapeutix (OCUL) Stock Fundamentals, Analysis & Risk Signals

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

Ocular Therapeutix

NasdaqGM•Healthcare•Biotechnology

$9.87-0.32(-0.03%)Pre-market

Market Cap

$2.25B

P/S

43.2x

P/B

4.3x

Ocular Therapeutix, Inc., a biopharmaceutical company, engages in the development and commercialization of therapies for retinal diseases and other eye conditions using its bioresorbable hydrogel-based formulation technology in the United States. The company markets DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis. It is also developing AXPAXLI, an axitinib intravitreal hydrogel that is in phase 3 clinical trials for the treatment of wet age-related macular degeneration and non-proliferative diabetic retinopathy; OTX-TIC, a travoprost intracameral hydrogel, which has completed phase 2 clinical trials for the treatment of open-angle glaucoma or ocular hypertension. The company has a license agreement and collaboration with AffaMed Therapeutics Limited for the development and commercialization of DEXTENZA and OTX-TIC. Ocular Therapeutix, Inc. was incorporated in 2006 and is headquartered in Bedford, Massachusetts.

How this company scores

AverageMetricSide Score: 42/100

Strongest: Balance Sheet & Red Flags (21/25); weakest: Growth (4/25).

Profitability11/25

Growth4/25

Balance Sheet & Red Flags21/25

Cash & Earnings Quality6/25

Strengths

Long cash runwayLow leverageImproving leverageNet cash position

Valuation vs. 5-year range

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

P/S · 43.2x5y range 4.2x – 44.0x

Currently above its 20-quarter median.

P/B · 4.3x5y range 2.8x – 128.2x

Currently near 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

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 $2.25B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $52.05M
Q. Revenue: $13.47M
TTM EBITDA: $-304.96M
TTM Op. Income: $-313.91M
Q. Op. Income: $-82.11M
TTM Net Income: $-301.45M
Q. Net Income: $-78.76M
EPS: $-0.35
Shares Out.: $224.95M

$52.05M in TTM revenue declined 8.1% YoY, reaching $13.47M last quarter. TTM EBITDA of $-304.96M and TTM operating income of $-313.91M show growth is flowing through to the bottom line. However, net income is negative at $301.45M — 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

Gross Margin: 85.1%
EBITDA Margin: -590.9%
Op. Margin: -609.3%
Net Margin: -584.5%

Op. margin of -609.3% is down 106.8% YoY — costs are rising relative to revenue. Net margin at -584.5% and gross margin of 85.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 21% — 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: 43.2x
P/B Ratio: 4.3x

P/S of 43.2x and P/B of 4.3x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

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

Total Assets: $671.32M
Cash: $598.64M
Long-Term Debt: $72.80M
Book Value: $520.04M
D/E Ratio: 0.1
Debt/EBITDA: N/A

With $671.32M in assets and $72.80M in long-term debt, D/E is 0.1and book value is $520.04M — a conservative capital structure with a cushion to weather downturns. 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: $-67.27M
TTM Free Cash Flow: $-255.10M
FCF Margin: -490.1%
FCF / Net Income: 0.8

TTM FCF of $-255.10M on $-67.27M in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.