OCUL Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
Ocular Therapeutix, Inc had $52.0M of revenue in fiscal 2025, down 18.5% on the year before. Over five years, revenue changed +24.4% a year on average.
Last close Β· Oct 23, 2026
$6.50
1.7%Hi! I read Ocular Therapeutix, Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β18.5%
No. Sales fell 18.5% last year.
Does it make a profit?
β511.9%
No. It lost money last year.
Does profit turn into cash?
β417.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Ocular Therapeutix, Inc did it, and the next one. Share prices often move a lot on those days.
Next results
November 3, 2026
Tuesday Β· in 9 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 3, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 5, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Feb 5, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 4, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 5, 2025 | Q2 '25 | Before the market opens | 8-K β |
| May 5, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Mar 3, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Nov 14, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Ocular Therapeutix, Inc had $52.0M of revenue in fiscal 2025, down 18.5% on the year before. Over five years, revenue changed +24.4% a year on average. Its operating margin was β519.8%, down 250.2Β pts: of every 100 in sales, about β520 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA Β· Ocular Therapeutix, Inc lost $266M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$217M in fiscal 2025, β417.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Ocular Therapeutix, Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $164M | $102M | $196M | $392M | $737M |
| Interest coverage | β11.7x | β11.2x | β7.3x | β12.7x | β22.8x |
| Current ratio | 7.3x | 4.1x | 6.7x | 10.7x | 15.4x |
| Quick ratio | 7.2x | 4.1x | 6.6x | 10.6x | 15.3x |
| Total assets | $205M | $149M | $252M | $458M | $808M |
| Total liabilities | $117M | $114M | $161M | $143M | $154M |
| Shareholders' equity | $88.0M | $35.4M | $91.1M | $315M | $654M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
KIRA Β· Ocular Therapeutix, Inc passes 3 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 8 | 4 / 8 | 2 / 8 | 5 / 8 | 3 / 8 | 3 / 8 | 3 / 8 | 3 / 8 | 3 / 8 |
| Accruals ratio | β14.3% | β19.8% | β16.7% | β11.6% | β59.9% | 25.3% | β6.5% | β5.2% | β16.6% | β9.6% |
| Altman Z'' | β3.68 | β16.98 | β13.47 | β19.24 | β2.40 | β5.17 | β12.37 | β5.49 | β0.82 | 3.49 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.9M | $1.9M | $2.0M | $4.2M | $17.4M | $43.5M | $51.5M | $58.4M | $63.7M | $52.0M |
| Gross profit | $1.4M | $1.5M | $1.5M | $1.9M | $15.3M | $39.1M | $47.0M | $53.2M | $58.1M | $45.4M |
| Research and development | $27.1M | $30.9M | $36.9M | $41.1M | $28.7M | $50.1M | $53.5M | $61.1M | $128M | $197M |
| Operating income | β$43.3M | β$61.9M | β$59.1M | β$85.8M | β$62.8M | β$78.0M | β$78.7M | β$82.4M | β$172M | β$270M |
| Interest expense | $1.7M | $1.9M | $1.7M | $6.1M | $6.8M | $6.7M | $7.0M | $11.3M | $13.6M | $11.8M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$44.7M | β$63.4M | β$60.0M | β$86.4M | β$156M | β$6.6M | β$71.0M | β$80.7M | β$194M | β$266M |
| Net income to common | β$44.7M | β | β | β | β | β$6.6M | β$71.0M | β$80.7M | β | β |
| Diluted EPS | β$1.80 | β$2.20 | β$1.57 | β$1.91 | β$2.56 | β$0.98 | β$0.97 | β$1.02 | β$1.22 | β$1.42 |
| Diluted shares | 0.02B | 0.03B | 0.04B | 0.05B | 0.06B | 0.08B | 0.08B | 0.09B | 0.16B | 0.19B |
| Cash flow | ||||||||||
| Cash from operations | β$34.0M | β$50.5M | β$49.2M | β$77.6M | β$53.6M | β$65.6M | β$59.6M | β$70.2M | β$135M | β$205M |
| Capital expenditure | $1.9M | $8.3M | $1.9M | $2.2M | $0.8M | $1.2M | $3.7M | $6.1M | $1.3M | $12.0M |
| Free cash flow | β$35.9M | β$58.7M | β$51.1M | β$79.8M | β$54.4M | β$66.7M | β$63.3M | β$76.3M | β$136M | β$217M |
| Depreciation and amortization | $0.9M | $1.6M | $2.3M | $2.5M | $2.8M | $2.4M | $2.1M | $3.0M | $3.8M | $4.3M |
| Stock-based compensation | $6.0M | $7.3M | $7.5M | $8.8M | $7.5M | $15.0M | $17.0M | $17.8M | $33.1M | $43.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $68.1M | $41.5M | $54.1M | $54.4M | $228M | $164M | $102M | $196M | $392M | $737M |
| Current assets | $69.9M | $43.3M | $56.2M | $60.2M | $246M | $191M | $130M | $232M | $441M | $782M |
| Current liabilities | $8.3M | $13.4M | $9.2M | $12.0M | $26.7M | $26.3M | $31.4M | $34.9M | $41.4M | $50.8M |
| Inventory | $0.1M | $0.1M | $0.2M | $1.0M | $1.2M | $1.3M | $2.0M | $2.3M | $3.0M | $3.6M |
| Property and equipment, net | $3.3M | $10.5M | $10.2M | $10.2M | $8.1M | $7.0M | $9.9M | $11.7M | $9.4M | $19.7M |
| Total assets | $74.9M | $55.4M | $73.0M | $78.7M | $262M | $205M | $149M | $252M | $458M | $808M |
| Total liabilities | $22.9M | $29.3M | $37.2M | $82.4M | $186M | $117M | $114M | $161M | $143M | $154M |
| Shareholders' equity | $52.0M | $26.1M | $35.9M | β$3.6M | $76.1M | $88.0M | $35.4M | $91.1M | $315M | $654M |
| Margins | ||||||||||
| Gross margin | 76.5% | 76.2% | 76.6% | 45.0% | 88.0% | 89.9% | 91.2% | 91.0% | 91.2% | 87.3% |
| Operating margin | β2,296.0% | β3,220.1% | β2,970.8% | β2,029.9% | β361.1% | β179.3% | β152.7% | β141.0% | β269.6% | β519.8% |
| EBITDA margin | β2,249.3% | β3,135.6% | β2,855.9% | β1,970.0% | β345.2% | β173.7% | β148.6% | β135.9% | β263.6% | β511.4% |
| Net margin | β2,369.0% | β3,296.2% | β3,014.0% | β2,043.3% | β894.3% | β15.1% | β138.0% | β138.1% | β303.7% | β511.9% |
| FCF margin | β1,903.6% | β3,053.8% | β2,568.6% | β1,888.2% | β312.6% | β153.4% | β123.0% | β130.6% | β213.4% | β417.5% |
| Returns | ||||||||||
| Return on capital employed | β65.0% | β147.4% | β92.5% | β128.6% | β26.7% | β43.7% | β66.7% | β37.9% | β41.2% | β35.7% |
| Return on equity | β86.0% | β162.2% | β193.4% | β535.7% | β429.5% | β8.0% | β115.2% | β127.6% | β95.2% | β54.9% |
| Return on assets | β59.7% | β97.2% | β93.4% | β113.8% | β91.4% | β2.8% | β40.1% | β40.2% | β54.5% | β42.0% |
| Return on tangible equity | β86.0% | β242.4% | β167.2% | β | β204.5% | β7.4% | β200.8% | β88.6% | β61.4% | β40.6% |
| Growth | ||||||||||
| Revenue growth | β | 1.9% | 3.5% | 112.4% | 311.7% | 150.1% | 18.3% | 13.5% | 9.0% | β18.5% |
| Share count change | β | 16.1% | 32.3% | 18.8% | 34.2% | 35.2% | 0.6% | 3.6% | 84.9% | 18.3% |
| Financial health | ||||||||||
| Interest coverage | β25.8x | β32.7x | β34.0x | β14.1x | β9.3x | β11.7x | β11.2x | β7.3x | β12.7x | β22.8x |
| Current ratio | 8.4x | 3.2x | 6.1x | 5.0x | 9.2x | 7.3x | 4.1x | 6.7x | 10.7x | 15.4x |
| Quick ratio | 8.4x | 3.2x | 6.1x | 4.9x | 9.2x | 7.2x | 4.1x | 6.6x | 10.6x | 15.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 101.7% | 429.1% | 94.9% | 52.9% | 4.8% | 2.7% | 7.2% | 10.4% | 2.0% | 23.1% |
| Stock comp / revenue | 315.6% | 380.7% | 376.0% | 207.2% | 43.3% | 34.4% | 32.9% | 30.5% | 52.0% | 83.1% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 2.0 | 4.0 | 2.0 | 5.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Altman Z'' | β3.7 | β17.0 | β13.5 | β19.2 | β2.4 | β5.2 | β12.4 | β5.5 | β0.8 | 3.5 |
| Accruals ratio | β14.3% | β19.8% | β16.7% | β11.6% | β59.9% | 25.3% | β6.5% | β5.2% | β16.6% | β9.6% |
Source: SEC EDGAR XBRL filings (CIK 0001393434). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
