HROW
HARROW, INC.
Next earnings Aug 10, 2026 · consensus $-0.17 EPS, $72.4M rev
Last earnings -0.5% on 2026-05-11
$42.74
▲ +3.86%$42.74▲ +38.41%
over 1Y
L $29.03H $54.80
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+3.9%
1W+3.0%
1M+30.1%
3M+21.0%
YTD-14.4%
1Y+38.4%
Buy
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 14 analysts
Buy
Specialty-eyecare grower hitting the profit inflection — 36% revenue, $44M operating cash flow — worth the 5.6x sales despite heavy debt.
Revenue (FY2025) $272M · FY2025
Harrow has compounded ophthalmic-product revenue from $72.5M (FY2021) to $272M (FY2025), a five-year run of accelerating, never-interrupted growth that hit +36.4% last year. Crucially, FY2025 is the inflection: 75.1% gross margin throws off real operating leverage, operating income jumped +245.9% to $30.5M, and operating cash flow nearly quadrupled to $43.9M against trivial capex ($887K). The GAAP net loss has collapsed to just -$5.14M (EPS -$0.14) from -$17.5M a year ago — the company is essentially at breakeven and self-funding. At $41.15 the market cap is $1.53B, or 5.6x trailing sales; for a 36%-grower with 75% gross margins and surging cash conversion, that multiple is fair-to-attractive, not stretched.
The MD&A supplies the forward catalysts that justify a buy rather than a hold. VEVYE won payor coverage effective January 1, 2026, and management is doubling the sales force from ~50 to ~100 U.S. territories by late May 2026 — a deliberate commercial push behind a covered product. IHEEZO is expanding from retina into broader office-based procedures, and TRIESENCE is getting an enlarged sales force on improving demand. These are concrete, near-term volume drivers behind already-commercial products, not speculative pipeline bets.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 30, 2026, 5:49 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $72.5M | $88.6M | $130M | $200M | $272M |
| Gross profit | $54.3M | $63.2M | $90.6M | $150M | $204M |
| Operating income | $1.61M | $1.92M | $431K | $8.82M | $30.5M |
| Net income | -$18.0M | -$14.1M | -$24.4M | -$17.5M | -$5.14M |
| Diluted EPS | — | -$0.51 | -$0.75 | -$0.49 | -$0.14 |
| Net margin | -24.8% | -15.9% | -18.7% | -8.8% | -1.9% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.77B
EV / EBITDA55.6
EV / Sales6.5
EV / FCF41.2
P / FCF37.1
PEG (trailing)—
Earnings yield-0.3%
FCF yield2.7%
Quality & risk
ROIC (est.)8.0%
Free cash flow$43.0M
Total debt$250M
Net cash-$177M
Altman Z-Score3.48 safe
Piotroski F-Score6/9
Capital returns
Buyback yield-0.0%
Dividend yield (est.)—
Shareholder yield-0.0%
Shares Δ YoY+4.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-06-22
Annual meeting results: director slate and routine proposals approved by holders
- 8-K Reg FD disclosure2026-06-03
Reg FD press release/investor update furnished; no financial figures changed
- 8-K Earnings results2026-05-11
Q1 2026 10-Q: sales-force expansion (VEVYE 50->100 territories) drives growth
- 10-Q Quarterly report2026-05-11
Q1 2026 10-Q: sales-force expansion (VEVYE 50->100 territories) drives growth
- DEF 14A Proxy statement2026-04-24
2026 proxy for annual meeting; governance/comp items, routine
- 8-K Material agreement2026-03-27
Entered material agreement creating new debt obligation to fund growth
- 8-K Other event2026-03-24
Second other-events disclosure same day; corporate/legal update via exhibit
- 8-K Other event2026-03-24
Second other-events disclosure same day; corporate/legal update via exhibit
- 10-K Annual report2026-03-02
FY25: revenue +36% to $272M, op income +246%, loss nearly erased to -$5M
Recent filings
all on EDGAR ↗4Period ending 2026-06-182026-06-22open ↗4Period ending 2026-06-182026-06-22open ↗4Period ending 2026-06-182026-06-22open ↗8-KPeriod ending 2026-06-182026-06-22open ↗8-KPeriod ending 2026-06-032026-06-03open ↗4Period ending 2026-05-182026-05-19open ↗4Period ending 2026-05-182026-05-19open ↗4Period ending 2026-05-152026-05-18open ↗4Period ending 2026-05-142026-05-15open ↗4Period ending 2026-05-142026-05-15open ↗10-QPeriod ending 2026-03-312026-05-11open ↗SCHEDULE 13G/AFiling2026-05-11open ↗
Frequently asked
- Is HARROW, INC. (HROW) a buy?
- HROW currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Specialty-eyecare grower hitting the profit inflection — 36% revenue, $44M operating cash flow — worth the 5.6x sales despite heavy debt.
- What is HARROW, INC.'s quality score?
- HROW scores 57.415733559466844/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001360214, latest 10-Q filed 2026-05-11) · EODHD · Proprietary analysis · as of 6/30/2026, 9:49:44 AM.
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