HROW · Harrow, Inc. - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · HROW

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$272.30M	$199.61M	$130.19M	$88.59M	$72.48M	$48.87M
Cost of Revenue	$67.93M	$49.24M	$39.64M	$25.38M	$18.21M	$14.46M
Gross Profit	$204.37M	$150.37M	$90.55M	$63.21M	$54.26M	$34.41M
R&D	$20.94M	$12.23M	$6.65M	$3.05M	$11.08M	$2.41M
SG&A	$152.91M	$129.06M	$83.09M	$58.24M	$41.31M	$31.25M
Total Operating Expenses	$173.85M	$141.55M	$90.12M	$61.29M	$52.65M	$34.02M
D&A	$1.92M	$1.85M	$1.53M	$1.48M	$1.72M	$1.88M
Operating Income	$30.52M	$8.82M	$431.0K	$1.92M	$1.61M	$385.0K
Interest Expense	$24.18M	$22.79M	$21.32M	$5.44M	-	-
Income Tax	$3.77M	$161.0K	$701.0K	$75.0K	$133.0K	$4.0K
Net Income	($5.14M)	($17.48M)	($24.41M)	($14.09M)	($18.01M)	($3.36M)
EPS - Basic	($0.14)	($0.49)	($0.75)	($0.69)	-	($0.13)
EPS - Diluted	($0.14)	($0.49)	($0.51)	($0.51)◇	-	($0.13)

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$72.93M	$47.25M	$74.08M	$96.27M	$42.17M	$4.75M
Accounts Receivable	$110.89M	$116.37M	$36.26M	$6.25M	$4.47M	$2.66M
Inventory	$13.52M	$10.70M	$10.87M	$6.54M	$4.22M	$3.96M
Accounts Payable	$35.35M	-	-	-	-	-
Current Assets	$211.75M	$189.65M	$139.48M	$118.26M	$60.66M	$40.13M
Total Assets	$399.48M	$388.97M	$312.16M	$157.38M	$98.33M	$57.47M
Current Liabilities	$96.30M	$91.34M	$49.34M	$18.63M	$9.72M	$10.80M
Long-term Debt	$250.00M	$262.74M	$246.72M	$151.77M	$103.03M	$20.00M
Total Liabilities	$347.39M	$319.67M	$241.75M	$130.14M	$87.40M	$30.65M
Stockholders' Equity	$52.45M	$69.65M	$70.77M	$27.59M	$11.29M	$27.18M
Retained Earnings	($156.52M)	($151.38M)	($133.90M)	($109.49M)	($95.41M)	($77.40M)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$43.86M	($22.20M)	$3.84M	$1.71M	$5.08M	($1.10M)
Investing Cash Flow	($5.46M)	($33.16M)	($152.55M)	($1.74M)	($18.69M)	($981.0K)
Financing Cash Flow	($12.72M)	$28.53M	$126.53M	$54.14M	$51.47M	$1.43M
CapEx	$887.0K	$1.59M	$1.46M	$2.60M	$1.79M	$862.0K
Free Cash Flow	$42.98M	($23.80M)	$2.38M	($892.0K)	$3.30M	($1.96M)

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	75.1%	75.3%	69.6%	71.3%	74.9%	70.4%
Operating margin	11.2%	4.4%	0.3%	2.2%	2.2%	0.8%
EBITDA margin	11.9%	5.3%	1.5%	3.8%	4.6%	4.6%
Net margin	-1.9%	-8.8%	-18.7%	-15.9%	-24.8%	-6.9%
Free cash flow margin	15.8%	-11.9%	1.8%	-1.0%	4.5%	-4.0%
FCF / Net income	-8.36	1.36	-0.10	0.06	-0.18	0.58
R&D / Revenue	7.7%	6.1%	5.1%	3.4%	15.3%	4.9%
SG&A / Revenue	56.2%	64.7%	63.8%	65.7%	57.0%	63.9%
Effective tax rate	-	-	-	-	-	-
Return on assets	-1.3%	-4.5%	-7.8%	-9.0%	-18.3%	-5.8%
Return on equity	-9.8%	-25.1%	-34.5%	-51.0%	-159.6%	-12.3%
Return on invested capital	8.0%	2.1%	0.1%	0.8%	1.1%	0.6%
Liquidity
Current ratio	2.20	2.08	2.83	6.35	6.24	3.72
Quick ratio	2.06	1.96	2.61	6.00	5.81	3.35
Cash ratio	0.76	0.52	1.50	5.17	4.34	0.44
Leverage
Debt / Equity	4.77	3.77	3.49	5.50	9.13	0.74
Debt / Assets	0.63	0.68	0.79	0.96	1.05	0.35
Debt / EBITDA	7.71	24.62	125.81	44.69	30.93	8.83
Interest coverage	1.3x	0.4x	0.0x	0.4x	-	-
Equity multiplier	7.62	5.58	4.41	5.70	8.71	2.11
Liabilities / Assets	0.87	0.82	0.77	0.83	0.89	0.53
Efficiency
Asset turnover	0.68	0.51	0.42	0.56	0.74	0.85
Inventory turnover	5.02	4.60	3.65	3.88	4.32	3.65
Days sales outstanding	149d	213d	102d	26d	23d	20d
Days inventory outstanding	73d	79d	100d	94d	85d	100d
Days payable outstanding	190d	-	-	-	-	-
Cash conversion cycle	31d	-	-	-	-	-
Valuation
P / E	-	-	-	-	-	-
P / B	34.3x	17.2x	4.3x	14.7x	-	6.5x
P / S	6.6x	6.0x	2.4x	4.6x	-	3.6x
EV / EBITDA	61.0x	132.3x	244.9x	135.7x	-	85.2x
Growth
Revenue growth (YoY)	36.4%	53.3%	47.0%	22.2%	48.3%	-4.5%
Revenue CAGR (3y)	45.4%	40.2%	38.6%	20.1%	39.4%	22.2%
Revenue CAGR (5y)	41.0%	31.3%	37.2%	27.0%	29.4%	38.1%
Gross profit growth (YoY)	35.9%	66.1%	43.3%	16.5%	57.7%	-0.0%
Operating income growth (YoY)	245.9%	1946.9%	-77.5%	18.9%	319.2%	-
Net income growth (YoY)	70.6%	28.4%	-73.3%	21.8%	-436.4%	-
EPS growth (YoY)	71.4%	3.9%	0.0%	-	-	-
EPS CAGR (3y)	-	-	-	-	-	-
EPS CAGR (5y)	-	-	-	-	-	-
FCF growth (YoY)	-	-	-	-	-	-278.8%
FCF CAGR (5y)	-	-	-	-	-	-
Book value growth (YoY)	-24.7%	-1.6%	156.4%	144.5%	-58.5%	-1.9%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$272.30M total

Branded$195.76M · 71.9%

Imprimis Rx$76.55M · 28.1%

Product / service

$468.06M total

Product Sales Net$271.91M · 58.1%

VEVYE$88.69M · 18.9%

IHEEZO$81.35M · 17.4%

Other Products$25.33M · 5.4%

Other Revenue$394.0K · 0.1%

Other Revenues$394.0K · 0.1%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

0.86

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

6/9

Neutral

✗Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✓Current ratio improved
✗No share dilution
✗Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Pharmaceutical Preparations

Company	Revenue (last FY)	Net margin	ROE
LLY	$65.18B	31.7%	77.8%
UTHR	$3.18B	41.9%	18.8%
PFE	$62.58B	12.4%	9.0%
ZTS	$9.47B	28.2%	80.2%
VRTX	$12.00B	32.9%	21.2%

Comparing HARROW against the 5 most active filers in the same SIC group.

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.