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.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.20M | - | $71.64M | $63.74M | $47.83M | - | $49.26M | $48.94M | $34.59M | - |
| Cost of Revenue | $17.16M | - | $17.71M | $16.23M | $15.52M | - | $12.02M | $12.54M | $10.55M | - |
| Gross Profit | $27.05M | - | $53.93M | $47.51M | $32.31M | - | $37.24M | $36.40M | $24.03M | - |
| R&D | $5.89M | - | $3.32M | $2.87M | $3.03M | - | $2.27M | $3.05M | $2.15M | - |
| SG&A | $43.23M | - | $35.86M | $33.23M | $40.51M | - | $33.65M | $31.82M | $28.81M | - |
| Total Operating Expenses | $49.13M | - | $39.18M | $36.10M | $43.54M | $120.0K | $35.92M | $34.87M | $30.96M | - |
| D&A | $455.0K | - | - | - | $465.0K | - | $351.0K | $301.0K | $432.0K | - |
| Operating Income | ($22.08M) | - | $14.75M | $11.41M | ($11.23M) | - | $1.32M | $1.53M | ($6.93M) | - |
| Interest Expense | $5.50M | - | $6.04M | $6.41M | $5.42M | - | $5.75M | $5.47M | $5.42M | - |
| Income Tax | $25.0K | - | - | - | - | - | $20.0K | $655.0K | - | - |
| Net Income | ($27.60M) | - | $1.02M | $5.00M | ($17.78M) | - | ($4.22M) | ($6.47M) | ($13.56M) | - |
| EPS - Basic | ($0.74) | - | $0.03 | $0.14 | ($0.50) | - | ($0.12) | ($0.18) | ($0.38) | - |
| EPS - Diluted | ($0.74) | - | $0.03 | $0.13 | ($0.50) | - | ($0.12) | ($0.18) | ($0.38) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $94.64M | $72.93M | $74.29M | $52.96M | $66.73M | $47.25M | $72.60M | $70.97M | $68.54M | $74.08M |
| Accounts Receivable | $101.26M | $110.89M | $77.60M | $78.82M | $77.06M | $116.37M | $53.73M | $51.99M | $28.96M | $36.26M |
| Inventory | $16.50M | $13.52M | $12.83M | $11.55M | $10.72M | $10.70M | $10.16M | $9.43M | $10.81M | $10.87M |
| Accounts Payable | $26.13M | $35.35M | $18.99M | $23.41M | $38.76M | - | - | - | - | - |
| Current Assets | $226.38M | $211.75M | $177.60M | $154.89M | $169.53M | $189.65M | $147.06M | $139.39M | $125.46M | $139.48M |
| Total Assets | $419.54M | $399.48M | $363.07M | $345.03M | $364.16M | $388.97M | $351.54M | $306.63M | $295.54M | $312.16M |
| Current Liabilities | $91.44M | $96.30M | $65.40M | $248.88M | $186.99M | $91.34M | $95.00M | $53.55M | $41.75M | $49.34M |
| Long-term Debt | $300.00M | $250.00M | $347.24M | $250.62M | $256.91M | $262.74M | $230.65M | $236.26M | $243.44M | $246.72M |
| Total Liabilities | $391.19M | $347.39M | $316.41M | $295.73M | $308.07M | $319.67M | $293.92M | $248.45M | $235.33M | $241.75M |
| Stockholders' Equity | $28.71M | $52.45M | $47.02M | $49.65M | $56.45M | $69.65M | $57.98M | $58.53M | $60.56M | $70.77M |
| Retained Earnings | ($184.13M) | ($156.52M) | ($163.15M) | ($164.17M) | ($169.16M) | ($151.38M) | ($158.16M) | ($153.94M) | ($147.47M) | ($133.90M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($8.99M) | - | - | - | $19.67M | - | - | - | ($4.63M) | - |
| Investing Cash Flow | ($18.20M) | - | - | - | ($212.0K) | - | - | - | ($110.0K) | - |
| Financing Cash Flow | $48.91M | - | - | - | $23.0K | - | - | - | ($809.0K) | - |
| CapEx | $194.0K | - | - | - | $170.0K | - | - | - | $92.0K | - |
| Free Cash Flow | ($9.19M) | - | - | - | $19.50M | - | - | - | ($4.72M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 61.2% | - | 75.3% | 74.5% | 67.5% | - | 75.6% | 74.4% | 69.5% | - |
| Operating margin | -50.0% | - | 20.6% | 17.9% | -23.5% | - | 2.7% | 3.1% | -20.0% | - |
| EBITDA margin | -48.9% | - | - | - | -22.5% | - | 3.4% | 3.7% | -18.8% | - |
| Net margin | -62.4% | - | 1.4% | 7.8% | -37.2% | - | -8.6% | -13.2% | -39.2% | - |
| Free cash flow margin | -20.8% | - | - | - | 40.8% | - | - | - | -13.6% | - |
| FCF / Net income | 0.33 | - | - | - | -1.10 | - | - | - | 0.35 | - |
| R&D / Revenue | 13.3% | - | 4.6% | 4.5% | 6.3% | - | 4.6% | 6.2% | 6.2% | - |
| SG&A / Revenue | 97.8% | - | 50.1% | 52.1% | 84.7% | - | 68.3% | 65.0% | 83.3% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -6.6% | - | 0.3% | 1.4% | -4.9% | - | -1.2% | -2.1% | -4.6% | - |
| Return on equity | -96.2% | - | 2.2% | 10.1% | -31.5% | - | -7.3% | -11.1% | -22.4% | - |
| Return on invested capital | -5.3% | - | - | - | - | - | 0.4% | 0.4% | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.48 | 2.20 | 2.72 | 0.62 | 0.91 | 2.08 | 1.55 | 2.60 | 3.00 | 2.83 |
| Quick ratio | 2.30 | 2.06 | 2.52 | 0.58 | 0.85 | 1.96 | 1.44 | 2.43 | 2.75 | 2.61 |
| Cash ratio | 1.04 | 0.76 | 1.14 | 0.21 | 0.36 | 0.52 | 0.76 | 1.33 | 1.64 | 1.50 |
| Leverage | ||||||||||
| Debt / Equity | 10.45 | 4.77 | 7.39 | 5.05 | 4.55 | 3.77 | 3.98 | 4.04 | 4.02 | 3.49 |
| Debt / Assets | 0.72 | 0.63 | 0.96 | 0.73 | 0.71 | 0.68 | 0.66 | 0.77 | 0.82 | 0.79 |
| Debt / EBITDA | - | - | - | - | - | - | 137.95 | 129.03 | - | - |
| Interest coverage | -4.0x | - | 2.4x | 1.8x | -2.1x | - | 0.2x | 0.3x | -1.3x | - |
| Equity multiplier | 14.62 | 7.62 | 7.72 | 6.95 | 6.45 | 5.58 | 6.06 | 5.24 | 4.88 | 4.41 |
| Liabilities / Assets | 0.93 | 0.87 | 0.87 | 0.86 | 0.85 | 0.82 | 0.84 | 0.81 | 0.80 | 0.77 |
| Efficiency | ||||||||||
| Asset turnover | 0.11 | - | 0.20 | 0.18 | 0.13 | - | 0.14 | 0.16 | 0.12 | - |
| Inventory turnover | 1.04 | - | 1.38 | 1.40 | 1.45 | - | 1.18 | 1.33 | 0.98 | - |
| Days sales outstanding | 836d | - | 395d | 451d | 588d | - | 398d | 388d | 306d | - |
| Days inventory outstanding | 351d | - | 264d | 260d | 252d | - | 308d | 274d | 374d | - |
| Days payable outstanding | 556d | - | 391d | 527d | 911d | - | - | - | - | - |
| Cash conversion cycle | 631d | - | 268d | 185d | -71d | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | 1606.0x | 234.9x | - | - | - | - | - | - |
| P / B | 45.7x | - | 39.8x | 23.9x | 16.9x | - | 27.7x | 12.7x | 7.7x | - |
| P / S | 29.7x | - | 26.1x | 18.6x | 19.9x | - | 32.6x | 15.2x | 13.6x | - |
| EV / EBITDA | - | - | - | - | - | - | 1054.6x | 496.7x | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -7.6% | - | 45.4% | 30.2% | 38.3% | - | 43.8% | 46.2% | 32.5% | - |
| Revenue CAGR (3y) | 19.2% | - | 46.4% | 39.8% | 29.3% | - | 38.1% | 39.2% | 30.8% | - |
| Revenue CAGR (5y) | 23.4% | - | 37.8% | 51.2% | 32.3% | - | 31.0% | 36.4% | 23.0% | - |
| Gross profit growth (YoY) | -16.3% | - | 44.8% | 30.5% | 34.4% | - | 53.9% | 55.1% | 34.8% | - |
| Operating income growth (YoY) | -96.6% | - | 1016.4% | 645.7% | -62.1% | - | -24.3% | -34.9% | - | - |
| Net income growth (YoY) | -55.2% | - | - | - | -31.1% | - | 3.9% | -53.1% | -104.2% | - |
| EPS growth (YoY) | -48.0% | - | - | - | -31.6% | - | 50.0% | 21.7% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | -37.7% | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | 45.8% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -49.1% | -24.7% | -18.9% | -15.2% | -6.8% | -1.6% | -23.5% | 161.2% | 176.7% | 156.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$272.30M totalBranded$195.76M · 71.9%
Imprimis Rx$76.55M · 28.1%
Product / service
$468.06M totalProduct 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%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing HARROW against the 5 most active filers in the same SIC group.