HROW Healthcare

Harrow, Inc.

$28.54+1.21%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Healthcare
Industry: Drug Manufacturers - Specialty & Generic
Country: United States
Market cap: 1.1B USD
Enterprise value: 1.2B USD
Full-time employees: 373

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: more debt relative to equity (19.24× vs a peer median of 0.22×)higher risk: more debt vs equity (19.24× vs peers 0.22×)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 25% from December 2022 to August 2026.
Harrow had 25% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Harrow had 25% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Much more borrowing than peers. Debt is 19.2× equity vs a peer median of 0.2×.Debt is 19.2× equity vs peers 0.2×.
Debt is 19.2× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 19.2× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Harrow looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Harrow reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

32/ 100

Oct 5 32 → Nov 4 32

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-3.5%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-0.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield0.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield1.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

77/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.6%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth39.0%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 3.94Sector median: 0.0584 · MAD: 0.0840

Revenue growth21.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.54Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

32/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 8.3 points to -1.0%

Why it changed since the Oct 27, 2026 close: Score 31 → 32

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-1.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.66Sector median: 0.0706 · MAD: 0.1217

Return on assets-8.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.97Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-1.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.57Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin73.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-244.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 11 → 12

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.18

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 1.30Sector median: 0.6250 · MAD: 0.3380

Current ratio2.24×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.25Sector median: 2.5860 · MAD: 1.3850

Debt / equity19.24×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Harrow

Is Harrow getting weaker?: Its latest SEC filing (Aug 10, 2026) got weaker in some ways: operating margin fell 8.3 points to -1.0%. Its overall score is unchanged at 32/100 since Oct 28, 2026.
How is Harrow valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -3.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -3.5% vs peers 1.5% (weaker than 100% of peers).
Is Harrow growing?: Yes, faster than most of its peers. Growth scores 77/100 against 1,393 healthcare peers. 3-year revenue growth 39.0% vs a peer median of 5.8% (stronger than 90% of peers).3-year revenue growth 39.0% vs peers 5.8% (stronger than 90% of peers).
How profitable is Harrow?: Less profitable than most of its peers. Profitability scores 32/100 against 1,393 healthcare peers. Return on assets -8.9% vs a peer median of 1.7% (weaker than 74% of peers).Return on assets -8.9% vs peers 1.7% (weaker than 74% of peers).
How risky is Harrow?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.18 vs a peer median of 0.63 (stronger than 93% of peers).Beta 0.18 vs peers 0.63 (stronger than 93% of peers). Debt / equity 19.24× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 19.24× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 8.3 points to -1.0%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	268.7M USD	275.6M USD	+2.6%
Net income (12 months)	−15.0M USD	−37.2M USD	+148.8%
Operating margin	7.3%	-1.0%	−8.3 pts
Free cash flow (12 months)	14.3M USD	5.0M USD	−64.9%
Debt	300.0M USD	292.4M USD	−2.5%
Cash	94.6M USD	83.9M USD	−11.4%
Shares outstanding	37.3M	37.5M	+0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Drug Manufacturers - Specialty & Generic · 27 companies

Valuations in Drug Manufacturers - Specialty & Generic are within their usual range since Jun 2020.

45% of months since Jun 2020 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +8% vs the whole market, against a usual +36%.

Jun 2020Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	74.9%	71.3%	69.6%	75.3%	75.1%	▼ 0.3 pts
Operating margin	2.2%	2.2%	0.3%	4.4%	11.2%	▲ 6.8 pts
Net margin	-24.8%	-15.9%	-18.7%	-8.8%	-1.9%	▲ 6.9 pts
Return on assets (ROA)	-18.3%	-9.0%	-7.8%	-4.5%	-1.3%	▲ 3.2 pts
Return on equity (ROE)	-159.6%	-51.0%	-34.5%	-25.1%	-9.8%	▲ 15 pts
Free cash flow margin	4.5%	-1.0%	1.8%	-11.9%	15.8%	▲ 28 pts
Current ratio	6.24×	6.35×	2.83×	2.08×	2.20×	▲ 5.9%
Quick ratio	5.81×	6.00×	2.61×	1.96×	2.06×	▲ 5.1%
Debt to equity	9.13×	5.50×	3.49×	3.77×	4.77×	▲ 26%
Interest coverage	0.30×	0.26×	0.02×	0.39×	1.26×	▲ 226%

HROW price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: more debt relative to equity (19.24× vs a peer median of 0.22×)higher risk: more debt vs equity (19.24× vs peers 0.22×)

Ranks #949 of 1,157 healthcare companies (bottom 19%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 25% from December 2022 to August 2026.

Harrow had 25% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Harrow had 25% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Much more borrowing than peers. Debt is 19.2× equity vs a peer median of 0.2×.Debt is 19.2× equity vs peers 0.2×.

Debt is 19.2× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 19.2× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Harrow looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Harrow reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Harrow

Is Harrow getting weaker?

Its latest SEC filing (Aug 10, 2026) got weaker in some ways: operating margin fell 8.3 points to -1.0%. Its overall score is unchanged at 32/100 since Oct 28, 2026.

How is Harrow valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -3.5% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -3.5% vs peers 1.5% (weaker than 100% of peers).

Is Harrow growing?

Yes, faster than most of its peers. Growth scores 77/100 against 1,393 healthcare peers. 3-year revenue growth 39.0% vs a peer median of 5.8% (stronger than 90% of peers).3-year revenue growth 39.0% vs peers 5.8% (stronger than 90% of peers).

How profitable is Harrow?

Less profitable than most of its peers. Profitability scores 32/100 against 1,393 healthcare peers. Return on assets -8.9% vs a peer median of 1.7% (weaker than 74% of peers).Return on assets -8.9% vs peers 1.7% (weaker than 74% of peers).

How risky is Harrow?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.18 vs a peer median of 0.63 (stronger than 93% of peers).Beta 0.18 vs peers 0.63 (stronger than 93% of peers). Debt / equity 19.24× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 19.24× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

268.7M USD

275.6M USD

+2.6%

Net income (12 months)

−15.0M USD

−37.2M USD

+148.8%

Operating margin

7.3%

-1.0%

−8.3 pts

Free cash flow (12 months)

14.3M USD

5.0M USD

−64.9%

Debt

300.0M USD

292.4M USD

−2.5%

Cash

94.6M USD

83.9M USD

−11.4%

Shares outstanding

37.3M

37.5M

+0.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

74.9%

71.3%

69.6%

75.3%

75.1%

▼ 0.3 pts

Operating margin

2.2%

0.3%

4.4%

11.2%

▲ 6.8 pts

Net margin

-24.8%

-15.9%

-18.7%

-8.8%

-1.9%

▲ 6.9 pts

Return on assets (ROA)

-18.3%

-9.0%

-7.8%

-4.5%

-1.3%

▲ 3.2 pts

Return on equity (ROE)

-159.6%

-51.0%

-34.5%

-25.1%

-9.8%

▲ 15 pts

Free cash flow margin

4.5%

-1.0%

1.8%

-11.9%

15.8%

▲ 28 pts

Current ratio

6.24×

6.35×

2.83×

2.08×

2.20×

▲ 5.9%

Quick ratio

5.81×

6.00×

2.61×

1.96×

2.06×

▲ 5.1%

Debt to equity

9.13×

5.50×

3.49×

3.77×

4.77×

▲ 26%

Interest coverage

0.30×

0.26×

0.02×

0.39×

1.26×

▲ 226%