OCUL Healthcare

Ocular Therapeutix, Inc.

$6.82+1.34%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 1.5B USD
Enterprise value: 982.9M USD
Full-time employees: 325

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity
Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 0.99 vs a peer median of 0.63), though less than the overall marketbigger price swings (beta 0.99 vs peers 0.63)

Ranks #980 of 1,157 healthcare companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 184% from December 2022 to July 2026.
Ocular Therapeutix had 184% more shares at July 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.Ocular Therapeutix had 184% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Operating margin at a 6-year low. -520% in 2025, the weakest of the last 6 years.
Ocular Therapeutix's operating margin fell to -520% in 2025, its lowest in the 6 years of filings we have.
Stock-based pay is a large cost. Stock pay was 83% of revenue in 2025.
Ocular Therapeutix paid employees $43M in stock in 2025, 83% of its $52M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Investment surge. Capital spending 23% of revenue, up from 7.2% in 2022.
Ocular Therapeutix is spending 23% of revenue on facilities and equipment, up from 7.2% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

StockQuotient Score

30/ 100

Oct 5 30 → Nov 4 30

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-20.1%

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-31.7%

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 yield-17.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield34.7%

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

Growth

Is it growing?

18/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth
▼ 3-yr revenue

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 growth-1.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.88Sector median: 0.0584 · MAD: 0.0840

Revenue growth-8.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.46Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

6/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

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

Operating margin-603.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -50.12Sector median: 0.0706 · MAD: 0.1217

Return on assets-44.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -8.68Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-31625.2%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsOutlier capped at sector 5th/95th percentile33% base weight · Z-score -16.87Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin87.1%

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

Return on equity-58.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Lower

Lower relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Current ratio
▲ 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.

Beta0.99

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.09Sector median: 0.6250 · MAD: 0.3380

Current ratio13.11×

SEC filings · latest balance sheetReported value33% base weight · Z-score 7.59Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.14×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.40Sector 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 Ocular Therapeutix

Is Ocular Therapeutix getting weaker?: Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 30/100 since Oct 28, 2026.
How is Ocular Therapeutix 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 -20.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -20.1% vs peers 1.5% (weaker than 100% of peers).
Is Ocular Therapeutix growing?: More slowly than most of its peers. Growth scores 18/100 against 1,393 healthcare peers. Revenue growth -8.1% vs a peer median of 6.1% (weaker than 82% of peers).Revenue growth -8.1% vs peers 6.1% (weaker than 82% of peers).
How profitable is Ocular Therapeutix?: Less profitable than most of its peers. Profitability scores 6/100 against 1,393 healthcare peers. Return on invested capital -31625.2% vs a peer median of 4.7% (weaker than 100% of peers).Return on invested capital -31625.2% vs peers 4.7% (weaker than 100% of peers).
How risky is Ocular Therapeutix?: Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 13.11× vs a peer median of 2.59× (stronger than 91% of peers).Current ratio 13.11× vs peers 2.59× (stronger than 91% of peers). Beta 0.99 vs a peer median of 0.63 (weaker than 71% of peers).Beta 0.99 vs peers 0.63 (weaker than 71% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 3, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: Ocular Therapeutix is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	52.0M USD	52.1M USD	+0.0%
Net income (12 months)	−290.5M USD	−301.4M USD	+3.8%
Operating margin	-575.4%	-603.0%	−27.6 pts
Free cash flow (12 months)	−240.9M USD	−255.1M USD	+5.9%
Debt	72.1M USD	72.8M USD	+1.0%
Cash	666.7M USD	598.6M USD	−10.2%
Shares outstanding	219.0M	219.6M	+0.3%

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

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

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	89.9%	91.2%	91.0%	91.2%	87.3%	▼ 3.8 pts
Operating margin	-179.3%	-152.7%	-141.0%	-269.6%	-519.8%	▼ 250 pts
Net margin	-15.1%	-138.0%	-138.1%	-303.7%	-511.9%	▼ 208 pts
Return on assets (ROA)	-3.2%	-47.6%	-32.0%	-42.3%	-32.9%	▲ 9.3 pts
Return on equity (ROE)	-7.4%	-200.8%	-88.6%	-61.4%	-40.6%	▲ 21 pts
Free cash flow margin	-153.4%	-123.0%	-130.6%	-213.4%	-417.5%	▼ 204 pts
Current ratio	7.26×	4.13×	6.66×	10.66×	15.39×	▲ 44%
Quick ratio	7.22×	4.07×	6.59×	10.59×	15.32×	▲ 45%
Debt to equity	0.58×	1.53×	0.72×	0.22×	0.11×	▼ 50%
Interest coverage	-11.70×	-11.20×	-7.27×	-12.65×	-22.82×	▼ 80%

OCUL price history

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

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: lower risk than most peers: more short-term liquiditylower risk: more liquidity

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

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

Drawback: its share price swings more than most peers’ (beta 0.99 vs a peer median of 0.63), though less than the overall marketbigger price swings (beta 0.99 vs peers 0.63)

Ranks #980 of 1,157 healthcare companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 184% from December 2022 to July 2026.

Ocular Therapeutix had 184% more shares at July 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.Ocular Therapeutix had 184% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Operating margin at a 6-year low. -520% in 2025, the weakest of the last 6 years.

Ocular Therapeutix's operating margin fell to -520% in 2025, its lowest in the 6 years of filings we have.

Stock-based pay is a large cost. Stock pay was 83% of revenue in 2025.

Ocular Therapeutix paid employees $43M in stock in 2025, 83% of its $52M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Investment surge. Capital spending 23% of revenue, up from 7.2% in 2022.

Ocular Therapeutix is spending 23% of revenue on facilities and equipment, up from 7.2% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Questions investors ask about Ocular Therapeutix

Is Ocular Therapeutix getting weaker?

Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 30/100 since Oct 28, 2026.

How is Ocular Therapeutix 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 -20.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -20.1% vs peers 1.5% (weaker than 100% of peers).

Is Ocular Therapeutix growing?

More slowly than most of its peers. Growth scores 18/100 against 1,393 healthcare peers. Revenue growth -8.1% vs a peer median of 6.1% (weaker than 82% of peers).Revenue growth -8.1% vs peers 6.1% (weaker than 82% of peers).

How profitable is Ocular Therapeutix?

Less profitable than most of its peers. Profitability scores 6/100 against 1,393 healthcare peers. Return on invested capital -31625.2% vs a peer median of 4.7% (weaker than 100% of peers).Return on invested capital -31625.2% vs peers 4.7% (weaker than 100% of peers).

How risky is Ocular Therapeutix?

Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 13.11× vs a peer median of 2.59× (stronger than 91% of peers).Current ratio 13.11× vs peers 2.59× (stronger than 91% of peers). Beta 0.99 vs a peer median of 0.63 (weaker than 71% of peers).Beta 0.99 vs peers 0.63 (weaker than 71% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

52.0M USD

52.1M USD

+0.0%

Net income (12 months)

−290.5M USD

−301.4M USD

+3.8%

Operating margin

-575.4%

-603.0%

−27.6 pts

Free cash flow (12 months)

−240.9M USD

−255.1M USD

+5.9%

Debt

72.1M USD

72.8M USD

+1.0%

Cash

666.7M USD

598.6M USD

−10.2%

Shares outstanding

219.0M

219.6M

+0.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

89.9%

91.2%

91.0%

91.2%

87.3%

▼ 3.8 pts

Operating margin

-179.3%

-152.7%

-141.0%

-269.6%

-519.8%

▼ 250 pts

Net margin

-15.1%

-138.0%

-138.1%

-303.7%

-511.9%

▼ 208 pts

Return on assets (ROA)

-3.2%

-47.6%

-32.0%

-42.3%

-32.9%

▲ 9.3 pts

Return on equity (ROE)

-7.4%

-200.8%

-88.6%

-61.4%

-40.6%

▲ 21 pts

Free cash flow margin

-153.4%

-123.0%

-130.6%

-213.4%

-417.5%

▼ 204 pts

Current ratio

7.26×

4.13×

6.66×

10.66×

15.39×

▲ 44%

Quick ratio

7.22×

4.07×

6.59×

10.59×

15.32×

▲ 45%

Debt to equity

0.58×

1.53×

0.72×

0.22×

0.11×

▼ 50%

Interest coverage

-11.70×

-11.20×

-7.27×

-12.65×

-22.82×

▼ 80%