SGHT Healthcare

Sight Sciences, Inc.

$9.42+2.95%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Medical Devices
Country: United States
Market cap: 518.9M USD
Enterprise value: 427.3M USD
Full-time employees: 186

Overall health

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: its share price swings more than most peers’ (beta 2.50 vs a peer median of 0.63) and more debt relative to equity (0.96× vs a peer median of 0.22×)higher risk: bigger price swings (beta 2.50 vs peers 0.63) and more debt vs equity (0.96× vs peers 0.22×)
About average: growth

Ranks #1,092 of 1,157 healthcare companies (bottom 6%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 14% from December 2022 to July 2026.
Sight Sciences had 14% 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.Sight Sciences had 14% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 17% of revenue in 2025.
Sight Sciences paid employees $13M in stock in 2025, 17% of its $77M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Operating loss narrowing. Operating margin -48% in 2025, the smallest loss relative to revenue of the last 6 years.
Sight Sciences still lost money on operations in 2025 (margin -48%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Sight Sciences 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.

StockQuotient Score

22/ 100

Oct 5 22 → Nov 4 22

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-5.7%

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-5.6%

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-4.5%

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 yield10.2%

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

Growth

Is it growing?

48/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 4.8%

Why

Held back by:

▼ 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

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth0.8%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.61Sector median: 0.0584 · MAD: 0.0840

Revenue growth9.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.33Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

17/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 11.4 points to -33.4%

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

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

Operating margin-33.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.33Sector median: 0.0706 · MAD: 0.1217

Return on assets-28.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -5.60Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-91.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -9.59Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin88.0%

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

Return on equity-56.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 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

Weaker than most peers on:

▼ Beta
▼ 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.

Beta2.50

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -4.28Sector median: 0.6250 · MAD: 0.3380

Current ratio4.95×

SEC filings · latest balance sheetReported value33% base weight · Z-score 1.71Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.96×

SEC filings · latest balance sheetReported value33% base weight · Z-score -3.63Sector 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 Sight Sciences

Is Sight Sciences getting weaker?: Its latest SEC filing (Aug 5, 2026) got stronger: operating margin rose 11.4 points to -33.4%. Its overall score is unchanged at 22/100 since Oct 28, 2026.
How is Sight Sciences 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 -5.7% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -5.7% vs peers 1.5% (weaker than 100% of peers).
Is Sight Sciences growing?: At about the same pace as its peers. Growth scores 48/100 against 1,393 healthcare peers. 3-year revenue growth 0.8% vs a peer median of 5.8% (weaker than 69% of peers).3-year revenue growth 0.8% vs peers 5.8% (weaker than 69% of peers).
How profitable is Sight Sciences?: Less profitable than most of its peers. Profitability scores 17/100 against 1,393 healthcare peers. Return on invested capital -91.6% vs a peer median of 4.7% (weaker than 92% of peers).Return on invested capital -91.6% vs peers 4.7% (weaker than 92% of peers).
How risky is Sight Sciences?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 4.95× vs a peer median of 2.59× (stronger than 73% of peers).Current ratio 4.95× vs peers 2.59× (stronger than 73% of peers). Beta 2.50 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.50 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 11.4 points to -33.4%

Worth watching: Sight Sciences 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)	79.6M USD	83.4M USD	+4.8%
Net income (12 months)	−37.3M USD	−29.8M USD	−20.1%
Operating margin	-44.8%	-33.4%	+11.4 pts
Free cash flow (12 months)	−25.4M USD	−23.3M USD	−8.2%
Debt	46.2M USD	50.9M USD	+10.2%
Cash	85.0M USD	79.8M USD	−6.1%
Shares outstanding	54.4M	55.1M	+1.2%

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

Industry valuation context

Industry: Medical Devices · 33 companies

Valuations in Medical Devices are near the bottom of their range since 2016.

7% of months since 2016 were valued lower than now.
4% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +33% (medians): earnings grew faster than prices.
Median price-to-sales is +20% vs the whole market, against a usual +109%.

2016Shaded: 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	82.4%	82.7%	85.3%	85.5%	86.2%	▲ 0.7 pts
Operating margin	-105.2%	-117.7%	-70.7%	-63.3%	-48.0%	▲ 15 pts
Net margin	-128.6%	-120.9%	-68.5%	-64.5%	-49.7%	▲ 15 pts
Return on assets (ROA)	-22.5%	-40.5%	-33.3%	-36.1%	-33.3%	▲ 2.7 pts
Return on equity (ROE)	-27.1%	-53.9%	-46.2%	-58.8%	-60.1%	▼ 1.2 pts
Free cash flow margin	-109.0%	-107.9%	-59.2%	-28.5%	-38.7%	▼ 10 pts
Current ratio	20.52×	11.77×	13.29×	9.04×	10.22×	▲ 13%
Quick ratio	20.26×	11.43×	12.65×	8.63×	9.52×	▲ 10%
Debt to equity	0.15×	0.22×	0.29×	0.46×	0.66×	▲ 45%
Interest coverage	-11.79×	-18.80×	-10.59×	-10.84×	-7.21×	▲ 33%

SGHT price history

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

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Bringing the fundamentals into focus…

Overall health

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: its share price swings more than most peers’ (beta 2.50 vs a peer median of 0.63) and more debt relative to equity (0.96× vs a peer median of 0.22×)higher risk: bigger price swings (beta 2.50 vs peers 0.63) and more debt vs equity (0.96× vs peers 0.22×)

About average: growth

Ranks #1,092 of 1,157 healthcare companies (bottom 6%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 14% from December 2022 to July 2026.

Sight Sciences had 14% 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.Sight Sciences had 14% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 17% of revenue in 2025.

Sight Sciences paid employees $13M in stock in 2025, 17% of its $77M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Operating loss narrowing. Operating margin -48% in 2025, the smallest loss relative to revenue of the last 6 years.

Sight Sciences still lost money on operations in 2025 (margin -48%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

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

Relative to its free cash flow, Sight Sciences 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.

Questions investors ask about Sight Sciences

Is Sight Sciences getting weaker?

Its latest SEC filing (Aug 5, 2026) got stronger: operating margin rose 11.4 points to -33.4%. Its overall score is unchanged at 22/100 since Oct 28, 2026.

How is Sight Sciences 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 -5.7% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -5.7% vs peers 1.5% (weaker than 100% of peers).

Is Sight Sciences growing?

At about the same pace as its peers. Growth scores 48/100 against 1,393 healthcare peers. 3-year revenue growth 0.8% vs a peer median of 5.8% (weaker than 69% of peers).3-year revenue growth 0.8% vs peers 5.8% (weaker than 69% of peers).

How profitable is Sight Sciences?

Less profitable than most of its peers. Profitability scores 17/100 against 1,393 healthcare peers. Return on invested capital -91.6% vs a peer median of 4.7% (weaker than 92% of peers).Return on invested capital -91.6% vs peers 4.7% (weaker than 92% of peers).

How risky is Sight Sciences?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 4.95× vs a peer median of 2.59× (stronger than 73% of peers).Current ratio 4.95× vs peers 2.59× (stronger than 73% of peers). Beta 2.50 vs a peer median of 0.63 (weaker than 100% of peers).Beta 2.50 vs peers 0.63 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

79.6M USD

83.4M USD

+4.8%

Net income (12 months)

−37.3M USD

−29.8M USD

−20.1%

Operating margin

-44.8%

-33.4%

+11.4 pts

Free cash flow (12 months)

−25.4M USD

−23.3M USD

−8.2%

Debt

46.2M USD

50.9M USD

+10.2%

Cash

85.0M USD

79.8M USD

−6.1%

Shares outstanding

54.4M

55.1M

+1.2%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

82.4%

82.7%

85.3%

85.5%

86.2%

▲ 0.7 pts

Operating margin

-105.2%

-117.7%

-70.7%

-63.3%

-48.0%

▲ 15 pts

Net margin

-128.6%

-120.9%

-68.5%

-64.5%

-49.7%

▲ 15 pts

Return on assets (ROA)

-22.5%

-40.5%

-33.3%

-36.1%

-33.3%

▲ 2.7 pts

Return on equity (ROE)

-27.1%

-53.9%

-46.2%

-58.8%

-60.1%

▼ 1.2 pts

Free cash flow margin

-109.0%

-107.9%

-59.2%

-28.5%

-38.7%

▼ 10 pts

Current ratio

20.52×

11.77×

13.29×

9.04×

10.22×

▲ 13%

Quick ratio

20.26×

11.43×

12.65×

8.63×

9.52×

▲ 10%

Debt to equity

0.15×

0.22×

0.29×

0.46×

0.66×

▲ 45%

Interest coverage

-11.79×

-18.80×

-10.59×

-10.84×

-7.21×

▲ 33%