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Harrow, Inc. (HROW) stock

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NASDAQ: HROW Nasdaq Pharmaceuticals Next results ~November 9, 2026

C Fundamentals grade

Harrow, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($2.32) was left out of our combined valuation (it is 0.08x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($2.32) was left out of our combined valuation (it is 0.08x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Harrow, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders4 buying, 2 selling4 purchases and 7 sales by directors and officers, last 12 monthsInsider trades
  • Funds118 adding, 97 cuttingOf 36 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Harrow files

Where Harrow stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $276m, up 21.1% on a year earlier, slower than the 26.2% growth a quarter earlier. Free-cash-flow margin held at 1.8%. Operating margin narrowed to -1.0% from 6.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 7 financial-health checks.

Our model value for Harrow is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Harrow, Inc.'s trailing-twelve-month revenue grew 21.1% year on year, with a free-cash-flow margin of 1.8%. Where it lags: long-term debt as % of assets of 70.1% ranks 50 of 53 pharmaceuticals companies we cover.

Our discounted-cash-flow model values the business at ~$2.3 per share in the base case (~$0.5–$4.7 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 97.3% while net income fell 264.0%: a 361pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 21.1% over the last 12 months, against a median of 10.0% for pharmaceuticals companies we cover.

Things to watch

  • Growth slowing. The growth rate is 5.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -1.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 7.3 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 62% and a beta of 1.4 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 70.1% ranks 50 of 53 pharmaceuticals companies we cover (median 23.8%).
  • Below peers: days sales outstanding. Days sales outstanding of 157 days ranks 51 of 59 pharmaceuticals companies we cover (median 72 days).

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
-$0.46 against an average estimate of -$0.24: missed by 91.7%
Revenue
$71m, up 10.9% on a year earlier
Share reaction
-2.5% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Guidance given
revenue $350m to $365m (full-year 2026); adjusted EBITDA $80m to $100m (full-year 2026)
Next report
November 9, 2026; average EPS estimate $0.32

Harrow's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.1%
  • 1 week-2.6%
  • 1 month-7.5%
  • This year-42.4%
  • 1 year-25.3%
  • 5 years+139.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$276M
Operating margin
-1.0%
Net margin
-13.5%
EPS (TTM, diluted)
$-1.01

Growth

Revenue growth
+21.1%
Change in growth rate
−5.2 pts
Share count change
+0.5%

Cash

Free cash flow (TTM)
$5M
FCF margin
1.8%
Stock pay % of revenue
5.3%

Earnings

Last results
August 10, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Leadership
  3. Results
  4. Guidance
  5. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Harrow, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($2.32) was left out of our combined valuation (it is 0.08x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Harrow, Inc.'s free cash flow after stock-based pay ( $6.3M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Harrow, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.12 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$2.3 ~$0.5–$4.7 Left out: out of range vs price (0.08x)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$39 ~$19–$56 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$25 ~$25–$51 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Harrow, Inc. with Pharmaceuticals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$6.93$2.50$1.70$5.69$7.78$6.86$8.64$14.76$11.20$33.55$49.00$28.20
Market value$66m$32m$34m$135m$206m$178m$231m$405m$365m$1.2bn$1.8bn$1.0bn
+ Net debt (− = net cash)$6m$3m$10m$8m$9m$20m$33m$14m$121m$179m$177m$216m
Enterprise value$72m$35m$44m$144m$215m$197m$264m$419m$487m$1.4bn$2.0bn$1.3bn
Multiples
Price / sales 6.8x1.6x1.3x3.3x4.0x3.6x3.2x4.6x2.8x6.0x6.6x3.8x
Price / earnings ———9.3xn/m———————
Price / free cash flow ——————70.1x—153.5x—41.9xn/m
EV / EBITDA —————94.6x82.7x132.1xn/m136.3x62.2x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

26 /100

Weak moat

How hard Harrow's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -2.1% of total assets over 9 years.

  • Pricing power 14 / 20

    Gross margin has been a median 70.4%, moving by 8.5 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -3.8%; its worst year was -65.1%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -2.6% of revenue.

  • Discipline 3 / 20

    The diluted share count rose 38.6% over five years; stock-based pay has been a median 7.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (31 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026. Analysts expect revenue of $99m and EPS of $0.32 (range $0.21 to $0.48) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.43 +116% $350m +29%
Next $2.77 +540% $536m +53%

Next year's EPS estimate has moved +3.6% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.0% on 90 days ago. In the last 30 days, 0 analysts raised Harrow, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Harrow, Inc., last 90 days
$0.00 $1.00 $2.00 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.45 Current fiscal year, 60 days ago: $0.28 Current fiscal year, 30 days ago: $0.45 Current fiscal year, 7 days ago: $0.43 Current fiscal year, Now: $0.43 $0.43 Next fiscal year, 90 days ago: $2.68 Next fiscal year, 60 days ago: $2.71 Next fiscal year, 30 days ago: $2.83 Next fiscal year, 7 days ago: $2.77 Next fiscal year, Now: $2.77 $2.77

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.45$2.68
60 days ago $0.28$2.71
30 days ago $0.45$2.83
7 days ago $0.43$2.77
Now $0.43$2.77

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.24 −$0.46 −91.7%
Mar 2026 −$0.33 −$0.74 −124.2%
Dec 2025 $0.47 $0.27 −43.7%
Sept 2025 $0.29 $0.33 +13.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 10, 2026
  • revenue full-year 2026 $350m to $365m Maintained
    “Reiterated full-year 2026 financial guidance of $350 million to $365 million in revenue and $80 million to $100 million in Adjusted EBITDA (a non-GAAP measure)” source
  • Adjusted EBITDA full-year 2026 $80m to $100m Non-GAAP Maintained
    “Reiterated full-year 2026 financial guidance of $350 million to $365 million in revenue and $80 million to $100 million in Adjusted EBITDA (a non-GAAP measure)” source
  • TYRVAYA revenue contribution 2027 —
    “Expected to contribute more than $30 million in revenue in 2027, with revenue expected to exceed the incremental operating costs required to support the business” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Harrow, Inc.'s revenue by +47.1% next year and +23.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+61.1%, weight 46%) , management guidance (+64.5%, weight 23%) and the company's own record (+13.0%, weight 31%) . How the weights are set.

Analyst recommendations

9 analysts, Oct 2026
Buy9100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202699
  2. Sep 202699
  3. Aug 202688
  4. Jul 202688

Counts of recommendations published by analysts covering Harrow, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
22.2%
of tradable shares
Days to cover
11.49
at average volume
Short interest, 1 month
−0%
to October 15, 2026
Held by institutions
59%
of shares
Held by insiders
15.4%
of shares
Employees
373
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −25.3%

$37.77 on October 31, 2025 to $28.20

ThenNowEffect
Revenue (last 12 months) $228m $276m +21.1%
P/S multiple 6.1x 3.8x −38.0%
Share count 37m 37m −0.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +97.8%

$14.26 on November 3, 2023 to $28.20

ThenNowEffect
Revenue (last 12 months) $103m $276m +168.3%
P/S multiple 4.0x 3.8x −6.7%
Share count 29m 37m −21.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HROW+26%+71%−24%+200%+46%−42%
Industry peers (median)−20%−52%−13%−2%+7%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HROW50%50%58%67%58%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HROW−43%−34%−71%−42%−40%−50%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 81% from November 2, 2015 to November 2, 2017. Getting back needed a 426% gain, reached on June 24, 2019, 599 days after the low.

Price behaviour

52-week range
$27.24 – $54.80
From 52-week high
−48.5%
vs 50-day average
−13.5%
vs 200-day average
−26.3%
Volatility (1 year)
63%
Beta vs S&P 500
1.39

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±18.6%
After a week
7 up, 5 down
typical move ±22.8%
After a month
6 up, 6 down
typical move ±25.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 −2.5% −0.3% −2.4% −7.1%
May 11, 2026 −24.1% +0.1% −19.2% −6.1%
March 2, 2026 −28.7% −0.8% −35.1% −34.9%
February 2, 2026 +15.3% −0.4% +15.9% −4.2%
November 10, 2025 +14.2% +1.8% +18.7% +48.0%
August 11, 2025 +1.2% +0.9% +11.3% +12.9%
May 8, 2025 −0.8% +0.6% +4.2% +22.6%
March 27, 2025 −5.2% −2.3% −13.0% −10.8%
March 17, 2025 +17.3% −0.3% +30.4% +3.4%
November 14, 2024 −24.7% −1.9% −15.3% −29.3%
August 7, 2024 +49.3% +1.6% +63.1% +67.2%
May 13, 2024 +40.0% +0.5% +44.7% +57.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Harrow, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Harrow, Inc.
$100M $150M $200M $250M $300M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $114.2M Revenue (TTM), FY23 Q4: $130.2M Revenue (TTM), FY24 Q1: $138.7M Revenue (TTM), FY24 Q2: $154.1M Revenue (TTM), FY24 Q3: $169.1M Revenue (TTM), FY24 Q4: $199.6M Revenue (TTM), FY25 Q1: $212.9M Revenue (TTM), FY25 Q2: $227.7M Revenue (TTM), FY25 Q3: $250M Revenue (TTM), FY25 Q4: $272.3M Revenue (TTM), FY26 Q1: $268.7M Revenue (TTM), FY26 Q2: $275.6M $275.6M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $114.2M
FY23 Q4 $130.2M
FY24 Q1 $138.7M
FY24 Q2 $154.1M
FY24 Q3 $169.1M
FY24 Q4 $199.6M
FY25 Q1 $212.9M
FY25 Q2 $227.7M
FY25 Q3 $250M
FY25 Q4 $272.3M
FY26 Q1 $268.7M
FY26 Q2 $275.6M
Revenue growth, TTM YoY Harrow, Inc.
20% 30% 40% 50% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 29.1% Revenue growth, TTM YoY, FY23 Q4: 47.0% Revenue growth, TTM YoY, FY24 Q1: 49.8% Revenue growth, TTM YoY, FY24 Q2: 50.1% Revenue growth, TTM YoY, FY24 Q3: 48.1% Revenue growth, TTM YoY, FY24 Q4: 53.3% Revenue growth, TTM YoY, FY25 Q1: 53.5% Revenue growth, TTM YoY, FY25 Q2: 47.7% Revenue growth, TTM YoY, FY25 Q3: 47.8% Revenue growth, TTM YoY, FY25 Q4: 36.4% Revenue growth, TTM YoY, FY26 Q1: 26.2% Revenue growth, TTM YoY, FY26 Q2: 21.1% 21.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 29.1%
FY23 Q4 47.0%
FY24 Q1 49.8%
FY24 Q2 50.1%
FY24 Q3 48.1%
FY24 Q4 53.3%
FY25 Q1 53.5%
FY25 Q2 47.7%
FY25 Q3 47.8%
FY25 Q4 36.4%
FY26 Q1 26.2%
FY26 Q2 21.1%
Operating margin (TTM) Harrow, Inc.
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 3.1% Operating margin (TTM), FY23 Q4: 0.3% Operating margin (TTM), FY24 Q1: -5.6% Operating margin (TTM), FY24 Q2: -5.5% Operating margin (TTM), FY24 Q3: -5.3% Operating margin (TTM), FY24 Q4: 4.4% Operating margin (TTM), FY25 Q1: 2.1% Operating margin (TTM), FY25 Q2: 6.3% Operating margin (TTM), FY25 Q3: 11.1% Operating margin (TTM), FY25 Q4: 11.2% Operating margin (TTM), FY26 Q1: 7.3% Operating margin (TTM), FY26 Q2: -1.0% -1.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 3.1%
FY23 Q4 0.3%
FY24 Q1 -5.6%
FY24 Q2 -5.5%
FY24 Q3 -5.3%
FY24 Q4 4.4%
FY25 Q1 2.1%
FY25 Q2 6.3%
FY25 Q3 11.1%
FY25 Q4 11.2%
FY26 Q1 7.3%
FY26 Q2 -1.0%
FCF margin (TTM) Harrow, Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -9.4% FCF margin (TTM), FY23 Q4: 1.8% FCF margin (TTM), FY24 Q1: 4.6% FCF margin (TTM), FY24 Q2: -0.7% FCF margin (TTM), FY24 Q3: 1.8% FCF margin (TTM), FY24 Q4: -11.9% FCF margin (TTM), FY25 Q1: 0.2% FCF margin (TTM), FY25 Q2: 1.1% FCF margin (TTM), FY25 Q3: 6.6% FCF margin (TTM), FY25 Q4: 15.8% FCF margin (TTM), FY26 Q1: 5.3% FCF margin (TTM), FY26 Q2: 1.8% 1.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -9.4%
FY23 Q4 1.8%
FY24 Q1 4.6%
FY24 Q2 -0.7%
FY24 Q3 1.8%
FY24 Q4 -11.9%
FY25 Q1 0.2%
FY25 Q2 1.1%
FY25 Q3 6.6%
FY25 Q4 15.8%
FY26 Q1 5.3%
FY26 Q2 1.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 2 10 20 27 41 51 49 72 89 130 200 272 276
Gross profit 0 1 5 10 13 25 34 34 54 63 91 150 204 202
EBITDA −8 −10 −15 −15 −11 −4 −3 2 3 3 1 10 32 −1
Operating income −8 −10 −15 −16 −12 −5 −5 0 2 2 0 9 31 −3
Net income −8 −10 −16 −19 −12 15 0 −3 −18 −14 −24 −17 −5 −37
Diluted EPS −$0.88 −$1.11 −$1.66 −$1.50 −$0.60 $0.61 $0.01 −$0.13 −$0.69 −$0.51 −$0.75 −$0.49 −$0.14 −$1.01
Growth (year on year)
Revenue — +>999% +485.3% +105.2% +34.3% +54.5% +23.7% −4.5% +48.3% +22.2% +47.0% +53.3% +36.4% +21.1%
EBITDA — — — — — — — — +53.0% −0.7% −53.2% — +215.4% −107.5%
Operating income — — — — — — — — — +18.9% −77.5% — +245.9% −119.1%
Net income — — — — — — −98.9% — — — — — — —
Diluted EPS — — — — — — −98.4% — — — — — — —
Margins
Gross margin 100.0% 34.2% 46.4% 50.7% 49.6% 60.1% 67.3% 70.4% 74.9% 71.3% 69.6% 75.3% 75.1% 73.3%
EBITDA margin <−999% −609.0% −149.9% −74.4% −40.2% −8.7% −5.6% 4.3% 4.4% 3.6% 1.1% 5.1% 11.7% −0.4%
Operating margin <−999% −611.3% −152.6% −79.6% −45.4% −12.6% −9.4% 0.8% 2.2% 2.2% 0.3% 4.4% 11.2% −1.0%
Net margin <−999% −609.5% −163.6% −95.7% −44.8% 35.4% 0.3% −6.9% −24.8% −15.9% −18.7% −8.8% −1.9% −13.5%
Free-cash-flow margin <−999% −435.6% −104.4% −90.8% −35.8% −2.6% −1.0% −4.0% 4.5% −1.0% 1.8% −11.9% 15.8% 1.8%
Cash flow
Cash from operations −4 −7 −11 −11 −9 1 1 −1 5 2 4 −22 44 6
Capital spending 0 0 −1 7 1 2 1 1 2 3 1 2 1 1
Free cash flow −4 −7 −10 −18 −10 −1 −1 −2 3 −1 2 −24 43 5
Stock-based pay 3 3 3 4 3 2 2 3 6 8 16 18 13 15
Free cash flow after stock pay −8 −10 −14 −22 −13 −4 −2 −5 −2 −9 −13 −41 30 −10
Balance sheet
Cash 16 8 3 9 4 7 5 4 42 96 74 47 73 84
Total debt 0 0 8 12 14 15 14 24 75 110 195 227 250 300
Net debt (negative = net cash) −16 −8 6 3 10 8 9 20 33 14 121 179 177 216
Diluted shares 9m 9m 10m 13m 20m 24m 26m 26m 27m 27m 33m 36m 37m 37m
Returned to shareholders
Buybacks 0 −0 — — — — — — — — — — — —
Total returned 0 −0 — — — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $417m
Short-term assets $229mLonger-term assets $188m
What it owes, and who funded it · $417m
Short-term liabilities $102mLonger-term liabilities $300mShareholders' equity $15m
  • Short-term assets cover short-term liabilities $229m of assets due within a year against $102m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $229m short-term assets against $300m of longer-dated liabilities.
  • More cash than debt $84m of cash against $292m of debt.
  • Debt below 40% of shareholders' equity Debt is 1924% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 913% to 1924% over five years.
  • A year's operating cash flow covers at least 20% of debt $6m of operating cash flow against $292m of debt.
  • Operating profit covers interest at least five times over Operating income of −$3m against $23m of interest.

From Harrow, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.5%
year over year
R&D spending
10.5%
of revenue
Sales & admin spending
63.8%
of revenue
Days sales outstanding
157 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in pharmaceuticals
Last 12 months unless stated HROW EOLS ACB VNDA XERS IRWD Median
Revenue, last 12 months $276m $316m $232m $229m $335m $389m $276m
Revenue growth, last 12 months 21.1% 13.9% 11.7% 8.1% 36.3% 26.2% 9.9%
Revenue growth, 3-year average 39.0% 23.4% — 2.7% 35.8% −3.1% 5.5%
Revenue growth, latest quarter 10.9% 21.2% — 24.1% 28.7% 32.6% 6.5%
Gross margin 73.3% 66.7% 42.6% 90.0% — 99.2% 62.0%
Operating margin −1.0% −5.9% 1.9% −77.6% 10.9% 60.1% −5.9%
Operating margin, 3-year average −0.1% −12.6% — −51.4% −4.5% 37.4% −7.4%
Net margin −13.5% −10.8% −42.4% −119.9% −5.1% 33.4% −7.3%
Cash from operations / revenue 2.3% −4.9% −4.2% −60.7% 16.9% 47.7% 10.2%
Free-cash-flow margin 1.8% −5.8% −5.4% −61.0% 16.5% 47.7% 8.6%
Free-cash-flow margin, 3-year average 0.8% −9.6% — −36.6% −4.1% 31.3% 7.4%
Stock pay / revenue 5.3% 6.6% 2.3% 4.1% 8.4% 3.7% 3.6%
Change in share count 0.5% 2.3% 3.0% 1.8% 19.6% −2.0% 1.9%

Median of all 75 companies we cover in pharmaceuticals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 pharmaceuticals companies
Measure Company Peer median Rank
Revenue growth Growth 21.1% 10.0% 21 of 74
Change in growth rate Growth -5.2pp -0.3pp 52 of 74
Gross margin Profitability 73.3% 59.8% 13 of 59
Operating margin Profitability -1.0% -5.9% 29 of 67
Net margin Profitability -13.5% -7.3% 44 of 75
Free-cash-flow margin Cash generation 1.8% 10.1% 45 of 74
Stock pay as % of revenue Cash generation 5.3% 3.6% 46 of 69
Long-term debt as % of assets Balance sheet 70.1% 23.8% 50 of 53
Change in share count Balance sheet 0.5% 1.5% 24 of 62
Days sales outstanding Balance sheet 157 days 72 days 51 of 59

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Branded $196M 71.9% ▲ 68.6%
Imprimis Rx $76.5M 28.1% ▼ 8.3%
Products and services
Line of business Revenue YoY
Product Sales Net $272M ▲ 36.9%
VEVYE $88.7M ▲ 216.1%
IHEEZO $81.3M ▲ 65.0%
Other Products $25.3M ▼ 33.1%
Other Revenues $394,000 ▼ 60.4%
Other Revenue $394,000 ▼ 56.9%

These categories overlap or exclude eliminations, so shares aren't shown.

From Harrow, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$913M
Institutions reporting
222
Shares held vs prior quarter
▲ 0.2%
Positions opened / closed
38 / 32

Top buyers and sellers, Q2 2026: 118 institutions bought and 97 sold ; the biggest buyer was Deep Track Capital, LP (+969K shares) and the biggest seller Luxor Capital Group, LP (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $116M 2.7M 12.7% ▲ 7.3%
Opaleye Management Inc. $102M 2.4M 11.2% ▼ 15.3%
Private Capital Management, LLC $67.9M 1.6M 7.4% ▲ 2.4%
Vanguard Capital Management LLC $60.2M 1.4M 6.6% ▲ 1.0%
Deep Track Capital, LP $41.2M 969K 4.5% New
State Street Corp $39.9M 940K 4.4% ▲ 9.9%
Geode Capital Management, LLC $38.5M 906K 4.2% ▲ 6.3%
BAMCO Inc $34.4M 809K 3.8% New
Dimensional Fund Advisors LP $28.3M 667K 3.1% ▲ 15.1%
Jupiter Topco LLC $24.6M 579K 2.7% —
Divisadero Street Capital Management, LP $18.7M 439K 2.0% New
Rice Hall James & Associates, LLC $16.5M 388K 1.8% ▲ 5.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Harrow, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $468,720 4 trades by 4 insiders, last 12 months Insider sales History → $9.6M 7 trades by 2 insiders · 0% under pre-set plans
Net ▼ $9.2M net selling
Insider Date Trade Shares Price Value
Shojaei Amir CHIEF SCIENTIFIC OFFICER August 14, 2026 Sell 11,250 $40.00 $450,000
Silvernail Lauren P Director May 18, 2026 Buy 1,000 $31.00 $31,000
Graves Adrienne L Director May 18, 2026 Buy 1,000 $31.07 $31,070
Boll Andrew R. PRESIDENT AND CFO May 14, 2026 Buy 3,500 $29.90 $104,650
Baum Mark L CHIEF EXECUTIVE OFFICER May 14, 2026 Buy 10,000 $30.20 $302,000
Opaleye Management Inc. 10% owner March 4, 2026 Sell 4,263 $39.67 $169,113
Opaleye Management Inc. 10% owner March 4, 2026 Sell 134,000 $39.67 $5.3M
Opaleye Management Inc. 10% owner March 3, 2026 Sell 59,000 $39.15 $2.3M
Opaleye Management Inc. 10% owner March 3, 2026 Sell 1,309 $39.15 $51,247
Opaleye Management Inc. 10% owner February 27, 2026 Sell 5,000 $54.18 $270,900
Opaleye Management Inc. 10% owner January 6, 2026 Sell 20,000 $53.35 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 26, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 11, 2026
  • March 2, 2026
  • February 2, 2026
  • November 10, 2025
  • August 11, 2025

Recent SEC filings

Data status

When each part of this page on Harrow, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Harrow, Inc. in brief

What does Harrow, Inc. do?
Harrow, Inc. is a US-listed company in the pharmaceuticals industry. Its financial year ends in December.
What is Harrow, Inc.'s stock ticker?
Harrow, Inc. trades under the ticker HROW on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Harrow, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Harrow, Inc. reported revenue of $276M, 21.1% higher than a year earlier, according to its SEC filings.
What is Harrow, Inc.'s free cash flow?
Harrow, Inc.'s free-cash-flow margin is 1.8% of revenue over the trailing twelve months, ranking 45 of the 74 pharmaceuticals companies we cover.
Who are Harrow, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Opaleye Management Inc. and Private Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Harrow, Inc.'s market cap?
On November 2, 2026, Harrow, Inc.'s market capitalisation was about $1B and net debt of $216M. Market figures come from third-party market data and may be delayed.
How much debt does Harrow, Inc. have?
Harrow, Inc.'s debt-to-equity ratio is 1923.5%, from its latest balance sheet (912.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Harrow, Inc.'s competitors?
In our Pharmaceuticals peer group, the companies closest to Harrow, Inc. are Evolus, Inc., Aurora Cannabis Inc, Vanda Pharmaceuticals Inc., Xeris Biopharma Holdings, Inc. and Ironwood Pharmaceuticals Inc. The side-by-side comparison below sets their revenue, margins and growth against Harrow, Inc.'s.
Are insiders buying or selling Harrow, Inc. stock?
Over the last 12 months, Harrow, Inc.'s directors and officers reported 4 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Harrow, Inc.'s next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Harrow, Inc. announces its own schedule.