HARROW, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HARROW, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19.9	26.8	41.4	51.2	48.9	72.5	88.6	130	200	272
Cost of revenue		13.5	16.5	16.7	14.5	18.2	25.4	39.6	49.2	67.9
Gross profit	10.1	13.3	24.9	34.4	34.4	54.3	63.2	90.6	150	204
Research and development	0.74	0.41	0.83	2.08	2.41	11.1	3.05	6.65	12.2	20.9
Selling, general and administrative		25	29.2	33.1	31.2	41.3	58.2	83.1	129	153
Selling and marketing	7.38	7.06
General and administrative	17.6	18
Operating expenses		25.4	30.1	39.2	34	52.6	61.3	90.1	142	174
Operating income	-15.9	-12.2	-5.22	-4.8	0.39	1.61	1.92	0.43	8.82	30.5
Interest expense						5.44	7.24	21.3	22.8	24.2
Other non-operating income	-3.32	-0.76	19.8	4.68	-3.8	-19.5	-15.9	-24.1	-26.1	-31.9
Pre-tax income	-19.2	-12.9	14.6	-0.12	-3.42	-17.9	-14	-23.7	-17.3	-1.37
Income tax	-0.11	-0.94		0.01	0	0.13	0.08	0.7	0.16	3.77
Net income to minority interests				-0.29	-0.06
Net income	-19.1	-12	14.6	0.17	-3.36	-18	-14.1	-24.4	-17.5	-5.14
EBITDA	-14.8	-10.8	-3.61	-2.86	2.09	3.19	3.17	1.49	10.1	31.8
EPS, basic	-1.50	-0.60	0.67	0.01	-0.13	-0.69	-0.51	-0.75	-0.49	-0.14
EPS, diluted	-1.50	-0.60	0.61	0.01	-0.13	-0.69	-0.51	-0.75	-0.49	-0.14
Shares, basic (weighted)	12.7	20	21.9	25.3	25.9	26.8	27.5	32.6	35.7	36.8
Shares, diluted (weighted)	12.7	20	23.8	26.5	25.9	26.8	27.5	32.6	35.7	36.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.85	4.02	6.84	4.75	4.1	42.2	96.3	74.1	47.2	72.9
Short-term investments					28.5	8.5	5.59	8.68
Receivables	2.92	1.53	1.91	2.01	2.66	4.47	6.25	36.3	116	111
Inventory	1.84	2.25	1.83	3.3	3.96	4.22	6.54	10.9	10.7	13.5
Other current assets	0.11	0.12	0.13	0.11	0.19	0.09	0.12	1.75	3.41	2.13
Total current assets	14.8	8.81	32.8	36	41	60.7	118	139	190	212
Property, plant and equipment	7.3	6.22	6.38	5.38	3.87	3.14	3.49	3.52	3.73	3.26
Lease right-of-use assets			2.11	6.56	6.8	5.94	7.51	6.79	8.55	7.78
Goodwill	2.23	2.23	2.23	0.33	0.33	0.33	0.33	0.33	0.33	0.33
Intangible assets	2.97	2.86	3.06	2.34	1.94	15.8	23.7	160	185	175
Total assets	27.2	23.9	49.5	59.1	57.5	98.3	157	312	389	399
Accounts payable	3.54	3.89	6.25	7.7	3.93	6.34	13.8	24.6	38.8	35.4
Accrued liabilities	1.64	1.21	2.28	2.12	2.32	3.09	4.03	5.45	9.5	10.4
Deferred revenue		0.03	0.12	0.06	0.07	0.02	0.11	0.08	0.04	0.79
Short-term debt			0.72
Total current liabilities	9.91	5.77	11.9	12.3	10.8	9.72	18.6	49.3	91.3	96.3
Long-term debt	7.94	14	12	12.2	12.4	71.7	104	186	220	243
Lease liabilities				6.34	6.65	6.01	7.33	6.52	8.79	7.91
Total liabilities	20.8	21.3	24.7	31.7	30.6	87.4	130	242	320	347
Total debt		23.5	23.5		20	103	152	247	263	250
Paid-in capital	83.3	91.4	98.9	102	105	107	137	205	221	209
Retained earnings	-76.9	-88.8	-74.2	-74	-77.4	-95.4	-109	-134	-151	-157
Shareholders' equity	6.43	2.62	24.8	27.7	27.2	11.3	27.6	70.8	69.7	52.4
Minority interests				-0.29	-0.36	-0.36	-0.36	-0.36	-0.36	-0.36
Total equity	6.43	2.62	24.8	27.4	26.8	10.9	27.2	70.4	69.3	52.1
Total liabilities and equity	27.2	23.9	49.5	59.1	57.5	98.3	157	312	389	399
Shares outstanding	18.6	20.6	24.3	25.5	25.7	26.9	29.9	35.2	35.6	37.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-19.1	-12	14.6	-0.13	-3.42	-18	-14.1	-24.4	-17.5	-5.14
Depreciation and amortization	1.06	1.4	1.61	1.94	1.7	1.58	1.25	1.06	1.27	1.32
Stock-based compensation	3.67	2.94	2.49	1.79	2.78	5.75	7.97	15.7	17.6	12.5
Deferred income tax	-0.11	-0.94	0	0
Change in receivables	-2.08	1.39	-0.38	-0.1	-0.87	-1.83	-1.86	-30.3	-80.2	5.01
Change in inventory	-0.43	-0.82	0.42	-2.27	-0.66	-0.26	-2.32	-4.33	0.17	-2.82
Change in payables	1.52	0.35	2.37	1.34	-4.66	1.73	0.93	31.8	37.5	-4.61
Cash from operations	-11.2	-8.8	0.69	0.95	-1.1	5.08	1.71	3.84	-22.2	43.9
Capital expenditures	-6.89	-0.77	-1.77	-1.47	-0.86	-1.79	-2.6	-1.46	-1.6	-0.89
Acquisitions							-6			-4.36
Purchases of investments	-0.05
Sales and maturities of investments									5.51
Cash from investing	-7.29	-0.96	-2.2	-1.83	-0.98	-18.7	-1.74	-153	-33.2	-5.46
Debt issued								55.9	29.8	244
Debt repaid								-59.8		-231
Stock issued	0.21	1.12	0.64			0.07	22.7	64.5	1.11	0.47
Cash from financing	24.7	4.93	4.13	-1.01	1.43	51.5	54.1	127	28.5	-12.7
Net change in cash	6.17	-4.83	2.62	-1.89	-0.65	37.9	54.1	-22.2	-26.8	25.7
Free cash flow	-18.1	-9.58	-1.08	-0.52	-1.96	3.3	-0.89	2.38	-23.8	43
Interest paid	1.37	1.54	2.1	1.97	1.79	4.82	6.48	18.9	20.6	18.7
Income taxes paid	0.01	0.01	0	0.02	0	0.01	0.08		0.37	0.09

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $33.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	73.3%	Gross profit / revenue.
Operating margin	-1.0%	Operating income / revenue.
EBITDA margin	-0.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-12.1%	Pre-tax income / revenue.
Net margin	-13.5%	Net income / revenue.
FCF margin	1.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.3%	Cash from operations / revenue.
Return on equity (ROE)	-244.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.9%	Net income / average total assets.
R&D / revenue	10.5%	Research and development expense / revenue.
SG&A / revenue	63.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	36.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	45.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	41.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	35.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	47.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	42.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	245.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	151.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	139.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	215.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	115.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	72.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	195.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-24.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	23.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	36.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	47.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.24x	Current assets / current liabilities.
Quick ratio	1.98x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.82x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	96.4%	Total liabilities / total assets.
Interest coverage	-0.12x	Operating income / interest expense.
Working capital	$127.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	42.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$160.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	93.1x	Revenue / average property, plant and equipment.
Inventory turnover	4.35x	Cost of revenue / average inventory.
Days inventory	84 days	365 x average inventory / cost of revenue.
Receivables turnover	2.32x	Revenue / average receivables.
Days sales outstanding	157 days	365 x average receivables / revenue.
Days payables	130 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	111 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	19.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.38	Revenue / diluted weighted shares.
FCF per share	$0.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.17	Cash from operations / diluted weighted shares.
Book value per share	$0.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.29	Tangible book value / shares outstanding.
Cash per share	$2.24	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.24B	Share price x shares outstanding.
Enterprise value	$1.16B	Market cap + total debt - cash - short-term investments.
P/S	4.50x	Market cap / revenue.
P/B	81.6x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	247x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	198x	Market cap / cash from operations, when positive.
EV/Sales	4.19x	Enterprise value / revenue.
EV/FCF	230x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	-3.0%	Net income / market cap (the inverse of P/E).

What was HARROW, INC.'s revenue in fiscal 2025?

HARROW, INC. reported revenue of $272.3M for fiscal 2025, 36.4% higher than the year before.

Was HARROW, INC. profitable in fiscal 2025?

No. It reported a net loss of $5.1M.

How much free cash flow did HARROW, INC. generate in fiscal 2025?

Cash from operations of $43.9M minus capital expenditures of $887.0K left free cash flow of $43.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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