Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data OCULAR THERAPEUTIX, 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
1.89
1.92
1.99
4.23
17.4
43.5
51.5
58.4
63.7
52
Cost of revenue
0.44
0.46
0.47
2.33
2.08
4.41
4.54
5.28
5.63
6.57
Gross profit
1.44
1.47
1.53
1.9
15.3
39.1
47
53.2
58.1
45.4
Research and development
27.1
30.9
36.9
41.1
28.7
50.1
53.5
61.1
128
197
Selling and marketing
6.7
17
4.94
24.5
26.6
35.2
39.9
40.5
41.6
53.9
General and administrative
11
15.5
18.8
22.1
22.9
31.9
32.2
33.9
60.7
64.4
Operating income
-43.3
-61.9
-59.1
-85.8
-62.8
-78
-78.7
-82.4
-172
-270
Interest expense
1.68
1.89
1.74
6.1
6.77
6.67
7.02
11.3
13.6
11.8
Other non-operating income
-1.38
-1.46
-0.86
-0.57
-92.8
71.5
7.62
1.65
-21.7
4.08
Income tax
0
0
0
0
0
0
0
0
0
0
Net income
-44.7
-63.4
-60
-86.4
-156
-6.55
-71
-80.7
-194
-266
EBITDA
-42.4
-60.3
-56.8
-83.3
-60.1
-75.6
-76.5
-79.4
-168
-266
EPS, basic
-1.80
-2.20
-1.57
-1.91
-2.56
-0.09
-0.92
-1.01
-1.22
-1.42
EPS, diluted
-1.80
-2.20
-1.57
-1.91
-2.56
-0.98
-0.97
-1.02
-1.22
-1.42
Shares, basic (weighted)
24.8
28.8
38.1
45.3
60.8
76.4
76.9
79.8
158
187
Shares, diluted (weighted)
24.8
28.8
38.1
45.3
60.8
82.2
82.6
85.6
158
187
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
32.9
41.5
54.1
54.4
228
164
102
196
392
737
Short-term investments
35.2
Receivables
0.25
0.23
0.2
2.55
12.3
21.1
21.3
26.2
32.4
30.7
Inventory
0.11
0.12
0.22
0.95
1.2
1.25
1.97
2.31
3.04
3.56
Other current assets
1.39
1.45
1.71
2.23
4.65
4.75
4.03
7.79
13.5
10.9
Total current assets
69.9
43.3
56.2
60.2
246
191
130
232
441
782
Property, plant and equipment
3.31
10.5
10.2
10.2
8.1
6.96
9.86
11.7
9.39
19.7
Lease right-of-use assets
6.66
5.84
4.87
8.04
6.47
5.95
4.64
Total assets
74.9
55.4
73
78.7
262
205
149
252
458
808
Accounts payable
2.12
3.57
2.97
3.27
2.71
4.59
5.12
4.39
4.18
4.15
Accrued liabilities
4.64
4.31
6.19
7.64
14.3
20.1
24.1
28.7
35.1
43.8
Deferred revenue
0.58
0.26
0.13
Total current liabilities
8.3
13.4
9.16
12
26.7
26.3
31.4
34.9
41.4
50.8
Long-term debt
14.1
12.5
24.8
25
16.9
25
25.3
65.8
68.5
71.3
Lease liabilities
8.91
7.55
5.92
8.68
6.88
5.35
2.82
Other non-current liabilities
3.22
0.09
0.11
0.14
0.89
Total liabilities
22.9
29.3
37.2
82.4
186
117
114
161
143
154
Paid-in capital
226
263
333
380
615
634
652
789
1,206
1,811
Retained earnings
-174
-237
-297
-384
-539
-546
-617
-698
-891
-1,157
Other comprehensive income
-0.01
Shareholders' equity
52
26.1
35.9
-3.63
76.1
88
35.4
91.1
315
654
Total equity
52
26.1
35.9
-3.63
76.1
88
35.4
91.1
315
654
Total liabilities and equity
74.9
55.4
73
78.7
262
205
149
252
458
808
Shares outstanding
25
29.7
41.5
50.3
76
76.7
77.2
115
158
216
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-44.7
63.4
60
-86.4
-156
-6.55
-71
-80.7
-194
-266
Depreciation and amortization
0.88
1.63
2.29
2.53
2.77
2.42
2.11
2.98
3.79
4.32
Stock-based compensation
5.96
7.32
7.48
8.76
7.53
15
17
17.8
33.1
43.2
Change in receivables
-0.06
0.02
0.03
-2.35
-9.7
-8.88
-0.19
-4.85
-6.21
1.74
Change in inventory
0.02
-0.01
-0.1
-0.74
-0.25
-0.05
-0.72
-0.33
-0.74
-0.52
Change in payables
-0.16
0.93
-0.8
0.12
-0.45
1.8
-0.62
0.58
-0.32
-0.89
Cash from operations
-34
-50.5
-49.2
-77.6
-53.6
-65.6
-59.6
-70.2
-135
-205
Capital expenditures
-1.92
-8.25
-1.89
-2.24
-0.84
-1.19
-3.72
-6.09
-1.29
-12
Purchases of investments
-41.7
-3
Sales and maturities of investments
80.7
38.2
Cash from investing
37.1
27
-1.89
-2.24
-0.84
-1.19
-3.72
-6.09
-1.29
-11.9
Debt issued
82.5
Debt repaid
-26.1
Stock issued
0.63
29.2
61.6
37.5
225
2.59
0.51
117
14.7
20.5
Cash from financing
0.59
32
68.6
75.3
228
2.85
1.45
170
332
562
Net change in cash
3.65
8.49
17.5
-4.48
174
-63.9
-61.9
93.5
196
345
Free cash flow
-35.9
-58.7
-51.1
-79.8
-54.4
-66.7
-63.3
-76.3
-136
-217
Interest paid
1.3
1.46
1.52
2.3
2.35
1.93
2.15
5.46
21.5
9.03
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 $9.65 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
87.1%
Gross profit / revenue.
Operating margin
-603.0%
Operating income / revenue.
EBITDA margin
-592.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-579.1%
Net income / revenue.
FCF margin
-490.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-457.7%
Cash from operations / revenue.
Return on equity (ROE)
-58.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-44.9%
Net income / average total assets.
R&D / revenue
429.4%
Research and development expense / revenue.
Stock-based pay / revenue
102.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
32.4%
Capital expenditures / revenue.
D&A / revenue
10.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-18.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
0.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
24.4%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-21.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-1.1%
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
24.3%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
107.5%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
164.5%
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
53.8%
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
76.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
75.6%
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
25.3%
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
18.3%
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
31.3%
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
25.2%
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
13.1x
Current assets / current liabilities.
Quick ratio
12.8x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
12.2x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.34
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
$0.23
Revenue / diluted weighted shares.
FCF per share
-$1.13
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.06
Cash from operations / diluted weighted shares.
Book value per share
$2.37
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
40.7x
Market cap / revenue.
P/B
4.08x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
4.08x
Market cap / tangible book value, when positive.
EV/Sales
29.2x
Enterprise value / revenue.
FCF yield
-12.0%
Free cash flow / market cap.
Earnings yield
-14.2%
Net income / market cap (the inverse of P/E).
What was OCULAR THERAPEUTIX, INC's revenue in fiscal 2025?
OCULAR THERAPEUTIX, INC reported revenue of $52.0M for fiscal 2025, 18.5% lower than the year before.
Was OCULAR THERAPEUTIX, INC profitable in fiscal 2025?
No. It reported a net loss of $265.9M.
How much free cash flow did OCULAR THERAPEUTIX, INC generate in fiscal 2025?
Cash from operations of $204.9M minus capital expenditures of $12.0M left free cash flow of -$216.9M.
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.