NASDAQ : HROW
Harrow, Inc. — Financial statements
Healthcare · Drug Manufacturers - Specialty & Generic · United States
Last price 28.24 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.06B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Harrow, Inc. (HROW) reported revenue of 275.59M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 275.21M | 271.91M | 198.62M | 117.45M | 83.52M | 69.10M |
| Other Revenue | 386.00K | 394.00K | 995.00K | 12.75M | 5.07M | 3.37M |
| Revenue | 275.59M | 272.30M | 199.61M | 130.19M | 88.59M | 72.48M |
| Cost of Revenue | 73.64M | 67.93M | 49.24M | 39.64M | 25.38M | 18.21M |
| Gross Profit | 201.96M | 204.37M | 150.37M | 90.55M | 63.21M | 54.26M |
| Selling, General & Admin | 175.69M | 152.91M | 129.06M | 83.09M | 58.24M | 39.81M |
| Research & Development | 29.01M | 20.94M | 12.23M | 6.65M | 3.05M | 11.08M |
| Operating Expenses | 204.71M | 173.85M | 141.29M | 89.74M | 61.29M | 50.90M |
| Operating Income | -2.75M | 30.52M | 9.07M | 811.00K | 1.92M | 3.36M |
| Interest Expense | -22.98M | -24.18M | -22.79M | -21.32M | -7.24M | -5.44M |
| Earnings From Equity Investments | -11.13M | -5.33M | ||||
| Other Non Operating Income (Expenses) | 53.00K | 47.00K | -185.00K | -444.00K | 171.00K | 238.00K |
| EBT Excluding Unusual Items | -25.68M | 6.38M | -13.90M | -20.96M | -16.29M | -7.17M |
| Gain (Loss) on Sale of Investments | -3.17M | 3.09M | -2.91M | -10.13M | ||
| Gain (Loss) on Sale of Assets | 5.19M | -41.00K | ||||
| Asset Writedown | -253.00K | -380.00K | -249.00K | |||
| Legal Settlements | -1.50M | |||||
| Other Unusual Items | -7.75M | -7.75M | -5.46M | 1.21M | ||
| Pretax Income | -33.43M | -1.37M | -17.32M | -23.71M | -14.01M | -17.87M |
| Income Tax Expense | 3.80M | 3.77M | 161.00K | 701.00K | 75.00K | 133.00K |
| Earnings From Continuing Operations | -37.23M | -5.14M | -17.48M | -24.41M | -14.09M | -18.01M |
| Net Income | -37.23M | -5.14M | -17.48M | -24.41M | -14.09M | -18.01M |
| Preferred Dividends & Other Adjustments | 472.00K | |||||
| Net Income to Common | -37.23M | -5.14M | -17.48M | -24.41M | -14.09M | -18.48M |
| Shares Outstanding (Basic) | 37.25M | 36.76M | 35.65M | 32.62M | 27.46M | 26.76M |
| Shares Outstanding (Diluted) | 37.25M | 36.76M | 35.65M | 32.62M | 27.46M | 26.76M |
| EPS (Basic) | -1.00 | -0.14 | -0.49 | -0.75 | -0.51 | -0.69 |
| EPS (Diluted) | -1.00 | -0.14 | -0.49 | -0.75 | -0.51 | -0.69 |
| Free Cash Flow | 5.02M | 42.98M | -23.80M | 2.38M | -892.00K | 3.30M |
| Free Cash Flow Per Share | 0.14 | 1.17 | -0.67 | 0.07 | -0.03 | 0.12 |
| Gross Margin | 73.28% | 75.05% | 75.33% | 69.55% | 71.35% | 74.87% |
| Operating Margin | -1.00% | 11.21% | 4.55% | 0.62% | 2.17% | 4.64% |
| Profit Margin | -13.51% | -1.89% | -8.76% | -18.75% | -15.90% | -25.50% |
| Free Cash Flow Margin | 1.82% | 15.78% | -11.92% | 1.83% | -1.01% | 4.55% |
| EBITDA | 17.71M | 48.82M | 22.13M | 11.95M | 4.75M | 5.10M |
| EBITDA Margin | 6.43% | 17.93% | 11.09% | 9.18% | 5.36% | 7.04% |
| D&A For EBITDA | 20.46M | 18.31M | 13.05M | 11.14M | 2.83M | 1.74M |
| EBIT | -2.75M | 30.52M | 9.07M | 811.00K | 1.92M | 3.36M |
| EBIT Margin | -1.00% | 11.21% | 4.55% | 0.62% | 2.17% | 4.64% |
| Revenue as Reported | 275.59M | 272.30M | 199.61M | 130.19M | 88.59M | 72.48M |
| Advertising Expenses | 8.08M | 6.31M | 3.69M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 83.89M | 72.93M | 47.25M | 74.08M | 96.27M | 42.17M |
| Short-Term Investments | 1.43M | 2.13M | 3.41M | 10.43M | 5.71M | 8.60M |
| Cash & Short-Term Investments | 85.32M | 75.06M | 50.66M | 84.52M | 101.98M | 50.76M |
| Accounts Receivable | 118.56M | 110.89M | 116.37M | 36.26M | 6.25M | 4.47M |
| Other Receivables | 228.00K | 228.00K | 139.00K | 48.00K | ||
| Receivables | 118.56M | 110.89M | 116.60M | 36.49M | 6.39M | 4.52M |
| Inventory | 16.91M | 13.52M | 10.70M | 10.87M | 6.54M | 4.22M |
| Prepaid Expenses | 5.58M | 8.34M | 6.41M | 5.58M | 2.19M | 917.00K |
| Other Current Assets | 2.94M | 3.94M | 5.28M | 2.02M | 1.17M | 248.00K |
| Total Current Assets | 229.31M | 211.75M | 189.65M | 139.48M | 118.26M | 60.66M |
| Property, Plant & Equipment | 10.35M | 11.04M | 12.29M | 10.31M | 11.00M | 9.08M |
| Long-Term Investments | 11.13M | |||||
| Goodwill | 332.00K | 332.00K | 332.00K | 332.00K | 332.00K | 332.00K |
| Other Intangible Assets | 176.82M | 176.36M | 186.70M | 162.04M | 25.84M | 17.13M |
| Long-Term Deferred Charges | 1.95M | |||||
| Total Assets | 416.82M | 399.48M | 388.97M | 312.16M | 157.38M | 98.33M |
| Accounts Payable | 26.27M | 35.35M | 38.76M | 21.42M | 6.44M | 5.17M |
| Accrued Expenses | 74.86M | 59.27M | 52.04M | 27.04M | 11.36M | 4.25M |
| Current Portion of Leases | 944.00K | 887.00K | 497.00K | 806.00K | 723.00K | 280.00K |
| Current Unearned Revenue | 106.00K | 788.00K | 44.00K | 75.00K | 113.00K | 16.00K |
| Total Current Liabilities | 102.17M | 96.30M | 91.34M | 49.34M | 18.63M | 9.72M |
| Long-Term Debt | 292.38M | 243.18M | 219.54M | 185.88M | 104.17M | 71.65M |
| Long-Term Leases | 7.42M | 7.91M | 8.79M | 6.52M | 7.33M | 6.02M |
| Total Liabilities | 401.97M | 347.39M | 319.67M | 241.75M | 130.14M | 87.40M |
| Common Stock | 37.00K | 37.00K | 35.00K | 35.00K | 30.00K | 27.00K |
| Additional Paid-In Capital | 216.56M | 208.93M | 221.00M | 204.63M | 137.06M | 106.67M |
| Retained Earnings | -201.40M | -156.52M | -151.38M | -133.90M | -109.49M | -95.41M |
| Total Common Equity | 15.20M | 52.45M | 69.65M | 70.77M | 27.59M | 11.29M |
| Minority Interest | -355.00K | -355.00K | -355.00K | -355.00K | -355.00K | -355.00K |
| Shareholders' Equity | 14.85M | 52.09M | 69.30M | 70.41M | 27.24M | 10.93M |
| Total Liabilities & Equity | 416.82M | 399.48M | 388.97M | 312.16M | 157.38M | 98.33M |
| Total Debt | 300.74M | 251.98M | 228.83M | 193.22M | 112.23M | 77.96M |
| Net Cash (Debt) | -215.43M | -176.92M | -178.17M | -108.70M | -10.25M | -27.19M |
| Net Cash Per Share | -5.78 | -4.81 | -5.00 | -3.33 | -0.37 | -1.02 |
| Filing Date Shares Outstanding | 37.49M | 37.23M | 35.65M | 35.36M | 29.97M | 27.03M |
| Total Common Shares Outstanding | 37.48M | 37.23M | 35.62M | 35.17M | 29.90M | 26.90M |
| Working Capital | 127.14M | 115.45M | 98.31M | 90.14M | 99.63M | 50.94M |
| Book Value Per Share | 0.41 | 1.41 | 1.96 | 2.01 | 0.92 | 0.42 |
| Tangible Book Value | -161.96M | -124.24M | -117.38M | -91.61M | 1.43M | -6.17M |
| Tangible Book Value Per Share | -4.32 | -3.34 | -3.30 | -2.60 | 0.05 | -0.23 |
| Machinery | 8.05M | 7.46M | 6.82M | 6.10M | 5.27M | |
| Leasehold Improvements | 7.43M | 7.29M | 6.77M | 6.45M | 5.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -37.23M | -5.14M | -17.48M | -24.41M | -14.09M | -18.01M |
| Depreciation & Amortization | 20.46M | 18.31M | 13.05M | 11.14M | 3.44M | 2.26M |
| Other Amortization | 2.94M | 4.65M | 4.79M | 4.57M | 1.01M | 814.00K |
| Loss (Gain) From Sale of Assets | 13.00K | 13.00K | 168.00K | -5.19M | 41.00K | |
| Asset Writedown & Restructuring Costs | 253.00K | 380.00K | 249.00K | |||
| Loss (Gain) From Sale of Investments | 3.17M | -3.09M | 2.91M | 10.13M | ||
| Loss (Gain) on Equity Investments | 11.13M | 5.33M | ||||
| Stock-Based Compensation | 14.70M | 12.50M | 17.62M | 15.70M | 7.97M | 5.75M |
| Provision & Write-off of Bad Debts | -167.00K | 468.00K | 120.00K | 332.00K | 81.00K | 35.00K |
| Other Operating Activities | 12.87M | 12.88M | 904.00K | 6.19M | -1.26M | |
| Change in Accounts Receivable | -39.57M | 5.01M | -80.23M | -30.34M | -1.86M | -1.83M |
| Change in Inventory | -5.36M | -2.82M | 165.00K | -4.33M | -2.32M | -255.00K |
| Change in Accounts Payable | 31.32M | -4.61M | 37.50M | 31.80M | 933.00K | 1.73M |
| Change in Unearned Revenue | 15.00K | 744.00K | -31.00K | -38.00K | 97.00K | -50.00K |
| Change in Other Net Operating Assets | 6.26M | 1.86M | -2.03M | -4.22M | -2.41M | 153.00K |
| Operating Cash Flow | 6.25M | 43.86M | -22.20M | 3.84M | 1.71M | 5.08M |
| Capital Expenditures | -1.24M | -887.00K | -1.59M | -1.46M | -2.60M | -1.79M |
| Sale of Property, Plant & Equipment | 6.03M | |||||
| Cash Acquisitions | -4.36M | -4.36M | ||||
| Sale (Purchase) of Intangibles | -18.10M | -215.00K | -37.08M | -151.09M | -5.18M | -14.13M |
| Investment in Securities | 5.51M | 9.83M | ||||
| Other Investing Activities | -12.59M | |||||
| Investing Cash Flow | -23.69M | -5.46M | -33.16M | -152.55M | -1.74M | -18.69M |
| Long-Term Debt Issued | 244.38M | 29.78M | 134.39M | 31.74M | 71.07M | |
| Long-Term Debt Repaid | -230.90M | -59.75M | -18.00K | -15.97M | ||
| Net Debt Issued (Repaid) | 62.47M | 13.47M | 29.78M | 74.64M | 31.72M | 55.10M |
| Issuance of Common Stock | 1.18M | 467.00K | 1.11M | 64.90M | 23.30M | 65.00K |
| Repurchase of Common Stock | -13.10M | -25.04M | -2.36M | -13.01M | -876.00K | -3.23M |
| Preferred Dividends Paid | -127.00K | |||||
| Dividends Paid | -127.00K | |||||
| Other Financing Activities | -2.18M | -1.63M | ||||
| Financing Cash Flow | 48.37M | -12.72M | 28.53M | 126.53M | 54.14M | 51.47M |
| Net Cash Flow | 30.93M | 25.68M | -26.84M | -22.18M | 54.10M | 37.87M |
| Free Cash Flow | 5.02M | 42.98M | -23.80M | 2.38M | -892.00K | 3.30M |
| Free Cash Flow Margin | 1.82% | 15.78% | -11.92% | 1.83% | -1.01% | 4.55% |
| Free Cash Flow Per Share | 0.14 | 1.17 | -0.67 | 0.07 | -0.03 | 0.12 |
| Levered Free Cash Flow | -5.49M | 45.18M | -53.51M | -142.02M | 3.40M | -6.93M |
| Unlevered Free Cash Flow | 6.54M | 56.25M | -43.47M | -132.79M | 7.15M | -4.21M |
| Cash Interest Paid | 17.50M | 18.72M | 20.59M | 18.89M | 6.48M | 4.82M |
| Cash Income Tax Paid | 2.33M | 93.00K | 374.00K | 75.00K | 11.00K | |
| Change in Working Capital | -7.33M | 185.00K | -44.63M | -7.13M | -5.57M | -253.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.06B | 1.81B | 1.19B | 393.32M | 439.70M | 232.44M |
| Enterprise Value | 1.28B | 1.99B | 1.32B | 508.68M | 470.61M | 240.85M |
| Last Close Price | 28.24 | 49.00 | 33.55 | 11.20 | 14.76 | 8.64 |
| Forward PE | 17.39 | 47.44 | 86.20 | 19.20 | 79.07 | 38.69 |
| PS Ratio | 3.84 | 6.67 | 5.99 | 3.02 | 4.96 | 3.21 |
| PB Ratio | 69.64 | 34.84 | 17.24 | 5.59 | 16.14 | 21.26 |
| P/TBV Ratio | 308.35 | |||||
| P/FCF Ratio | 211.06 | 42.23 | 165.26 | 70.52 | ||
| P/OCF Ratio | 169.33 | 41.37 | 102.43 | 257.89 | 45.74 | |
| EV/Sales Ratio | 4.62 | 7.30 | 6.59 | 3.91 | 5.31 | 3.32 |
| EV/EBITDA Ratio | 71.92 | 40.74 | 59.50 | 42.57 | 99.08 | 47.19 |
| EV/EBIT Ratio | 65.18 | 145.07 | 627.22 | 245.24 | 71.62 | |
| EV/FCF Ratio | 254.00 | 46.28 | 213.73 | 73.07 | ||
| Debt / Equity Ratio | 20.26 | 4.84 | 3.30 | 2.74 | 4.12 | 7.13 |
| Debt / EBITDA Ratio | 15.70 | 5.01 | 9.68 | 16.01 | 19.13 | 12.96 |
| Debt / FCF Ratio | 59.96 | 5.86 | 81.18 | 23.65 | ||
| Net Debt / Equity Ratio | 14.51 | 3.40 | 2.57 | 1.54 | 0.38 | 2.49 |
| Net Debt / EBITDA Ratio | 12.16 | 3.62 | 8.05 | 9.10 | 2.16 | 5.33 |
| Net Debt / FCF Ratio | 42.95 | 4.12 | -7.49 | 45.67 | -11.49 | 8.25 |
| Asset Turnover | 0.72 | 0.69 | 0.57 | 0.56 | 0.69 | 0.93 |
| Inventory Turnover | 5.17 | 5.61 | 4.57 | 4.55 | 4.72 | 4.45 |
| Quick Ratio | 2.00 | 1.93 | 1.83 | 2.45 | 5.82 | 5.69 |
| Current Ratio | 2.24 | 2.20 | 2.08 | 2.83 | 6.35 | 6.24 |
| Return on Equity (ROE) | -116.07% | -8.47% | -25.02% | -50.00% | -73.80% | -95.38% |
| Return on Assets (ROA) | -0.45% | 4.84% | 1.62% | 0.22% | 0.94% | 2.70% |
| Return on Capital Employed (ROCE) | -0.90% | 10.10% | 3.00% | 0.30% | 1.40% | 3.80% |
| Earnings Yield | -3.52% | -0.28% | -1.46% | -6.21% | -3.20% | -7.75% |
| FCF Yield | 0.47% | 2.37% | -1.99% | 0.60% | -0.20% | 1.42% |
| Buyback Yield / Dilution | -3.39% | -3.11% | -9.30% | -18.77% | -2.63% | -3.33% |