The company's financial position appears increasingly precarious as the debt-to-equity ratio surged to 10.61 in 2026Q1, accompanied by a $184.1M deficit in retained earnings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Total Current Assets | 226.38M | 211.75M | 189.65M | 139.07M | 118.26M | 60.66M | 40.98M | 36.77M | 32.84M | 8.81M | 14.75M | 5.87M | 9.06M | 15.73M | 10.04M | 160.96K | 351.95K | 1.67M | 5.33M | 4.24M | 27.43K |
| Cash & Short-Term Investments | 94.64M | 72.93M | 47.25M | 82.77M | 101.86M | 50.67M | 32.75M | 29.95M | 28.06M | 4.02M | 8.85M | 2.69M | 8.21M | 15.58M | 10.04M | 146.16K | 291.46K | 1.59M | 5.11M | 3.71M | 27.43K |
| Cash Only | 94.64M | 72.93M | 47.25M | 74.08M | 96.27M | 42.17M | 4.1M | 4.75M | 6.64M | 4.02M | 8.85M | 2.69M | 8.21M | 15.58M | 10.04M | 146.16K | 291.46K | 1.59M | 5.11M | 3.71M | 27.43K |
| Short-Term Investments | 0 | 0 | 0 | 8.68M | 5.59M | 8.5M | 28.64M | 25.2M | 21.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 101.26M | 110.89M | 116.6M | 36.49M | 6.39M | 4.52M | 2.66M | 2.01M | 1.96M | 1.62M | 2.92M | 840K | 81.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 125.26 | 148.65 | 213.21 | 102.3 | 26.32 | 22.75 | 19.88 | 14.33 | 17.33 | 22.14 | 53.46 | 31.56 | 17.88 | - | - | - | - | - | - | - | - |
| Inventory | 16.5M | 13.52M | 10.7M | 10.87M | 6.54M | 4.22M | 3.96M | 3.3M | 1.83M | 2.25M | 1.84M | 1.41M | 372.74K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 53.62 | 72.66 | 79.32 | 100.06 | 94.06 | 84.51 | 99.99 | 71.94 | 40.52 | 60.78 | 68.35 | 99 | 124.47 | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.33M | 14.4M | 3.41M | 1.75M | 118K | 92K | 1.05M | 922K | 125K | 124K | 200K | 150K | 116.63K | 50.1K | 596.28K | 14.8K | 60.49K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 193.16M | 187.73M | 199.32M | 172.68M | 39.12M | 37.67M | 16.49M | 22.32M | 16.61M | 15.11M | 12.49M | 8.26M | 1.19M | 26.89K | 670.38K | 0 | 338 | 1.39K | 2.45K | 0 | 0 |
| Property, Plant & Equipment | 10.72M | 11.04M | 12.29M | 12.44M | 11M | 9.08M | 10.67M | 11.93M | 6.38M | 6.21M | 7.29M | 2.66M | 243.4K | 26.89K | 12.55K | 0 | 338 | 1.39K | 2.45K | 0 | 0 |
| Fixed Asset Turnover | 24.00x | 24.66x | 16.24x | 10.46x | 8.05x | 7.99x | 4.58x | 4.29x | 6.49x | 4.31x | 2.73x | 3.66x | 6.82x | 0.37x | 7.97x | - | - | - | - | - | - |
| Goodwill | 332K | 332K | 332K | 332K | 332K | 332K | 332K | 332K | 2.23M | 2.23M | 2.23M | 2.47M | 331.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 182.11M | 175.17M | 186.7M | 159.91M | 25.84M | 17.13M | 2.52M | 2.34M | 3.06M | 2.86M | 2.97M | 3.13M | 610.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 11.13M | 2.97M | 7.71M | 4.95M | 3.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 1.18M | 0 | 0 | 1.95M | 12.45M | 0 | 7.71M | 4.95M | 302K | 0 | 0 | 0 | 0 | 657.83K | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 419.54M | 399.48M | 388.97M | 311.75M | 157.38M | 98.33M | 57.47M | 59.09M | 49.45M | 23.92M | 27.25M | 14.13M | 10.24M | 15.76M | 10.71M | 160.96K | 352.29K | 1.67M | 5.34M | 4.24M | 27.43K |
| Asset Turnover | 0.70x | 0.68x | 0.51x | 0.42x | 0.56x | 0.74x | 0.85x | 0.87x | 0.84x | 1.12x | 0.73x | 0.69x | 0.16x | 0.00x | 0.01x | - | - | - | - | - | - |
| Asset Growth % | 33.72% | 2.7% | 24.77% | 98.09% | 60.05% | 71.08% | -2.73% | 19.48% | 106.76% | -12.22% | 92.82% | 37.97% | -35.02% | 47.22% | 6551.46% | -54.31% | -78.93% | -68.66% | 25.82% | 15358.47% | - |
| Total Current Liabilities | 91.44M | 96.3M | 91.34M | 49.34M | 18.63M | 9.72M | 10.8M | 12.28M | 11.9M | 5.77M | 9.9M | 5.37M | 1.56M | 650.63K | 709.56K | 1.86M | 335.04K | 1.09M | 763.99K | 750.24K | 3.08K |
| Accounts Payable | 26.13M | 35.35M | 38.76M | 21.42M | 6.44M | 5.17M | 3.65M | 7.41M | 4.97M | 3.88M | 3.54M | 3.41M | 787K | 261.92K | 342.47K | 218.61K | 73.63K | 681.01K | 556.39K | 696.34K | 0 |
| Days Payables Outstanding | 136.27 | 189.96 | 287.3 | 197.27 | 92.61 | 103.68 | 91.99 | 161.46 | 109.71 | 105 | 131.36 | 238.87 | 262.81 | - | - | - | - | 235.39K | - | - | - |
| Short-Term Debt | 915K | 887K | 0 | 806K | 0 | 0 | 3.9M | 1.77M | 3.25M | 598K | 4.43M | 21K | 24.11K | 0 | 0 | 1.43M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 345K | 788K | 44K | 0 | 113K | 16K | 0 | 57K | 119K | 29K | 91K | 65K | 1.68K | 0 | 0 | 100K | 80K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 52.6M | 59.27M | 0 | 21.66M | 0 | 1.16M | 66K | 293K | 564K | -545K | -251K | 660K | 7.47K | 50K | 141.92K | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 2.48x | 2.20x | 2.08x | 2.82x | 6.35x | 6.24x | 3.79x | 2.99x | 2.76x | 1.53x | 1.49x | 1.09x | 5.80x | 24.18x | 14.14x | 0.09x | 1.05x | 1.53x | 6.98x | 5.65x | 8.92x |
| Quick Ratio | 2.30x | 2.06x | 1.96x | 2.60x | 6.00x | 5.81x | 3.43x | 2.72x | 2.61x | 1.14x | 1.30x | 0.83x | 5.57x | 24.18x | 14.14x | 0.09x | 1.05x | 1.53x | 6.98x | 5.65x | 8.92x |
| Cash Conversion Cycle | 42.61 | 31.35 | 5.23 | 5.09 | 27.77 | 3.58 | 27.88 | -75.19 | -51.87 | -22.08 | -9.54 | -108.32 | -120.46 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 299.75M | 251.09M | 228.33M | 192.41M | 111.51M | 77.68M | 19.85M | 19.38M | 12.8M | 15.53M | 10.91M | 10.14M | 531.78K | 0 | 286.69K | 1.75M | 1.06M | 0 | 0 | 696.34K | 0 |
| Long-Term Debt | 292.09M | 243.18M | 219.54M | 183.17M | 104.17M | 71.65M | 12.38M | 12.22M | 12M | 14.01M | 7.94M | 8.59M | 0 | 0 | 0 | 0 | 1.06M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 32.08M | 7.91M | 8.79M | 6.52M | 7.33M | 6.02M | 6.67M | 6.36M | 0 | 720K | 1.32M | 1K | 19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 936K | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 2.71M | 0 | 0 | 800K | 800K | 800K | 800K | 719K | 500K | 512.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 391.19M | 347.39M | 319.67M | 241.75M | 130.14M | 87.4M | 30.65M | 31.67M | 24.7M | 21.3M | 20.82M | 15.52M | 2.09M | 650.63K | 709.56K | 1.86M | 1.39M | 1.09M | 763.99K | 750.24K | 3.08K |
| Total Debt | 300.67M | 251.98M | 228.83M | 190.5M | 112.23M | 77.96M | 23.53M | 20.99M | 15.25M | 15.33M | 13.69M | 8.36M | 43.08K | 0 | 0 | 1.43M | 1.06M | 0 | 0 | 0 | 0 |
| Net Debt | 206.02M | 179.05M | 181.58M | 116.42M | 15.96M | 35.79M | 19.43M | 16.24M | 8.61M | 11.31M | 4.83M | 5.67M | -8.17M | -15.58M | -10.04M | 1.28M | 764.02K | -1.59M | -5.11M | -3.71M | -27.43K |
| Debt / Equity | 10.61x | 4.84x | 3.30x | 2.72x | 4.12x | 7.13x | 0.88x | 0.77x | 0.62x | 5.86x | 2.13x | - | 0.01x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 6.31x | 4.38x | 10.46x | 16.47x | 23.63x | 23.24x | 10.44x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 4.33x | 3.11x | 8.30x | 10.06x | 3.36x | 10.67x | 8.62x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 0.88x | 1.60x | 0.40x | 0.04x | 0.26x | 0.62x | 0.33x | -0.28x | -1.91x | -4.02x | -5.55x | -13.22x | -2670.26x | - | -217.33x | -11.72x | -44.63x | - | - | -1.74x | -57.50x |
| Total Equity | 28.35M | 52.09M | 69.3M | 70M | 27.24M | 10.93M | 26.83M | 27.42M | 24.75M | 2.62M | 6.43M | -1.39M | 8.15M | 15.11M | 10M | -1.7M | -1.04M | 577.21K | 4.57M | 3.49M | 24.36K |
| Equity Growth % | -108.57% | -24.83% | -1.01% | 156.98% | 149.2% | -59.26% | -2.15% | 10.78% | 846.5% | -59.34% | 564.4% | -116.99% | -46.06% | 51.16% | 688.02% | -63.74% | -279.87% | -87.37% | 30.98% | 14229.91% | - |
| Book Value per Share | 0.76 | 1.42 | 1.94 | 2.15 | 0.99 | 0.41 | 1.04 | 1.04 | 1.04 | 0.13 | 0.50 | -0.14 | 0.89 | 1.75 | 2.22 | -4.27 | -2.63 | 1.48 | 12.34 | 15.78 | 0.13 |
| Total Shareholders' Equity | 28.71M | 52.45M | 69.65M | 70.36M | 27.59M | 11.29M | 27.18M | 27.71M | 24.75M | 2.62M | 6.43M | -1.39M | 8.15M | 15.11M | 10M | -1.7M | -1.04M | 577.21K | 4.57M | 3.49M | 24.36K |
| Common Stock | 37K | 37K | 35K | 35K | 30K | 27K | 26K | 26K | 24K | 21K | 19K | 10K | 9.26K | 8.97K | 6.77K | 15.9K | 15.93K | 15.65K | 15.56K | 13.73K | 1.6K |
| Retained Earnings | -184.13M | -156.52M | -151.38M | -133.9M | -109.49M | -95.41M | -77.4M | -74.04M | -74.21M | -88.84M | -76.85M | -57.76M | -41.87M | -31.75M | -24.1M | -18.52M | -17.47M | -14.94M | -10.38M | -7.08M | -56.84K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | -409K | 0 | 0 | 0 | 0 | -4.36M | -2.76M | -1.35M | -300K | -45.44K | 0 | -2.94K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -355K | -355K | -355K | -355K | -355K | -355K | -355K | -293K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Excessive leverage and dilution
As reported in recent financial filings, Harrow's debt-to-equity ratio has surged to 10.61 in 2026Q1, reflecting a significant increase from the 4.84 level observed in 2025Q4, which indicates that the company's reliance on debt financing has reached a level that may constrain future operational flexibility.
The rapid accumulation of debt to fund acquisitions appears to be outpacing the company's ability to generate sufficient equity through retained earnings. Investors should monitor whether this high leverage profile necessitates further dilutive equity raises to service interest obligations or support ongoing commercialization efforts.
Based on the company's historical balance sheet data, retained earnings have deteriorated to a deficit of $184.1M as of 2026Q1, a trend that underscores the persistent operational losses and the resulting erosion of shareholder equity over the past ten quarters.
The consistent decline in retained earnings suggests that the company's core business model has yet to achieve the scale required for profitability. This trend warrants further investigation into whether the current capital structure can sustain long-term growth without further eroding the value attributable to common shareholders.
According to the most recent quarterly reports, Harrow's cash position of $94.6M in 2026Q1 provides a temporary buffer, yet the company's liquidity profile remains sensitive to the high cash burn rates associated with its aggressive branded pharmaceutical commercialization strategy and debt service requirements.
While the current ratio of 2.48 appears adequate on the surface, the underlying cash burn suggests that the company may face liquidity constraints if product adoption does not accelerate. The reliance on external financing to maintain these cash levels implies that the company's liquidity is not currently self-sustaining.
As indicated by the company's financial disclosures, the reliance on equity-method investments and the potential for goodwill impairment risk create a distortion in the reported asset base, which may mask the true volatility of the company's underlying ophthalmic pharmaceutical intellectual property.
The presence of significant non-consolidated interests suggests that headline asset figures may not accurately reflect the cash-generating potential of the core business. Analysts should be cautious, as any downward revaluation of these holdings could further weaken an already strained balance sheet.
Quick answers to the most common questions about buying HROW stock.
As of 2025, Harrow Health, Inc. (HROW) had total assets of $399.5M including $211.8M in current assets.
Harrow Health, Inc. (HROW) carries total debt of $252.0M, offset by $72.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Harrow Health, Inc. (HROW) has total shareholders' equity (book value) of $52.4M ($1.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Harrow Health, Inc. (HROW) reported a current ratio of 2.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.