Latest Ratios: P/E Ratio -7.0x · EV/EBITDA N/A · ROE -54.9%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $2.3B | $1.4B | $382M | $232M | $573M | $1.3B | $179M | $152M | $128M | $208M |
| Enterprise Value | $1.5B | $1.6B | $1.0B | $269M | $194M | $467M | $1.1B | $184M | $122M | $105M | $190M |
| P/E Ratio → | -7.04 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 42.25 | 43.86 | 21.21 | 6.53 | 4.51 | 13.16 | 72.26 | 42.31 | 76.23 | 66.69 | 110.08 |
| P/B Ratio | 2.86 | 3.47 | 4.29 | 4.19 | 6.56 | 6.51 | 16.53 | — | 4.23 | 4.90 | 3.99 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 31.18 | 16.25 | 4.61 | 3.77 | 10.74 | 62.52 | 43.47 | 61.52 | 54.46 | 100.91 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | 3961.77 | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.3% | 87.3% | 91.2% | 91.0% | 91.2% | 89.9% | 88.0% | 45.0% | 76.6% | 76.2% | 76.5% |
| Operating Margin | -521.0% | -521.0% | -269.6% | -141.0% | -152.7% | -179.3% | -361.1% | -2029.9% | -2970.8% | -3220.1% | -2296.0% |
| Net Profit Margin | -513.2% | -513.2% | -303.7% | -138.1% | -138.0% | -15.1% | -894.3% | -2043.3% | -2899.1% | -3296.2% | -2369.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -54.9% | -54.9% | -95.2% | -127.6% | -115.2% | -8.0% | -429.5% | -535.7% | -186.0% | -162.2% | -63.1% |
| ROA | -42.0% | -42.0% | -54.5% | -40.2% | -40.1% | -2.8% | -91.4% | -113.8% | -89.8% | -97.2% | -48.3% |
| ROIC | — | — | — | — | — | — | — | -1633.9% | -961.2% | -248.8% | -59.7% |
| ROCE | -46.0% | -46.0% | -54.2% | -49.2% | -53.1% | -37.7% | -41.6% | -131.4% | -111.7% | -114.0% | -50.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.12 | 0.12 | 0.24 | 0.92 | 1.82 | 0.67 | 0.77 | — | 0.69 | 0.69 | 0.30 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -1.00 | -1.00 | -1.23 | -1.07 | -1.20 | -2.23 | — | -0.82 | -0.90 | -0.33 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -21.47 | -21.47 | -13.25 | -6.12 | -9.12 | 0.02 | -22.00 | -13.16 | -33.49 | -32.50 | -25.61 |
Net cash position: cash ($737M) exceeds total debt ($80M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 15.39 | 15.39 | 10.66 | 6.66 | 4.13 | 7.26 | 9.23 | 5.00 | 6.14 | 3.23 | 8.42 |
| Quick Ratio | 15.32 | 15.32 | 10.59 | 6.59 | 4.07 | 7.22 | 9.19 | 4.92 | 6.11 | 3.22 | 8.41 |
| Cash Ratio | 14.51 | 14.51 | 9.48 | 5.61 | 3.26 | 6.23 | 8.55 | 4.53 | 5.90 | 3.09 | 8.21 |
| Asset Turnover | — | 0.06 | 0.14 | 0.23 | 0.34 | 0.21 | 0.07 | 0.05 | 0.03 | 0.03 | 0.03 |
| Inventory Turnover | 1.84 | 1.84 | 1.85 | 2.29 | 2.30 | 3.52 | 1.73 | 2.44 | 2.14 | 3.75 | 3.92 |
| Days Sales Outstanding | — | 215.87 | 185.52 | 163.50 | 151.16 | 177.25 | 256.97 | 220.02 | 36.87 | 42.90 | 48.36 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $187M | $158M | $86M | $83M | $82M | $61M | $45M | $38M | $29M | $25M |
Includes 30+ ratios · 14 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying OCUL stock.
Ocular Therapeutix, Inc.'s current P/E ratio is -7.0x. This places it at the 50th percentile of its historical range.
Ocular Therapeutix, Inc.'s return on equity (ROE) is -54.9%. The historical average is -122.2%.
Based on historical data, Ocular Therapeutix, Inc. is trading at a P/E of -7.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ocular Therapeutix, Inc. has 87.3% gross margin and -521.0% operating margin.
Key Metrics
Top Statement Risk
Single-asset clinical dependency
Metrics are mathematically derived from official filings.
Gross Margin Erosion Amid R&D Scaling
Gross margin declined from 91.0% in 2024Q1 to 85.1% in 2026Q2, a 590 basis point drop, while operating margin worsened to -6.1%, reflecting pricing pressure and heavy R&D investment.
The 590 basis point gross margin contraction suggests potential pricing concessions or product mix shifts, possibly due to increased competition or changes in reimbursement. Operating margin deterioration from -2.1% to -6.1% over the same period indicates that R&D scaling is outpacing revenue growth, with R&D expenses nearly tripling to $54.1M in 2026Q2. This implies that the company's earning power is currently negative and heavily dependent on pipeline success rather than commercial operations.
Negative Returns Reflect Pre-Commercial Stage
ROE and ROA remain deeply negative, with ROE at -14.3% and ROA at -11.2% in 2026Q2, consistent with a company in heavy investment phase, as reported in financial statements.
ROE and ROA have been consistently negative over the past ten quarters, with no sign of improvement, indicating that the company is not generating returns on its invested capital. The negative returns are driven by substantial operating losses and a growing asset base from cash raises, rather than operational efficiency. This suggests that the company is in a pre-commercial stage where returns will only materialize if AXPAXLI succeeds, making current returns a poor indicator of future profitability.
Working Capital Efficiency Improves Despite Low Turnover
Cash conversion cycle improved from 153 days in 2025Q1 to 16 days in 2026Q2, driven by a sharp increase in DPO to 340 days, while asset turnover remains minimal at 0.02.
The dramatic improvement in CCC is primarily due to a lengthening of days payable outstanding, which rose from 314 days to 340 days, indicating that OCUL is stretching supplier payments to conserve cash. However, asset turnover of 0.02 is extremely low, reflecting the asset-heavy balance sheet relative to revenue, which is typical for a biotech with high cash reserves. This suggests that working capital management is being used as a cash preservation tool, but the underlying business efficiency remains weak.
Minimal Leverage Masks Future Dilution Risk
Debt-to-equity stands at 0.15 with stable debt near $79M, but negative interest coverage of -27.21 indicates earnings cannot service debt, as per latest quarterly data.
OCUL's leverage is minimal, with D/E at 0.15 and total debt stable around $79M, suggesting low refinancing risk. However, interest coverage is deeply negative at -27.21, meaning operating losses far exceed interest expense, so debt service is only possible through cash reserves. The real leverage risk lies in future equity dilution, as the company's cash burn of ~$70M per quarter will require additional capital raises, potentially diluting existing shareholders.
Ample Liquidity but Runway Shortens
Current ratio remains high at 13.11 with $598.6M cash, but quarterly operating cash outflows average $55M, implying roughly 11 quarters of runway, as per cash flow data.
The current ratio of 13.11 indicates strong short-term liquidity, but the cash balance has declined from $737.1M to $598.6M in two quarters, reflecting an accelerating burn rate. With operating cash outflows averaging $55M per quarter, the company has about 11 quarters of runway, which is adequate for the Q4 2026 NDA submission but leaves little margin for delays. This suggests that while liquidity is currently comfortable, the company will likely need to raise capital again before commercialization.
P/S Multiple Misleads on Pipeline Value
The P/S ratio of 42.67 is misleading for a company with declining revenue and negative margins, as it fails to capture the value of the AXPAXLI pipeline, which drives valuation.
The P/S multiple is commonly misapplied to OCUL because it compares market cap to current revenue, which is declining and minimal. This obscures the fact that the company's valuation is primarily driven by the probability-weighted success of AXPAXLI, not DEXTENZA sales. A more appropriate metric would be EV/Invested Capital or a risk-adjusted NPV of the pipeline, which better reflects the potential future cash flows from the TKI platform.