Harrow, Inc. (HROW) Stock Analysis
Healthcare · Drug Manufacturers - Specialty & Generic · NasdaqGM
Harrow, Inc. (HROW) posted $272.30M in revenue for fiscal 2025 (up 36.4% year over year), with a net loss of $5.14M, and has compounded revenue about 41.0%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Harrow, Inc.
Harrow, Inc. has grown revenue from $19.94M to $272.30M over the last 10 fiscal years, compounding about 41% a year. The most recent year was up 36.4%, so growth has cooled from its longer-run pace.
Net margin sits at -1.9%, up 6.9 points year over year on a 75.1% gross margin. It carries about $243.18M of total debt.
At today's valuation the market is pricing in roughly 14.2% annual free-cash-flow growth. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Harrow, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Harrow, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.94M | $26.77M | $41.37M | $51.16M | $48.87M | $72.48M | $88.59M | $130.19M | $199.61M | $272.30M |
| Gross profit | $10.11M | $13.27M | $24.85M | $34.42M | $34.41M | $54.26M | $63.21M | $90.55M | $150.37M | $204.37M |
| Net income | $-19.09M | $-11.98M | $14.63M | $168,000 | $-3.36M | $-18.01M | $-14.09M | $-24.41M | $-17.48M | $-5.14M |
| Net margin | -95.7% | -44.8% | 35.3% | 0.3% | -6.9% | -24.8% | -15.9% | -18.7% | -8.8% | -1.9% |
Source: Harrow, Inc. SEC filings (10-K). 27 years of history available in the interactive view.
Harrow, Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 38.4% over 4 years (26.9M → 37.2M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $243.2M is 5.5× last year's operating cash flow — it would take years of cash flow to clear.
- Currently unprofitableThe latest fiscal year was a net loss (net margin -1.9%).
What growth is priced into HROW stock?
At today's market cap of $1.38B, Harrow, Inc. is priced for free-cash-flow growth of about 14.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $42.76M from the FY ending 2025-12-31). For comparison, revenue 41%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 27 years of Harrow, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Harrow, Inc. financial history by metric
About Harrow, Inc.
Harrow, Inc., an eyecare pharmaceutical company, engages in the discovery, development, and commercialization of ophthalmic pharmaceutical products in the United States. It operates through Branded and ImprimisRx segments. The company offers ImprimisRx, an ophthalmology-focused compounded medications. It also provides IHEEZO, a chloroprocaine hydrochloride ophthalmic gel; ophthalmic solutions, including IOPIDINE, VEVYE, and ZERVIATE, as well as BYQLOVI; MAXITROL eye drops; ILEVRO and NEVANAC, a non-steroidal and anti-inflammatory eye drop for pain and inflammation associated with cataract surgery; BYOOVIZ, a LUCENTIS biosimilar indicated for the treatment of patients with Neovascular (Wet) age-related macular degeneration (AMD), macular edema following retinal vein occlusion (RVO), and myopic choroidal neovascularization (mCNV); VIGAMOX, a fluoroquinolone antibiotic eye drop for the treatment of bacterial conjunctivitis; OPUVIZ, an EYLEA biosimilar indicated for the treatment of patients with Wet AMD, macular edema following RVO, diabetic macular edema (DME), and diabetic retinopathy (DR); MAXIDEX and FLAREX, a steroid eye drop for steroid-responsive inflammatory conditions of the palpebral and bulbar conjunctiva, cornea, and anterior segment of the globe and the eye; TRIESENCE, a steroid injection for the treatment of ophthalmic diseases and for visualization during vitrectomy; and NATACYN, a sterile, antifungal drug for the treatment of fungal blepharitis, conjunctivitis, and keratitis. In addition, it offers TOBRADEX ST, a tobramycin and dexamethasone ophthalmic suspension; VERKAZIA cyclosporine ophthalmic emulsion; NEVANAC, a non-steroidal, anti-inflammatory eye drop; and FRESHKOTE preservative free (PF) is a lubricant eye drop. The company was formerly known as Harrow Health, Inc. and changed its name to Harrow, Inc. in September 2023. Harrow, Inc. was founded in 1998 and is headquartered in Nashville, Tennessee.
Harrow, Inc. — frequently asked questions
What is Harrow, Inc.'s revenue?
Harrow, Inc. (HROW) reported revenue of $272.30M for fiscal year 2025, up 36.4% from the prior year, according to its SEC filings.
Is Harrow, Inc. profitable?
No — HROW reported a net loss of $-5.14M in fiscal 2025.
What is HROW's P/E ratio?
Harrow, Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Harrow, Inc. growing?
HROW's revenue grew at roughly 41.0% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Harrow, Inc. have?
As of fiscal year 2025, HROW carried roughly $243.18M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Harrow, Inc.'s gross margin?
HROW's gross margin was 75.1% in fiscal 2025 — gross profit of $204.37M on revenue of $272.30M.
What is Harrow, Inc.'s market cap?
Harrow, Inc. (HROW) has a market capitalization of about $1.38B, based on the latest data in our nightly-refreshed cache.
When does Harrow, Inc.'s fiscal year end?
HROW's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into HROW stock?
At today's market cap of $1.38B, Harrow, Inc. is priced for free-cash-flow growth of about 14.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $42.76M from the FY ending 2025-12-31). For comparison, revenue 41%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Harrow, Inc.'s official SEC filings (10-K and 10-Q), covering 27 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.