Latest Ratios: P/E Ratio -7.3x · 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 | $2.3B | $2.3B | $1.4B | $382M | $232M | $573M | $1.3B | $179M | $152M | $128M | $208M |
| Enterprise Value | $1.6B | $1.6B | $1.0B | $269M | $194M | $467M | $1.1B | $184M | $122M | $105M | $190M |
| P/E Ratio → | -7.27 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 43.65 | 43.86 | 21.21 | 6.53 | 4.51 | 13.16 | 72.26 | 42.31 | 76.23 | 66.69 | 110.08 |
| P/B Ratio | 2.96 | 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 |
Clinical trial binary outcome
As reported in recent financial statements, OCUL trades at a price-to-sales multiple of 41.58, a valuation that appears disconnected from current DEXTENZA revenue and instead suggests investors are pricing in the high-probability success of the OTX-TKI platform rather than existing commercial performance.
The elevated P/S ratio indicates that the market is valuing the company as a clinical-stage biotech asset rather than a commercial pharmaceutical entity. This valuation implies that the market expects a significant terminal value from the retinal pipeline, which warrants further investigation into whether current clinical progress justifies such a substantial premium over peers.
Based on quarterly data, OCUL maintains a robust gross margin of 87.7%, yet this figure is overshadowed by an operating margin of -8.7%, illustrating that the company's core manufacturing efficiency is currently insufficient to offset the heavy R&D investment required for its pipeline.
The high gross margin suggests that the hydrogel platform is inherently scalable from a production standpoint. However, the persistent negative operating margin confirms that the company remains in a deep investment phase, where profitability is secondary to the aggressive pursuit of clinical milestones.
According to recent filings, OCUL's cash conversion cycle has fluctuated significantly, reaching 64 days in 2026Q1, which reflects the inherent challenges of managing inventory and receivables for a specialized, physician-administered product in a competitive ophthalmic market.
The variability in the cash conversion cycle suggests potential inefficiencies in the distribution channel or lumpy demand patterns for DEXTENZA. Investors should monitor whether these fluctuations are structural or merely a byproduct of the company's transition toward a more complex retinal-focused commercial model.
As indicated by the company's reported figures, OCUL maintains a current ratio of 14.81, providing a substantial liquidity cushion that appears sufficient to sustain operations through the upcoming Phase 3 data readouts for OTX-TKI without immediate reliance on dilutive capital markets.
This strong liquidity position is a critical defensive feature, as it mitigates the risk of insolvency during the high-burn R&D phase. The company's ability to maintain such high liquidity suggests a prudent approach to capital management, though it does not eliminate the underlying risk of clinical failure.
Based on an analysis of the company's financial structure, the P/E ratio is a fundamentally misapplied metric for OCUL, as it obscures the company's status as a clinical-stage R&D platform by focusing on net losses that are driven by necessary, non-recurring investment spending.
Using P/E to evaluate a company in this stage of development is misleading because it treats R&D as a standard operating expense rather than a capital investment in future intellectual property. A more appropriate approach would involve evaluating the company based on its cash runway and the probability-adjusted net present value of its pipeline assets.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying OCUL stock.
Ocular Therapeutix, Inc.'s current P/E ratio is -7.3x. 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 -7.3x. 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.