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Ophthalmic pharma selling branded eye-care drugs (Vevye, Iheezo) and compounded medications through its ImprimisRx pharmacy.
Ophthalmic pharma selling branded eye-care drugs (Vevye, Iheezo) and compounded medications through its ImprimisRx pharmacy.
Started as a compounding pharmacy supplying eye doctors with custom-made formulations, which still brings steady sales, and is now building a branded-drug business through its own sales force, so approved products compete for the same prescribers. It also holds minority stakes in other eye-drug companies it helped create.
Moat: narrow (IP / patents, distribution). Combines branded FDA-approved drugs with a compounding pharmacy niche competitors don't easily replicate.
Headquarters: Nashville, Tennessee, US · Employees: 373
Size Harrow (HROW) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $1.01B, the 2240th largest of 3,117 United States companies the cockpit tracks. Shares closed at $26.89 on 6 Nov 2026.
Performance Over six months the shares fell 29.7%, against -12.8% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 21.1% over the last twelve months (peer median +5.9%); the operating margin is 2.1% (peer median 8.7%).
Valuation It trades at 21.9× forward earnings against a peer median of 16.6× (5th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 52% a year for seven years (Req g). Recent delivered growth is +41%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.2 points below its cost of capital (6.1% WACC).
Credit Harrow has 1 bond outstanding ($300M), rated B3 by the agencies and trading like B- at a weighted spread of 480 bp.
Short interest Short interest is 19.9% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $276M | $272M | $200M | $130M | $88.6M |
| Revenue growth | — | +36% | +53% | +47% | — |
| Gross profit | $202M | $204M | $150M | $90.6M | $63.2M |
| EBITDA | $26.9M | $57.5M | $22.9M | $12.9M | $5.48M |
| Net income | -$37.2M | -$5.14M | -$17.5M | -$24.4M | -$14.1M |
| Free cash flow | $5.02M | $43.0M | -$23.8M | $2.38M | -$892,000 |
| Capital expenditure | $19.3M | $1.10M | $38.7M | $153M | $7.77M |
| Total debt | $301M | $252M | $229M | $191M | $112M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Harrow HROW | $1.01B | -30% | +21% | 2% | 21.9× | 51.8% |
| Tarsus Pharmaceuticals TARS | $3.38B | +12% | +86% | -10% | n/a | 31.9% |
| Bausch + Lomb BLCO.TO | $7.20B | +31% | +11% | 9% | 17.3× | 11.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HROW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.9% | -1.4% | 5th lowest of 21 |
| 6-month return | -29.7% | -12.8% | 4th lowest of 20 |
| Distance from 52-week high | -51.0% | -30.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +21.1% | +5.9% | 3rd highest of 18 |
| Operating margin | 2.1% | 8.7% | 7th lowest of 18 |
| Forward P/E | 21.9× | 16.6× | 5th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 51.8% | 3.4% | most demanding of 12 |
| Growth delivered (Del g) | +41.0% | +1.8% | highest of 12 |
| Hurdle (Req g minus delivered) | +10.8 pp | +1.3 pp | 3rd most demanding of 12 |
| ROIC minus cost of capital | -4.2 pp | -1.4 pp | 6th lowest of 17 |
| EV / EBITDA | 45.4× | 10.3× | most expensive of 8 |
| Net debt / EBITDA | 8.1× | 1.8× | most indebted of 8 |
| Bond spread | 480 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harrow HROW | United States | $1.01B | -30% | +21% | 2% | 21.9× | 51.8% | +41.0% |
| KPC Pharmaceuticals 600422.SS | China | $1.00B | -7% | -41% | -10% | n/a | n/a | n/a |
| Harbin Gloria Pharmaceuticals 002437.SZ | China | $999M | -15% | -16% | 13% | n/a | 8.8% | -6.9% |
| Oscotec 039200.KS | South Korea | $1.02B | -30% | +233% | 62% | 56.8× | -9.5% | +18.1% |
| Savara SVRA | United States | $992M | -8% | n/a | n/a | n/a | n/a | n/a |
| SSY 2005.HK | Hong Kong | $990M | +10% | -4% | 12% | 13.0× | 2.1% | -0.5% |
| Guangxi Wuzhou Zhongheng 600252.SS | China | $1.03B | -11% | -43% | -42% | n/a | 11.9% | -13.7% |
| Symbiotec Pharmalab SYMBIOTEC.NS | India | $1.03B | n/a | n/a | n/a | n/a | n/a | n/a |
| SAWAI 4887.T | Japan | $1.03B | -22% | +11% | 9% | 10.9× | n/a | n/a |
| Towa Pharmaceutical 4553.T | Japan | $1.03B | -16% | +7% | 9% | 7.0× | 1.5% | +12.1% |
| Zhejiang Garden Biopharmaceutical 300401.SZ | China | $983M | -7% | +2% | 24% | 24.4× | 10.2% | +13.4% |
| MoonLake Immunotherapeutics MLTX | United States | $981M | -32% | n/a | n/a | n/a | n/a | n/a |
| Jiangsu Yahong Meditech 688176.SS | China | $973M | -12% | +15% | -172% | n/a | n/a | n/a |
| Strides Pharma Science STAR.NS | India | $973M | -13% | +11% | 14% | 15.5× | 18.1% | +7.8% |
| Sunflower Pharmaceutical 002737.SZ | China | $1.04B | -13% | +31% | -7% | 4.8× | -6.4% | -7.7% |
| Kissei Pharmaceutical 4547.T | Japan | $973M | -16% | +6% | 6% | 12.0× | n/a | n/a |
| Procter & Gamble Health PGHL.NS | India | $971M | +4% | +13% | 31% | 24.7× | 5.5% | +9.3% |
| Jiangsu Kanion Pharmaceutical 600557.SS | China | $1.05B | -6% | +8% | 7% | 21.0× | 3.4% | +1.8% |
| Renhe Pharmacy 000650.SZ | China | $1.06B | -10% | -7% | 14% | 17.7× | -9.4% | -7.0% |
| China Resources Boya Bio-pharmaceutical 300294.SZ | China | $1.06B | -18% | -27% | -19% | 23.8× | n/a | n/a |
| Genfleet Therapeutics (Shanghai) 2595.HK | Hong Kong | $1.07B | -47% | -55% | -457% | n/a | n/a | n/a |
Harrow has 1 bond outstanding with $300M face value. The agencies rate it B3; its bonds trade like B-. Weighted yield 9.46%, a spread of 480 bp over government bonds.