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Ocugen IncOCGNCompetitor analysis, valuation and peers

United States · USD·Health Care›Pharmaceuticals: Major
Momentum laggard 16
Mkt cap
$314M
US dollars, full cap
Free float
98%
of shares outstanding
$/day
$5.30M
20-day average traded
Fwd P/E
n/m
no positive forecast
ROIC−WACC
n/a
WACC 13.0%
Hurdle
n/a
no reverse DCF
Next earnings
124 days
10 Mar 2027
Close · USD$0.93
1D+13.3%
1W+31.6%
1M-5.4%
3M-29.4%
6M-38.7%
YTD-31.5%
1Y-34.4%
ATR %8.5%
Beta1.72
52w lowhigh66.1% off high

What Ocugen does

Employees: 116

Ocugen at a glance

Size Ocugen (OCGN) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $314M, the 3072nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $0.93 on 6 Nov 2026.

Performance Over six months the shares fell 38.7%, against -25.9% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 20 in its peer set.

Growth Revenue fell 11.0% over the last twelve months (peer median +1.7%); the operating margin is -1,444.5% (peer median 5.0%).

Valuation It trades at 66.5× enterprise value to sales against a peer median of 2.5× (2nd most expensive of 20).

Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).

Relative performance

608010011 May 202611 Aug 20266 Nov 2026Peer median 76OCGN 63
Six months, rebased to 100: Ocugen against the median of its 20 peers (local-currency closes).

Ocugen financials

Reported figures in USD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue$4.78M$4.41M$4.05M$6.04M$2.49M
Revenue growth—+9%-33%+143%—
Gross profitn/a$2.02M$2.09M$5.33M$2.01M
EBITDA-$67.7M-$60.5M-$52.8M-$64.8M-$88.6M
Net income-$65.4M-$67.8M-$54.1M-$63.1M-$86.8M
Free cash flow-$63.9M-$57.1M-$45.5M-$72.5M-$64.5M
Capital expenditure$211,000$185,000$3.38M$10.5M$4.46M
Total debt$88.6M$33.1M$32.5M$6.94M$6.37M

Quarterly statements and history in the cockpit →

Ocugen competitor charts

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.

Performance: 6-month against 1-month return

-50%0%+50%+100%+150%-30%-20%-10%0%SECARE000705EBS603079300583005250300254EIKNINDSWFTLAB605199SOLARA3013316006710191701720OCGN6-month return →1-month return →
Up and to the right = strong over both horizons. Ocugen is the large dot.

Fundamentals: revenue growth against valuation

-25%0%+25%+50%0×20×40×60×SECARE000705EBS368A603079300583ENTAINDSWFTLAB605199SOLARA600671300086OCGNRevenue growth (TTM) →EV / Sales →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Ocugen is the large dot.

Ocugen competitors and peer comparison

How Ocugen compares with its peers

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.

Ocugen against its 20 peers (data as of 6 Nov 2026)
MeasureOCGNPeer medianRank in peer set
1-month return-5.4%-11.0%4th highest of 20
6-month return-38.7%-25.9%3rd lowest of 20
Distance from 52-week high-66.1%-45.8%3rd lowest of 20
Revenue growth (TTM)-11.0%+1.7%6th lowest of 19
Operating margin-1,444.5%5.0%2nd lowest of 20
EV / Sales66.5×2.5×2nd most expensive of 20

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginEV / SalesReq gDelivered g
Ocugen OCGNUnited States$314M-39%-11%-1,444%66.5×n/an/a
Swedencare SECARE.STSweden$315M-23%+3%7%1.7×5.5%+62.1%
Zhejiang Zhenyuan Share 000705.SZChina$312M-25%-33%-5%1.1×n/an/a
Emergent BioSolutions EBSUnited States$312M-27%-18%5%1.0×-0.1%-13.7%
Kitazato 368A.TJapan$317M-9%+9%52%3.1×-16.7%+5.4%
Zhejiang Shengda Bio-Pharm 603079.SSChina$318M-29%-3%7%2.5×5.7%-0.3%
Shandong Sito Bio-technology 300583.SZChina$318M-26%+19%6%2.5×2.7%+2.3%
GC Corp. 005250.KSSouth Korea$319M-32%+10%1%1.2×31.5%+7.4%
Shanxi C&Y Pharmaceutical 300254.SZChina$308M-44%-6%9%3.3×10.1%+0.6%
Eikon Therapeutics EIKNUnited States$320M-41%n/an/an/an/an/a
Enanta Pharmaceuticals ENTAUnited States$320M-28%+1%-90%4.8×n/an/a
Ind-Swift Laboratories INDSWFTLAB.NSIndia$321M+149%+66%9%3.5×n/an/a
6467 6467.TWTaiwan$322Mn/an/a-2,618%1,229.5×n/an/a
Hainan Huluwa Pharmaceutical 605199.SSChina$322M-21%-32%-58%5.0×2.5%-4.9%
Solara Active Pharma Sciences SOLARA.NSIndia$323M+23%+27%8%2.3×37.7%-3.2%
Enwei Pharmaceutical 301331.SZChina$326M-20%-7%5%2.3×15.1%+7.3%
Hangzhou Tianmushan Pharmaceutical Enterprise 600671.SSChina$327M-10%-19%5%11.5×22.5%+0.5%
Beihai Gofar Chuanshan Biological 600538.SSChina$328M-38%+10%-8%6.2×n/an/a
Shinpoong Pharmaceutical 019170.KSSouth Korea$300M-32%+6%1%1.6×39.9%+3.5%
Standard Chemical & Pharmaceutical 1720.TWTaiwan$329M0%+3%21%1.8×-10.4%+10.3%
Honz Pharmaceutical 300086.SZChina$330M-35%-23%-54%7.9×58.0%-12.8%

Questions

Which companies are Ocugen's closest peers?
The cockpit's peer set: Swedencare (SECARE.ST), Zhejiang Zhenyuan Share (000705.SZ), Emergent BioSolutions (EBS), Kitazato (368A.T), Zhejiang Shengda Bio-Pharm (603079.SS), Shandong Sito Bio-technology (300583.SZ), GC Corp. (005250.KS), Shanxi C&Y Pharmaceutical (300254.SZ).
Is Ocugen expensive compared with its peers?
On ev / sales it trades at 66.5× against a peer median of 2.5×, 2nd most expensive of 20 in its peer set.
How has Ocugen stock performed?
Over six months to 6 Nov 2026 the shares returned -38.7% against -25.9% for the median peer; over one year -34.4%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.