HROW Stock Analysis: Harrow Health | NASDAQ

Ophthalmic Pharmaceuticals, Compounded Medications, Eye Drops, Biosimilars

Total Rating 30

Safety 62

Buy Signal -0.56

Drug Manufacturers - Specialty & Generic
Industry Rotation: +9.2

Market Cap: 1.37B
Avg Turnover: 17.4M

Risk 3d forecast

Volatility64.5%

VaR 5^th Pctl10.0%

VaR vs Median-5.39%

Reward TTM

Sharpe Ratio-0.14

Rel. Str. IBD7.2

Rel. Str. Peer Group11.3

Character TTM

Beta1.522

Beta Downside1.896

Hurst Exponent0.511

Drawdowns 3y

Max DD61.38%

CAGR/Max DD0.53

CAGR/Mean DD1.13

EPS (Earnings per Share)

Last SUE: -0.40
Qual. Beats: 0

Revenue

Rev. CAGR: 40.50%
Rev. Trend: 98.4%

Last SUE: 0.06
Qual. Beats: 0

Warnings

High Debt/EBITDA With Thin Interest Coverage

Interest Coverage Ratio Critical

Altman Z'' In Financial Distress Zone

Below Avwap Earnings

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 11.6 years of data

Jan -11.0% 34

Feb +2.8% 20

Mar -2.8% 17

Apr +2.5% 19

May +7.7% 29

Jun +1.5% 29

Jul -0.9% 7

Aug +15.2% 31

Sep -5.0% 40

Oct -7.4% 30

Nov +5.3% 9

Dec +10.7% 30

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: HROW Harrow Health

Harrow, Inc. (NASDAQ: HROW) is a U.S.-based eyecare pharmaceutical company that discovers, develops, and commercializes ophthalmic pharmaceutical products. Founded in 1998 and headquartered in Nashville, Tennessee, the company operates through two segments: Branded (marketed products) and ImprimisRx (compounded medications).

Its branded portfolio spans a wide range of therapeutic categories, including anti-inflammatories (ILEVRO, NEVANAC), antibiotics (VIGAMOX), steroids (MAXIDEX, FLAREX, TRIESENCE), antifungals (NATACYN), and treatments for conditions such as dry eye (VEVYE, ZERVIATE), allergic conjunctivitis (VERKAZIA), and anesthesia (IHEEZO). The company also markets biosimilars such as BYOOVIZ (a LUCENTIS biosimilar) and OPUVIZ (an EYLEA biosimilar), targeting wet age-related macular degeneration, retinal vein occlusion, diabetic macular edema, and diabetic retinopathy.

As a small-cap pharmaceutical company in the Health Care sector, Harrow combines traditional branded drug commercialization with a 503A compounding pharmacy business through ImprimisRx, allowing it to address both standardized treatment needs and customized patient-specific prescriptions in the specialty ophthalmology market.

Headlines to Watch Out For

IHEEZO adoption accelerates branded segment revenue growth
ImprimisRx compounded medications margins face reimbursement pressure
Anti-VEGF biosimilar competition intensifies in wet AMD market

Piotroski VR-10 (Strict) 3.0

Net Income: -37.2m TTM > 0 and > 6% of Revenue
FCF/TA: 0.01 > 0.02 and ΔFCF/TA 11.36 > 1.0
NWC/Revenue: 46.13% < 20% (prev -41.29%; Δ 87.42% < -1%)
CFO/TA 0.01 > 3% & CFO 6.25m > Net Income -37.2m
Net Debt (225.2m) to EBITDA (27.5m): 8.18 < 3
Current Ratio: 2.24 > 1.5 & < 3
Outstanding Shares: last quarter (37.4m) vs 12m ago -3.87% < -2%
Gross Margin: 73.28% > 18% (prev 74.56%; Δ -1.28% > 0.5%)
Asset Turnover: 72.35% > 50% (prev 65.98%; Δ 6.37% > 0%)
Interest Coverage Ratio: 0.25 > 6 (EBIT TTM 5.70m / Interest Expense TTM 23.0m)

Altman Z'' 0.57

A: 0.31 (Total Current Assets 229.3m - Total Current Liabilities 102.2m) / Total Assets 416.8m
B: -0.48 (Retained Earnings -201.4m / Total Assets 416.8m)
C: 0.01 (EBIT TTM 5.70m / Avg Total Assets 380.9m)
D: 0.04 (Book Value of Equity 15.2m / Total Liabilities 402.0m)
Altman-Z'' = 0.57 = B

Beneish M -2.78

DSRI: 1.24 (Receivables 118.6m/78.8m, Revenue 275.6m/227.7m)
GMI: 1.02 (GM 74.56% / 73.28%)
AQI: 0.82 (AQ_t 0.43 / AQ_t-1 0.52)
SGI: 1.21 (Revenue 275.6m / 227.7m)
TATA: -0.10 (NI -37.2m - CFO 6.25m) / TA 416.8m)
Beneish M = -2.78 (Cap -4..+1) = A

What is the price of HROW shares?

As of September 18, 2026, the stock is trading at USD 33.13 with a total of 875,018 shares traded. Over the past week, the price has changed by -9.43%, over one month by -16.07%, over three months by -21.01% and over the past year by -23.22%.

Current recommended Stop Loss: 31.10 (which is 6.1% or 1.2 ATR below the current price).

Is HROW a buy, sell or hold?

Harrow Health has received a consensus analysts rating of 4.80. Therefore, it is recommended to buy HROW.

StrongBuy: 4
Buy: 1
Hold: 0
Sell: 0
StrongSell: 0

What are the forecasts/targets for the HROW price?

Analysts Target Price	65	96.2%

Harrow Health (HROW) - Fundamental Data Overview as of 12 September 2026

Market Cap USD = 1.37b (1.37b USD * 1.0 USD.USD)
P/E Forward = 52.0833
P/S = 4.9758
P/B = 92.6591
Revenue TTM = 275.6m USD
EBIT TTM = 5.70m USD
EBITDA TTM = 27.5m USD
Long Term Debt = 292.4m USD (from longTermDebt, last quarter)
Short Term Debt = 944k USD (from shortTermDebt, last quarter)
Debt = 309.1m USD (from shortLongTermDebtTotal, last quarter) + Leases 8.37m
Net Debt = 225.2m USD (calculated: Debt 309.1m - CCE 83.9m)
Enterprise Value = 1.60b USD (1.37b + Debt 309.1m - CCE 83.9m)
Interest Coverage Ratio = 0.25 (Ebit TTM 5.70m / Interest Expense TTM 23.0m)
EV/FCF = 280.8x (Enterprise Value 1.60b / FCF TTM 5.69m)
FCF Yield = 0.36% (FCF TTM 5.69m / Enterprise Value 1.60b)
FCF Margin = 2.06% (FCF TTM 5.69m / Revenue TTM 275.6m)
Net Margin = -13.51% (Net Income TTM -37.2m / Revenue TTM 275.6m)
Gross Margin = 73.28% ((Revenue TTM 275.6m - Cost of Revenue TTM 73.6m) / Revenue TTM)
Gross Margin QoQ = 71.27% (prev 61.18%)
Tobins Q-Ratio = 3.83 (Enterprise Value 1.60b / Total Assets 416.8m)
Interest Expense / Debt = 7.44% (Interest Expense 23.0m / Debt 309.1m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 4.50m (EBIT 5.70m * (1 - 21.00%))
Current Ratio = 2.24 (Total Current Assets 229.3m / Total Current Liabilities 102.2m)
Debt / Equity = 20.34 (Debt 309.1m / totalStockholderEquity, last quarter 15.2m)
Debt / EBITDA = 8.18 (Net Debt 225.2m / EBITDA 27.5m)
Debt / FCF = 39.61 (Net Debt 225.2m / FCF TTM 5.69m)
Total Stockholder Equity = 35.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -9.77% (Net Income -37.2m / Total Assets 416.8m)
RoE = -103.9% (Net Income TTM -37.2m / Total Stockholder Equity 35.8m)
RoCE = 1.74% (EBIT 5.70m / Capital Employed (Equity 35.8m + L.T.Debt 292.4m))
RoIC = 1.49% (NOPAT 4.50m / Invested Capital 301.8m)
WACC = 10.33% (E(1.37b)/V(1.68b) * Re(11.34%) + D(309.1m)/V(1.68b) * Rd(7.44%) * (1-Tc(0.21)))
Discount Rate = 11.34% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 64.38 | Cagr: 2.32%
[DCF] Terminal Value 68.81% ; FCFF base≈5.69m ; Y1≈5.71m ; Y5≈6.05m
[DCF] Fair Price = N/A (negative equity: EV 70.3m - Net Debt 225.2m = -154.9m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.40 | # QB: 0
Revenue Correlation: 98.38 | Revenue CAGR: 40.50% | SUE: 0.06 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.32 | Chg30d=-15.05% | Revisions=-50% | Analysts=4
EPS current Year (2026-12-31): EPS=0.45 | Chg30d=+0.74% | Revisions=-40% | GrowthEPS=+0.0% | GrowthRev=+28.8%
EPS next Year (2027-12-31): EPS=2.83 | Chg30d=+5.82% | Revisions=+17% | GrowthEPS=+529.4% | GrowthRev=+54.0%
[Analyst] Revisions Ratio: -36% (up=2, down=6)