Harrow Health, Inc. (HROW) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1507.5%

-$396.92

vs $28.20 price

Levered DCF

-$382.47

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.85

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-350×	-68.47×	-14.93×	-28.94×	-12.52×	-52.77×	778×	8.49×
P/B	34.35×	17.17×	5.19×	14.69×	20.48×	6.53×	7.11×	5.04×
P/S	6.61×	5.99×	2.81×	4.58×	3.19×	3.63×	3.85×	3.01×
EV / EBITDA	47×	58.35×	36.63×	-135.81×	46.36×	56.45×	111.77×	-39.51×
Gross margin	75.1%	75.3%	69.6%	71.3%	74.9%	70.4%	67.3%	60.1%
Operating margin	14.2%	4.4%	0.3%	2.2%	2.2%	0.8%	-9.4%	-12.6%
Net margin	-1.9%	-8.8%	-18.7%	-15.9%	-24.8%	-6.9%	0.3%	35.3%
Current ratio	2.2×	2.08×	2.82×	6.35×	6.24×	3.79×	2.99×	2.76×
Debt / equity	4.8×	3.29×	2.71×	4.07×	6.91×	0.87×	0.76×	0.62×
Interest coverage	1.6×	0.39×	0.02×	0.26×	0.3×	0.17×	-1.92×	-1.91×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-0.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.8%	-25.1%	-34.7%	-51.0%	-159.6%	-12.3%	0.6%	59.1%
Return on invested capital	12.7%	3.0%	0.2%	1.4%	1.8%	0.8%	-9.7%	-12.6%
Return on assets	-1.3%	-4.5%	-7.8%	-9.0%	-18.3%	-5.8%	0.3%	29.6%
Free cash flow yield	2.4%	-5.1%	-40.7%	-1.5%	-10.1%	-1.2%	-0.5%	-1.2%
Earnings yield	-0.3%	-1.5%	-6.7%	-3.5%	-7.8%	-1.9%	0.1%	11.7%
Enterprise value	$2B	$1.4B	$481.7M	$421.3M	$267M	$197.1M	$213.3M	$133.3M
Net debt / EBITDA	4.25×	7.69×	8.85×	-5.14×	6.21×	5.57×	8.51×	-2.55×
Cash conversion cycle (days)	31	5	5	28	4	28	-75	-52